At the current market price of Rs. 284, the stock trades at 17 times it's trailing 12 months EPS. The stock is currently available at a huge discount compared to other large cap IT shares such as Infosys, Wipro etc.
The company Jun'08 quarterly results were good compared to Tier 1 companies due to it's pro-active hedging strategy. The company has hedged around 85 percent of revenues which should partly mitigate the risk of rupee appreciation.
Based on Jun'08 EPS, the stock trades at 13 times it's FY08E earnings. Investment can be considered in this stock with a horizon of year to two. Based on it's FY08E earnings the stock has a target of Rs. 390.
The company has seen good increase in business from the Asia-Pacific and European region. This together now constitutes to around 30 percent of it's revenue and provides a better geographical spread of revenues.
Fundamentals:
1) Better geographical spread and pro-active hedging strategy against rupee appreciation.
2) Strong multi million dollar clients with repeat business.
3) The company has unique client profile in aerospace and automotive which contributes to 25 percent of it's revenue.
Risks:
1) Further rupee appreciation.
2) US economic slowdown and also MNC's like accenture and IBM offering services comparing to the billing rates of Indian companies.
3) Very high employee attrition.
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Monday, August 27, 2007
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