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Navin Fluorine International - The unique chemistry of growth: Angel Broking

Posted On: 2017-03-28 19:16:08

Views of Mr. Siddharth Purohit (Sr. Equity Research Analyst, Angel Broking):

"Navin Fluorine (NFIL), part of the Arvind Mafatlal group, is a leader in fluorine based chemicals in India. It operates mainly in four segments i.e. Refrigerant, Organic Fluoride, Specialty Chemicals and CRAMs. While Refrigerant segment will continue to generate strong cash flows, the incremental focus of the company is the high margin and scalable specialty chemicals and CRAMs business. While the contribution from the JV with Piramal group is expected to commence from FY2018 onwards, NFIL has also entered into supply and technology licenses agreement with Honeywell to produce next generation automobile refrigerant.

NFIL's presence in the high margin, scalable business with strong entry barriers makes it a unique player in the Indian specialty chemical industry. At the CMP, the stock is trading at 17x its FY2019E EPS and 10.1x EV/EBITDA. We believe NFIL would continue to attract premium valuations due to the long term growth visibility. We have valued the stock at 21x its FY2019E EPS and recommend BUY on the stock with 12 months target price of INR 3,650."

Shares of Navin Fluorine International Limited was last trading in BSE at Rs.2989.7 as compared to the previous close of Rs. 2963.15. The total number of shares traded during the day was 1790 in over 423 trades.

The stock hit an intraday high of Rs. 3044.9 and intraday low of 2969. The net turnover during the day was Rs. 5391796.


Source: Equity Bulls

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