External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Equity Bottom-Up

<ul><li>Sonata Software announced its largest acquisition of Quant Systems, which involves a cash payout of USD 65mn and an earn-out of USD 95mn payable over the next two years</li><li>The deal is valued at P/S of 4.3x (1.8x excluding earn-out), which we believe is on the higher side but it is justified by Quant’s (1) high growth profile (3Y organic CAGR of 113%) (2) superior margin of &gt;25% (3) excellent partnership network (Salesforce, AWS, Adobe, Snowflakes, etc.) and (4) domain capabilities in the BFSI and healthcare verticals</li><li>The acquisition is in line with management’s target to double IITS revenue (hit half a billion) in four years (organic CAGR of ~15%), supported by higher investments in new verticals and geographies and expanding partnerships beyond Microsoft.</li></ul><p><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></p>

Sonata Software announced its largest acquisition of Quant Systems, which involves a cash payout of USD 65mn and an earn-out of USD 95mn payable over the next two yearsThe deal is valued at P/S of 4.3x (1.8x excluding earn-out), which we believe is on the higher side but it is justified by Quant’s (1) high growth profile (3Y organic CAGR of 113%) (2) superior margin of &gt;25% (3) excellent partnership network (Salesforce, AWS, Adobe, Snowflakes, etc.) and (4) domain capabilities in the BFSI and healthcare verticalsThe acquisition is in line with management’s target to double IITS revenue (hit half a billion) in four years (organic CAGR of ~15%), supported by higher investments in new verticals and geographies and expanding partnerships beyond Microsoft.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.

Sonata Software (Update): Changing orbit. Maintain BUY