Time technoplast

Its indeed surprising that they have been able to increase margins in inflationary times.

Your observation about working capital improvement is also something management talked about in great length in their December call. They are moving their value added business to a cash and carry model, which implies that working capital situation should improve further as value added business becomes a larger part of the pie. About valuations, its still very cheap.

Disclosure: Invested (position size here)

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