You are right
I was also able to figure out this part, but a little late last year
So such companies, go by numbers and take management bullishness with some discount while doing future valuation part
So if he says 1000cr by fy25…i take a margin of 1 year
If he says ebitda margin 18%…i will take 15%
That way i dont overallocate with optimism
May or may not suit you
Just putting my thoughts
Invested from quite low levels from 2 years and made a mistake of adding more going by management vision at higher levels…and realized this mistake
Views are biased and may not be applicable for all such companies…
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