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1. Cyclical base effects: The glove cycle is normalising from a depressed earnings base; single‑year growth rates can look optically high and may not be sustainable. The Star/Phillip Capital note underscores recovery timing (FY27) but also continued pricing pressure near term.
2. Yield term is nil right now: Lynch’s PEGY variant gives some credit for dividends; with ~0% TTM yield, there’s no uplift to fair value from income at present.
3. Use multiple lenses: Lynch FV is a “heuristic”. Cross‑check with other methods (e.g., normalised P/E on mid‑cycle EPS, EV/EBITDA on FY27–28E, or DCF) before making decisions. (ValueSense and StableBread both present it as a quick screen, not a standalone intrinsic value.)
