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Navin Fluorine: Valuations appear stretched though multi-year deal adds to positives

February 27, 2020 / 05:29 PM IST
Navin Fluorine: Valuations appear stretched though multi-year deal adds to positives

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights - New sourcing deal adds to medium term earnings visibility - Q3 growth was led by specialty chemicals - New cGMP facility starts production in Dec’19 Navin Fluorine  (Market cap: Rs 7,614 crore) has new growth levers in place such as its multi-year deal and improvement in CRAMS (contract research and manufacturing services) earnings visibility. Its stock price has more than doubled since the declaration of its Q2 FY20 result and trades at an expensive P/E multiple of 35x FY21. New deal As a follow-up to Navin...

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