Outlook & valuation: In terms of valuations, PE works out to be 31x annualized
FY19 EPS of `7 post listing (at the upper end of the issue price band) and there is
no listed peer available with similar products for comparison. Moreover, NCL is
operating at optimum level of utilization and company has not planned any
defined capacity expansion in near term. Therefore we believe investors should
wait for price discovery before taking any investment decision. Hence, we have
NEUTRAL view on the issue.

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