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    Stellar show, still Persistent can re-rate. This is why

    Since Persistent is competing with some of the leading pure play digital names and matching them on growth, a long-term valuation catch-up with global peers is possible

    Madhuchanda Dey
    September 30, 2021 / 11:44 AM IST
    Stellar show, still Persistent can re-rate. This is why

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    We had recommended Persistent Systems (CMP:Rs 3511, M Cap: Rs 26,386 crore) at a price of Rs 1,644 and that was perhaps a golden opportunity to pick up the stock that had since (in the past seven months) rallied 119 per cent against an 18 per cent gain in Nifty and 41 per cent in the IT index. While prima facie the valuation looks expensive, seen in the context of the valuation of global pure play digital players, there is...

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