Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/firstsource-solutions-ltd" target="_blank" data-smartkarma-citation="entities:3099:1" rel="noopener">Firstsource Solutions (FSOL IN)</a> is a well-recognized BPO player with marquee clients globally. Its client base includes the likes of a leading auto lender in US, 5 of the top 10 mortgage servicers in US, 4 of the top 10 lenders in US, 3 of the top 5 credit card issuers in US, 3 of the top 6 retail banks in UK,  global media houses like Sky, 2 of the top 6 telecom and broadcasting companies in US, 5 of the top 10 health insurance/managed care companies and 650+ hospitals in US. While the jury is still out there on how much the BPO industry would be impacted by COVID-19, we believe that from a medium-term to long-term perspective, it will only benefit led by accelerated digital adoption and outsourcing to enhance cost efficiency and improve operational resilience. Our strong outlook on the industry coupled with favorable valuation of FSOL makes us bullish on the stock.
Insight Flow:
<ul>
<li>Q4FY20 Earnings Update</li>
<li>Business Background</li>
<li>FSOL's Competitive Advantages</li>
<li>Revenue Growth Drivers &amp; Margin Expansion</li>
<li>Valuation</li>
<li>Conclusion</li>
</ul>

Firstsource Solutions (FSOL IN) is a well-recognized BPO player with marquee clients globally. Its client base includes the likes of a leading auto lender in US, 5 of the top 10 mortgage servicers in US, 4 of the top 10 lenders in US, 3 of the top 5 credit card issuers in US, 3 of the top 6 retail banks in UK,  global media houses like Sky, 2 of the top 6 telecom and broadcasting companies in US, 5 of the top 10 health insurance/managed care companies and 650+ hospitals in US.  While the jury is still out there on how much the BPO industry would be impacted by COVID-19, we believe that from a medium-term to long-term perspective, it will only benefit led by accelerated digital adoption and outsourcing to enhance cost efficiency and improve operational resilience. Our strong outlook on the industry coupled with favorable valuation of FSOL makes us bullish on the stock.
Insight Flow:

Q4FY20 Earnings Update
Business Background
FSOL's Competitive Advantages
Revenue Growth Drivers &amp; Margin Expansion
Valuation
Conclusion


Firstsource Solutions: An Attractive and Undervalued BPO Player

United States

Exlservice Holdings Inc. provides offshore business process outsourcing solutions, primarily serving the needs of Global 1000 companies in the banking, financial services and insurance area. The service offerings include collections, cash management, loan servicing, research and reconciliation finance and accounting processes, customer support and technical support.

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Exlservice Holdings (EXLS US)

Firstsource Solutions: An Attractive and Undervalued BPO Player

Firstsource Solutions (FSOL IN) is a well-recognized BPO player with marquee clients globally. Its client base includes the likes of a leading auto...

Ankit Agrawal, CFA

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