We maintain BUY with a TP of Rs 653 (upside of 25%) based on EV/rev multiple of 2.0x (~70% discount to Guidewire) Majesco delivered healthy 4QFY18 both on the revenue and margin front. Revenue grew 3.7% QoQ to USD 32.9mn vs est. of USD 33.5mn led by continued traction in cloud revenue (+5.6% QoQ, 31.3% of rev). MetLife implementation is driving cloud rev which will continue till Oct-18. This will shift to cloud subscription revenue model (~9% of rev in FY18), which is annuity in nature with higher margins.