Despite continued BFS headwinds, Hexaware's low-double digit (organic) growth trajectory is sustainable supported by IMS/BPM (no legacy) and driven by Automation, Cloud and Digital offerings. We expect strong synergies/cross sell from Mobiquity acquisition with portfolio augmentation across BFS, Healthcare and Retail verticals backed by robust partner ecosystem (AWS, Backbase). We build USD rev/EPS of 16/15% CAGR over CY18-21E. Key risks include escalation in client specific challenges (BFS) and low NN wins. We maintain BUY on Hexaware post its lower/inline rev/margin in 2QCY19. Mobiquity acquisition and cloud/automation led wins will support growth. Estimates and TP unchanged at Rs 445, at 16x Jun-21E EPS.