External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Navin Fluorine International / Equity Bottom-Up

<ul><li>Given the fair visibility in earning in coming years and ability to manage costs, we maintain our recommendation of BUY with revised TP of Rs 4,153/share</li><li>Companies Q4 Revenue was up 21.6% YoY at 409 Cr (against our estimate of 390 Cr), but company reported lower than expected EBITDA of 94 Cr (+12% YoY) against our exp of Rs 103 Cr on account of higher than expected gross margin pressure.</li><li>Effectively, company posted 23% EBITDA margin which was down 300 bps over last quarter (against our estimate 26.4%).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Given the fair visibility in earning in coming years and ability to manage costs, we maintain our recommendation of BUY with revised TP of Rs 4,153/shareCompanies Q4 Revenue was up 21.6% YoY at 409 Cr (against our estimate of 390 Cr), but company reported lower than expected EBITDA of 94 Cr (+12% YoY) against our exp of Rs 103 Cr on account of higher than expected gross margin pressure.Effectively, company posted 23% EBITDA margin which was down 300 bps over last quarter (against our estimate 26.4%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Navin Fluorine: New Products and Customer Addition to Drive Growth