Paint companies have had a great run over the last three years, with stock prices surging 50-100% thanks to the steady uptick in both sales and profit. This has led to a sharp re-rating of the stocks, with the poster boy of the industry Asian Paints trading at 36x FY17 estimated earnings as against 33-34x for Berger Paints and Kansai Nerolac. The other major player, AkzoNobel India, is trading at 29x FY17 estimated earnings.
What next for paint stocks?
The upside for paint stocks looks capped after their recent hot streak
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