External broker reports(aggregated public sources), BOB Capital Markets Ltd

BOB Capital Markets Ltd.

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Mindtree (MTCL) reported a strong Q1FY22 performance with revenue growth of 7.7% QoQ USD, ahead of our (5.4%) and street estimates</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>

Mindtree (MTCL) reported a strong Q1FY22 performance with revenue growth of 7.7% QoQ USD, ahead of our (5.4%) and street estimatesContent 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.

Mindtree (SELL): Demand robust; margin weighed down by supply constraints

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

ICICI Securities Limited

<p>The company highlighted long term growth through client mining, geographic expansion, whitespace opportunities and growth with hyperscalers. In terms of geography, Mindtree plans to increase investment in Europe with focus on UK, Nordics &amp; DACH regions. Apart from Europe expansion, the company plans to expand in APAC, Middle East (with special focus on travel &amp; BFSI clients) &amp; Japan (with the help of parent).</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>

The company highlighted long term growth through client mining, geographic expansion, whitespace opportunities and growth with hyperscalers. In terms of geography, Mindtree plans to increase investment in Europe with focus on UK, Nordics &amp; DACH regions. Apart from Europe expansion, the company plans to expand in APAC, Middle East (with special focus on travel &amp; BFSI clients) &amp; Japan (with the help of parent).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.

MINDTREE: The company highlighted long term growth through client mining, geographic expansion, w...

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>We recommend a BUY and assign 24x P/E multiple to its FY23E Earnings of Rs. 103.8/share which gives a TP of Rs. 2,475/share, implying an upside of 12%.</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 and assign 24x P/E multiple to its FY23E Earnings of Rs. 103.8/share which gives a TP of Rs. 2,475/share, implying an upside of 12%.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.

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

Motilal Oswal

<p>We attended MTCL's Analyst Day, where the management reiterated its 4x4x4 strategy and investments that the company is incurring to boost long-term growth. Here are the key highlights from the meet: The management reiterated its 4x4x4 strategy, with a focus on four industry groups, four service lines, and four geographies. Continuing with its four core industry groups, it will now segregate Healthcare as a separate vertical, given...</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 attended MTCL's Analyst Day, where the management reiterated its 4x4x4 strategy and investments that the company is incurring to boost long-term growth. Here are the key highlights from the meet: The management reiterated its 4x4x4 strategy, with a focus on four industry groups, four service lines, and four geographies. Continuing with its four core industry groups, it will now segregate Healthcare as a separate vertical, given...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.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>In 2016, a Blackstone fund purchased 60.5% of India-based IT Solutions Provider <a href="https://www.smartkarma.com/entities/mphasis-ltd" target="_blank" data-smartkarma-citation="entities:7672:1" rel="noopener">Mphasis Ltd (MPHL IN)</a> from Hewlett Packard (which had been looking to sell its stake for quite a while after having purchased it in 2008 when it bought out EDS) at Rs 430/share, then conducted an Open Offer to buy more shares at Rs 457 and change. The deal was to purchase 106.2mm shares from the sellers and another 26% or 54.93mm shares via an Open Offer, and if no shares were acquired in the Open Offer, the Blackstone fund would buy the other 20.9mm shares from the HPE entity selling and HPE would own no more shares. </p>
<p>When the deal was announced, the price was just below Rs 500/share and during the course of the summer the price rose further so that the Open Offer at the time obtained only 0.001% of shares out. </p>
<p>The shares rose, doubling reasonably quickly as Blackstone quickly revamped operations. Over the years, Blackstone opportunistically bought and sold small slices of the company in market operations. Late last year, it became clear that Blackstone was weighing the possibility of selling its 56.16% stake in the company as the valuation had run and shares were three times where they were when they bought. There were suggestions it might also be related to the possible departure of Blackstone India senior managing director Amit Jain who was rumored to be quitting to take up the co-head spot at Carlyle India. By January, seller due diligence had been conducted, banks were engaged, and Blackstone was en route to selling its stake (and the Buyer would be liable to launch an Open Offer) in its largest India investment to date to one of the four PE houses which were expected to put in bids - Brookfield, Bain, Carlyle, and Permira. </p>
<p>Final round bids were due 24 February and by early March, the sale had been called off as the prospective lead buyer Carlyle and Blackstone as seller couldn't come to terms.</p>
<p>Today, we have a deal. But it's not Carlyle.</p>
<p>Blackstone is selling to Blackstone. </p>

In 2016, a Blackstone fund purchased 60.5% of India-based IT Solutions Provider Mphasis Ltd (MPHL IN) from Hewlett Packard (which had been looking to sell its stake for quite a while after having purchased it in 2008 when it bought out EDS) at Rs 430/share, then conducted an Open Offer to buy more shares at Rs 457 and change. The deal was to purchase 106.2mm shares from the sellers and another 26% or 54.93mm shares via an Open Offer, and if no shares were acquired in the Open Offer, the Blackstone fund would buy the other 20.9mm shares from the HPE entity selling and HPE would own no more shares. 
When the deal was announced, the price was just below Rs 500/share and during the course of the summer the price rose further so that the Open Offer at the time obtained only 0.001% of shares out. 
The shares rose, doubling reasonably quickly as Blackstone quickly revamped operations. Over the years, Blackstone opportunistically bought and sold small slices of the company in market operations. Late last year, it became clear that Blackstone was weighing the possibility of selling its 56.16% stake in the company as the valuation had run and shares were three times where they were when they bought. There were suggestions it might also be related to the possible departure of Blackstone India senior managing director Amit Jain who was rumored to be quitting to take up the co-head spot at Carlyle India. By January, seller due diligence had been conducted, banks were engaged, and Blackstone was en route to selling its stake (and the Buyer would be liable to launch an Open Offer) in its largest India investment to date to one of the four PE houses which were expected to put in bids - Brookfield, Bain, Carlyle, and Permira. 
Final round bids were due 24 February and by early March, the sale had been called off as the prospective lead buyer Carlyle and Blackstone as seller couldn't come to terms.
Today, we have a deal. But it's not Carlyle.
Blackstone is selling to Blackstone. 

Blackstone Sells Mphasis Stake To.... Blackstone and Investors Get a CHEAP Option

India

Mindtree Limited is an international IT company. The Company delivers business and technology solutions through global software development. Mindtree develops applications to help companies enhance their enterprise operations. The Company also delivers product-development services and designs reusable building blocks for high-tech companies.

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Mindtree Ltd (MTCL IN)

Mindtree (SELL): Demand robust; margin weighed down by supply constraints

Mindtree (MTCL) reported a strong Q1FY22 performance with revenue growth of 7.7% QoQ USD, ahead of our (5.4%) and street estimates

BOB Capital Markets Ltd.

MINDTREE: The company highlighted long term growth through client mining, geographic expansion, w...

The company highlighted long term growth through client mining, geographic expansion, whitespace opportunities and growth with hyperscalers. In...

ICICI Securities Limited

Event Update:Mindtree

We recommend a BUY and assign 24x P/E multiple to its FY23E Earnings of Rs. 103.8/share which gives a TP of Rs. 2,475/share, implying an upside of...

Axis Direct

Growth outlook remains intact

We attended MTCL's Analyst Day, where the management reiterated its 4x4x4 strategy and investments that the company is incurring to boost long-term...

Motilal Oswal

Blackstone Sells Mphasis Stake To.... Blackstone and Investors Get a CHEAP Option

Blackstone is selling its large stake in Mphasis purchased in 2016 to another Blackstone consortium. Price is 3% below here. There may be a 2% div...

Travis Lundy

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