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Last Updated : Feb 05, 2019 03:57 PM IST | Source: Moneycontrol.com

Buy Cyient; target of Rs 719: Kotak Securities

Kotak Securities is bullish on Cyient has recommended buy rating on the stock with a target price of Rs 719 in its research report dated January 21, 2019.

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Kotak Securities' research report on Cyient


Cyient 3QFY19 revenue de grew by 2.3% QoQ in USD term to USD 165mn below our estimate of USD 168mn. Services de grew by 1% QoQ and DLM revenue de grew by ~10% sequentially in USD terms. EBITDA margin expanded 100bps QoQ to 14.7% aided by favorable business mix during the quarter.


Outlook


We have cut our estimates for FY20, driven by slow services growth which is also a higher margin business for the company. We value stock at 15x FY20E earnings. We recommend BUY with a target price of Rs.719.


For all recommendations report, click here


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First Published on Feb 5, 2019 03:57 pm
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