Seasoned management, solid execution to help fend off rivals; valuations have moderated as well – initiate with BUY, TP Rs 9,105

Given healthy growth prospects and consistent asset quality, we maintain BUY for an unchanged TP of Rs 729, based on 1.3x FY25E ABV (Gordon Growth Model) and adding in Rs 166/sh for subsidiaries

GREENP is trading at ~15x FY24E EPS which is attractive given GREENP’s strong growth prospects, leadership position in MDF, and an improving balance sheet and return ratios

Despite a strong Q1FY23, stock performance has remained lacklustre owing to management’s “over-cautious” guidance. GREENP is trading at 17x FY24E EPS. We continue to value the stock at 23x FY24E EPS, a 34% discount to peer CPBI, and retain our TP of Rs 595 with a BUY rating. We like the company for its a leadership position in the MDF market, improving balance sheet and commendable improvement in working capital discipline and return ratios

On track for strong growth; retain BUY on positive risk-reward

Possible re-rating on cards : maintain BUY

Attractive fundamentals and a strong Order Book