Aurum Proptech Ltd. share price target and research reports

Name: Latest research reports of Aurum Proptech Ltd. authored by HDFC Securities and published by - Trendlyne research reports.
Item: Aurum Proptech Ltd.
Rating: 5
Author: HDFC Securities

Latest analyst research reports with target prices and PDF download for AURUM, BSE:539289 Aurum Proptech Ltd.

Aurum Proptech Ltd.

16 Aug 2019

196.98

1.86%

Majesco (1QFY20): Turbulence in cloud. Maintain BUY

Buy: Aurum Proptech Ltd.

Target

HDFC Securities

Cloud revenue registered 54% YoY growth in FY19, growth was led by MetLife, new deal wins and build-up of cloud subscription revenue. The large MetLife implementation project is complete and is impacting cloud revenue. Back-filling of MetLife revenue will be gradual. New deal wins, extension of the MetLife project to other geographies and increase in minimum subscription revenue will drive growth in cloud. The partnership with Capgemini for L&A and Group life is promising and can bring large deals on the table. We expect USD revenue CAGR of 13% over FY19-22E (cloud CAGR of 21%). We maintain our positive stance on Majesco based on (1) Rising adoption of third-party software by insurers, (2) IBM & Capgemini partnership and (3) Continued deal wins. Risk to our thesis includes a slowdown in deal wins, prolonged sales cycle and deterioration in US/Europe macros. We maintain BUY on Majesco following slight miss on revenue & margins in 1QFY20. Revenue grew despite a steep fall in the cloud revenue and margin expansion (lower than est.) was healthy. The order backlog is robust and cloud deal wins are stable. We await a large deal win from the IBM/Capgemini channel. Our TP of Rs 685 implies EV/rev multiple of 2.0x on June-FY21 rev.

Aurum Proptech Ltd. has gained 35.61% in the last 1 Year

Aurum Proptech Ltd.

16 Aug 2019

196.98

1.86%

Majesco

Hold: Aurum Proptech Ltd.

Target

ICICI Securities Limited

The company has witnessed decline of 4.9% and 20.6% QoQ in cloud subscription and cloud implementation mainly due to completion of IBMMetLife project. The IBM-MetLife deal is expected to go live probably in the middle of Q2FY20E. Once it gets live, the company will receive minimum subscription revenues that will replace some portion of decline in could revenues. In addition, the company is also winning new logos in the cloud that will help boost cloud revenues. Majesco has also entered into a partnership with Capgemini to bring in insurance innovation and business transformation to the life & annuity (L&A;) business and tap the opportunity...

Aurum Proptech Ltd. is trading above its 100 day SMA of 184.6

Aurum Proptech Ltd.

16 Aug 2019

196.98

1.86%

Majesco - 1QFY20 Result Update

Buy: Aurum Proptech Ltd.

Target

Reliance Securities

MetLife Go-Live Drags Revenue; Long Term Op-Lev Potential Majesco Limited (MJCO) reported a poor 1QFY20 performance on revenue, which grew 1.2% QoQ in USD terms to US$37.2mn. In INR terms, MJCO's revenue declined by 1% QoQ to Rs2.59bn. YoY USD revenue growth slipped below 10% (9.8%), the lowest since 3QFY18. Revenue was 1.5% below our estimate, with Professional Services continuing to see revenue decline (-4.7% QoQ, 6th successive quarter of decline). YoY Professional Services revenue dipped ~20% (USD), 10th successive quarter of decline. On the other hand, owing to the IBM MetLife deal going live, Cloud implementation revenue (-18.9% QoQ) came off steeply, while Cloud subscription revenue...

Aurum Proptech Ltd. is trading below its 30 day SMA of 197.7

Aurum Proptech Ltd.

17 May 2019

196.98

1.86%

Majesco (4QFY19): Cloud driving growth. Maintain BUY

Buy: Aurum Proptech Ltd.

Target

HDFC Securities

Huge shift has happened from on-premise to cloud model for the past two years. Cloud is now ~40% of revenue and de-growth in legacy (~20% of rev) has started to stabilize. The MetLife cloud platform is in its last stages of implementation and will fetch minimum subscription revenue post go-live. Scaling of subscription revenue is the key for margin expansion. The partnership with Capgemini for L&A and Group life is a very positive development and can bring large deals on the table. We expect USD revenue CAGR of 17% over FY19-21E will be driven by cloud CAGR of 36% and stable legacy. We maintain our positive stance on Majesco based on (1) Rising adoption of third-party software by insurers, (2) IBM & Capgemini partnership, (3) Improving deal wins, and (4) ramp-up in cloud revenues. Risk to our thesis includes slowdown in deal wins, increase in R&D and SG&A investments, and global slowdown. We maintain BUY on Majesco following an inline 4QFY19. The order backlog of USD 97mn (+13.5% QoQ) is healthy and partnership with Capgemini reaffirms Majescos product capability. Our TP of Rs 715 (upside of 43%) implies EV/rev multiple of 2.0x on FY21 rev.

Aurum Proptech Ltd. is trading above its 100 day SMA of 184.6

Aurum Proptech Ltd.

17 May 2019

196.98

1.86%

Majesco

Hold: Aurum Proptech Ltd.

Recommendation Target

ICICI Securities Limited

Majesco's dollar revenues grew 4.2% QoQ (2.2% organic) while EBITDA margins declined 350 bps QoQ to 7.5% due to marketing expenses, provisions and some expenses incurred in closure of a legal case. Rupee revenues increased 2.7% QoQ in Q4FY19 mainly led by 3.9% QoQ growth in property & casualty (P&C;) and 8.8% sequential growth in cloud revenues. For FY19, dollar revenues increased 13.6% YoY while EBITDA margins expanded from 2.8% in FY18 to 9.6% in FY19 mainly led by IBM deal. Going forward, increase in proportion in cloud revenues (44.2% of total revenues),...

Aurum Proptech Ltd. has gained 35.61% in the last 1 Year

Aurum Proptech Ltd.

17 May 2019

196.98

1.86%

Majesco - 4QFY19 Result Update

Aurum Proptech Ltd.

Reliance Securities

Aurum Proptech Ltd. has gained 35.61% in the last 1 Year

Aurum Proptech Ltd.

11 Feb 2019

196.98

1.86%

Majesco

Buy: Aurum Proptech Ltd.

Target

ICICI Securities Limited

Majesco reported muted growth (0.1% QoQ) on the organic front while full quarter consolidation of Exaxe acquisition amounting to | 12 crore led it to report revenue growth of 5% QoQ to | 254.7 crore. Cloud revenues (41.7% of total revenues) rose 13.1% QoQ driven by 16.7% QoQ increase in cloud implementation revenues supported by 5.5% QoQ growth in cloud subscription revenues. Dollar revenues reported an increase of 4.1% QoQ to $35.4 million EBITDA margins expanded 10 bps QoQ to 11% led by higher cloud...

Aurum Proptech Ltd. is trading above its 100 day SMA of 184.6

Aurum Proptech Ltd.

08 Feb 2019

196.98

1.86%

Majesco (3QFY19): Cloud traction. Maintain BUY

Buy: Aurum Proptech Ltd.

Target

HDFC Securities

We maintain BUY with a TP of Rs 761 (upside of 51%) assigning EV/rev multiple of 2.0x on Dec-20 revenues. Majesco delivered decent performance in 3Q both on revenue and margin front. Revenue grew 4.0% QoQ to USD 35.4mn (vs our est. USD 35.3mn) led by cloud traction (+51.5% QoQ, 42% of rev) and USD 1.4mn contribution from Exaxe (organic flat QoQ). Growth in cloud implementation (+17.1% QoQ, 30% of rev) is offsetting the impact of legacy shrinkage (-16% YoY in 9M).

Aurum Proptech Ltd. is trading above its 100 day SMA of 184.6

Aurum Proptech Ltd.

06 Nov 2018

196.98

1.86%

Majesco (2QFY19): Shift to cloud. Maintain BUY

Buy: Aurum Proptech Ltd.

Target

HDFC Securities

We maintain BUY with a TP of Rs 731 (upside of 47%) assigning EV/rev multiple of 2.0x on Sep-20 revenues. Majesco delivered mixed performance in 2QFY19, revenue growth was soft while margin expansion was heartening. Revenue grew 1.5% QoQ to USD 34.0mn (vs our est. USD 34.6mn) led by cloud traction (+9.4% QoQ, 39% of rev). Strong growth in cloud subscription (+29.1% QoQ, 12% of rev) is offsetting the impact of legacy shrinkage (-7% YoY).

Aurum Proptech Ltd. is trading above its 100 day SMA of 184.6

Aurum Proptech Ltd.

06 Nov 2018

196.98

1.86%

Majesco

Buy: Aurum Proptech Ltd.

Target

ICICI Securities Limited

Majesco's rupee revenues increased 5.7% QoQ and 21.8% YoY in Q2FY19 mainly led by 10.8% QoQ growth in life & annuities (L&A;). Cloud revenues (38.7% of total revenues) increased 14.0% QoQ led by 34.5% QoQ increase in cloud subscription revenues and 6.4% QoQ growth in cloud implementation revenues. Geographically, UK (4.8% of total revenues) registered an increase of 22.9% QoQ and North America (88.0% of total revenues) increased 5.4% QoQ0 EBITDA margins expanded ~272 bps QoQ to 10.9% mainly led by...

Aurum Proptech Ltd. is trading below its 30 day SMA of 197.7

Is Majesco Ltd. worth buying?

549 Votes:

Buy 67.76%

Sell 18.94%

Hold 13.3%