I have been tracking this company for more than 2 years. It’s in a stagnation/sideways mode. Unfortunately, most of their business comes from Paints & Lubes which had almost no growth for the last year. I believe the management has been trying to move to higher ebidta/kg segments like pharma, but for them to scale up they would need to make use of the current capacity and see if they can win contracts. I’m currently watching their pharma and FMCG segment which have the highest ebidta/kg and they’re slowly moving away from Paints & Lubes (low margin).
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