In Dec-14, Indian software services firm Polaris decided to spin-off its product arm into a separate listed entity, Intellect Design Arena Ltd, to create a pure play BFSI-focused product company.HDFC Securities Initiate coverage with a BUY with TP of Rs 280 is based on a 2.5x EV/revenue multiple, implying 37% upside and is at >60% discount to rival Temenos’ EV/revenue multiple.Trendlyne has 3 reports on POLARIS updated in the last year from 3 brokers with an average target of Rs 258.