European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Persistent is acquiring Nagarro for €81/share in a Board-supported transaction that values the company at approximately €1.27bn enterprise value.</li>
<li>An apparently exceptional premium masks a disciplined acquisition multiple of just 1.20x NTM revenue and 8.1x EBITDA, reflecting Nagarro's depressed pre-bid valuation.</li>
<li>Founder support, management tenders and a 50%+1 acceptance threshold leave regulatory approvals as the key outstanding condition. We expect merger-arbitrage capital to narrow the spread.</li>
</ul>


Persistent is acquiring Nagarro for €81/share in a Board-supported transaction that values the company at approximately €1.27bn enterprise value.
An apparently exceptional premium masks a disciplined acquisition multiple of just 1.20x NTM revenue and 8.1x EBITDA, reflecting Nagarro's depressed pre-bid valuation.
Founder support, management tenders and a 50%+1 acceptance threshold leave regulatory approvals as the key outstanding condition. We expect merger-arbitrage capital to narrow the spread.


Persistent Systems/Nagarro: A 140% Premium, but Not an Expensive Deal

Asia-Focused Industry Research, Speeda Research

Speeda

Asia-Focused Industry Research

Speeda Research

Speeda Research analysts cover China, Japan, India and SEA on the latest trends and topics. We have analysts of diverse nationalities who are able to access information in their respective local languages to provide customers with comprehensive reports. With access to private company data in these regions, Speeda Research is also able to provide insights into niche sectors which are not usually covered by other parties. We are also able to undertake ad hoc company and industry research reports.

Thematic (Sector/Industry)

At 2x the Size, Feature Phone Market Looms over Smartphones in IndiaMuch like the unsophisticated Maruti Suzuki 800 that became a part of 2.6 million households, feature phones too are making a strong drive into the hands of consumers in India, especially in rural areas where wireless teledensity is a low 52.84 compared to 165.04 in urban India. According to Speeda, the Indian mobile phone market is predominantly a feature phone market with smartphones making up for only 39.7% of handset sales…

At 2x the Size, Feature Phone Market Looms over Smartphones in IndiaMuch like the unsophisticated Maruti Suzuki 800 that became a part of 2.6 million households, feature phones too are making a strong drive into the hands of consumers in India, especially in rural areas where wireless teledensity is a low 52.84 compared to 165.04 in urban India. According to Speeda, the Indian mobile phone market is predominantly a feature phone market with smartphones making up for only 39.7% of handset sales…

Feature Phones Dominate Sales Even as India Enters Age Where "Data Is the New Oil"

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36 trillion in annual revenue, with Bharti Infratel and Indus Towers accounting for 40.8% of the total market share. As the need to manage data traffic rises, tenancy ratio of towers is expected to increase from 1.7-1.9 to 2.9 by March 2020. We believe that this form of leasing will contribute significantly to the top line of telecom tower companies in India.

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36 trillion in annual revenue, with Bharti Infratel and Indus Towers accounting for 40.8% of the total market share. As the need to manage data traffic rises, tenancy ratio of towers is expected to increase from 1.7-1.9 to 2.9 by March 2020. We believe that this form of leasing will contribute significantly to the top line of telecom tower companies in India.

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

Executive summaryDigitisation of cable in India has disrupted the traditional analogue cable industry and has catapulted DTH (direct-to-home) providers into the limelight. But rising prices could put pressure on consumers who now have the opportunity to substitute DTH with other cord-cutters. Will broadband and OTT (over-the-top) operators disrupt the DTH market in India?DetailDTH Subscribers Capitalise on Digitisation of Cable TV in IndiaThe Indian DTH (Direct-to-Home) market is the largest in…

Executive summaryDigitisation of cable in India has disrupted the traditional analogue cable industry and has catapulted DTH (direct-to-home) providers into the limelight. But rising prices could put pressure on consumers who now have the opportunity to substitute DTH with other cord-cutters. Will broadband and OTT (over-the-top) operators disrupt the DTH market in India?DetailDTH Subscribers Capitalise on Digitisation of Cable TV in IndiaThe Indian DTH (Direct-to-Home) market is the largest in…

Cable TV Digitisation in India: Growth of Broadband Users Unlikely to Lead to Cord-Cutting of DTH

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Derivatives

Tata Consultancy Services / Equity Derivatives

<ul>
<li>TCS has logged its highest-ever senior-level attrition since its 2004 IPO: 16% among the top 1,800 leaders, with over 300 VPs and principal consultants departing in 8 months.</li>
<li>Senior exits don't just erode headcount. They sever client relationships, disrupt delivery continuity, and hollow out mentoring chains precisely the institutional muscle TCS needs to execute deals in AI-transformation era.</li>
<li>The question for FY27 is whether TCS can protect delivery execution while simultaneously reinventing its operating model around AI.</li>
</ul>


TCS has logged its highest-ever senior-level attrition since its 2004 IPO: 16% among the top 1,800 leaders, with over 300 VPs and principal consultants departing in 8 months.
Senior exits don't just erode headcount. They sever client relationships, disrupt delivery continuity, and hollow out mentoring chains precisely the institutional muscle TCS needs to execute deals in AI-transformation era.
The question for FY27 is whether TCS can protect delivery execution while simultaneously reinventing its operating model around AI.


TCS's Silent Leadership Crisis: When the Pyramid Cracks at the Top

India

Persistent Systems is a global digital engineering and enterprise modernization company. It provides information technology and software engineering services, including software product engineering, cloud services, and data-driven solutions to clients across industries like banking, healthcare, and technology. The company was founded in 1990 and is headquartered in Pune, India.

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Persistent Systems (PSYS IN)

Persistent Systems/Nagarro: A 140% Premium, but Not an Expensive Deal

Persistent's €81/share offer values Nagarro at only 8.1x NTM EBITDA despite a 140% premium, highlighting how deeply the company had been de-rated...

Jesus Rodriguez Aguilar

Feature Phones Dominate Sales Even as India Enters Age Where "Data Is the New Oil"

At 2x the Size, Feature Phone Market Looms over Smartphones in IndiaMuch like the unsophisticated Maruti Suzuki 800 that became a part of 2.6...

Speeda Research

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36...

Speeda Research

Cable TV Digitisation in India: Growth of Broadband Users Unlikely to Lead to Cord-Cutting of DTH

Executive summaryDigitisation of cable in India has disrupted the traditional analogue cable industry and has catapulted DTH (direct-to-home)...

Speeda Research

TCS's Silent Leadership Crisis: When the Pyramid Cracks at the Top

TCS faces challenge as senior-level attrition hits record high, impacting client relationships and delivery continuity. Can they navigate AI era...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Persistent Systems/Nagarro: A 140% Premium, but Not an Expensive Deal

Persistent's €81/share offer values Nagarro at only 8.1x NTM EBITDA despite a 140% premium, highlighting how deeply the company had been de-rated...

Jesus Rodriguez Aguilar

Feature Phones Dominate Sales Even as India Enters Age Where "Data Is the New Oil"

At 2x the Size, Feature Phone Market Looms over Smartphones in IndiaMuch like the unsophisticated Maruti Suzuki 800 that became a part of 2.6...

Speeda Research

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36...

Speeda Research

Cable TV Digitisation in India: Growth of Broadband Users Unlikely to Lead to Cord-Cutting of DTH

Executive summaryDigitisation of cable in India has disrupted the traditional analogue cable industry and has catapulted DTH (direct-to-home)...

Speeda Research

TCS's Silent Leadership Crisis: When the Pyramid Cracks at the Top

​TCS faces challenge as senior-level attrition hits record high, impacting client relationships and delivery continuity. Can they navigate AI era...

Sudarshan Bhandari

TCS faces challenge as senior-level attrition hits record high, impacting client relationships and delivery continuity. Can they navigate AI era...