Our valuation is based on 45x Mar-20 EPS, yielding a TP of Rs 2,150. Initiate coverage with a BUY. Symphony, once an almost bankrupt company, has risen from the ashes and become the global leader in air coolers. After suffering financial stress and restructuring, post 2005 the company focussed on a one product, many markets strategy. This has worked out well and revenues/EBITDA/APAT grew at 35/49/54% CAGR during the last 10 years.