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Hold Mindtree; target of Rs 4550: Emkay Global Financial

Emkay Global Financial recommended hold rating on Mindtree with a target price of Rs 4550 in its research report dated January 13, 2022.

January 14, 2022 / 06:10 PM IST
 
 
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Emkay Global Financial's report on Mindtree


MTCL’s Q3FY22 revenue grew by a healthy 4.7%/33.7% QoQ/YoY to USD366.4mn in a seasonally soft quarter, and was broadly in line with our expectations. EBITDAM expanded by ~100bps QoQ to 21.5%, ahead of our expectations on the back of operating efficiencies. The company is confident of delivering industry-leading double-digit revenue growth, driven by strong deal wins, a healthy deal pipeline and broad-based revenue growth. MTCL remains confident of delivering 20%+ EBITDAM in FY22. Deal wins remained healthy in Q3 at USD358mn (flat QoQ), taking the TCV of deals signed in 9MFY21 to ~USD1.2bn (21.5% YoY). Management indicated that the deal intake remains well-balanced across annuity and transformational deals.



Outlook


We raise our FY22E/23E/24E EPS by 3.4%/2.8%/0.5%, factoring in the Q3 operating performance beat. We maintain Hold rating on the stock with a TP of Rs4,550 at 36x Dec’23E EPS (Rs4,450 earlier).


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At 17:30 Mindtree was quoting at Rs 4,545.00, down Rs 198.80, or 4.19 percent.


It has touched an intraday high of Rs 4,652.90 and an intraday low of Rs 4,477.25.


It was trading with volumes of 94,831 shares, compared to its thirty day average of 32,677 shares, an increase of 190.21 percent.


In the previous trading session, the share closed up 2.36 percent or Rs 109.45 at Rs 4,743.80.


The share touched its 52-week high Rs 5,059.15 and 52-week low Rs 1,539.85 on 18 November, 2021 and 24 February, 2021, respectively.


Currently, it is trading 10.16 percent below its 52-week high and 195.16 percent above its 52-week low.


Market capitalisation stands at Rs 74,904.02 crore.


For all recommendations report, click here


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first published: Jan 14, 2022 06:10 pm
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