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28 May 2021
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Subex
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ICICI Securities Limited
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11.84
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57.90
(-79.55%)
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Strategy Note
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The company has divided its products in three categories 1) Horizon 1 that is products like Business Assurance, Risk and Fraud Management, Partner Ecosystem Management, Network Analytics. These are core traditional products focused on risk management, contributing 95% to total revenue. It is a cash cow and more of an annuity kind of business. The company caters to over 200 telecom customer with British Telecom, the largest client. Subex claims that 20% of global traffic goes through it. It is expected to grow at 10% per annum over the next two to three years aided by 5G rolling off. 2)...
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