@Pragnesh – Appreciate if you could revert with your viewpoint for below items since you follow the business closely?
- What’s your opinion about the management?
- Could Hindware’s margins (operating | now @ 9%) reach anywhere near that of Cera/Kajaria/Astral (@ 15~17%)? Note: Q4 FY23 conference call indicates that “should be able to unlock around 1% to 1.5% overall EBITDA margin in the next 12 to 18 months period.”?
- Do you think that their overall sales growth guidance (~20%) is conservative? Note: Per Q4 FY23 conference call – overall guidance that we should be able to maintain our momentum of 18% to 21% sales growth
- What might be the reasons for valuation gap (P/S, EV/EBITDA) compared to Cera/Kajaria/Astral?
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