External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

Equity Bottom-Up

<ul><li>Revenue fell 0.4% QoQ in USD CC terms in 4QFY22, but was above our estimate of -1.1% QoQ USD CC.</li><li>The beat was led by both Services (+1.6% QoQ USD CC) and DLM (-9.3% QoQ USD).</li><li>Growth in Services was driven by Portfolio (10% QoQ), Aerospace (3.9%), and Communications (3.5%), while growth in Rail Transportation (-9.5%) was weak.</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>

Revenue fell 0.4% QoQ in USD CC terms in 4QFY22, but was above our estimate of -1.1% QoQ USD CC.The beat was led by both Services (+1.6% QoQ USD CC) and DLM (-9.3% QoQ USD).Growth in Services was driven by Portfolio (10% QoQ), Aerospace (3.9%), and Communications (3.5%), while growth in Rail Transportation (-9.5%) was weak.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.

Cyient: Ambitious FY23 Guidance, but Valuations Remains Inexpensive

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Cyient reported robust Q4FY22 results with revenue for the quarter at Rs 1,181 Cr, declined by 0.2 % QoQ and improved by 8.1% YoY. Operating Margins improved by 60bps QoQ to 14.5%.</li><li>Services operating margins de-grew by 20bps QoQ to 15.4% while the DLM margins stood at 9.8% the quarter before being aided by strong execution</li><li>We recommend a BUY on the stock and assign a 17x P/E multiple to the company’s FY24E earnings of Rs 60.0/share to arrive at A TP of Rs 1,000/share, implying an upside of 20% from CMP.</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>

Cyient reported robust Q4FY22 results with revenue for the quarter at Rs 1,181 Cr, declined by 0.2 % QoQ and improved by 8.1% YoY. Operating Margins improved by 60bps QoQ to 14.5%.Services operating margins de-grew by 20bps QoQ to 15.4% while the DLM margins stood at 9.8% the quarter before being aided by strong executionWe recommend a BUY on the stock and assign a 17x P/E multiple to the company’s FY24E earnings of Rs 60.0/share to arrive at A TP of Rs 1,000/share, implying an upside of 20% 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.

Cyient: Robust Results; Outlook Continues to Be 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>Cyient Ltd (Cyient) offers engineering &amp; development services to aerospace &amp; defence, transportation, E&amp;U, communication and others.</li><li>Cyient has 300 customers across 14 countries. Net debt free and healthy cash flow with OCF/EBITDA ~80%</li><li>Target Price and Valuation: We value Cyient at Rs 1,200 i.e. 18x 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>

Cyient Ltd (Cyient) offers engineering &amp; development services to aerospace &amp; defence, transportation, E&amp;U, communication and others.Cyient has 300 customers across 14 countries. Net debt free and healthy cash flow with OCF/EBITDA ~80%Target Price and Valuation: We value Cyient at Rs 1,200 i.e. 18x 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.

Cyient Ltd: DLM Impacted, Services to Drive Growth

<ul><li>Cyient reported robust Q3FY22 results with revenue for the quarter at Rs 1,183 Cr, improving by 6.5 % QoQ and 11.7% YoY</li><li>Operating Margins declined by 170bps QoQ to 13.9%. Services operating margins grew by 10bps QoQ to 15.6% </li><li>We recommend a BUY rating on the stock and assign an 18x P/E multiple to the company's FY24E earnings of Rs 60.0/share. This gives a TP of Rs 1,100/share.</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>

Cyient reported robust Q3FY22 results with revenue for the quarter at Rs 1,183 Cr, improving by 6.5 % QoQ and 11.7% YoYOperating Margins declined by 170bps QoQ to 13.9%. Services operating margins grew by 10bps QoQ to 15.6% We recommend a BUY rating on the stock and assign an 18x P/E multiple to the company's FY24E earnings of Rs 60.0/share. This gives a TP of Rs 1,100/share.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.

<p>Cyient (CYL)'s 3QFY22 revenue grew 5.2% QoQ in USD terms, above our estimate of 3.6% QoQ growth, led by beat on both Services (+4.4% QoQ CC) and DLM (+12.8% QoQ USD). Services growth was driven by Portfolio (10.0% QoQ), Aerospace (3.9% QoQ), and Communication (3.5% QoQ), while Rail Transportation (-9.5% QoQ) was weak. The 3Q EBIT margin saw a minor 14bps QoQ drop to 13.9% (above expectation), with improvement in Services (+14bp QoQ), compensated by weaker margins in DLM (-80bps QoQ).</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>

Cyient (CYL)'s 3QFY22 revenue grew 5.2% QoQ in USD terms, above our estimate of 3.6% QoQ growth, led by beat on both Services (+4.4% QoQ CC) and DLM (+12.8% QoQ USD). Services growth was driven by Portfolio (10.0% QoQ), Aerospace (3.9% QoQ), and Communication (3.5% QoQ), while Rail Transportation (-9.5% QoQ) was weak. The 3Q EBIT margin saw a minor 14bps QoQ drop to 13.9% (above expectation), with improvement in Services (+14bp QoQ), compensated by weaker margins in DLM (-80bps QoQ).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.

DLM impacted, but Services to drive performance

India

Cyient is an Indian multinational technology company specializing in engineering, manufacturing, and digital transformation solutions. It provides services across various industries, including aerospace, defense, transportation, communications, and healthcare. Cyient was established in 1991 in Hyderabad, India.

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Cyient (CYL IN)

Cyient: Ambitious FY23 Guidance, but Valuations Remains Inexpensive

Revenue fell 0.4% QoQ in USD CC terms in 4QFY22, but was above our estimate of -1.1% QoQ USD CC.The beat was led by both Services (+1.6% QoQ USD...

Motilal Oswal

Cyient: Robust Results; Outlook Continues to Be Healthy

We recommend a BUY on the stock and assign a 17x P/E multiple to the company’s FY24E earnings of Rs 60.0/share to arrive at A TP of Rs 1,000/share,...

Axis Direct

Cyient Ltd: DLM Impacted, Services to Drive Growth

Cyient Ltd (Cyient) offers engineering & development services to aerospace & defence, transportation, E&U, communication and others.

ICICI Securities Limited

Cyient: Robust Results; Healthy Outlook

We recommend a BUY rating on the stock and assign an 18x P/E multiple to the company's FY24E earnings of Rs 60.0/share. This gives a TP of Rs 1,100...

Axis Direct

DLM impacted, but Services to drive performance

Cyient (CYL)'s 3QFY22 revenue grew 5.2% QoQ in USD terms, above our estimate of 3.6% QoQ growth, led by beat on both Services (+4.4% QoQ CC)...

Motilal Oswal

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Cyient: Ambitious FY23 Guidance, but Valuations Remains Inexpensive

Revenue fell 0.4% QoQ in USD CC terms in 4QFY22, but was above our estimate of -1.1% QoQ USD CC.The beat was led by both Services (+1.6% QoQ USD...

Motilal Oswal

Cyient: Robust Results; Outlook Continues to Be Healthy

We recommend a BUY on the stock and assign a 17x P/E multiple to the company’s FY24E earnings of Rs 60.0/share to arrive at A TP of Rs 1,000/share,...

Axis Direct

Cyient Ltd: DLM Impacted, Services to Drive Growth

Cyient Ltd (Cyient) offers engineering & development services to aerospace & defence, transportation, E&U, communication and others.

ICICI Securities Limited

Cyient: Robust Results; Healthy Outlook

We recommend a BUY rating on the stock and assign an 18x P/E multiple to the company's FY24E earnings of Rs 60.0/share. This gives a TP of Rs 1,100...

Axis Direct

DLM impacted, but Services to drive performance

Cyient (CYL)&#x27;s 3QFY22 revenue grew 5.2% QoQ in USD terms, above our estimate of 3.6% QoQ growth, led by beat on both Services (+4.4% QoQ CC)...

Motilal Oswal

Cyient (CYL)'s 3QFY22 revenue grew 5.2% QoQ in USD terms, above our estimate of 3.6% QoQ growth, led by beat on both Services (+4.4% QoQ CC)...