reports
MOSL: TATA ELXSI (Buy)-Macro weighing on near-term growth
Tata Elxsi: Macro weighing on near-term growth (TELX IN, Mkt Cap USD0.8b, CMP INR913, TP INR1050, 15% Upside, Buy) In our earlier report on TELX’s 3QFY19 earnings, we had put our rating under review, pending details on the 3Q performance and clarity on the business outlook, after a weak quarter of growth. Management updated investors on the same in its analyst earnings call on 25th January 2018. Key takeaways: Growth hit by extended furloughs: TELX clocked 2% QoQ CC and 10% YoY CC growt...
MOSL: TATA ELXSI (Buy)-Revenue below estimate; Macro uncertain
2QFY19 RESULTS | TATA ELXSI: Revenue below estimate; Macro uncertain (TELX IN, Mkt Cap USD0.8b, CMP INR1008, TP INR1400, 39% Upside, Buy) Revenue misses estimate: TELX's reported 18% revenue growth YoY which accounts to revenue of INR4b, lower than our expectation of 20% growth. Sequential growth for TELX at 5.4% was partially fueled by INR depreciation, adjusted for which, we estimate the growth would be marginal. Historically, 2Q has seen sharper growth for TELX given seasonality. EBITD...
MOSL: TATA ELXSI (Buy)-Strong margin steals the limelight
Tata Elxsi: Strong margin steals the limelight (TELX IN, Mkt Cap USD1.3b, CMP INR1464, TP INR1700, 16% Upside, Buy) Marginal miss on growth, but more than offset by margins: TELX's 18% YoY growth to INR3.8b was a tad lower than our expectation of +21%. EBITDA margin expanded 520bp YoY to 27.9% (490bp beat). Consequently, PAT grew 42% YoY to INR705m (19% beat). Remain positive on outlook: TELX has seen a gradual increase in its growth rates after hitting a bottom in 1QFY18, from 9% YoY t...
MOSL: TATA ELXSI (Buy)-Ending the year on a positive note-Setting the ...
TATA ELXSI: Ending the year on a positive note; Setting the stage for continued traction (TELX IN, Mkt Cap USD1.1b, CMP INR1214, TP INR1400, 15% Upside, Buy) Industry leading growth rates: TELX's revenue grew 15% YoY (our estimate: +14%) to INR3.8b. EBITDA margin expanded 210bp YoY to 25.3% (largely in-line). PAT growth of 58% YoY to INR703m was above our estimate because of higher other income. For FY18, TELX clocked 15% CC growth, 120bp margin expansion and 38% PAT growth. Outlook posi...
MOSL: TATA ELXSI (Buy)-Better product mix drives profitability
Tata elxsi: Better product mix drives profitability (TELX IN, Mkt Cap USD1.1b, CMP INR1078, TP INR1236, 15% Upside, Buy) Marginal miss on revenue; EBITDA and PAT beat estimates: TELX’s overall revenue grew 11.4% YoY to INR3,455m (our estimate: INR3,651m) in 3QFY18, led by 14% YoY growth in Software Development & Services business. However, System Integration business declined 40% YoY. EBITDA margin expanded 410bp YoY to 27.1% (our estimate: 24.4%) in 3QFY18, which can be largely attributed t...
MOSL: TATA ELXSI: Optimum blend of design and technology-Exciting oppo...
​Tata Elxsi: Optimum blend of design and technology; Exciting opportunities ahead(TELX IN, Mkt Cap USD0.8b, CMP INR1692, TP INR1992, 18% Upside, Buy)Tata Elxsi (TELX) held its investor meet in Mumbai, where Mr Madukar Dev (CEO) and Mr Nitin Pai (Head – Marketing) spoke in detail about its businesses and strategy for future growth. The company remains confident of exploring opportunities that lie ahead in its specialized verticals of automotive, video broadcasting, healthcare and industrial d...
MOSL: TATA ELXSI (Buy)-Transportation and Broadcast to frame the growt...
​TATA ELXSI: Transportation and Broadcast to frame the growth story(TELX IN, Mkt Cap USD0.7b, CMP INR1327, TP INR1607, 21% Upside, Buy)PAT grows 8% despite lower other income: TELX's overall revenues grew 11% to INR3,260m (est. of INR3,380m) in 4QFY17 from INR2,940m in 4QFY16. EBITDA rose 13% to INR758m (est. of INR794m) from INR672m in 4QFY16, with the margin expanding 40bp YoY from 22.8% to 23.2% (est. of 23.5%) led by lower other expenses (-140bp, as % of sales). Thus, PAT grew from INR411m...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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