@ramakanth:
One another correction – For EV calculation, we must use Net debt and not Gross debt. In the above calculation you have used gross debt to compute EV.
NCL’s Net Debt is somewhere around ~ 144cr.
But yes, at CMP new investors do not have the same level of valuation comfort compared to those who had entered at 80-90 levels.
Additional Info – Management envisions this # to go down to 96 cr by the end of this FY.
Thanks,
Ravi S
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