INDIA l Institutional Research l IT l 3rd January 2022 Expleo Solutions l Fair Value: 1,900 Quality' assurance player ready to cash in We reiterate our positive stance on the stock and revise our Fair Value to Rs1,900 (earlier Rs1,480) with upward revisions in our FY22/FY23/FY24 estimates driven by robust outlook from the management, synergies from the merger that enhances growth visibility, and focused approach on the Indian entities by the MNC parent. Demand resilience and investments in next-generation technologies (highlighted in our recent...