ICICI Direct's research report on Newgen Software
Incorporated in 1992, Newgen is a low code application development platform company. It is an established player in the market of enterprise content management (ECM), business process management (BPM) & customer communications management (CCM). Annuity based revenues (SaaS + ATS/AMC + Support) comprises 59% of revenue mix while license & others form 20.7% revenue mix each Vertical wise BFSI comprises 66% of revenue mix while geographical split has been largely equal between India, US, EMEA & APAC.
We initiate coverage under Stock Tales format with a BUY rating and a target price of Rs 440. We value Newgen at 14x FY24 EPS to arrive at a target price of Rs 440 per share.
At 11:01 hrs Newgen Software Technologies was quoting at Rs 361.90, up Rs 6.40, or 1.80 percent.
It has touched an intraday high of Rs 365.60 and an intraday low of Rs 356.05.
It was trading with volumes of 20,189 shares, compared to its thirty day average of 27,181 shares, a decrease of -25.72 percent.
In the previous trading session, the share closed down 2.87 percent or Rs 10.50 at Rs 355.50.
The share touched its 52-week high Rs 754.70 and 52-week low Rs 320.85 on 05 July, 2021 and 21 June, 2022, respectively.
Currently, it is trading 52.05 percent below its 52-week high and 12.79 percent above its 52-week low.
Market capitalisation stands at Rs 2,531.70 crore.
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