We believe Barings can help NIIT Tech in improving its capital allocation (NIIT Tech dividend payout ~40% in FY18). We see no major change in deal wins and revenue momentum, but margin levers are stretched, leaving limited room for upgrade. Barings have earlier acquired Hexaware at inexpensive valuations(10.2x) & then then they improved its capital allocation, offered access to portfolio companies, revenue growth accelerated which helped in re-rating the P/E of Hexaware. We expect 14.9% & 17.5% USD revenue & EPS CAGR for FY19E-FY21E respectively & value NIIT Tech at 17x Mar-21 earnings...