Cyient Ltd- Initiating Coverage - Rating BUY

At the CMP of Rs503, Cyient is trading at 15.8x, and 15.2x its FY15E, and FY16E EPS of Rs32.3 and Rs39.60. Compared to its peers; Cyient is trading at a discount P/E multiple, although its margins are better than or comparable to peers. We initiate coverage on Cyient Ltd with a BUY rating and attach a multiple of 15.2 xs to Cyients' FY16E earnings (EPS) to arrive at the target price of Rs602, indicating a potential upside of 20%.



Click to view Report