Firstsource Solutions (FIRSOU) 31
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- Laurence Patterson
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1 Result Update Rating matrix Rating : Buy Target : 45 Target Period : 12 months Potential Upside : 45% What s changed? Target EPS FY16E EPS FY17E Rating Unchanged Unchanged Unchanged Unchanged Quarterly performance FY16 FY15 YoY (%) FY16 QoQ (%) Revenue EBITDA EBITDA (%) bps bps PAT Key financials Crore FY14 FY15E FY16E FY17E Net Sales 3,106 3,035 3,237 3,501 EBITDA Net Profit EPS ( ) Valuation summary FY14 FY15E FY16E FY17E P/E Target P/E EV / EBITDA P/BV RoNW (%) RoCE (%) Stock data Particular Amount Market Capitalization ( Crore) 2,084.1 Total Debt (Sept-15) ( Crore) Cash and Investments (Sept-15) ( Crore) EV ( Crore) 2, week H/L 42.8 / 24.2 Equity capital Face value 10.0 Price performance 1M 3M 6M 12M FSOL (10.2) HGS 0.6 (8.7) (20.4) (22.1) EXL Genpact Research Analyst Abhishek Shindadkar abhishek.shindadkar@icicisecurities.com Solid quarter October 30, 2015 Firstsource Solutions (FIRSOU) 31 Firstsource Solutions (FSL) reported strong FY16 earnings, which were in line with our raised estimates Revenues from operations grew 6.1% QoQ to crore in line with our 797 crore and 6.7% QoQ growth estimate. Constant currency revenues grew 3.2% QoQ At 12.4%, EBITDA margins improved 41 bps QoQ and were above our 20 bps improvement and 12.2% estimate. Reported PAT of 61.9 crore was also above our 61 crore estimate, led by margin improvement Solid quarter; guidance intact FSL s revenues during the quarter grew 6.1% QoQ (3.2% QoQ in constant currency) led by a recovery in top client (up 16.8% QoQ), absence of revenue leakages led by the US telecom client and domestic business, and growth in telecom & media and healthcare verticals. FSL s management highlighted that a majority of growth concerns are behind them and recent deal wins [closed large transformational deal with UK BFSI client with total contract value (TCV) of ~$170 million over 10 years period, which would contribute $7-8 million in H2FY16) and bookings won deals worth $37 million in annual contract value (ACV) in FY16 taking the total H1FY16 ACV to $61 million ($81 million in H1FY15] could help sustain growth momentum in H2FY16. Margin improvement trajectory may continue in H2FY16E FY16 margins improved 41 bps QoQ and 16 bps YoY to 12.4%, with minimal revenue leakages, operational efficiency and rationalisation of domestic accounts. The management narrowed its EBITDA margin guidance and now expects margin to expand bps (70-90 bps earlier) YoY in FY16E led by better margins in new deals, tailwinds from termination of loss-making accounts, acceleration in 1) collections business in Q4 led by seasonality and 2) healthcare and analytics business, partially offset by SG&A investments. Overall, FY15 margins improved 89 bps YoY to 12.5% led by rationalisation of loss making accounts. Top customer recovers sharply Top customer growth rebounded sharply grew 16.8% QoQ vs. 7.2% 7.1% and 6.8% QoQ decline in FY16 and Q4, Q3FY15, respectively. However, revenues are still down 6.2% on YoY basis and contrasts with 25% CAGR reported during FY10-15 and continues to drag company average. Top 2-5 customer revenues grew 3.9% YoY and 7.1% QoQ (vs %, 2.5% respectively in FY16) but is modest compared to 9.4% YoY CAGR achieved during FY Recovery in top and top 2-5 clients vs. uneven earlier (led by client specific ramp-downs and decision making delays) bodes well for company average growth. Maintaining estimates; target price We estimate FSL will report revenue, earnings CAGR of 4%, 22% over FY15-17E (average 13.7% EBITDA margins in FY16-17E), vs. 9%, 12% reported in FY10-15 (average 11.8%) as recovery in top customer, new deal wins could help growth while focus on margins could yield profitability. We continue to value the stock at 45, i.e. at 6x FY17E EV/EBITDA, modestly below its FY10-15 average of 6.7x, to account for moderating growth and maintain our BUY rating on reasonable valuations. ICICI Securities Ltd Retail Equity Research
2 Variance analysis FY16 FY16E FY15 YoY (%) FY16 QoQ (%) Comments Revenue Revenues grew 6.1% QoQ in line with our raised estimates. Constant currency revenues grew 3.2% QoQ Employee expenses Gross Margin Gross margin (%) bps bps SG&A expenses EBITDA EBITDA Margin (%) bps bps Depreciation & amortisation EBIT EBIT Margin (%) bps bps Other income (less interest) PBT Tax paid PAT EBITDA margins improved 41 bps QoQ above our 20 bps improvement estimate Change in estimates FY16E FY17E ( Crore) Old New % Change Old New % Change Comments Revenue 3,237 3, ,501 3, Management commentary indicates FY16E constant currency revenues could grow 7% EBITDA EBITDA Margin (%) bps bps FY16 EBITDA margin improvement guidance narrowed to bps vs. ~70-90 bps earlier PAT EPS ( ) ICICI Securities Ltd Retail Equity Research Page 2
3 Company Analysis Solid quarter; guidance intact FSL s revenues during the quarter grew 6.1% QoQ (3.2% QoQ in constant currency) led by a recovery in top client (up 16.8% QoQ), absence of revenue leakages led by the US telecom client and domestic business, and growth in telecom & media and healthcare verticals. The FSL management highlighted that a majority of growth concerns are behind them and that recent deals wins (closed large transformational deal with UK BFSI client with total contract value (TCV) of ~$170 million over 10 years period, which would contribute $7-8 million in H2FY16) and bookings won deals worth $ 37 million in annual contract value (ACV) in FY16 taking the total H1FY16 ACV to $61mn ($81 million in H1FY15) could help sustain growth momentum in H2FY16. Finally, the commentary suggests that deals already won provide 4-4.5% YoY growth visibility while the balance (7% YoY FY16E guidance) could be made from another lift-off deal which the company expects to close by December 2015/January Consequently, we maintain our revenue growth assumption. Recall, FY15 revenues had declined 2.3% YoY led by rationalisation of loss making accounts (including large Irish telecom client) and new deal ramp-ups delays. The management expects $12-15 million revenue headwind from this telco client in FY16E with additional ~$8 million impact from the domestic telco business. Exhibit 1: Rupee revenue may grow at 5% CAGR during FY15-17E crore FY10 FY11 FY12 FY13 FY14 Q3 Q4 FY15 FY16E FY17E % -10 Rupee revenue Growth, YoY Margin improvement trajectory could continue in H2FY16E FY16 margins improved 41 bps QoQ and 16 bps YoY to 12.4%, with minimal revenue leakages, operational efficiency and rationalisation of domestic accounts. The management narrowed its EBITDA margin guidance and now expect margin to expand bps (70-90 bps earlier) YoY in FY16E led by better margins in new deals, tailwinds from termination of loss-making accounts, acceleration in 1) collections business in Q4 led by seasonality, and 2) healthcare and analytics business, partially offset by SG&A investments. Overall, FY15 margins improved 89 bps YoY to 12.5% led by rationalisation of loss making accounts. Recall, FSL s operating margins declined to 8.2% in FY12 vs. 14.2% in FY10 and were impacted by a variety of reasons including rise in delinquencies, investments in India operations, decentralising corporate functions and timing of big acquisitions. ICICI Securities Ltd Retail Equity Research Page 3
4 Exhibit 2: Modelling margin improvement of ~80 bps YoY in FY16E 20 % FY10 FY11 FY12 FY13 FY14 Q3 Q4 FY15 FY16E FY17E EBITDA margin Exhibit 3: Growth, headcount rationalisation could drive seat fill factor higher % FY10 FY11 FY12 FY13 FY14 Q3 Q4 FY15 Seat fill factor Top customer recovers sharply Top customer growth rebounded sharply grew 16.8% QoQ vs. 7.2% 7.1% and 6.8% QoQ decline in FY16 and Q4, Q3FY15, respectively. However, revenues are still down 6.2% on YoY basis and contrasts with 25% CAGR reported during FY10-15 and continues to drag company average. Top 2-5 customer revenues grew 3.9% YoY and 7.1% QoQ (vs %, 2.5% respectively in FY16) but is modest compared to 9.4% YoY CAGR achieved during FY Recovery in top and top 2-5 clients vs. uneven earlier (led by client specific ramp-downs and decision making delays) bodes well for company average growth. Debt repayment on track As on end, FSL had net long term debt of ~$105 million and cash of ~$26.3 million assuming period ending rates. At the current repayment rate, FSL would repay ~$22.5 million of its debt in the remainder of FY16E and could result in a net debt of ~$82 million assuming current cash levels and no accelerated payments. We estimate the net debt neutral status achievement could likely be achieved in FY17E. ICICI Securities Ltd Retail Equity Research Page 4
5 Outlook and valuation Firstsource reported strong FY16 earnings, which were in line with our raised estimates. Revenues from operations grew 6.1% QoQ in line with our raised 6.7% QoQ growth estimate. Constant currency revenues grew 3.2% QoQ. Recovery in top, top 2-5 customers and deal momentum bodes well and could help FSL in achieving its 7% constant currency revenue growth and bps operating margin improvement guidance in FY16E. We estimate FSL will report revenue, earnings CAGR of 4%, 22% over FY15-17E (average 13.7% EBITDA margins in FY16-17E) vs. 9%, 12% reported during FY10-15 (average 11.8%) as recovery in top customer, new deal wins could help growth while focus on margins could yield profitability. We continue to value the stock at 45, i.e. at 6x FY17E EV/EBITDA, modestly below its FY10-15 average of 6.7x, to account for moderating growth and maintain our BUY rating on reasonable valuations. Exhibit 4: One year forward rolling EV/EBITDA Sep-08 Feb-09 Jul-09 Dec-09 May-10 Oct-10 Mar-11 Aug-11 Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 May-15 Oct-15 EV Exhibit 5: Valuations Sales Gr owth EPS Growth PE EV /EBITDA RoNW RoCE ( cr) (%) ( ) (%) (x) (x) ( %) (%) FY14 3, (0.4) FY15 3,035 (2.3) FY16E 3, FY17E 3, ICICI Securities Ltd Retail Equity Research Page 5
6 Company snapshot Target price : Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Source: Bloomberg, Company, ICICIdirect.com Research Key events Date Event Feb-11 FSOL approves merger of unit Revit Systems with itself Dec-11 The stock hits all-time low as it reports lowest net profit since FY09 and lowest ever net profit on annualised basis since FY08 Dec-12 RPG led CESC acquires 56% stake in the company. Repays FCCB obligation worth $ 237 million in December Jan-13 CESC-controlled Spen Liq Ltd tenders an open offer to acquire additional stake in the company at 12.2 per share Jul-13 Rakesh Jhunjhunwala buys 5.14% stake in the company at an average 10 per share Dec-13 The company successfully makes its third quarterly principal repayment of $11.25 million on its outstanding debt on December 31, 2013 Mar-14 The company successfully makes its fourth quarterly principal repayment of $11.25 million on its outstanding debt on March 31, 2014 The company reports in line quarter with 174 bps margin expansion for FY14 led by exiting lower margin domestic business. It reduces FY15E growth outlook to 6% Apr-14 from 8% earlier. Nov-14 FSL reports moderate growth during FY15 with 94 bps YoY margin expansion. However, it lowers its FY15E guidance to 2-2.5% vs. 6% earlier May-15 Reports weak Q4FY15 earnings as revenues, absolute EBITDA and PAT were below our estimates Jun-15 Firstsource reports soft FY16 earnings. Though revenues were above our estimates, absolute EBITDA and PAT were below Reports strong FY16 earnings, which were in line with our raised estimates.revenues from operations grew 6.1% QoQ while constant currency revenues grew Oct % QoQ Top 10 Shareholders Rank Name Latest Filing Date % O/S Position (m) Change (m) 1 RPG Enterprises 30-Sep ICICI Group 30-Sep Jhunjhunwala (Rakesh) 30-Sep Goldman Sachs Asset Management International 30-Sep Deutsche Asset Management (India) Private Ltd. 30-Jun Birla Sun Life Asset Management Company Ltd. 30-Sep Steinberg Asset Management, LLC 30-Sep Dimensional Fund Advisors, L.P. 31-Aug Principal PNB Asset Management Company Ltd. 30-Sep Subramaniam (Rajesh) 2-Sep Source: Reuters, ICICIdirect.com Research Shareholding Pattern (in %) Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Promoter FII DII Others Recent Activity Buys Sells Investor name Value Shares Investor name Value Shares Steinberg Asset Management, LLC 3.94m 9.78m DSP BlackRock Investment Managers Pvt. Ltd m -3.89m Birla Sun Life Asset Management Company Ltd. 1.30m 3.23m Mellon Capital Management Corporation -0.67m -1.66m Subramaniam (Rajesh) 0.50m 1.25m Pramerica Asset Managers Pvt. Ltd m -0.55m Principal PNB Asset Management Company Ltd. 0.10m 0.25m Harding Loevner LP -0.27m -0.52m Ponnappa (K M) 0.10m 0.24m ICICI Securities Ltd Retail Equity Research Page 6
7 Financial summary Profit and loss statement Crore FY14 FY15E FY16E FY17E Total Revenues 3,106 3,035 3,237 3,501 Growth (%) 10.2 (2.3) Employee expenses 2,129 2,018 2,143 2,310 Other Expenses EBITDA Growth (%) Depreciation & Amortization Other Income Interest PBT before Exceptional Items Growth (%) Tax PAT before Exceptional Items Exeptional items PAT before MI Minority Int & Pft. from associates PAT Growth (%) EPS EPS (Growth %) (0.4) Cash flow statement Crore FY14 FY15E FY16E FY17E Profit before Tax Depreciation & Amortization WC changes 125 (105) 26 (5) Other non cash adju CF from operations Capital expenditure (36) (46) (115) (75) Δ in investments (2) (62) - - Other investing cash flow CF from investing Activities (13) (104) (111) (66) Issue of equity Δ in debt funds (209) (213) (270) (270) Dividends paid Other financing cash flow (80) (44) (41) (25) CF from Financial Activities (286) (246) (311) (295) Δ in cash and cash bank balance 96 (105) 5 80 Effect of exchange rate changes Opening cash Closing cash Balance sheet Crore FY14 FY15E FY16E FY17E Equity Reserves & Surplus 1,432 1,422 1,712 2,064 Networth 2,091 2,089 2,379 2,731 Minority Interest LT liabilties & provisions Source of funds 2,829 2,557 2,647 2,799 Net fixed assets Goodwill 2,594 2,334 2,334 2,334 Other non current assets Loans and advances Current Investments Debtors Cash & Cash equivalents Other current assets Short term borrowings Trade payables Current liabilities Provisions Application of funds 2,829 2,557 2,647 2,799 Key ratios (Year-end March) FY14 FY15E FY16E FY17E Per share data ( ) EPS-diluted Cash per share BV Operating profit per share Operating Ratios (%) EBITDA Margin PBT Margin PAT Margin Return Ratios (%) RoNW RoCE Valuation Ratios (x) P/E EV / EBITDA Price to Book Value EV / Net Sales Mcap / Net Sales Turnover Ratios Debtor days Creditors days Solvency Ratios Total Debt / Equity Current Ratio Quick Ratio Debt / EBITDA ICICI Securities Ltd Retail Equity Research Page 7
8 ICICIdirect.com coverage universe (IT) CMP M Cap EPS ( ) P/E (x) EV/EBITDA (x) RoCE (%) RoE (%) Sector / Company ( ) TP( ) Rating ( Cr) FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E FY15 FY16E FY17E Cyient (INFENT) Hold 6, Eclerx (ECLSER) 1,865 1,500 Sell 5, Firstsource (FIRSOU) Buy 2, HCL Tech* (HCLTEC) 873 1,050 Buy 122, Infosys (INFTEC) 1,136 1,300 Buy 260, KPIT Tech (KPISYS) Hold 2, Mindtree (MINCON) 1,568 1,600 Hold 13, NIIT Technologies (NIITEC) Hold 3, o Persistent (PSYS) Hold 5, TCS (TCS) 2,499 2,800 Buy 492, Tech Mahindra (TECMAH) Buy 52, Wipro (WIPRO) Buy 141, * June year end, ICICI Securities Ltd Retail Equity Research Page 8
9 RATING RATIONALE ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns ratings to its stocks according to their notional target price vs. current market price and then categorises them as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction; Buy: >10%/15% for large caps/midcaps, respectively; Hold: Up to +/-10%; Sell: -10% or more; Pankaj Pandey Head Research pankaj.pandey@icicisecurities.com ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No 7, MIDC, Andheri (East) Mumbai research@icicidirect.com ICICI Securities Ltd Retail Equity Research Page 9
10 ANALYST CERTIFICATION We /I, Abhishek Shindadkar, MBA, Research Analyst, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Terms & conditions and other disclosures: ICICI Securities Limited (ICICI Securities) is a Sebi registered Research Analyst having registration no. INH ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products. ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is India s largest private sector bank and has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. ( associates ), the details in respect of which are available on ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. 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Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction. 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Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. ICICI Securities or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject company/companies mentioned in this report. It is confirmed that Abhishek Shindadkar, MBA, Research Analyst do not serve as an officer, director or employee of the companies mentioned in the report. ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. 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ICICI Securities Ltd Retail Equity Research Page 10
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Result Update Rating matrix Rating : Hold Target : 68 Target Period : 12 months Potential Upside : 9% What s Changed? Target Changed from 72 to 68 EPS FY16E Changed from 6.4 to 6.5 EPS FY17E Changed from
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ABB India Equity Research Engineering & Capital Goods February 8, 2016 Result Update Emkay Your success is our success Strong operational performance CMP Target Price Rs1,134 Rs1,407 ( ) Rating Upside
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Result Update November 20, 2015 Rating matrix Rating : Hold Target : 60 Target Period : 12 months Potential Upside : -6% What s Changed? Target Changed from 85 to 60 EPS FY16E Changed from 13.2 to 12.7
More informationAmara Raja Batteries (AMARAJ) 870
Result Update Rating matrix Rating : Hold Target : 925 Target Period : 12 months Potential Upside : 6% What s Changed? Target Changed from 1000 to 925 EPS FY16E Changed from 29.8 to 30.2 EPS FY17E Changed
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Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 SPS Finquest Ltd CMP: 84.60 January 13, 2015 Stock Details BSE code 538402 BSE ID SPS Face value ( ) 10 No of shares
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Result Update Rating matrix Rating : Hold Target : 1 Target Period : 12-15 months Potential Upside : -8% What s Changed? Target Changed from 124 to 1 EPS FY17E Changed from 2.3 to 2. EPS FY18E Introduced
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Robust performance; remains the best play on Southern region February 09, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price
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Result Update Rating matrix Rating : S ell Target : 36 Target Period : 12 months Potential Upside : - 10% What s changed? Target Changed from 42 to 36 EPS FY16E Changed from -2.1 to -2.1 EPS FY17E Changed
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2QFY2016 Result Update Educational Services November 10, 2015 Tree House Education & Accessories Performance Highlights Y/E March (` cr) 2QFY16 2QFY15 % chg (qoq) 1QFY16 % chg (yoy) Net sales 57 50 15.1
More informationMangalam Cement Weak volumes marred performance
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Result Update Rating matrix Rating : Buy Target : 355 Target Period : 18-24 months Potential Upside : 16% What s changed? Target Changed from 390 to 355 EPS FY16E Changed from 17.2 to 14.2 EPS FY17E Changed
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17-Nov-14 17-Dec-14 17-Jan-15 17-Feb-15 17-Mar-15 17-Apr-15 17-May-15 17-Jun-15 17-Jul-15 17-Aug-15 17-Sep-15 17-Oct-15 Coal India Ltd. Subdued e-auction realization impacted profitability Coal India Ltd.
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More informationSalzer Electronics. 2QFY16 Result Review BUY. Steady performance continued; maintain BUY. Sector: Electric Equipment
$CompanyN ame$ Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 2QFY16 Result Review (Wholly owned subsidiary of Bank of Baroda) BUY Salzer Electronics Ltd. Steady
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Colgate-Palmolive India Equity Research Consumers January 23, 2015 Result Update Emkay Your success is our success Share gains with healthy margin uptick; Retain Buy CMP Target Price Rs1,913 Rs1,940 (
More informationJust Dial Ltd Bloomberg Code: JUST IN
Communications - Internet Media Oct 14, 215 Bloomberg Code: JUST IN India Research - Stock Broking India s local search engine, warming up with add-on services Just Dial is now into a platform where people
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Wipro Performance Highlights (` cr) 2QFY16 1QFY16 % chg (qoq) 2QFY15 % chg (yoy) Net revenue 12,514 12,371 1.2 11,684 7.1 EBITDA 2,729 2,606 4.7 2,482 9.9 EBITDA margin (%) 21.8 21.3 51bp 21.2 56bp PAT
More informationCipla Ltd. Rs. 741. India Equity Institutional Research Pharma. One off revenues from Nexium supply drives earnings HOLD. Target Price (Rs): 765
India Equity Institutional Research Pharma RESULT UPDATE Cipla Ltd. Rs. 741 One off revenues from Nexium supply drives earnings HOLD Result highlights Cipla s Q1FY16 result beats our estimates due to higher
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Result Update Rating matrix Rating : S ell Target : 32 Target Period : 12 months Potential Upside : - 12% What s changed? Target Changed from 36 to 32 EPS FY16E Changed from -2.1 to -2.2 EPS FY17E Changed
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BUY CMP 1677.00 Target Price 1880.00 ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16 SEPTEMBER 2 nd, 2015 ISIN: INE738I01010 Index Details Stock Data Sector IT & ITes BSE Code 532927 Face
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More informationIdea Cellular (IDECEL) 178
Result Update Rating matrix Rating : Buy Target : 215 Target Period : 12 months Potential Upside : 24% What s changed? Target Unchanged EPS FY16E Changed from 9.3 to 10.1 EPS FY17E Changed from 6.1 to
More informationBharat Electronics. Strong margins, improved inflows! Source: Company Data; PL Research
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More informationCity Union Bank (CITUNI) 87
Result Update October 3, 215 Rating matrix Rating : Buy Target : 15 Target Period : 12 months Potential Upside : 2% What s Changed? Target Changed from 114 to 15 EPS FY16E Changed from 7.8 to 7.1 EPS FY17E
More informationAurobindo Pharma. Source: Company Data; PL Research
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More informationHOLD. Q4 earnings beat but order backlog flat ABB. Target Price: Rs 1,213. Key drivers
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Result Update Rating matrix Rating : Hold Target : 75 Target Period : 12 months Potential Upside : -8% What s Changed? Target Changed from 85 to 75 EPS FY16E Changed from 3.4 to 3.5 EPS FY17E Changed from
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More informationICICI BANK INR 233. Dismal asset quality performance. Target Price (INR): 314. India Equity Institutional Research BFSI.
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Result Update Rating matrix Rating : Buy Target : 17 Target Period : 12 months Potential Upside : 3% What s changed? Target Changed from 2 to 17 EPS FY16E Changed from 46.1 to 45.9 EPS FY17E Changed from
More informationTechno Electric & Engineering Limited
Engineering & Capital Goods Event Update Techno Electric & Engineering Limited Buy Wind business spin off will lead to value unlocking. Institutional Research CMP (`) 404 Target (`) 504 Nifty: 8,224 Sensex:
More informationBUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value
UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):
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Order inflow surprise, challenges on profitability continues! January 29, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs1,102
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Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 October 31, 212 COMPANY RESULTS REPORT REVIEW UltraTech Cement Ltd. Rich valuation overlooks strong performance
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Weak execution, guidance hints a strong Q4FY16 February 08, 2016 Nishna Biyani nishnabiyani@plindia.com +91 22 66322239 Keyur Pandya keyurpandya@plindia.com +91 22 +91 22 66322247 Rating BUY Price Rs577
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Technology - Technology Services - Information Services India Research - Stock Broking Economic recovery to boost revenues across business segments: The rating revenues witnessed 8% growth in 214 compared
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Result Update February 16, 2016 Rating matrix Rating : Buy Target : 375 Target Period : 12 months Potential Upside : 18% What's Changed? Target Changed from 400 to 375 EPS FY16E Unchanged from 23.0 to
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Result Update Rating matrix Rating : Hold Target : 378 Target Period : 12 months Potential Upside : 5% Key Financials ( crore) FY11 FY12 FY13E FY14E Revenues 444.9 518.5 635. 727.5 EBITDA 86.8 115.5 14.7
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Result Update Rating matrix Rating Buy Target 515 Target Period 12 months Potential Upside 22% What s Changed? Target EPS FY16E EPS FY17E Rating Unchanged Unchanged Unchanged Unchanged Quarterly Performance
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India Equity Institutional Research BANKS RESULT UPDATE Axis Bank INR 521 Staunch operating metrics; but blemish asset quality ACCUMULATE With strong operating performance, Axis Bank reported net profit
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Result Update Rating matrix Rating : Hold Target : 44 Target Period : 12 months Potential Upside : 9% What s changed? Target Changed from 41 to 425 EPS FY16E Changed from 56.6 to 66.1 EPS FY17E Changed
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Result Update Rating matrix Rating : Buy Target : 240 Target Period : 12 months Potential Upside : 42% What s Changed? Target Changed from 260 to 240 EPS FY15E Changed from 22.1 to 20.5 EPS FY16E Changed
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