Agree. Speciality is transitionary and blended margins are what matters. However the key question looking forward is - are there enough opportunities to have a pipeline of innovative products which can keep replacing the ones which are turning into commodities and does a company have capability to do that consistently both from a research and operations perspective. If answer to both can be yes, then you have a potential outperformer.
Unfortunately, I don’t have the background in this industry to answer either question independent of management commentary. If more knowledgeable folks can help us understand this, we can perhaps make a more informed choice.
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