January 30, 2017 / 12:20 IST
Motilal Oswal's research report on Cyient Certon is an IP-led innovative provider of full-product lifecycle engineering services to companies seeking certification approval for safety-critical systems, embedded software, and electronic hardware. It also has strong Field Programmable Gate Array (FPGA) and System on Chip (SoC) full-product lifecycle capabilities and continues to build IP tools for various portions of the Avionics value chain, especially independent verification & validation (V&V).
OutlookCYL should be able to close FY17, with 12% revenue growth in its services business, which translates to 14% CC growth at a company level – compares with <10% for the industry, placing it ahead of peers. Its turnaround is playing out on expected lines, and over the longer term, CYL remains well placed to address opportunities in the Engineering and Defense segments. Our price target of INR 600 discounts FY19E earnings by 13x. Maintain Buy.
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