Published on 11/01/2018 1:21:01 PM | Source: Reliance Securities Ltd
Buy Tata Elxsi Ltd For Target Rs.1,180.00 - Reliance Sec
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* Tata Elxsi’s (TEL) stock rose 3.6% in yesterday’s trade, while the BSE Sensex was flat.
* The addressable size of the ER&D industry will cross US$300bn, while offshore ER&D spend will clock 9% CAGR, with TEL likely to grow at a much faster pace.
* TEL’s presence in specialised verticals like Automotive and Broadcast will be key growth drivers, going forward.
* TEL’s core strengths lie in high growth solutions like IoT, Robotics, Automation, Mobility, VR/AR Digital Experience, Cloud and AI platforms.
* TEL counts names like BMW, Mercedes-Benz, JLR and Tata Motors as clients. TEL has presence across the value chain of Broadcast & Media vertical and counts clients from different segments of broadcast ecosystem
* We expect TEL’s PAT to clock 16.2% CAGR over the period FY18E-FY20E
* We have a BUY rating on TEL and Target Price of Rs1,180.
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