856.30 -15.60 (-1.79%)
60,021 NSE+BSE Volume
BSEJun 23, 2021 11:41 AM
The 20 reports from 7 analysts offering long term price targets for Cyient Ltd. have an average target of 744.14. The consensus estimate represents a downside of -13.10% from the last price of 856.30.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2021-04-27||Cyient Ltd. +||Geojit BNP Paribas||737.05||767.00||737.05 (16.18%)||Target met||Accumulate|
Geojit BNP Paribas
Cyient Ltd, formerly known as InfoTech Enterprises, is one of the leading players in the IT enabled services space providing services to the Engineering Research and Development segment. In Q4FY21, consolidated $ revenue reported a growth of 6.0% QoQ, and 0.4%YoY. This is largely driven by growth witnessed in the Energy & Utility (E&U;) and communication verticals. EBIT margin (excluding exceptional item) stood at 12.6%, an increase of 148bps QoQ, highest in last eight quarters...
|2021-04-23||Cyient Ltd. +||HDFC Securities||686.40||765.00||686.40 (24.75%)||Target met||Accumulate|
Our target price stands at INR 765, based on 16x FY23E EPS. The stock trades at 17.7/14.4x FY22/23E, a discount of ~44% to LTTS. Cyient: We maintain ADD on Cyient, based on improving growth outlook in the services business and better than expected margin performance. The services segment (~83% of revenue) grew 2.2% QoQ CC led by ENU (+5.3% QoQ), A&D; (+3.9% QoQ) and Communication (+2.2% QoQ). The aerospace vertical (25% of rev) which was dragging services growth has stabilised, and the recovery will be gradual in FY22E. Management has guided for double-digit services growth driven by Transportation, Utilities, and Communication. The focus will be on winning large deals (won 8 deals worth TCV of USD 91mn) and mining Top-30 clients. Margin performance was impressive, expanded 230bps QoQ vs an expectation of +50bps. DLM (+16.4% QoQ) is driving growth and is expected to grow 20% YoY in FY22E. The FCF generation is strong (FCF/EBITDA at 113%) led by higher collections and net cash stands at INR 15bn (~20% of Mcap). We increase our EPS estimate by +2.2/5.0% for FY22/23E based on better visibility in the core business.
|2021-04-23||Cyient Ltd. +||ICICI Securities Limited||686.40||825.00||686.40 (24.75%)||Target met||Buy|
ICICI Securities Limited
The company has seen healthy traction in aerospace, energy & utility vertical and communication segment in Q4FY21. In addition, Cyient expects Q1FY22E services revenues to register improved growth on a QoQ basis. Further, for FY22E, the company expects improved demand from aerospace in H2FY22E, traction in communication (led by 5G rollout (10% of revenues), cloudification and enterprise network transformation), energy & mining and transportation. This, coupled with focus on large deals (won eight large deals in Q4FY21), healthy order book, traction DLM business (led by strong...
|2021-04-23||Cyient Ltd. +||Motilal Oswal||686.40||810.00||686.40 (24.75%)||Target met||Buy|
CYL's 4QFY21 revenue growth at 6% QoQ in USD terms (in line with our estimate) was led by a 16.4% increase in DLM (seasonal rebound in Aerospace and Defense) and 3.7% QoQ (2.5% QoQ organic) growth in the Services business. The management guided at double-digit growth in FY22 (DLM to grow over 20% YoY), despite a decline in 1QFY22, on seasonality in DLM. Services is expected to post double-digit growth in FY22. CYL's 4QFY21 revenue growth at 6% QoQ in USD terms (in line with our estimate) was led by a 16.4% increase in DLM (sesonal rebound in...
|2021-04-23||Cyient Ltd. +||Prabhudas Lilladhar||695.20||825.00||695.20 (23.17%)||Target met||Buy|
Won 8 large deals with TCV potential of $91 mn. Order-intake was robust in Q4 FY21 at $238 Mn, +22.4% QoQ. Cyient reported strong beat in revenue growth (+6% QoQ USD) led by strong demand momentum in DLM (+16.4% QoQ USD) and broad-based recovery in...
|2021-04-23||Cyient Ltd. +||Axis Direct||686.40||800.00||686.40 (24.75%)||Target met||Buy|
|2021-03-02||Cyient Ltd. +||Prabhudas Lilladhar||653.35||681.00||653.35 (31.06%)||Target met||Buy|
|2021-01-29||Cyient Ltd. +||Geojit BNP Paribas||605.60||675.00||605.60 (41.40%)||Target met||Hold|
Geojit BNP Paribas
Cyient Ltd, formerly known as InfoTech Enterprises is one amongst the leading players in the IT enabled services space providing services to the Engineering Research and Development segment. We expect the majority of positives seem to have factored in the current valuation. We revise our rating to Hold from Accumulate...
|2021-01-22||Cyient Ltd. +||Prabhudas Lilladhar||573.50||681.00||573.50 (49.31%)||Target met||Buy|
Cyient reported strong revenue growth of 4.7% QoQ led by strong growth in DLM business (+24.8% QoQ). With strong large deal wins of potential size of $106 Mn, Cyient is on path to deliver consistent growth in coming quarters back by strong deal wins. 3Q deal TCV is $106 mn and pipeline remains healthy across all segments except commercial aerospace. Cyient is seeing strong traction in areas such as digital engineering, embedded electronics, remote telemetry, IoT, power electronics, medical devices, EV triggered by the pandemic. Under leadership of new CEO, sales rigor, revenue...
|2021-01-22||Cyient Ltd. +||Axis Direct||601.40||601.40 (42.38%)||Buy|
|2021-01-22||Cyient Ltd. +||Axis Direct||601.40||623.00||601.40 (42.38%)||Target met||Buy|
|2020-10-26||Cyient Ltd. +||Axis Direct||424.35||480.00||424.35 (101.79%)||Target met||Buy|
Strong recovery across verticals, healthy deal pipeline and better execution by Cyient helped us gain the confidence about the growth prospect of the company. Hence, We are assigning 12x PE multiple to its FY23 EPS of Rs. 40.6 to revise our target upwards to Rs 480/-
|2020-10-16||Cyient Ltd. +||ICICI Securities Limited||389.50||440.00||389.50 (119.85%)||Target met||Buy|
|2020-10-16||Cyient Ltd. +||Motilal Oswal||389.50||400.00||389.50 (119.85%)||Target met||Neutral|
|2020-10-16||Cyient Ltd. +||Axis Direct||389.50||440.00||389.50 (119.85%)||Target met||Buy|
Cyient reported Strong broad based growth in Q2 FY21, revenue stood at Rs. 1,003 crs up 0.1% YoY and 3.1% QoQ. Operating profit margins showed a strong growth of 52.5% YoY at 11%, Services operating margin grew by 170 bps at 12.2% than previous quarter
|2020-08-17||Cyient Ltd. +||Geojit BNP Paribas||389.20||460.00||389.20 (120.02%)||Target met||Accumulate|
Geojit BNP Paribas
Cyient Ltd, formerly known as InfoTech Enterprises is one amongst the leading players in the IT enabled services space providing services to the Engineering Research and Development segment. In Q1FY21, consolidated revenue reported a de-growth of 8.9%...
|2020-07-27||Cyient Ltd. +||Geojit BNP Paribas||330.00||360.00||330.00 (159.48%)||Target met||Accumulate|
Geojit BNP Paribas
Weak quarter , valuation at comfortable levels. Cyient Ltd, formerly known as InfoTech Enterprises is one amongst the leading players in the IT enabled services space providing services to the Engineering Research and Development segment. We expect growth in FY22E due to communication and transportation vertical and value Cyient at 10x FY22E EPS (Close to 30% discount to last 5 year average P/E) with revised down target price of Rs.360 and change rating from Buy to Accumulate....
|2020-07-17||Cyient Ltd. +||HDFC Securities||295.15||285.00||295.15 (190.12%)||66.72||Sell|
L&T Technology Services: We maintain REDUCE on L&T Technology (LTTS) on broad-based portfolio dent and protracted operational recovery. 1Q revenue decline was steep at -12.5% QoQ (mirroring Cyient in decline), and the dent to margin was steeper, impacted by lower utilisation and volume cuts. Recovery will be slower (vs. pre-COVID moderating growth rate) and will be supported by (1) continued traction in telecom-hi-tech vertical (inorganic in 3Q) and medical devices vertical; and (2) gradual recovery in the transportation vertical (airline sub-sector hit in 2Q) and plant engineering vertical (O&G drag). Higher portfolio susceptibility to the global economic crisis and low-annuity/high-discretionary elements are likely to result in a slower recovery of LTTS, even as medium-term opportunities open up. Our target price of Rs 1,240, 16x Jun-22E EPS, follows ~3% EPS estimate cut for FY22E. Cyient: We maintain REDUCE on Cyient, based on weak 1Q performance and uncertain growth outlook. The services (~86% of revenue) segment is severely impacted (-18.6% YoY) by structural problem in Aerospace & Defence vertical (-28% YoY). Cyients higher mix of mechanical services and elevated exposure to stressed verticals (aerospace, travel and ENU) have magnified the COVID-19 impact vs. its peers. The company is struggling with issues such as (1) stress in services portfolio (-18.6% in FY21E), (2) issues in top accounts (A&D;), (3) focus on lower margin DLM business and (4) deteriorating margin profile due to investments. While some recovery is expected in 2H, concerns related to slowdown in decision making, COVID-19 related uncertainty, and higher mix of legacy services remain. Based on...
|2020-07-17||Cyient Ltd. +||Axis Direct||295.15||306.00||295.15 (190.12%)||Target met||Hold|
Cyient reported better than expected results in Q1 FY21. Revenue declined by 12.5%QoQ in cc terms and stood at $130.6mn. Its services revenue stood at $112.2 mn declined 14.3% in CC terms.DLM business showed a strong growth of 8.5%QoQ and stood at $18.4mn.
|2020-05-08||Cyient Ltd. +||HDFC Securities||208.50||240.00||208.50 (310.70%)||Target met||Sell|
Our TP stands Rs 240, based on 9x FY22E EPS, which is at ~30% discount to 5Y avg. 1Y-fwd P/E multiple. We downgrade Cyient to REDUCE from ADD post a weak performance and bleak growth outlook. Services growth and margin performance in 4Q was disappointing. Growth in 1HFY21 will be severely impacted due to structural problem in A&D; and supply side (Covid related) issues in Communication and Transportation verticals. Cyients higher mix of mechanical services and elevated exposure to stressed verticals has magnified the Covid-19 impact vs. its peers. We have reduced EPS est. by 16.4/13.8% for FY21/22E.