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Infosys' ADR has fallen by ~9.8% after Q4FY23 results📉🔻
We maintain a BUY rating, but have reduced our target
In this thread we discuss:
🔸Results
🔸Guidance
🔸Our view and
🔸TARGET
A thread🧵👇
#Infosys #LearnWithICICIDirect #ICICISecurities
We maintain a BUY rating, but have reduced our target
In this thread we discuss:
🔸Results
🔸Guidance
🔸Our view and
🔸TARGET
A thread🧵👇
#Infosys #LearnWithICICIDirect #ICICISecurities
[1] Revenue Growth – Q4FY23
In CC terms:
🔸Grew 8.8% YoY📈
🔸Dropped 3.2% QoQ📉🔻
🔸Major miss from our estimates of +0.1%/0.3% QoQ CC growth
🔸This resulted in miss in FY23 revenue growth at 15.4% YoY CC vs guidance of 16-16.5%
🔸Due to unplanned project ramp downs
In CC terms:
🔸Grew 8.8% YoY📈
🔸Dropped 3.2% QoQ📉🔻
🔸Major miss from our estimates of +0.1%/0.3% QoQ CC growth
🔸This resulted in miss in FY23 revenue growth at 15.4% YoY CC vs guidance of 16-16.5%
🔸Due to unplanned project ramp downs
[2] EBIT Margins - 21% for Q3FY23
🔸Decline of 0.5% QoQ
🔸Decline of 0.6% YoY
🔸Decline in margin was due to dip in utilisation and unexpected fall in revenue
🔸Margins are lower by 50 bps QoQ from our estimates of 21.5%/21.7%
🔸Decline of 0.5% QoQ
🔸Decline of 0.6% YoY
🔸Decline in margin was due to dip in utilisation and unexpected fall in revenue
🔸Margins are lower by 50 bps QoQ from our estimates of 21.5%/21.7%
Our Research team has upgraded Nykaa from hold to ADD as valuation has turned palatable.
At current price, a reverse DCF shows valuation is factoring in a 15% revenue CAGR, which is reasonable.
More details in thread below:
1/n
#Nykaa #ICICISecurities
At current price, a reverse DCF shows valuation is factoring in a 15% revenue CAGR, which is reasonable.
More details in thread below:
1/n
#Nykaa #ICICISecurities
2/n
As per our estimates, value of BPC business segment is Rs 100 assuming no operating revenue/profit from fashion & other new biz (B2B + BPC-Men).
Sensitivity analysis:
Value potential for BPC business: Rs 100-240
Value potential for fashion business: Rs 14-75
CMP: 129
As per our estimates, value of BPC business segment is Rs 100 assuming no operating revenue/profit from fashion & other new biz (B2B + BPC-Men).
Sensitivity analysis:
Value potential for BPC business: Rs 100-240
Value potential for fashion business: Rs 14-75
CMP: 129
ICICI Securities Ltd Q4 FY22 Earnings ConCall Summary
#ISEC #ICICISecurities #ISECQ4 #concall #concalls #insights #results #stocks #TrendingStocks #earnings #stockmarketindia #StockToWatch
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#ISEC #ICICISecurities #ISECQ4 #concall #concalls #insights #results #stocks #TrendingStocks #earnings #stockmarketindia #StockToWatch
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Q&A Insights: Kashyap Javeri from @EmkayGlobal Investment asked about the spend of budgets that were 2x in FY22 vs. FY21. Harvinder CFO said that the 2x budget were for technology spend which has been growing and it was higher by 70% in FY22. And for FY23 it’s 2.5 times vs. FY22.
Q&A Insights: Prayesh from @MotilalOswalLtd asked about the share of the recurring segment on the corporate finance side and its outlook. Harvinder CFO said that ISEC has a 70% market share in the equity capital market. For outlook, on private equity M&A, ISEC is seeing traction.
