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Cyient Ltd Cyient Ltd Bloomberg Code: CYL in India Research - Stock Broking BUY Aug 03, 2016 Information Technology-Technology Services Cyient Ltd Cyient Ltd Bloomberg Code: CYL IN India Research - Stock Broking BUY Moderate Capex Leads to Healthy Free Cash Flow Generation Recommendation (Rs.) CMP (as on Aug 02, 2016) 513 During FY16, Cyient has recorded a cash balance of Rs.7741Mn (cash balance Target Price 589 including the liquid investments) after the four acquisitions made during Upside (%) 15 FY15-FY16. Operating cash flow after adjusting the working capital changes, has Stock Information picked up to 60.0% levels of EBITDA; it has witnessed 90.2% of EBITDA during FY15. Cash per share has grown by 12.5% CAGR during FY12-FY16. Moderate Mkt Cap (Rs.mn/US$ mn) 57713 / 865 capex (Capex/EBITDA multiple of 3.2x, 5.0x and 5.1x during FY16, FY17E and 52-wk High/Low (Rs.) 643 / 369 FY18E respectively) behind the healthy free cash flow generation. 3M Avg. daily volume (mn) 0.07 Revival in business growth, besides healthy deal pipeline and strong Beta (x) 0.68 backlog orders. Rangsons and Softential business performance to be Sensex/Nifty 27982 / 8623 O/S Shares(mn) 112.50 watched: Cyient has recorded a deal pipeline of around US$1021Mn at the end Face Value (Rs.) 5.0 of FY16, a growth of 27.6% from US$799 Mn (during FY15). FY16 has witnessed a Shareholding Pattern (%) weak revenue growth, due to headwinds from the business investments (Softential and Rangsons) and few client specific issues. However, strong orders intake Promoters 22.2 during FY16, besides pickup in orders execution during FY16 displays the revival FIIs 41.4 in business growth. Management has guided 10% of core business revenue growth DIIs 23.1 (including Softential) and 50% growth in Rangsons business (backlog orders Others 13.3 around US$40Mn) during FY17E. Stock Performance (%) 1M 3M 6M 12M Healthy cash flow generation boosts the dividend payout ratio:Cyient has maintained a dividend payout ratio of around 30.3% and 29.0% during FY15 and Absolute 5.6 12.1 18.6 (5.9) FY16 respectively. On the back of healthy cash generation, which could protect Relative to Sensex 2.4 1.9 4.0 (5.4) Source: Bloomberg the downside risks, management could maintain the healthy dividend payout ratio going ahead. Relative Performance* Valuation and Outlook 120 At CMP of Rs.513, stock is trading at P/E of 15.3x and 13.1x of FY17E and FY18E 90 EPS. We re-initiate a coverage on Cyient with a target price of Rs.589 based on 15.1x of FY18E EPS with the potential upside of 15% in a 12-15 month period. 60 16 16 16 15 15 15 15 16 15 16 16 16 - - - - - - - - - - Key Risks - - Jul Oct Apr Jan Jun Feb Sep Mar Aug Nov Dec yy May Rangsons and Softential’s business to be watched. CYL IN Sensex yy Currency volatility. Source: Bloomberg; *Index 100 yyMacro Economic risk. Exhibit 1: Valuation Summary YE Mar (Rs. Mn) FY14 FY15 FY16 FY17E FY18E Net Sales 22064 27359 30956 35271 40763 EBITDA 4102 4008 4208 5247 6193 EBITDA Margin (%) 18.6 14.7 13.6 14.9 15.2 Net Profit 2660 3532 3263 3775 4391 EPS (Rs.) 23.8 31.5 29.0 33.6 39.0 RoE (%) 18.3 20.6 17.4 18.5 18.7 PE (x) 13.8 15.9 17.0 15.3 13.1 Analyst Contact Source: Company, Karvy Research; *Represents multiples for FY14, FY15 & FY16 are based on historic market price Abhiroop Varma V For private circulation only. For important information about Karvy’s rating system and other disclosures refer to the end of this material. Karvy Stock Broking Research is also available on Bloomberg, KRVY<GO>, 040 - 3321 6323 Thomson Publishers & Reuters [email protected] 1 Aug 03, 2016 Cyient Ltd Company Financial Snapshot (Y/E Mar) Company Background Profit & Loss (Rs. Mn) Cyient Ltd (formerly known as Infotech enterprise Ltd) enjoying FY16 FY17E FY18E the market cap of Rs. 54.7 Bn (as of Jun 27, 2016), celebrating its 25th anniversary in 2016. The company has promoted by Net sales 30956 35271 40763 Mr. B.V.R. Mohan Reddy and his son Mr. Krishna Bodanapu. Optg. Exp (Adj for OI) 26748 30024 34571 B.V.R. Mohan Reddy is the executive chairman of the company EBITDA 4208 5247 6193 and also former chairman of NASSCOM (for 2015-16), Krishna Depreciation 893 938 1036 Bodanapu is the Managing Director and CEO of the company. Interest 179 183 183 Cyient is a global information technology solutions provider Other Income 1085 755 728 and specialized in engineering design services, design-led PBT 4134 4880 5702 manufacturing, networks and operations, data transformation and analytics. It caters services to various industries like Tax 986 1220 1425 aerospace, defense, rail transportation, off-highway & Adj. PAT 3263 3775 4391 industrial, power generation, mining, oil & gas, communications, Profit & Loss Ratios utilities, geospatial, semiconductor and medical technology. EBITDA margin (%) 13.6 14.9 15.2 It is enjoying the long standing relationships with its clients. Net margin (%) 10.5 10.7 10.8 Some of the marquee clients from its portfolio are Boeing, P/E (x) 17.0 15.3 13.1 Pratt & Whitney, Caterpillar, TomTom, Bombardier, Airtel and Swisscom across all the industries. Currently, it employs over EV/EBITDA (x) 11.8 9.5 7.7 13500 people across 38 locations in North America, Europe Dividend yield (%) 29.0 28.0 25.6 and Asia-Pacific regions. Source: Company, Karvy Research Balance sheet (Rs. Mn) Cash Flow (Rs. Mn) FY16 FY17E FY18E FY16 FY17E FY18E Total Assets 27370 30441 34237 PBT 4134 4880 5702 Net Fixed assets 4084 4203 4390 Depreciation 893 938 1036 Current assets 17947 20898 24508 Interest (paid) 179 183 183 Other assets 5339 5339 5339 Tax (986) (1220) (1425) Total Liabilities 27370 30441 34237 Changes in WC (722) (729) (855) Networth 19098 21816 25083 Others (998) (755) (728) Debt 681 681 681 CF from Operations 2499 3298 3913 Current Liabilities 6676 7024 7547 Capex (1300) (1058) (1223) Other Liabilities 873 879 885 Investment (454) 0 0 Deferred Tax 42 42 42 Others 1205 875 848 Balance Sheet Ratios CF from Investing (549) (183) (375) RoE (%) 17.4 18.5 18.7 Change in Equity 21 0 0 RoCE (%) 12.4 19.3 20.4 Change in Debt 548 0 0 Net Debt/Equity (0.3) (0.3) (0.4) Dividends (1797) (1240) (1306) Equity/Total Assets 0.7 0.7 0.7 CF from Financing (1228) (1240) (1306) P/BV (x) 2.9 2.6 2.3 Change in Cash 722 1875 2232 Source: Company, Karvy Research Source: Company, Karvy Research Exhibit 2: Shareholding Pattern (%) Exhibit 3: Revenue Segmentation (%) Others Others Data 0.5% 13.3% Transformation, Promoters Network & 22.2% Operations 36.5% FIIs DIIs 23.1% Engineering 41.4% 63.0% Source: BSE, Karvy Research Source: Company, Karvy Research 2 Aug 03, 2016 Cyient Ltd Engineering services account for 63.5% of revenues, delivered a revenue growth of 16.0% CAGR during FY12-FY16, We expect the revenue growth of 15.3% CAGR between FY16-FY18E Exhibit 4: Engineering services revenue concentration comparing to its peers 70% 63.5% 60% Cyient pioneered in product engineering solutions, from 50% the concept to prototype development and also offers 40% 28.7% service engineering solutions that enhance after-market 30% 18.0% revenue. These solutions include product health monitoring, 20% 10.0% reliability engineering, technical publications, obsolescence 7.1% 4.5% 10% 3.4% management and sustenance engineering. 0% Cyient KPIT HCL Mindtree Wipro TCS Infosys tech Source: Company, Karvy Research Potential Market Global R&D Spend US$614 Bn Addressable Market Addressed Market US$216 Bn US$67 Bn Addressed ER&D Globalisation & Services Addressed Market through offshore in-house market through Outstanding partners US$36 Bn R&D centers US$31 Bn Source: Zinnov market research, Karvy Research Cyient derives major revenue of 63.5% from Engineering services; highly concentrated on this vertical comparing to its peers and we expect potential market growth would give Cyient a sharp edge to capitalize the growth opportunity. Overall global Exhibit 5: Global R&D spend (US$ Bn) 500 R&D spends grew by 2% and reached US$614 Bn Semiconductor US$ 51 Bn market during FY15, United States continues to be the major contributor with 41% share of the global R&D spends. Out of Telecom & Automotive global R&D spend of US$ 614 Bn, US$216 Bn is the overall US$ 109 Bn Networking addressable outsourced Engineering R&D services market. US$ 41 Bn However, global service providers addressed US$36 Bn Electrical & Software & cosumer during FY15 (which is 16.7% of total addressed market) and Internet, electronics huge market is still largely untapped. Europe based service USD 71 Bn US$ 48 Bn providers leading the market followed by India ER&D service providers. Source: Zinnov market research, Karvy Research India engineering R&D service providers revenue grew by 12.7% during FY15, outpacing the growth of Global Engineering services market growth of 8.7% Global Engineering R&D services outsourcing market grew by 8.7% and reached US$36 Bn during FY15. European service providers dominated this market during FY15 (constituting 55% of overall market) and grew by 7.7%. India based R&D service companies which account for 22% (US$ 7.8 Bn) of global R&D services market, grew by much faster pace of 12.7%. According to Zinnov market research, India’s ER&D services market is expected to reach US$15-17 Bn by 2020.
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