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Feb 14, 2017, 01.54 PM | Source: Moneycontrol.com

Buy Intellect Design Arena; target of Rs 226: HDFC Securities

HDFC Securities is bullish on Intellect Design Arena has recommended buy rating on the stock with a target price of Rs 226 in its research report dated February 13, 2017.

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Buy Intellect Design Arena; target of Rs 226: HDFC Securities

HDFC Securities is bullish on Intellect Design Arena has recommended buy rating on the stock with a target price of Rs 226 in its research report dated February 13, 2017.

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HDFC Securities' research report on Intellect Design Arena

Intellect Design Arena (INDA) disappointed this quarter with a 2.7% QoQ (-2.4% CC) drop in US$ revenues (US$ 33.6mn vs est of US$ 37.0mn) and poor cost management. The dip in revenues was largely due to the deferral of two large deals, as banks in the US and Europe are largely keeping their-spends on hold.

Outlook

We maintain our positive stance backed by (1) its highly-rated and diversified product portfolio, (2) marquee client list, (3) huge addressable opportunity, and (4) only around 20% of current product portfolio in monetisation stage. We cut our US$ revenue estimates by 6.6/13.8% for FY17/18E to factor in deal deferrals. Maintain BUY with a TP of Rs 226 based on a 2.5x Dec-18 EV/revenue multiple.

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Disclaimer:
The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click here

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Buy Intellect Design Arena; target of Rs 226: HDFC Securities
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Price when posted: NSE: Rs. 113.35

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