Mastek has invested in strengthening its executive team both in US and UK geography. UK Govt. growth has slowed down due to Brexit uncertainties and UK elections but is expected to revive post the Brexit outcome and completion of spending review. US revenue is impacted by Retail slowdown but will recover led by ramp-up of new deals. Mastek will benefit from off-shoring opportunity at UK public sector given its long relationship with UK government and limited competition from Indian IT, off-shoring can aid margin expansion. We expect GBP growth for FY20/21/22E at -2.7/8.2/11.6% and 11% EPS CAGR for FY19-22E. The stock trades at 9.0/7.7x FY21/22E and Brexit clarity will result in re-rating. Mastek's stake in Majesco US (Rs 39/sh) and net cash (~Rs 145/sh) protects downside. We maintain BUY on Mastek following a weak 3Q on revenues but stable margin performance. UK elections, Retail slowdown, Brexit uncertainty and furloughs impacted revenue growth but cost management was impressive. Mastek successfully monetised 56% of its Majesco US holding and net cash stands at Rs 3.71bn (35% of Mcap). Our SoTP based TP of Rs 510 is based on 9x (~18% discount to 5Y average) Dec-21E EPS plus Rs 39/sh for 5% stake in Majesco US.