If value of the business is total free cashflow discounted to present value, then PSP seems expensive. Its price to free cash flow is 289, which twice as high as likes of Asian paints of the world. With opportunities like those, why would you invest in a company like PSP projects? If you are making a case for why construction industry is notorious for poor FCF, why would you choose this industry among many other available to choose from?
Just curious.
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