HCL Technologies Ltd.    
08 Jan 2019
943.50
-2.30%
HDFC Securities
Maintain BUY. Our TP is Rs 1,255 at 14x Dec-20E EPS (in-line with 5-yr avg multiple). We recently hosted HCL Techs (HCLT) CFO for investor meetings. The discussions covered organic business and Mode-3 strategy (esp. the recent product acquisition). HCLT has under-performed peers ~30% over the last two years on (1) Organic growth slowdown, with IMS slowing from 9% to 4% YoY, and (2) Balance sheet-heavy capital allocation strategy. HCLTs rev/PAT/OCF share in tier-1 IT has been steady at ~15%.
default
HDFC Securities decreased Buy price target of HCL Technologies Ltd. to 1255.0 on 08 Jan, 2019.
Recommended
More from HCL Technologies Ltd.