Difficult to answer since there is no direct statement that I can quote but let me try.
Before covid, they had a goal of 1 billion euro. From being the top player in water purification to changing its EPC business model, management has set multiple targets in the past. I do not see them achieving most of them. When I go back to the 2016 – 2020 period and compare peers, I see much better ambitions/actions. For example: Thermax diversified their business during the period while Wabag was sleeping.
Money is made for an investor when either the company becomes the leader in one industry OR, the company expands in different industries until it becomes a leader in one. I do not see Wabag doing any of this in the near future (mid-term).
In other words, having a big dream, working on it, and finally achieving it are three different things. I do not see Wabag doing enough for the first two itself.
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