EPAM Systems - Promising 2018 Already Priced In
EPAM Systems delivered another strong quarter and provided an upbeat outlook for 2018. The management expects 24% top-line growth and a 16% organic increase in non-GAAP EPS this year, and the potential reacceleration of M&A activity could further improve the outlook. The stock did well last year, recovering from a rather challenging 2016. It trades at a 23.5 2019E P/E, a 30% premium to peers, near the high end of its historical range, so we see few catalysts for further re-rating this year besides further expansion of US equity market multiples. We reiterate our HOLD but raise our 12-month forward target price to $113.00 per share as we roll our estimates forward.Epam Systems is a provider of software product development and digital platform engineering services to customers located around the world, primarily in North America, Europe, Asia and Australia. The company's industry services include financial services, travel and consumer, software and hi-tech, business information and media, life sciences and healthcare, as well as other industries.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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