Edelweiss is bullish on Quess Corp has recommended buy rating on the stock with a target price of Rs 1315 in its research report dated May 18, 2018.
Edelweiss' research report on Quess Corp
Quess Corp’s (Quess) Q4FY18 earnings came largely in line with expectations, adjusted for one-time non-cash charge of INR390mn. For FY18, while top line grew 43% (~30% organic), EBITDA and PAT jumped 49% and 138%, respectively. In our view, the key highlight of FY18 was the company gaining market leadership in general staffing by adding ~43,000 employees (total 1,57,000 ).
We continue to value Quess on DCF basis and peg our revised target price at INR1,315 as we revise up FY19/20 PAT estimates 0.5% each to factor in FY18 numbers. We maintain ‘BUY’ and retain Quess as an integrated play on the Indian business services segment.
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