SRF Limited

“SRF's fluorochemicals and CRAMS franchise is a structurally advantaged, widening-moat business with a decade-long reinvestment runway in HFOs and specialty chemical outsourcing — but at 32x forward earnings on cyclically depressed profits with ~3x EBITDA net debt, the current price reflects near-perfect execution with no room for error; the business deserves a place on any quality investor's watchlist, but not at today's valuation.”