Hexaware's low-teens organic growth trajectory is sustainable supported by its IMS/BPM led growth strategy (negligible legacy). Strong deal wins with 20% growth in TCV (TTM) provides growth visibility including its largest net-new deal (USD 100mn Nordic) which ramps up in 4Q. Geo expansion in Europe/APAC also expected to support growth. We build USD rev/EPS CAGR of 13/14% over CY18-21E factoring flat margin trajectory. Valuations at 12.8x (discount to tier-2 IT) to be supported by 14% EPS CAGR (in-line with tier-2 IT), 40% RoIC and 5% FCF yield. Key risks include appreciation in INR, slowdown in BFS and value destructive acquisition. We maintain BUY on Hexaware post its inline 1QCY19. Estimates and TP unchanged at Rs 430, implying 16x Mar-21E EPS.