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Buy Nucleus Software, target of Rs 315: ICICI Securities
ICICI Securities has recommended a buy rating on Nucleus Software with a price target of Rs 315. The company registered Q4FY08 results in line with research firm's expectations, with 6% QoQ revenue growth to Rs 780 million (I-Sec: Rs 798 million).
ICICI Securities has recommended a buy rating on Nucleus Software with a price target of Rs 315 in its April 29, 2008 research report. "Nucleus Software Exports (Nucleus) registered Q4FY08 results in line with our expectations, with 6% QoQ revenue growth to Rs 780 million (I-Sec: Rs 798 million). Order book position has reduced henceforth to Rs 3.18 billion from Rs 3.3 billion. Two of Nucleus' top clients, contributing 20-25% of revenue at present, are expected to go live by December '08/March '09 and only implementation and maintenance revenue would accrue to Nucleus thereafter.
"We have downgraded our FY09E and FY10E revenue and EPS estimates 5.8% and 8.7% and 9.6% and 15.6% respectively based on muted growth in the order book. Also, we introduce our FY11E estimates and hence expect revenue, EBITDA and PAT to post CAGR of 27%, 25% and 22% respectively over FY08-11E. We believe that the stock would map the order book position going ahead. Maintain BUY, with revised price target of Rs 315 (down from earlier Rs 375)," says I-Sec's research report.
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