Persistent Systems Research Report By IDFC Sec

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January 5, 2015 at 8:33 pm #1560

Vidhi Khanna
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Persistent Systems’ (Persistent) management, during the Investor Day, showcased its ‘ahead of the curve’ technological prowess and strategy to create market position in Enterprise Digital Transformation (EDT) space. We believe the management has set its sights on getting into the big league with enterprises investing in digital transformation over the next decade. We build in ~19% CAGR for both USD revenue and INR EPS over FY14-17E and value Persistent at Rs1,660 (based on 16x FY17E EPS). Maintain Neutral as valuations leave limited upside in the near term even as we like the business model.

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