Navin Fluorine Has Strong Growth Chemistry: Axis Securities

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Navin Fluorine Has Strong Growth Chemistry: Axis Securities

Navin Fluorine has been a multibagger stock in the specialties chemicals sector. It has given a return of 700% over the past 5 years. Axis Securities has issued an initiating coverage report recommending a buy. It is pointed out that the high value businesses consisting of Specialty Chemical, CRAMS and Navin Fluorine Advanced Sciences (NFASL) are expected to be the key growth drivers going forward. It is also stated that  Navin Fluorine is well placed in the fluorination space given i) Strong industry growth drivers; ii) Sharp focus on R&D and expanding in high-value business and iii) Well-nurtured long-term relationship with customers. At CMP, the stock trades at 33x FY24E EPS. Axis Securities has assigned a target multiple of 38x FY24E EPS and initiated coverage with a BUY rating on the stock with a target price of Rs 3,930/share, implying an upside of 17% from CMP.

Click here to download the research report