Underlying biz has changed though. See capital employed in chemicals what % of profits is coming from chemicals now. 80% profits come from chemicals now. Even 5 years ago it was 33% from chemicals. The other two profit streams are much more volatile & cyclical. So imo past valuation is useful but an incomplete lens from which to view the company
If earning can compound 20-25% for few years then imo valuation can sustain it is not completely out of whack specially given the new verticals it is entering in like FP & new age FP
disc : have a small position
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