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Good opportunities in the next two to five years have opened up for KSB Pumps Ltd. in flue-gas desulfurisation, nuclear power, oil and gas and exports.
Such prospects would also boost the after-market and services (19% of its revenue).
Its Ebitda margin (13.9% in 2020) should inch up, backed by cost savings and efficiencies, and a favourable product mix.
Accordingly, we tweak our estimates and expect 15%/32% revenue/profit after tax growth over CY20-22.
The strong operations, execution capabilities, sturdy margin expansion and attractive valuations enable us to be upbeat on the stock.
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