@Patel_Bhai In my opinion going IT stocks should quote a bit higher than the pre-covid multiples for a few years to come. A few reasons.
a) Covid has meant outsourcing and remoting are more acceptable so the TAM has increased and this is irreversible.
b) The move to the cloud and SAAS platforms both of which offer significant cost savings has just started, so there will be increased growth for the next few years.
c) Covid has accelerated the digitalisation of business processes. This also leads to higher growth for a few years.
d) As companies grow bigger they benefit from economies of scale.
e) Cloud means even smaller companies can compete. Cost of offering SAAS platforms is greatly reduced and they is an equal playing field with majors such as IBM.
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