2241.55 -33.50 (-1.47%)
NSEOct 30, 2020 03:31 PM
The 10 reports from 7 analysts offering long term price targets for Navin Fluorine International Ltd. have an average target of 1945.00. The consensus estimate represents a downside of -13.23% from the last price of 2241.55.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-10-29||Navin Fluorine Inter..||Nirmal Bang Institutional||2241.55||2200.00||2241.55||Target met||Accumulate|
Navin Fluorine International- 2QFY21 Result Update- CRAMS led beat; strong prospects for high value verticals
Nirmal Bang Institutional
Navin Fluorine International's (NFIL) 2QFY21 performance was significantly ahead of consensus estimates on all parameters. Beat on consolidated revenue/EBITDA/PAT was to the tune of ~16%/~30%/~38%. CRAMS business grew by ~111% YoY, led by ramp-up of cGMP3 capacity and some bunched-up orders from the previous year. The management has increased its expected CRAMS quarterly run-rate from ~Rs500mn to ~Rs650mn (~30% up) going forward. Also, it expects debottlenecking and automation of the unit to in turn increase the potential asset turnover of the business. In CRAMS business, the entire revenue comes from USA and EU pharma...
|2020-10-09||Navin Fluorine Inter..||ICICI Securities Limited||1977.25||2550.00||1977.25 (13.37%)||13.76||Buy|
|2020-06-25||Navin Fluorine Inter..||Edelweiss||1557.50||1837.00||1557.50 (43.92%)||Target met||Buy|
|2020-06-23||Navin Fluorine Inter..||Way2Wealth||1557.50||1557.50 (43.92%)||Not Rated|
Navin Fluorine International Ltd (NFIL) reported a topline growth of ~9.5% YoY to `2766mn on the back of robust growth in its segments such as specialty chemicals and CRAMS which surged by ~52% & ~26% YoY respectively in Q4FY20. Specialty Chemicals recorded higher growth due to strong performance in domestic & export markets driven by higher volumes and CRAMS business due to its strong order book position in Q4FY20. However, the robust performance in mentioned segments was offset...
|2020-06-18||Navin Fluorine Inter..||Dolat Capital||1594.75||1657.00||1594.75 (40.56%)||Target met||Buy|
Navin Fluorine reported in-line standalone Sales at Rs 2.65bn, up by 8.5% YoY (D.est: Rs 2.61bn). EBITDA grew by 28.7% YoY to Rs 672mn. Reported PAT stood at Rs 2.68bn owing to a favorable court order from the IT appellate tribunal pertaining to its case related to classification of receipts on account of Certified Emission Reduction (CER) as capital receipts not chargeable to tax from financial year 2007-08 to financial year 2012-13. NFIL witnessed a strong gross margin expansion of 426 bps YoY to...
|2020-06-17||Navin Fluorine Inter..||HDFC Securities||1584.20||1721.00||1584.20 (41.49%)||Target met||Accumulate|
We tweak our FY21/22E EPS estimates by +3.1/3.7% to INR 46.9/65.0 to factor-in the company's performance in 4QFY20. We retain our ADD rating on NFIL with a TP of INR 1,721 on the back of (1) Earnings visibility given the long term contract, and (2) Tilt in sales mix towards high margin customised products. The stock is currently trading at 24.6x FY22E EPS, which is low, given the RoIC of 20.0/23.0% in FY21/22E.
|2020-03-06||Navin Fluorine Inter..||Axis Direct||1408.30||1705.00||1408.30 (59.17%)||Target met||Buy|
|2020-03-04||Navin Fluorine Inter..||ICICI Securities Limited||1419.70||1419.70 (57.89%)||Not Rated|
ICICI Securities Limited
We recently met Sitendu Nagchaudhuri, Chief Financial Officer of Navin Fluorine International (NFIL), to get an insight into the domestic fluorination chemistry industry and the companys role in the entire value chain. NFIL was set up in 1967 primarily as a key manufacturer of refrigerant gases, inorganic fluorides in India in Surat (Gujarat). Refrigeration gases are used as a cooling agent in air conditioners, refrigerators and commercial establishments while inorganic fluorides are used as a raw material for industrial use primarily in the metal and glass...
|2020-02-27||Navin Fluorine Inter..||Edelweiss||1371.45||1371.45 (63.44%)||Not Rated|
|2020-02-26||Navin Fluorine Inter..||HDFC Securities||1479.50||1479.00||1479.50 (51.51%)||Target met||Neutral|
Our view: This contract not only shows the trust on NFIL's capability and expertise in complex fluorine chemistry but also could be a precursor to acquire more such deals. Also, the existing contract may be extended further. NFIL's customized and exclusive agreement not only enhances its longterm earnings visibility but also accelerates earnings growth. The management hinted that more products will be added in this new vertical, which we believe will fetch higher margins, thereby boosting NFIL's operational and financial efficiency. It is carving its own niche in fluoro chemicals worthy of a premium multiple over its peer SRF (24.3/19.8x FY21/22x). This compels us to ascribe a higher valuation multiple of 25x vs 20x earlier. Upgrade to NEU with a TP of Rs. 1,479. Navin Fluorine signed a 7 year exclusive supply contract with a global company for High Performance Product (HPP) having a total revenue potential of Rs 29bn starting Q4FY22. The product will be manufactured at the recently announced greenfield plant at Dahej.
|2019-07-30||Navin Fluorine Inter..||HDFC Securities||601.65||821.00||601.65 (272.57%)||Target met||Buy|
The legacy business should continue to grow at a slower pace given that investments are largely flowing into the CRAMS BU. The specialty business is also exhibiting strong traction. Besides, an order in the CRAMS BU gives a near term earning visibility. High-value specialty chemicals and CRAMS BU will help maintain healthy margins. Maintain BUY. We maintain BUY on NFIL after an in-line 1QFY20 with a TP of Rs 821 (20x Jun-21E EPS). We retain our faith in NFIL as its CRAMS BU now demonstrates earnings visibility.
|2019-07-30||Navin Fluorine Inter..||Dolat Capital||622.80||834.00||622.80 (259.91%)||Target met||Buy|
Navin fluorine international ltd reported Sales/EBITDA/PAT de-growth of 0.5/3.8/0.3% YoY to ` 2.41bn/607mn/395mn. Sales were lower than our expectations by 7.5% (D.est: ` 2.6bn), while EBITDA/PAT came in-line with estimates (D.est: ` 577/391mn). Gross margins improved on a sequential basis by 230 bps, while there was a drop on a YoY basis of 250 bps to 52.5%. The company has taken price hikes in Q1FY20 and expects gross margins to be sustainable with fluorspar prices softening. CRAMS revenues weak, however commentary positive...
|2019-05-07||Navin Fluorine Inter..||HDFC Securities||678.50||812.00||678.50 (230.37%)||Target met||Buy|
The legacy business should continue to grow at a slower pace given that investments are flowing into the CRAMS BU. The deferment of campaigns in CRAMS BU raises concerns about lower utilisation. We thus cut our EPS estimates for FY20/21E by 6.5/5.5% to Rs 35.5/40.6. We maintain BUY on NFIL after an in-line 4QFY19 with a TP of Rs 812 (20x FY21E EPS). Investments for the last 7 years have led the CRAMS BU to grow at a CAGR of 52.8% but the earnings outlook remains unpredictable. Growth in the refrigerant gas BU is expected to be muted given the 15% production cut under the Montreal protocol. Hence, we think that NFIL is treading on thin ice.
|2019-01-24||Navin Fluorine Inter..||HDFC Securities||664.90||836.00||664.90 (237.13%)||Target met||Buy|
We thus cut our EPS estimates for FY20/21E by 5.3/5.8% due to lower contribution from CRAMS BU and cut P/E multiple to 20x with a revised target price of Rs 836/share. Navin Fluorine International Ltd (NFIL) reported sales/ EBITDA of Rs. 2.26bn/524mn up by 6.5/1.7% YoY. PAT declined by 21.8% YoY to Rs 388mn (ex Dahej ops). Though price hikes taken in the legacy business cushioned the impact of higher RM prices (EBITDAM @23.2%, up 236bps QoQ), revenues from CRAMS continued to be subdued.
|2018-11-01||Navin Fluorine Inter..||HDFC Securities||635.00||915.00||635.00 (253.00%)||Target met||Buy|
We maintain Buy with a target price of Rs 915. Navin Fluorine International Ltd (NFIL) reported sales growth of 10.8% YoY to Rs 2.41bn. EBITDA and PAT declined by 4.7% and 20.0% YoY to Rs 503mn and Rs 343mn respectively. Growth in CRAMS (ex- Dahej) has staggered (grew 4.1% YoY to Rs 510). 1HFY19 revenues from CRAMS are at Rs 860mn (down 13.1% YoY). CRAMS is a lumpy business and the management expects recovery in the ensuing quarters.
|2018-05-17||Navin Fluorine Inter..||HDFC Securities||735.50||890.00||735.50 (204.77%)||Buy|
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.
|2017-08-17||Navin Fluorine Inter..||Karvy||692.70||735.00||692.70 (223.60%)||Target met||Hold|
Stellar Performance: NFIL has posted strong performance of revenue growth of 36.5% YoY to Rs. 2381 Mn in Q1FY18 as compared to Rs. 1745 Mn in Q1FY17. The topline growth was mainly driven by the splendid performance from CRAMS and refrigeration gases segments during the same period. EBITDA for the quarter came at Rs. 594 Mn up from Rs. 403 Mn over the same period of last year, marking YoY growth of 47.4%.
|2017-05-10||Navin Fluorine Inter..||Karvy||3063.00||3387.00||3063.00 (-26.82%)||Pre-Bonus/|
Decent performance under tough business environment- outlook positive: The company has recorded consolidated revenue of Rs. 7477 Mn in FY17 as against of Rs. 6797 Mn of FY16 thereby marking 10.0% growth YoY basis. The sales rose on account of robust performance of CRAMs and inorganic fluoride business.
|2017-05-02||Navin Fluorine Inter..||HDFC Securities||2998.80||3300.00||2998.80 (-25.25%)||Pre-Bonus/|
Navin Fluorines (NFIL) 4QFY17 revenues came in at Rs 2.0bn ( 6% YoY), led by growth in the inorganic segment. Higher volumes led to an EBITDA margin of 19.5% ( 55bps YoY). EBITDA was Rs 390mn ( 9%) and APAT Rs 294mn (-7% YoY, higher tax rate).
|2017-03-27||Navin Fluorine Inter..||Angel Broking||2963.15||3650.00||2963.15 (-24.35%)||Pre-Bonus/|
Navin Fluorine (NFIL), part of the Arvind Mafatlal group, is a leader in fluorine based chemicals in India. It operates mainly in four segments i.e. Refrigerant, Organic Fluoride, Specialty Chemicals and CRAMs. While Refrigerant segment will continue to generate strong cash flows, the incremental focus of the company is the high margin an..