Buy Mphasis target of Rs 3573: Prabhudas Lilladher

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Prabhudas Lilladher’s research report on Mphasis

Mphasis acquired 100% stake in Blink Interactive (a US based company found in 2000) providing research, strategy and design of user experience in hardware and software products. Blink has designed marquee products such as Amazon Alexa, Microsoft X-box etc. Though Blink’s revenue is currently only 2.7% of Mphasis revenue, this acquisition offers significant growth opportunities such as 1) Combination of Blink’s upstream and Mphasis downstream expertise will enable the combined entity to participate in end-to-end process of design to implementation, thus increasing addressable market size, 2) Blink brings blue-chip logos from hi-tech and consumer industries and 3) cross-selling opportunities to existing BCM and insurance clients. Blink reinforces Mpahsis four-pillar strategy to drive sustainable, scalable growth.

Outlook

Our EPS estimates change by 2.1%/2.2% for FY23/24, led by increase in revenue growth estimates by 2.3%/2.4% for FY23/24. We arrive at DCF based target price of Rs3573 (earlier: Rs3348) Mpahsis is currently trading at multiples of 41.6/35.5x on EPS of 78.2/91.7 on FY22/23 respectively. Maintain ‘BUY’.

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