External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the previous quarter despite seasonality furloughs</li><li>IT spending in North America and Europe has gained momentum and demand for digital transformation has increased exponentially</li><li>Furthermore, improved macro-economic opportunities across the globe are expected to provide further growth impetus to the sector moving forward</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the previous quarter despite seasonality furloughsIT spending in North America and Europe has gained momentum and demand for digital transformation has increased exponentiallyFurthermore, improved macro-economic opportunities across the globe are expected to provide further growth impetus to the sector moving forwardContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IT: Supply-Side Constraints Persist; Demand Robust

Equity Bottom-Up

<ul><li>Coforge Ltd (Coforge) Q3FY22 results stood below our expectations. The company’s revenue grew by 4.2% QoQ in CC terms to Rs 1,658 C</li><li>Operating profits were reported at Rs 323 Cr, exhibiting a growth of 8.8% QoQ and operating margins witnessed a marginal growth of 90bps QoQ and stood at 19.5%</li><li>We recommend a BUY rating on the stock and assign a 28x P/E multiple to its FY24E earnings of Rs 177.8/share which gives a TP of Rs 5,060 /share. TP implies an upside of 15% from CMP.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Coforge Ltd (Coforge) Q3FY22 results stood below our expectations. The company’s revenue grew by 4.2% QoQ in CC terms to Rs 1,658 COperating profits were reported at Rs 323 Cr, exhibiting a growth of 8.8% QoQ and operating margins witnessed a marginal growth of 90bps QoQ and stood at 19.5%We recommend a BUY rating on the stock and assign a 28x P/E multiple to its FY24E earnings of Rs 177.8/share which gives a TP of Rs 5,060 /share. TP implies an upside of 15% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Result Update:Coforge: Results Below Expectations; Outlook Remains Healthy

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Coforge offers system integration, apps &amp; BPO services to BFSI, travel &amp; healthcare verticals.</li><li>Revenues and PAT grew at a CAGR of ~12% each over the past five years</li><li>Target Price and Valuation: We value Coforge at Rs 5870 i.e. 30x P/E on FY24E EPS</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Coforge offers system integration, apps &amp; BPO services to BFSI, travel &amp; healthcare verticals.Revenues and PAT grew at a CAGR of ~12% each over the past five yearsTarget Price and Valuation: We value Coforge at Rs 5870 i.e. 30x P/E on FY24E EPSContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Deal wins for FY21 stood at $781 Mn, showcasing a growth of 11% YoY and the highest ever in the history of Coforge. The company has also added 45 clients during FY2021.</li><li>Revenue growth in FY21 stood industry-leading at 11.4%. The company also reported healthy expansion in its operating margins</li><li>We recommend a BUY rating on the stock and assign a 37 x P/E multiple to its FY24E earnings of Rs 184/share to arrive at a TP of Rs 6,870/share, implying an upside of 15% from CMP.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Deal wins for FY21 stood at $781 Mn, showcasing a growth of 11% YoY and the highest ever in the history of Coforge. The company has also added 45 clients during FY2021.Revenue growth in FY21 stood industry-leading at 11.4%. The company also reported healthy expansion in its operating marginsWe recommend a BUY rating on the stock and assign a 37 x P/E multiple to its FY24E earnings of Rs 184/share to arrive at a TP of Rs 6,870/share, implying an upside of 15% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coforge: Strong Broad Based Growth; Capitalizing Robust Demand to Sustain Growth

<p>We recommend a BUY rating on the stock and assign a 31x P/E multiple to its FY24E earnings of Rs 177.7/share which gives a TP of Rs 5,570 /share. TP implies an upside of 10% from CMP.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We recommend a BUY rating on the stock and assign a 31x P/E multiple to its FY24E earnings of Rs 177.7/share which gives a TP of Rs 5,570 /share. TP implies an upside of 10% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coforge: Sturdy Growth; Healthy Deal Pipeline

India

Coforge Limited provides information technology services. The Company serves customers in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Coforge (COFORGE IN)

IT: Supply-Side Constraints Persist; Demand Robust

IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the...

Axis Direct

Result Update:Coforge: Results Below Expectations; Outlook Remains Healthy

Coforge Ltd (Coforge) Q3FY22 results stood below our expectations. The company’s revenue grew by 4.2% QoQ in CC terms to Rs 1,658 Cr

Axis Direct

Coforge Ltd: Outlook Remains Strong

Coforge offers system integration, apps & BPO services to BFSI, travel & healthcare verticals. Revenues and PAT grew at a CAGR of ~12% each over...

ICICI Securities Limited

Coforge: Strong Broad Based Growth; Capitalizing Robust Demand to Sustain Growth

We recommend a BUY rating on the stock and assign a 37 x P/E multiple to its FY24E earnings of Rs 184/share to arrive at a TP of Rs 6,870/share,...

Axis Direct

Coforge: Sturdy Growth; Healthy Deal Pipeline

We recommend a BUY rating on the stock and assign a 31x P/E multiple to its FY24E earnings of Rs 177.7/share which gives a TP of Rs 5,570 /share....

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)