Past: There has been anemic revenue growth over the last 4-5 years
Present: Current year has been flat.
Future: If I look at cash flow, I hardly see any investment in gross block apart from maintenance capex. Company in fact purchased 250 cr worth of financial investments with the cash it generated. To me it is a sign that management is not able to find enough avenues to productively utilize the CFO in growing the business. I would rather get the money back as dividend and take the investment decisions myself.
Post the above, if the management is promising growth, I will take it with a pinch of salt.
There are enough signs which to me do not justify a 29 times P/E multiple. Such multiples are to high growth companies operating in high TAM areas.
I would therefore stay away from the stock.
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