reports
Coforge Ltd: 1 director
A director at Coforge Ltd sold 5,000 shares at 7,530.000INR and the significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...
- Mukul Garg
MOSL : COFORGE: Strong growth outlook factored in the valuation
COFORGE: Strong growth outlook factored in the valuation (COFORGE IN, Mkt Cap USD2.8b, CMP INR3850, TP INR3820, 1% Downside, Neutral) Coforge Ltd (COFORGE) reported 2QFY23 revenue growth of 6.2% QoQ in constant currency (CC), ahead of our estimates of 5% QoQ CC. Reported USD growth was 3.4% QoQ, led by BFS (+11.1% QoQ in USD; 14% QoQ in CC). It reported an order intake of USD309m, with 12-month executable order rising 16.6% YoY to USD802m. EBITDA margin (pre-RSU) of 18.4% (+190bp QoQ) recove...
Coforge’s Copasys Automated Compliance Audit and Quality Assurance Pla...
Coforge’s Copasys Automated Compliance Audit and Quality Assurance Platform Receives US Patent Innovative software improves business processes for banks, financial institutions, reducing risk and driving productivity GREATER NOIDA, India, Sept. 29, 2022 (GLOBE NEWSWIRE) -- (NSE: COFORGE), a global digital services and solutions provider, today announced it has been granted a US patent for its proprietary solution that helps banks and financial institutions manage their risk more effectively, continuously improve upon business processes, and make impactful key business decisions more ra...
Increased risk weighs on COFORGE, penalising its rating down to Neutr...
The independent financial analyst theScreener just lowered the general evaluation of COFORGE (IN), active in the Computer Services industry. As regards its fundamental valuation, the title still shows 1 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as moderately risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Neutral. As of the analysis date January 25, 2022, the closing pri...
- Mukul Garg
MOSL: COFORGE (Neutral)-Strong all round delivery, valuations steep
COFORGE: Strong all round delivery, valuations steep (COFORGE IN, Mkt Cap USD4.1b, CMP INR5063, TP INR5440, 7% Upside, Neutral) COFORGE reported an organic revenue growth of 3.9% QoQ CC in 2QFY22. Including the one-month incremental contribution from SLK Global, revenue growth stood in line at 6.6% QoQ (USD). Growth was driven by deal ramp-ups in the Americas (+30% QoQ, including the impact from SLK Global). It reported an order intake of USD285m (-10% QoQ/+42% YoY), implying a book-to-bi...
- Mukul Garg
MOSL: COFORGE (Neutral) - Strong all-round delivery; valuation remains...
COFORGE: Strong all-round delivery; valuation remains full (COFORGE IN, Mkt Cap USD3.9b, CMP INR4745, TP INR4760, Neutral) Robust FY22 performance priced in Coforge Ltd (COFORGE) reported strong organic revenue growth of 7% QoQ CC in 1QFY22, above our estimates of 3% QoQ CC. Including the two months of revenue contribution from SLK, revenue growth stood at 16% QoQ (USD), far higher than our exp. of 10.3% QoQ. Growth was driven by deal ramp-ups in the Americas (+30% QoQ, including the SLK...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Buoyed by outperformance in the US, the MSCI ACWI is the only broad global index that has yet to make a lower low relative to the lows set in June. This deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and continued downside volatility in bond yields leads us to remain cautious and concerned that global equities remain vulnerable and could be poised for additional weakness moving forward. • Additional bearish-leaning developments. In addition to the concerns ...
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MOSL: NIIT TECHNOLOGIES (Neutral)-Revenue and deals momentum intact
NIIT TECHNOLOGIES: Revenue and deals momentum intact (NITEC IN, Mkt Cap USD1.2b, CMP INR1354, TP INR1420, 5% Upside, Neutral) Marginally better organic revenue growth: 1QFY20 organic revenue growth from continuing operations (excluding GIS) stood at 4% QoQ CC (our estimate: +3%). This was the 10th consecutive quarter of an uptick in deals TCV - at USD175m (v/s USD170m in 4QFY19 and USD151m in 1QFY19). EBIT margin shrank 150bp QoQ (+70bp YoY) to 12.8% (100bp miss), largely as wage hikes be...
MOSL: NIIT TECHNOLOGIES (Neutral)-Broad-based growth, intact deal mome...
NIIT Technologies: Broad-based growth, intact deal momentum lays foundation for FY20 (NITEC IN, Mkt Cap USD1.1b, CMP INR1268, TP INR1400, 10% Upside, Neutral) 4Q revenues marginally weak due to contract deferral: FY19 revenues grew 17.6% YoY in CC, a significant improvement over FY18’s 9.7%. EBITDA grew 28.7% YoY with OPM up 80bp to 17.6%; PAT rose 44% YoY to INR4,044m. 4QFY19 CC revenue grew 1.3% QoQ (17.3% YoY), below our estimate of 3% QoQ, led by deferral in a contract in the Insurance s...
MOSL: NIIT TECH (Neutral)- Baring to acquire promoter stake in NITEC; ...
NIIT Tech: Baring to acquire promoter stake in NITEC; NITEC acquires Wishworks, divests from GIS business (NITEC IN, Mkt Cap USD1.2b, CMP INR1301, TP INR1400, 8% Upside, Neutral) Baring Private Equity buys NIIT Tech’s promoter stake at INR1,394/share Baring Private Equity Asia (BPEA) has signed a definitive agreement with NIIT Technologies (NITEC) for sale of approximately 18.85m shares of the latter (approximately 30% shareholding on a fully diluted basis in NIIT Technologies). BPEA wi...
MOSL: NIIT TECHNOLOGIES (Neutral)-Healthy momentum-uptrend in deal win...
NIIT TECHNOLOGIES: Healthy momentum; uptrend in deal wins continue (NITEC IN, Mkt Cap USD1.1b, CMP INR1227, TP INR1400, 14% Upside, Neutral) Broad-based strength intact…: 3QFY19 USD revenues grew 16% YoY to USD135m (in line), EBITDA grew 39% YoY to INR1,805m (estimate of 37% growth) and PAT grew 32% YoY to INR1,002m (estimate of 46% growth). Constant currency (CC) revenue growth was 4.2% QoQ (in line). EBITDA margin expanded 60bp QoQ to 18.3%, marginally above our estimate of 30bp. PAT mi...
MOSL: NIIT TECHNOLOGIES (Neutral)-Upbeat on broad-based traction
NIIT Technologies: Upbeat on broad-based traction (NITEC IN, Mkt Cap USD1.0b, CMP INR1198, TP INR1350, 13% Upside, Neutral) All-round beat…: 2QFY19 CC revenue growth of 7.6% QoQ exceeded our estimate of +5%. Dollar revenue was up 14.1% YoY to USD131m. EBITDA margin expanded 220bp QoQ to 18% – 100bp beat led by better SGA productivity (17% v/s est. of 18.4%). PAT growth of 30% QoQ (to INR1.12b), too, exceeded our estimate of +12%, mainly led by operating beat. …on broad-based traction: In U...
MOSL: NIIT TECHNOLOGIES (Neutral)-Strong performance despite seasonal ...
NIIT Technologies: Strong performance despite seasonal weakness and client issues (NITEC IN, Mkt Cap USD1.0b, CMP INR1121, TP INR1100, 2% Downside, Neutral) Strong growth despite issues: NITEC’s revenue grew 3.3% QoQ CC in 1QFY19, exceeding our estimate of 1.1% growth, as GIS seasonality and ramp-down in Morris were more than offset by strength in other verticals. EBITDA margin shrank 220bp QoQ to 15.8% (in-line) due to wage hikes, visa expenses and a decline in GIS. PAT fell 0.3% QoQ – a...
MOSL: NIIT Technologies (Neutral) - Changing aggressively to feed the ...
NIIT Technologies: Changing aggressively to feed the growth hunger; Takeaways from Analyst Day (NITEC IN, Mkt Cap USD1.0b, CMP INR1059, TP INR1100, 4% Downside, Neutral) We attended the NITEC Analyst Day in Noida. Appended below are the key highlights: Under the leadership of Mr Sudhir Singh, NITEC has ushered in four key changes to aggressively drive the growth agenda: (1) restructuring to a vertical-led organization from geo-led organization, (2) adding senior leadership from tier-1 o...
MOSL: NIIT TECHNOLOGIES (Neutral)-Strong exit and equally robust outlo...
NIIT TECHNOLOGIES: Strong exit and equally robust outlook; Upgrading estimates by 5-8% (NITEC IN, Mkt Cap USD1.0b, CMP INR1028, TP INR1000, 3% Downside, Neutral) Ends the year on a strong note…: 4Q CC revenue growth was 4.3% v/s our estimate of 2.5%. EBITDA margin at 18% (+90bp QoQ) was in line. 4QFY18 revenue grew 17.3% YoY (est. of +14.1%) to USD122m, EBITDA rose 12.5% YoY to INR1,418m and PAT increased 16.5% YoY (est. of +10%) to INR861m. For FY18, NITEC's INR revenue grew 7.8% YoY, whil...
MOSL: NIIT TECHNOLOGIES (Neutral)-Beat despite client ramp-down…guid...
NIIT Technologies: Beat despite client ramp-down…guidance of double-digit growth for FY19 (NITEC IN, Mkt Cap USD0.7b, CMP INR728, TP INR800, 10% Upside, Neutral) Revenue beat amid healthy Digital growth…: NITEC’s 3QFY18 revenue adjusted for forex gains grew 2.1% QoQ (est. of +0.7%), despite seasonal weakness and ramp-down of Morris. Except the customer-specific issue, which impacted the Manufacturing vertical, strength was seen in both BFSI (4% QoQ) and Transport (4.4% QoQ). Contribution ...
MOSL: NIIT TECHNOLOGIES (Neutral)-In-line performance-strong commentar...
​NIIT Technologies: In-line performance; strong commentary on deals(NITEC IN, Mkt Cap USD0.5b, CMP INR614, TP INR600, 2% Downside, Neutral)Marginal revenue beat amid healthy Digital growth: NITEC’s 2QFY18 CC revenue grew ~4.0% QoQ, and adjusted for forex gains on the top line, grew 3.6% QoQ, marginally ahead of our estimate of 3.6%. The integration of RuleTek was one of the contributing factors to overall and North America growth (~1pp contribution). This also fed into 14% QoQ growth in Digi...
MOSL: NIIT TECHNOLOGIES (Neutral)-In-line performance-navigating clien...
​NIIT Technologies: In-line performance; navigating client-specific challenges(NITEC IN, Mkt Cap USD0.5b, CMP INR546, TP INR540, 1% Downside, Neutral)Largely in-line performance: NITEC’s 1QFY18 CC revenue growth of 1.4% QoQ (excluding one-time revenue gains in 4Q) was largely in line with our estimate of +1.3%. RuleTek acquisition contributed ~0.5% QoQ CC (one-month impact), adjusted for which, the performance was marginally below our estimate. EBITDA margin shrunk 200bp QoQ to 15.6%, in lin...
MOSL: NIIT TECHNOLOGIES (Neutral)-Above-estimate excluding one-offs-Ou...
​NIIT Technologies: Above-estimate excluding one-offs; Outlook for BFSI-led acceleration in FY18 growth(NITEC IN, Mkt Cap USD0.5b, CMP INR471, TP INR470, 0.2% Downside, Neutral)BFS traction compounds GIS seasonality: NIIT Technologies' (NITEC) 4QFY17 revenues (excl. one-time settlement gains) grew 3.4% QoQ (+4.6% YoY) to INR7.16b, above our estimate of INR6.98b. EBITDA grew by 1.8% YoY to INR1.28b and PATF by 2.5% YoY to INR810m (excl. one-offs). ~4% QoQ growth in BFSI helped drive revenue bea...
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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