Navin Fluorine Decoding CRAMS Opportunity, Says Nirmal Bang
A lab technician inspects a conical flask containing a mixture inside a research laboratory (Photographer: Stefan Wermuth/Bloomberg)

Navin Fluorine Decoding CRAMS Opportunity, Says Nirmal Bang

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Nirmal Bang Report

Contract research and manufacturing services business, which constituted approximately 20% of Navin Fluorine International Ltd.’s FY20 revenue is the fastest-growing segment for the company.

The stock has delivered a whopping ~150% returns over the last year and a large part of the rerating is attributed to greater visibility in the CRAMS segment.

While consensus revenue estimates for CRAMS are more or less similar (~30-35% revenue compound annual growth rate over FY20-23E), the key variable is the valuation multiple.

We are addressing the valuation point wherein we have done detailed comparisons with global contract research organizations/ contract development and manufacturing organizations in order to justify the valuation.

Click on the attachment to read the full report:

Nirmal Bang Navin Fluorine International-Company Update-12 January 2021.pdf

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