Valuation & Risks. We assign a PE multiple of 30x (premium to other chemical companies as discussed above) on FY23E earnings of Rs 97.9 post which we arrive at a target of Rs.2,936, an upside of 26% from current levels. We believe Galaxy deserves a higher valuation multiple compared to other chemical companies due to its high return ratios and eye-popping cash flows. The company is also less exposed to the general risks faced by chemical companies, such as commodity price fluctuations and cyclicity. The stock can very well move towards FMCG valuations, if not reach them....