Broadly agree with you but here the sector is also getting multiple tailwinds with NEP, SUP ban, supply demand imbalance and no major new capex announcements, energy crisis in europe etc, higher demand of packaging paper due to FMCG/Ecom which is more structural etc. So overall seems like a structural story for at least 1-2 years and hence the scope of at least a Pe multiple of 10 which is close to 3-5 yr average. Otherwise how would anyone estimate the fair value of the stock ?
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