7301.25 -87.85 (-1.19%)
75,430 NSE+BSE Volume
NSEJun 16, 2021 03:31 PM
The 6 reports from 3 analysts offering long term price targets for IndiaMART InterMESH Ltd. have an average target of 7000.00. The consensus estimate represents a downside of -4.13% from the last price of 7301.25.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2021-05-01||IndiaMART InterMESH .. +||HDFC Securities||7948.65||9400.00||7948.65 (-8.14%)||28.75||Buy|
HSIE Results Daily: Marico, Dalmia Bharat, IndiaMART InterMESH, Persistent Systems, Zensar Technologies
Persistent Systems: We maintain BUY on Persistent Systems (PSYS). It is among our top picks in the sector, based on industry-leading growth profile, improving deal wins, and strong 4Q performance (despite Alliance seasonality). PSYS' growth leadership is premised on (1) strong new deal wins (USD 237mn new win ACV in 2HFY21) and increasing focus on client mining with larger deals stabilising the portfolio churn, (2) acceleration in Alliance business ahead, supported by portfolio and GTM strategy of T1 account, (3) technology differentiation and continued focus on partnerships (Salesforce, AWS, Red Hat) and sourcing for growth thrust, and (4) leadership augmentation (Salesforce, Europe, BFSI delivery). PSYS' operational improvement in FY21 is sustainable with an upward bias supported by efficiencies, utilisation, and offshore. Our target price of INR 2,350 values PSYS at 25x Mar-23E, supported by 26% EPS CAGR over FY21-23E and >40% RoIC. Zensar Technologies: Zensar's revenue continued to be under pressure (-3.4% QoQ CC) but its fall was in line with our estimate. The decline was broad-based with major verticals like Hi-Tech (top account), Consumer (Retail) and Banking (Project closure) registering a sequential drop in revenues. The company has been struggling to grow over the past five quarters and revenue declined by 12.0% YoY CC in FY21. Under the new CEO, the company is going through a complete strategy reset, with a clear focus on reviving growth. The emphasis will be on increasing the partnership ecosystem (hyperscalers), investing in the sales engine, and optimising talent. The company will also look for acquisitions to build capabilities in...
|2021-04-13||IndiaMART InterMESH .. +||HDFC Securities||7946.40||9400.00||7946.40 (-8.12%)||28.75||Buy|
We expect a revenue/EPS CAGR of +22/15% over FY21-23E, following a strong operating performance in FY21E (profit doubled). We initiate coverage on IndiaMART with a BUY rating and target price of INR 9,400, based on 58x EV/EBITDA (DCF implied) at 1.4x the average multiple, supported by top quartile growth/margin performance, high-quality franchise, asset-light business model, negative working capital, robust cash generation (154% OCF/EBITDA) and RoE of 58% (FY21E adjusted for QIP). IndiaMART InterMESH (IndiaMART) has emerged as a winner in the B2B classified space with a 60% market share and 27% revenue CAGR over FY16-20. The quality of the franchise is established by (1) 100% organic traffic, (2) buyers and business enquiries 5-year CAGR of +33/40%, (3) lowest advertisement spend among peers, (4) pricing power, (5) higher ROI for sellers (~2x), (6) and embedded non-linearity. IndiaMART is well placed to ride the digitisation wave in MSMEs (accelerated by the pandemic), enabled by strong network effect, robust technology platform, and excellent execution capabilities. There lies a multi-year growth opportunity as only ~1% of the addressable MSMEs pay for listing services vs. ~4% in China (1688.com Alibaba B2B).
|2021-01-19||IndiaMART InterMESH .. +||Motilal Oswal||7320.15||9000.00||7320.15 (-0.26%)||Target met||Buy|
IndiaMART delivered strong operational performance during 3QFY21, led by robust increase in paid suppliers (at 7k v/s their target range of ~5k). Collections were up 9% sequentially but flat on a YoY basis. Margin showed great resilience, with the company reporting the highest...
|2020-11-10||IndiaMART InterMESH .. +||Motilal Oswal||4985.95||5830.00||4985.95 (46.44%)||Target met||Buy|
IndiaMART posted a strong operational performance in 2Q, primarily led by a quicker-than-anticipated rebound in paid suppliers. Collections were up 73% sequentially, reaching 94% of pre-COVID levels. The company also showed great resilience in margins, curtailing its operating cost to INR815m, v/s an average quarterly run-rate of ~INR1.2b. This led to EBIT margins of 47%, v/s 23% in FY20. While we concur that margins are not sustainable at current levels, overall the company would see benefit from cost optimization and operating leverage....
|2020-09-19||IndiaMART InterMESH .. +||Motilal Oswal||4760.85||4760.85 (53.36%)||Buy|
Cost increase in the past three years has been pegged at 1318 % given zero advertisement expenses, while revenue growth has always exceeded 20 %, providing long-term operating leverage to the company. 35 % of buyers are from tier-1 cities, while 60 % of suppliers come from the top eight metros (where the paying supplier IndiaMART operates in a negative working capital cycle, led by upfront collections from sellers on the platform. However, we are confident of strong fundamental growth in b) the need for out-of-the-circle buyers, c) a strong network effect, d) >70 % market share in the underlying industry, e) the ability to increase ARPU on account of low price sensitivity, and f) high operating leverage. Led by market growth, the company has been able to grow the number of paid sellers at a CAGR of 15 % over the past three years.
|2020-06-23||IndiaMART InterMESH .. +||Rudra Shares and Stock Brokers Ltd||2367.75||2600.00||2367.75 (208.36%)||Target met||Buy|
Rudra Shares and Stock Brokers Ltd
IndiaMart is the market leader in its segment, provides largest online B2B Marketplace. Though, FY19-20 was quite challenging for the company owing to weakness in the overall economy. In addition, major customers include SME customers which are presently undergoing financial stress. However, amongst all this it is sitting at positive cash flows with negative working capital cycle which provides strength. The Company generated consolidated Cash Flow from Operations of `...
|2019-07-04||IndiaMART InterMESH .. +||Geojit BNP Paribas||Neutral|
Geojit BNP Paribas
platform on a daily basis. With increasing contribution in the number of ICICI Securities, Edelweiss Financial suppliers, the company expects its average revenue realization to grow Lead Manager Services Ltd, Jefferies India Pvt Ltd...
|2019-06-24||IndiaMART InterMESH .. +||Way2Wealth||IPO Avoid|
IndiaMART (IML) is India's largest online B2B marketplace for business products and services with approximately 60% market share of the online B2B classifieds space in India. IML primarily operates in product and supplier discovery marketplace i.e. www.indiamart.com or IndiaMART. IML earns revenues from the sale of subscription packages, from the sale of request for quote or RFQ credits, advertising from IndiaMART desktop, mobile optimised platforms and revenue from payment facilitation services. As of March 31, 2018, IML had 59.81mn registered buyers, and 4.72mn supplier storefronts in India. These Indian supplier store fronts had listed 50.13mn products, of which 75% of goods comprised products and 25% were...
|2019-06-24||IndiaMART InterMESH .. +||Ventura||Not Rated|
|2019-06-21||IndiaMART InterMESH .. +||HDFC Securities||IPO Note|
IndiaMART InterMESH Limited IPO Note Issue Open: June 24 June 26, 2019, Price Band: Rs. 970 973 (discount of Rs.97 to eligible employees), Issue Size: 4,887,862 eq shares (Entirely Offer for sale) , Offer Size: Rs.474.41 crs 475.5 crs
|2019-06-21||IndiaMART InterMESH .. +||BP Wealth||IPO Avoid|
Indiamart Intermesh Limited (IIL) incorporated in 1999 is India's largest online B2B marketplaces for business products and services with approximately 60% market share of the online B2B classifieds space in India. Company provides 82.70mn registered buyers with access to 5.55 million supplier storefronts in India, which list 60.73mn products and services across 54 industries. It provides a robust two way discovery marketplace connecting buyers and suppliers. Buyers locate suppliers on its marketplace, including both Indian small and medium enterprise or SMEs and large corporates,...