Pine Labs In Focus - Jefferies Bullish

Jefferies on Pine Labs Initiate Buy with TP of Rs 300 At Inflexion Point for Earnings Ramp-up Building a share in online payments & Int'l issuing business Network with brands, merchants, & banks, with tech-platform is the key moat See 23% Cagr in revenue over FY25-28 Operating efficiency can lift adj. Ebitda margin from 15% to 27% by FY28 Valuations are a discount to peers & can rerate with consistent growth