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Motilal Oswal Report
We believe that going forward, Avalon Technologies Ltd. will be well-positioned for growth on account of:
recovery within the U.S. business led by restocking from existing customers and new orders from recently onboarded clients;
continued growth within the Indian business led by new order wins and ramp up of upcoming plants; and
an increase in the mix of box build through new orders or increasing the wallet share from existing customers.
We estimate Avalon to clock a CAGR of 28%/54%/78% in revenue /Ebitda/adjusted profit after tax over FY24-FY27.
We reiterate our Buy rating on the stock with a target price of Rs 690 (40 times June-26E earnings per share).
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