3 232 191 evebitda x 136 164 137 pricebook x 75 82 64

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Unformatted text preview: Buy 2013A 2014E 2015E P/E (x) 18.3 23.2 19.1 EV/EBITDA (x) 13.6 16.4 13.7 Price/book (x) 7.5 8.2 6.4 Infosys Limited (INFY.BO),INR3,514.20 Hold 2013A 2014E 2015E P/E (x) 15.1 19.4 16.9 EV/EBITDA (x) 10.2 13.0 11.0 Price/book (x) 4.2 4.3 3.6 Wipro (WIPR.BO),INR558.05 Buy 2013A 2014E 2015E P/E (x) 15.4 18.0 15.0 EV/EBITDA (x) 11.0 12.9 9.9 Price/book (x) 3.8 4.0 3.3 HCL Tech (HCLT.BO),INR1,251.30 Sell 2013A 2014E 2015E P/E (x) 11.2 16.0 15.4 EV/EBITDA (x) 7.0 9.6 8.6 Price/book (x) 3.8 4.5 3.5 Tech Mahindra Ltd (TEML.BO),INR1,817.65 P/E (x) EV/EBITDA (x) Price/book (x) Buy 2013A 2014E 2015E 9.3 13.0 11.7 4.6 3.9 3.1 2.9 3.6 2.8 Source: Deutsche Bank ________________________________________________________________________________________________________________ Deutsche Bank AG/Hong Kong Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. DISCLOSURES AND ANALYST CERTIFICATIONS ARE LOCATED IN APPENDIX 1. MICA(P) 054/04/2013. 7 January 2014 Software & Services Indian IT Services Table Of Contents Sector geared to macroeconomic recovery ........................ 3 Top pick – TCS ...................................................................................................... 3 IT spending on an upsurge .................................................. 7 Key markets return to growth – positive for tech spending ................................ 7 CY14 IT spending is likely to be higher ................................................................ 9 Currency unlikely to be a headwind .................................. 14 We do not expect significant INR appreciation in FY15E .................................. 14 US immigration bill a key risk to our positive view ........... 16 Recent versions of the bill relativ...
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This document was uploaded on 02/06/2014.

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