Prof has used 2019 analysis in his 2024 blog. I think he should have refreshed his analysis before writing the blog.
Fundamentally a lot has changed for the company since 2019- There’s margin compression as more projects are moving from nomination to competitive bidding. Revenue too is expected to be flattish for next year, management is trying its best to maintain the bottom line.
At a 1 year forward P/E. of 26, this is the highest valuation the stock has ever traded at.
Disc: Invested from lower levels
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