Our positive stance on Majesco is based on (1) Huge addressable opportunity across US-based L&A and P&C insurers, (2) Access to IBM?s clients, leading on to deal wins, and (3) A ramp up in Cloud and Digital Connect Platforms. We have built-in 15% revenue CAGR and 540bps margin expansion over FY17-FY19E. Maintain BUY with a TP of Rs 553, based on 1.8x EV/revenue.