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Buy Mastek; Target Of Rs 1040: Sharekhan

Sharekhan is bullish on Mastek recommended buy rating on the stock with a target price of Rs 1040 in its research report dated October 30, 2020.

Nov 2, 2020 / 03:10 PM IST
 
 
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Sharekhan's research repor on Mastek


Company delivered a strong set of numbers in Q2FY21, led by strong growth in both the UK and US businesses and accelerated growth in the Oracle services business; EBITDA margin expanded by 348 bps q-o-q to 21.1%; order-booking grew 22% q-o-q. Management expects H2FY2021 to be better than H1FY2021, led by a strong order book, continued growth in UK government projects and higher demand for cloud-related services; Evosys order-book was up by over 65% y-o-y. The stock is trading at a reasonable valuation of 10x its FY2023E EPS; net cash represents 21% of its current market capitalisation.



Outlook


We recommend a Buy rating on Mastek Limited with a price target (PT) of Rs. 1,040 as risk-reward balance remains favourable.


For all recommendations report, click here


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Broker Research
first published: Nov 2, 2020 03:10 pm

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