If you consider the average PAT growth of the last 5 years then it comes to around 17% per year. And 5 years back the stock consolidate around 50 Rs for a long time. If you apply 17% CAGR on 50 Rs then we will get 110 Rs.
What I mean to say is, if there is no “Gitanjali-Gems-Type” issue with PCJ then 110 could be considered a “fair-value”.
But I would not buy PCJ at 110 on its way down, but rather on its way up.