With low exposure to legacy (~16% of rev), Mastek generates low teen margins, given higher on-site revenues and effort mix. We like its success in ramping up UK Govt digital business. Mastek is the only only Indian co in their top-10 vendor list. Co can generate 14.0/13.4% GBP rev/EPS CAGR over FY19-21E (despite US softness and Brexit worries). Its stake in Majesco US (Rs 83/sh) and net cash (Rs 63/sh provide additional comfort. Risks to our thesis include deferment of spend due to Brexit and GBP depreciation. We maintain BUY on Mastek following an inline 4QFY19. Our SoTP is Rs 657 implying 11x FY21E EPS which includes Rs 83/share for 12% stake in Majesco US.