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Buy Accelya Solutions, target price Rs 1200: ICICI Direct

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ICICI Direct has given a buy rating to Accelya Solutions with a target price of Rs 1200. The share price moved up by 1.32 per cent from its previous close of Rs 1038.15. The stock’s last traded price is Rs 1051.90.

Accelya Solutions India Ltd., incorporated in the year 1986, is a Small Cap company (having a market cap of Rs 1567.26 Crore) operating in IT Software sector.

Accelya Solutions India Ltd. key Products/Revenue Segments include Software Development Charges which contributed Rs 375.80 Crore to Sales Value (99.29 % of Total Sales) and Other Operating Revenue which contributed Rs 2.67 Crore to Sales Value (0.70 % of Total Sales)for the year ending 30-Jun-2019.

Financials

For the quarter ended 30-06-2020, the company reported a Consolidated sales of Rs 62.43 Crore, down 41.99 % from last quarter Sales of Rs 107.62 Crore and down 42.64 % from last year same quarter Sales of Rs 108.83 Crore. The Company reported net profit after tax of Rs 3.56 Crore in latest quarter.


Accelya-graph
Investment Rationale
The company reported a subdued Q4FY20 performance. However, the brokerage expects Accelya to witness improved revenues on a QoQ basis based on a gradual opening up of economies and improved volumes in June 2020 vs. April & May 2020. Further, it expects a healthy recovery in the airline sector coupled with cross selling opportunities from Fairlogix to drive FY22E revenues (up 19% YoY). In addition, it expects margins to witness a healthy improvement in FY22E based on cost rationalisation and improvement in revenues. As a result, it has revised EPS estimates upwards from | 38 and 53 in FY21E & FY22E to | 45 and | 69 in FY21E & FY22E, respectively. Hence, it has revised target price upwards to | 1200/ share (17x FY22E EPS, 3.5x FY22E sales) and upgrade the stock from REDUCE to BUY recommendation.

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