Analysis is very good.
My only point is this is very competitive industry and margins will come down to pre COVID levels – especially when you want to increase volumes. Volume is not increasing as they dont want to reduce margins. So effectively company will stagnate at this level of sales and at same time be open to increasing competition with expanded capacity (which was not required at all !!).
Given all of this is the PE of 15x plus justified… to my mind it should be around 10x.
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