Is bet on big data going to be even bigger? Source: Company Data; PL Research
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- Egbert Melvin Mathews
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1 Is bet on big data going to be even bigger? April 23, 2014 Shashi Bhusan Hussain Kagzi Rating BUY Price Rs531 Target Price Rs680 Implied Upside 28.1% Sensex 22,758 Nifty 6,815 (Prices as on April 23, 2014) Trading data Market Cap. (Rs bn) 1,302.0 Shares o/s (m) 2, M Avg. Daily value (Rs m) Major shareholders Promoters 73.51% Foreign 8.82% Domestic Inst. 4.68% Public & Other 12.99% Stock Performance (%) 1M 6M 12M Absolute (6.9) Relative (11.5) (6.0) 37.6 How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC:WIPR.BO, BB:WPRO IN) (Rs) Apr 13 Jun 13 Aug 13 Source: Bloomberg Oct 13 Dec 13 Feb 14 Apr 14 Wipro s Analytics and Information Management service has been growing ahead of the group s revenue. The company has recently made some key changes in the service line that indicates their increasing bet on the service line. We see these strategic moves as a precursor to completely acquiring Opera. We retain BUY. Series of events related to Analytics service offerings: There had been some key developments in the services line. 1) Merged analytics business with the advanced technologies and created a new business division to focus on newer technologies. Mr. Heenan Jalil will head merged entity. 2) Named Mr. KR Sanjiv, who was heading the analytics business, as its new CTO. 3) Raised stake in Opera Solutions to 12.5% (Acquired a 6.5% stake in Opera Solutions in May 2013 for ~$30mn). 4) Mr. Sridhar Ramasubbu (CFO, International Business) moved to Opera after his ~25 years stint with Wipro. More about Opera Solution: Established in 2004 by CEO Mr. Arnab Gupta, Opera Solutions is a Business Intelligence/Big Data Solution company. It helps clients to develop insights and recommends actions to make decisions, work more productively, serve their customers better, grow revenues, and reduce expenses. Its hosted solutions (SaaS) have clients in financial services, healthcare, hospitality, telecommunications, and government. It is headquartered in Jersey City, NJ (USA), with offices in NA, Europe, and Asia. Opera Employees, Valuation and Financials: The firm has 700 employees from over 30 countries, including 200 with advanced degree. On September 14, 2011, Opera Solutions raised US$84mn in capital from Silver Lake Sumeru, Accel KKR, Invus Financial Advisors, JGE Capital Management, and Tola Capital. The company has revenue of ~US$100mn. Valuation & Recommendation: Wipro has been more acquisitive compared to peers. We believe acquisition of Opera Solution would give Wipro s Business Analytics service much needed impetus and will put offerings ahead of peers. We continue to retain our preference for Wipro over peers. Reiterate BUY with target price of Rs 680, 16x FY16E earnings estimates. Key financials (Y/e March) E 2016E Revenues (Rs m) 374, , , ,933 Growth (%) EBITDA (Rs m) 78,181 99, , ,019 PAT (Rs m) 61,684 80,903 89, ,294 EPS (Rs) Growth (%) Net DPS (Rs) Profitability & Valuation E 2016E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Source: Company Data; PL Research Company Update Prabhudas Lilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. Please refer to important disclosures and disclaimers at the end of the report
2 Exhibit 1: Wipro Analytics & Information Management: Growing steadily 16.0% Analytics & Info. Mngmt (USD QoQ gr.) Analytics (% revs) (RHS) 8.0% 10.0% 6.5% 4.0% 2.0% 5.0% Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Source: Company Data, PL Research Exhibit 2: Strong growth expected in Analytics Exhibit 3: Wipro s Acquisitions over last seven years Source: NASSCOM, Accenture, PL Research Year Company Sector Country Price Desciption FY08 Infocrossing Healthcare USA This acquisition created one of the world leaders in end to end IT infrastructure ~US$600M management solutions. FY08 OKI Techno Hi Tech Singapore ~US$2.5M This acquisition facilitated a strategic partnership in the area of design services for the semiconductor market. Citi CTS is an India based captive provider of information technology services and solutions to FY09 Technology Services Banking India ~US$127m Citi Group worldwide. The acquisition is expected to enhance Wipro s capabilities to address Technology Infrastructure Services business in the financial service FY12 SAIC Energy & Utility USA Rs7,536m Acquired 100% SC of SAIC Europe, Gulf and India. Significant domain capabilities in the areas of digital oil field, petro technical data management and petroleum application services, addressing the upstream segment. FY13 VIT Consultancy BFS India Rs207mn The acquisition will further strengthen Wipro s presence in the banking domain FY13 AIT Software Services BFS Singapore Rs318m Outsourcing Services FY13 Promax Applications Retail CPG Australia AUD35m Has product and services around Trade Promotion Management, Forecasting & Volume Planning, Customer Account Planning & Budget and Modelling & Optimization solutions. FY14 Opus CMC BFS USA US$75m Mortgage solutions and outsourcing business and complement its existing offerings in mortgage solutions and outsourcing business and in mortgage origination, servicing and secondary market. Source: Company Data, PL Research April 23,
3 Exhibit 4: Big Data Opportunity Analytics to growth at CAGR of ~50% ( E) XaaS Professional Services Analytic & Transactional NoSQL Database SQL Database Infrastructure Networking Storage Compute E 2014E 2015E 2016E 2017E Source: Wikbon Big Data Model, PL Research Exhibit 5: Majority use data analytics, but extent varies Source: TechRepublic, PL Research, Survey of 1,300 professionals worldwide April 23,
4 Exhibit 6: Revenue and customers top data analytics/big data priority list Source: TechRepublic, PL Research, Survey of 1,300 professionals worldwide April 23,
5 Income Statement (Rs m) Net Revenue 374, , , ,933 Raw Material Expenses 260, , , ,524 Gross Profit 113, , , ,409 Employee Cost Other Expenses 35,410 41,681 45,647 51,390 EBITDA 78,181 99, , ,019 Depr. & Amortization 10,835 11,106 12,946 13,125 Net Interest 52 Other Income 11,250 15,012 16,380 19,662 Profit before Tax 78, , , ,556 Total Tax 16,912 22,601 25,432 29,162 Profit after Tax 61,684 80,913 90, ,394 Ex Od items / Min. Int Adj. PAT 61,684 80,903 89, ,294 Avg. Shares O/S (m) 2, , , ,463.0 EPS (Rs.) Cash Flow Abstract (Rs m) C/F from Operations 70,422 72,741 96, ,236 C/F from Investing (53,410) (13,105) (14,668) (16,378) C/F from Financing (9,840) (22,093) (22,093) (22,093) Inc. / Dec. in Cash 7,172 37,543 59,938 73,765 Opening Cash 77,666 84, , ,319 Closing Cash 84, , , ,084 FCFF 109,865 59,838 82,031 95,858 FCFE 88,209 59,838 82,031 95,858 Key Financial Metrics Growth Revenue (%) EBITDA (%) PAT (%) EPS (%) Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity (0.3) (0.4) (0.4) (0.5) Net Wrkng Cap. (days) (2) Valuation PER (x) P / B (x) EV / EBITDA (x) EV / Sales (x) Earnings Quality Eff. Tax Rate Other Inc / PBT Eff. Depr. Rate (%) FCFE / PAT Source: Company Data, PL Research. Balance Sheet Abstract (Rs m) Shareholder's Funds 283, , , ,697 Total Debt Other Liabilities 10,324 10,324 10,324 10,324 Total Liabilities 294, , , ,875 Net Fixed Assets 50,525 46,789 48,511 51,764 Goodwill 56,470 56,470 56,470 56,470 Investments 69,222 69,222 69,222 69,222 Net Current Assets 86, , , ,795 Cash & Equivalents 84, , , ,084 Other Current Assets 145, , , ,934 Current Liabilities 144, , , ,223 Other Assets 32,689 38,625 38,625 38,625 Total Assets 294, , , ,875 Quarterly Financials (Rs m) Y/e March Q1FY14 Q2FY14 Q3FY14 Q4FY14 Net Revenue 97, , , ,535 EBITDA 20,387 25,170 25,923 28,180 % of revenue Depr. & Amortization 2,502 2,615 3,109 2,880 Net Interest Other Income 2,918 4,949 3,518 3,627 Profit before Tax 20,803 27,504 26,332 28,927 Total Tax 4,251 5,754 6,060 6,536 Profit after Tax 16,468 21,647 20,397 22,391 Adj. PAT 16,468 21,647 20,397 22,391 Key Operating Metrics IT Svcs Revs ($ mn) 689, , , ,879 Pricing (US$ / Hr) Currency (USDINR) Sw. Devp. Cost (% of Sales) SG&A (% of Sales) Revenue (US$ m) 6,865 7,238 8,183 9,253 EBITDA Margin Expansion/(Erosion) (bps) (4.0) Tax Rate (%) Source: Company Data, PL Research. April 23,
6 Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage % of Total Coverage 60% 50% 40% 30% 20% 10% 0% 53.6% 25.0% 20.5% 0.9% BUY Accumulate Reduce Sell PL s Recommendation Nomenclature BUY : Over 15% Outperformance to Sensex over 12 months Accumulate : Outperformance to Sensex over 12 months Reduce : Underperformance to Sensex over 12 months Sell : Over 15% underperformance to Sensex over 12 months Trading Buy : Over 10% absolute upside in 1 month Trading Sell : Over 10% absolute decline in 1 month Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly This document has been prepared by the Research Division of Prabhudas Lilladher Pvt. Ltd. Mumbai, India (PL) and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy or completeness of the same. Neither PL nor any of its affiliates, its directors or its employees accept any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either PL or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication. We may from time to time solicit or perform investment banking or other services for any company mentioned in this document. April 23,
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Enough headroom for growth in core categories February 20, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs232 Target Price
More informationAshok Leyland. Source: Company Data; PL Research
Short term headwinds, structural story intact; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More informationTata Motors. Source: Company Data; PL Research
Good show...but tread carefully ; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs440
More informationAurobindo Pharma. Source: Company Data; PL Research
1QFY17 performance in line; H2FY17 guided to be better August 24, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs788 Target Price Rs943 Implied Upside 19.7% Sensex 28,060 Nifty
More informationHindustan Zinc. Source: Company Data; PL Research
Earnings in line; best placed in the base metal pack July 21, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price Rs193
More informationGlenmark Pharmaceuticals
Costcontrol does the wonder, beat est; Consistency required November 03, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs627 Target Price Rs733 Implied Upside 16.9% Sensex
More informationS Chand and Company. TP of Rs679 (implying PER of 20x FY19E earnings) Source: Company Data; PL Research
2Q is a non event, annual guidance remains intact November 20, 2017 Keyur Pandya keyurpandya@plindia.com +912266322247 R Sreesankar rsreesankar@plindia.com +912266322214 Rating BUY Price Rs461 Target Price
More informationNavneet Education. ILL loss hurts consolidated earnings growth. Source: Company Data; PL Research
ILL loss hurts consolidated earnings growth May 14, 2018 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs140 Target Price
More informationEicher Motors. Source: Company Data; PL Research
Good show continues; In line quarter! Accumulate May 09, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,305
More informationMindtree. Source: Company Data; PL Research.
Strong Quarter, Guidance remains conservative April 18, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating Accumulate Price Rs866 Target Price Rs930 Implied Upside 7.4% Sensex 34,332 Nifty 10,526
More informationVa Tech Wabag. On track for a strong H2FY16. Source: Company Data; PL Research
On track for a strong H2FY16 November 09, 2015 Nishna Biyani nishnabiyani@plindia.com +91 22 66322239 Keyur Pandya keyurpandya@plindia.com +91 22 +91 22 66322247 Rating BUY Price Rs668 Target Price Rs1,000
More informationHindustan Unilever. In the Pink of Health ; Accumulate. Source: Company Data; PL Research
In the Pink of Health ; Accumulate May 14, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs1,505 Target
More informationNIIT Technologies. Source: Company Data; PL Research
Humble valuations leads to favourable risk return January 17, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs416 Target Price Rs520 Implied Upside 25.0% Sensex 27,236 Nifty 8,398
More informationJindal Steel & Power
Angul plant s Turnaround, a reality now; Reiterate BUY January 22, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
More informationSource: Company Data; PL Research
Valuations attractive, GST key to re rating : BUY January 20, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating BUY Price Rs274
More informationLarsen & Toubro. Source: Company Data; PL Research
Domestic execution showing positive trends July 28, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Rating BUY Price Rs1,159 Target Price Rs1,328 Implied Upside 14.6% Sensex 32,310 Nifty 10,015
More informationDr. Lal PathLabs. Source: Company Data; PL Research
Operating efficiency, Seasonal tailwind lead growth, margin November 09, 2017 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs832 Target Price Rs963 Implied Upside 15.7% Sensex
More informationCadila Healthcare. Source: Company Data; PL Research
remain tepid; Valuation reflects near term potential May 29, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs444 Target Price Rs460 Implied Upside 3.6% Sensex 31,028 Nifty
More informationBharat Forge. Growth on all fronts; Accumulate. Source: Company Data; PL Research
Growth on all fronts; Accumulate November 08, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs728 Target Price
More informationColgate Palmolive. Source: Company Data; PL Research
6 8% EPS cut as competitive threat looms large May 24, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs835
More informationDr. Reddy's Laboratories
PSAI, India saves the day; US generics to face more October 25, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs3,200 Target Price Rs2,945 Implied Upside 8.0% Sensex 28,091
More informationSource: Company Data; PL Research
Multiple headwinds, Limited upside; Retain Accumulate December 12, 2014 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating Accumulate Price
More informationTata Motors. Turnaround 2.0, Fit for future; BUY. Source: Company Data; PL Research
Turnaround 2.0, Fit for future; BUY June 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs296 Target Price Rs378
More informationDabur India. Source: Company Data; PL Research
Deflation and poor demand impacts sales; Accumulate July 27, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationHCL Technologies. Source: Company Data; PL Research
Strong seasonality in IBM IP aids growth beat January 20, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs958 Target Price Rs1,020 Implied Upside 6.5% Sensex 35,512 Nifty 10,895
More informationVRL Logistics. Steady show in tough environment. Source: Company Data; PL Research
Steady show in tough environment November 05, 2017 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs376 Target Price Rs370
More informationCadila Healthcare. Source: Company Data; PL Research
Sales marginally better, EBITDA disappoints February 08, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs326 Target Price Rs338 Implied Upside 3.7% Sensex 24,617 Nifty 7,489
More informationGlenmark Pharmaceuticals
Mupirocin: Glenmark to monopoly post FDA s WL to GSK July 22, 2016 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating BUY Price Rs865 Target Price Rs1,186 Implied Upside 37.1% Sensex 27,803 Nifty
More informationDabur India. Worst is over; Accumulate. Source: Company Data; PL Research
Worst is over; Accumulate October 31, 2017 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs333 Target Price Rs342
More informationNIIT Technologies. Source: Company Data; PL Research
Third Consecutive quarter of strong execution January 20, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs728 Target Price Rs875 Implied Upside 20.2% Sensex 35,512 Nifty 10,895
More informationBharat Electronics. Best defence bet! Source: Company Data; PL Research
Best defence bet! October 8, 212 Kunal Sheth kunalsheth@plindia.com +91-22-66322257 Riddhi Kothari riddhikothari@plindia.com +91-22-66322238 Rating BUY Price Rs1,224 Target Price Rs1,457 Implied Upside
More informationCadila Healthcare. Source: Company Data; PL Research
US, India traction lead Q2 beat; Sustainability to drive valuation November 14, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs449 Target Price Rs519 Implied Upside 15.6%
More informationLupin Result beats expectations; Near term revenue drivers improves grows visibility
Result beats expectations; Near term revenue drivers improves grows visibility February 10, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs1,495 Target Price Rs1,730 Implied
More informationDr. Reddy's Laboratories
New US generics, India sales to counter price erosion in FY17 May 12, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs2,971 Target Price Rs2,993 Implied Upside.7% Sensex
More informationGlenmark Pharmaceuticals
Sales beat, Oneoff play spoilsport with headline margins May 15, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs869 Target Price Rs1,186 Implied Upside 36.5% Sensex 25,490 Nifty
More informationDabur India. Steady recovery in place; Accumulate. Source: Company Data; PL Research
Steady recovery in place; Accumulate January 31, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs354 Target
More informationDabur India. Share gains power growth, Accumulate. Source: Company Data; PL Research
Share gains power growth, Accumulate May 02, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs371 Target
More informationAurobindo Pharma. Source: Company Data; PL Research
US injectable, OTC, EU geared for higher growth in FY19E February 09, 2018 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs602 Target Price Rs909 Implied Upside 51.0% Sensex 34,413
More informationCadila Healthcare. Source: Company Data; PL Research
Result is in line; Tall guidance for US, Delivery remains clouded May 15, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs327 Target Price Rs338 Implied Upside 3.4% Sensex 25,490
More informationMarico. Source: Company Data; PL Research
Innovations, Input costs positive, potential acquisitions a drag November 4, 21 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 6632223 Rating Accumulate
More informationCoal India. Rs340, EV/EBITDA of 6.5x FY20E. Source: Company Data; PL Research
Strong earnings revival; Momentum to continue in FY19e/FY20e June 01, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
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