Margins are increasing and will continue. EBIT margin has increased nearly 400 basis points. GP margins approaching 60%, almost becoming tech like due to the digital platform.
Assume around 20-25% sales growth for 7 years(India has ~500mil young population, the market size is huge and increasing, currently only doing 66k placements/annum) and Slight margin increases every year Looking at approx 30% EBITDA growth every year. This gives approx $1bil EBITD After 7 years, so sometime later this decade. at 25X EBITDA, it will be $25BN market cap or ~$100 per share by end of the decade approx. Key is the future growth number and if it will be sustainable. It has been for the past 4 years albeit off lower base. Entire thesis based on India growth only.
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