Great investments rarely look great at the moment you can buy them cheaply. They look boring, stuck, or misunderstood. The investors who win are usually the ones who did their homework early and then had the patience to wait while everyone else lost interest.
This article looks at two stories side by side: Tesla in the United States between 2014 and 2020, and BRAC Bank’s ownership of bKash here in Bangladesh today. One is history. The other is still unfolding on the Dhaka Stock Exchange.
01Tesla, 2014–2015: the “dead money” years
In 2014 and 2015 Tesla was a small carmaker selling a few tens of thousands of cars a year, burning cash and widely doubted. Its share price barely moved for years. Many investors gave up and sold.
Tesla year-end share price, 2014–2020
US$, adjusted for the 2020 (5-for-1) and 2022 (3-for-1) stock splits. Six flat years, then one explosive one.
What changed was not the story — it was the proof. Deliveries grew year after year, the company turned profitable, and in December 2020 Tesla joined the S&P 500. Investors who understood the business in 2014–2015 already had the information. What they needed was patience.
02BRAC Bank: a strong bank that has already rewarded patience
Before we get to bKash, look at the bank itself. BRAC Bank has quietly been one of the DSE’s better long-term holdings — and its business numbers explain why.
BRAC Bank share price change
Price change to 13 October 2026; dividends are extra on top
Over the last year BRAC Bank returned 11.1% to shareholders, against 7.5% for Bangladeshi banks overall and −3.1% for the wider market. Since listing, the share price is up more than 1,400%.
Two more facts set it apart. BRAC Bank is described as the only Bangladeshi bank rated internationally by both S&P Global and Moody’s. And its net asset value per share rose from Tk 39.38 to Tk 51.56 in a single year — the kind of steady book-value compounding that long-term investors look for.
03bKash: Bangladesh’s quiet compounder
bKash started in 2010 as a joint venture between BRAC Bank and Money in Motion LLC. Fifteen years later it is woven into everyday life — salaries, school fees, shop payments and remittances. And unlike many fintechs worldwide, it is profitable and growing.
Who owns bKash
Look at who sits next to BRAC Bank on that list: Alibaba’s payments arm, the World Bank’s investment arm and SoftBank. Some of the most demanding technology investors in the world paid real dollars to own minority slices of bKash. BRAC Bank owns the controlling majority — and a DSE investor can buy into that stake through an ordinary BO account.
04The sum-of-the-parts maths
Here is a simple way to test whether the market is giving BRAC Bank credit for bKash. Value the bKash stake on its own, subtract it from BRAC Bank’s market value, and see what is left for the bank.
| Item | Basis | Value |
|---|---|---|
| bKash value | “Above $1.2 billion”, per BRAC Bank’s CEO (June 2026) | ≈ Tk 14,775 cr |
| BRAC Bank’s 51% stake | 51% × $1.2bn at Tk 123.13/$ | ≈ Tk 7,535 cr |
| BRAC Bank market cap | Tk 66.10 per share, 13 Oct 2026 | ≈ Tk 15,134 cr |
| Implied value of the bank alone | Market cap minus bKash stake | ≈ Tk 7,600 cr |
What a BRAC Bank share is really made of
Market value split, using the bKash valuation above
In other words: roughly half of every taka you pay for a BRAC Bank share is backed by its bKash stake alone.
That leftover Tk 7,600 crore has to pay for one of the country’s largest private banks — its loan book, deposit franchise, SME network and branches. BRAC Bank’s total trailing profit is around Tk 2,268 crore. Even after stripping out roughly Tk 337 crore attributable to bKash (51% of its 2025 profit), the market is pricing the core bank at about 4 times its earnings. The whole group trades at 6.7x earnings and 1.3x book value.
05Why strong banks will keep getting stronger
When a banking sector is under stress, money does not disappear — it moves. Depositors, businesses and remitters shift towards the institutions they trust. That is exactly what BRAC Bank’s 2025 numbers show: deposits growing at more than twice the industry rate while bad loans stay a fraction of the sector average.
The flywheel
- Trust attracts cheaper deposits
- Cheaper funding lets it lend to the best borrowers
- Better borrowers mean fewer bad loans and higher profit
- Higher profit builds capital — and more trust
Where the growth comes from
- Management targets more than 10% market share
- bKash’s 8 crore customers feed digital banking
- Over 20 lakh SME entrepreneurs financed so far
- Foreign trade of $7.12bn — 6–7% of national trade
Meanwhile, weaker banks that cannot lend or pay dividends lose customers, talent and market share every quarter. As the sector consolidates, the gap between the strongest few and the rest is likely to widen — and the strongest few are where the market’s future profits will concentrate.
06The case — and the risks
What could unlock the value
- bKash profit growth continuing (+40% in Q1 2026)
- A new funding round or stake sale that sets a fresh, higher price for bKash
- Any future bKash IPO, which would put a visible market value on the stake
- BRAC Bank itself growing strongly — Q2 2026 profit rose 90% year-on-year
What could go wrong
- The $1.2bn figure is management’s view, not a recent transaction price
- Holding companies usually trade at a discount; it may never fully close
- Regulation of mobile financial service fees could squeeze bKash margins
- Competition from Nagad, bank apps and other MFS providers
- Wider banking-sector stress and asset-quality risk in Bangladesh
07The bigger lesson: long-term equity owners win, cash savers fall behind
Tesla and BRAC Bank are two examples of a pattern that shows up again and again in decades of market data: wealth is built by owning shares and holding them, not by keeping money idle in cash or jumping in and out of the market.
The cost of jumping out of the market
$10,000 in the S&P 500, January 2005 – December 2024 (J.P. Morgan Asset Management)
Seven of the 10 best days came within two weeks of one of the 10 worst. Investors who sell in panic usually miss the rebound.
The trader
Over the 20 years to 2024, the average US equity fund investor — buying and selling on emotion — earned 9.24% a year, against 10.35% for simply holding the S&P 500. That gap left the patient holder about 22% richer.
The cash saver
UK cash savings accounts averaged around 1% a year over the past decade, against roughly 9% for stock-market accounts. After inflation, cash quietly loses buying power year after year.
08What this means for a Bangladeshi investor
The Tesla story is not a promise that BRAC Bank’s share price will multiply. It is a reminder of how long-term wealth is usually made: by owning good businesses whose value is growing faster than the market notices, and by being patient enough to still own them when it finally does.
A few practical habits follow from that:
- Look through the ticker. Ask what a company actually owns — subsidiaries, stakes and assets that may not show up in a simple P/E.
- Think in years, not days. Re-ratings like Tesla’s came after long, boring stretches. Selling during the boring part is how most investors miss the reward.
- Size positions sensibly. No single idea should decide your financial future. Diversify across sectors.
- Review the facts regularly. Track bKash’s quarterly results, any new valuation events and BRAC Bank’s asset quality.
Research smarter. Invest for the long run.
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- bKash ownership, Q1 2026 profit and history: The Business Standard, 13 May 2026
- bKash 2025 results, customers and the “above $1.2 billion” valuation comment: Bonik Barta, 7 June 2026
- BRAC Bank share price, returns, market cap, P/E, P/B and Q2 2026 profit: Simply Wall St, data as of 13 Oct 2026
- BRAC Bank 2025 profit, dividend and NAV: The Financial Express, 27 Apr 2026
- BRAC Bank NPL vs sector, deposit growth, ratings, market-share target: The Daily Star, July 2026
- SoftBank stake purchase and BRAC Bank holding: The Financial Express, Nov 2021
- UK ISA millionaire data: Rathbones / HMRC and Financial Interest
- Cost of missing the best days: J.P. Morgan Asset Management research via CNBC
- Shares vs cash since 1899: Barclays Equity Gilt Study via Evidence Investor
- Investor behaviour gap: DALBAR QAIB 2025 via Lorica Partners
- USD/BDT rate of 123.13 on 13 Oct 2026: Pound Sterling Live
- Tesla deliveries and share prices: Tesla annual reports and public market data (year-end closes, split-adjusted)
Sum-of-the-parts figures are Mika Securities’ own calculations from the sources above and are approximate.


