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

ICICI Securities Limited

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Tech Mahindra (TechM) has over 1.2 lakh employees across 90 countries serving 1000+ clients with higher exposure to telecom (40% of revenues)</li><li>Apart from telecom, the company caters to BFSI, manufacturing &amp; retail</li><li>Target Price and Valuation: We value TechM at Rs 1850 i.e. 23x 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>

Tech Mahindra (TechM) has over 1.2 lakh employees across 90 countries serving 1000+ clients with higher exposure to telecom (40% of revenues)Apart from telecom, the company caters to BFSI, manufacturing &amp; retailTarget Price and Valuation: We value TechM at Rs 1850 i.e. 23x 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.

Tech Mahindra: Margins Impacted; Recovery Strategy in Place

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>Tech Mahindra Ltd (Tech M) reported better-than-expected results in Q3FY22.</li><li>The company’s revenue for the quarter stood at Rs 11,450 Cr, delivering a growth of 5.2% QoQ and 4.7% QoQ in CC terms</li><li>We recommend a BUY rating on the stock and assign a 21x P/E multiple to the company's FY24E earnings of Rs 82.6/share to arrive at a TP of Rs 1,700/share. TP implies an upside of 13% 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>

Tech Mahindra Ltd (Tech M) reported better-than-expected results in Q3FY22.The company’s revenue for the quarter stood at Rs 11,450 Cr, delivering a growth of 5.2% QoQ and 4.7% QoQ in CC termsWe recommend a BUY rating on the stock and assign a 21x P/E multiple to the company's FY24E earnings of Rs 82.6/share to arrive at a TP of Rs 1,700/share. TP implies an upside of 13% 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.

Tech Mahindra: Efficient Execution Leads To Better-Than-Expected Performance

<p>The company has been focusing on margin improvement as EBIT margins have improved 260 bps in FY21 vs. FY20. TechM also indicated that margin trajectory would continue to improve, going forward on elevated freshers...</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 has been focusing on margin improvement as EBIT margins have improved 260 bps in FY21 vs. FY20. TechM also indicated that margin trajectory would continue to improve, going forward on elevated freshers...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>We recommend a BUY rating on the stock and assign a 21x P/E multiple to the company's FY24E earnings of Rs 82.6/share to arrive at a TP of Rs 1,700/share. TP implies an upside of 12% 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 21x P/E multiple to the company's FY24E earnings of Rs 82.6/share to arrive at a TP of Rs 1,700/share. TP implies an upside of 12% 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.

<p>We recommend a BUY rating and assign a 19x P/E multiple to its FY23E earnings of Rs 70/share which gives a TP of Rs 1,310/share, implying an upside of 16% 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 and assign a 19x P/E multiple to its FY23E earnings of Rs 70/share which gives a TP of Rs 1,310/share, implying an upside of 16% 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.

Tech Mahindra: Strong Execution; Healthy Deal Pipeline

India

Tech Mahindra Ltd. develops and markets computer software.  The Company markets software for telecommunications equipment manufacturers, telecom service providers, software vendors, and systems integrators.

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Tech Mahindra (TECHM IN)

Tech Mahindra: Margins Impacted; Recovery Strategy in Place

Tech Mahindra (TechM) has over 1.2 lakh employees across 90 countries serving 1000+ clients with higher exposure to telecom (40% of revenues)

ICICI Securities Limited

Tech Mahindra: Efficient Execution Leads To Better-Than-Expected Performance

We recommend a BUY rating on the stock and assign a 21x P/E multiple to the company's FY24E earnings of Rs 82.6/share to arrive at a TP of Rs 1,700...

Axis Direct

Tech Mahindra

The company has been focusing on margin improvement as EBIT margins have improved 260 bps in FY21 vs. FY20. TechM also indicated that margin...

ICICI Securities Limited

Tech Mahindra: Efficient Execution Leads To Better-Than-Expected Performance

We recommend a BUY rating on the stock and assign a 21x P/E multiple to the company's FY24E earnings of Rs 82.6/share to arrive at a TP of Rs 1,700...

Axis Direct

Tech Mahindra: Strong Execution; Healthy Deal Pipeline

We recommend a BUY rating and assign a 19x P/E multiple to its FY23E earnings of Rs 70/share which gives a TP of Rs 1,310/share, implying an upside...

Axis Direct

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