We are valuing NFIL at 22x FY20E EPS of Rs 40.4 and resume coverage with a TP of Rs 890. Navin Fluorine International Ltds (NFIL IN) four decade long experience in handling niche Fluorine chemistry, strategic tie ups with significant entities (viz Honeywell PLC and Piramal Enterprises), prudent allocation of carbon emission reduction credits (earned ~ Rs 4.0 bn from FY11-FY13 to invest in Specialty Chemicals and CRAMS) and faster than expected growth in CRAMS business (expected to grow at a CAGR of 65.8% from FY15-20E) are a testament to NFILs journey of being the strongest player in Fluorine chemistry.