SIS Ltd. share price target

We recommend a BUY rating on the stock and assign a 21x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 590/share, implying an upside of 13% from CMP.

SIS (SECIS) reported better-than-expected revenue with margin hit by onetime higher employee payout (EBITDA margin of 5.0% v/s 5.3% expected) and lower other income. Accordingly, PAT missed our estimate by 3.6%. 3QFY22 topline was driven by seasonal strength in the Australia business. Management commentary suggests that outlook on India demand continues to remain on track, with strong demand both for security services and facility management. SIS should see a further pick-up in growth in its India business, as industries (such as IT services and railways) return to normalcy over the next few quarters. This, in our view, should help the company more...

We recommend a BUY rating on the stock and assign a 19x P/E multiple to its FY24E earnings of Rs 28.4/share which gives a TP of Rs 530/share, implying an upside of 13% from CMP.

We recommend a BUY with TP of Rs. 530 share.

We recommend a BUY and assign 18x P/E multiple to its FY23E earnings of Rs 29.2/share which gives a TP of Rs 530/share, implying an upside of 10% from CMP.

We recommend a BUY and assign 19x P/E multiple to its FY23E earnings of Rs. 23.2/share which gives a TP of Rs. 451 per share, implying an upside of 23% from CMP.

We recommend BUY and assign 19x P/E multiple to its FY23E earnings of Rs. 23.2 per share which gives a TP of Rs. 451 per share, an upside of 11%.

While the international business is currently 115% of pre-Covid levels, India security is 94% and FM is 70-75%. Ad-hoc business in international segment, that too at a better pricing, is more than offsetting Covid impact on certain verticals (e.g. aviation). Indian business was largely impacted by verticals like railways, hospitality, retail, entertainment etc. However, pentup demand in (revenge) travel, shopping and leisure should drive...

Security and Intelligence Services (India) Ltd (SIS), is a leading security services company in India and Australia with leadership positions in cash logistics and facility management services. The SIS group has expanded its footprint not just across 29 Indian states

India security solutions revenues increased 3.8% QoQ (25.3% YoY) to | 908.9 crore. EBITDA margin declined 10 bps QoQ to 6.05% driving EBITDA growth of just 2.1% QoQ. Segment headcount increased by 3222 to 1,57,922 reflecting a QoQ increase of 2.1%. The intent of the management is to dissociate revenue gradually from headcount by focusing more on technology (Tech SIS), productivity and outcome-based solutions. Revenue per branch was | 1.75 crore excluding acquisitions with every single branch having shown growth in 9MFY20. SIS has been able to drive operating...