Since our last recommendation, the stock has witnessed a significant re-rating. While the 3.63x Orderbook/TTM Sales ratio appears robust, it remains disproportionately skewed towards HVDC projects, whereas base business order accretion has remained subdued. The topline for the company is expected to compound at 40% CAGR and earnings are expected to expand at 22% CAGR. However, at prevailing valuation multiples, much of the structural tailwinds are already discounted in the price, and Hitachi trades at a steep premium relative to sectoral peers. That said, the company remains a critical solutions provider...