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HDFC Securities Institutional Equities
Navin Fluorine International Ltd. announced that Mr. Radhesh Welling has resigned as the Managing Director and Director on the board of the company for personal reasons. Mr. Welling will be relieved from the services of the company effective from the close of business hours on December 15, 2023. He shall continue to serve the company to facilitate a smooth transition.
The board is looking for an external candidate who has the ability to handle large projects and has the requisite execution skills and technical expertise.
Meanwhile, executive chairman Mr. Vishal Mafatlal will be heading the company's operations.
The board has approved the appointment of Mr. Sudhir Deo as a non-executive non-independent director of the company to further strengthen the board. Mr. Deo has 44 years of experience and has retired as the MD of Nocil Ltd.
We expect Navin Fluorine's profit after tax to grow at a 30% compound annual growth rate over FY23-26E, led by a 33% CAGR in Ebitda.
We retain our 'Buy' rating on Navin Fluorine, with a target price of Rs 5,368 (weighted average cost of capital 11%, terminal growth 5.5%) on the back of-
earning visibility given long-term contracts in specialty chemicals and high-performance product segments;
a tilt in sales mix towards high margin high-value business; and
capacity expansion-led growth.
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