IT Sector Equity Research Report January 14‚ 2011 IT-Tier 1 IT Services THEMATIC Humpty Dumpty sat on a wall… Analyst contact Ankur Rudra‚ CFA Tel: +91 22 3043 3211 ankurrudra@ambitcapital.com Tier 1 Indian IT firms have outperformed the Sensex by 14% over the last twelve months and are trading at ~20x FY12 P/E. Such share prices imply long term revenue growth rates >20% over FY11-16 and sustained margin performance. Our reverse DCF analysis indicates that this will be tough to
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Reported PAT | 61‚624 | 74‚184 | 88‚423 | | yoy growth (%) | 23.6 | 20.4 | 19.2 | | EPS (Rs) | 7.9 | 9.4 | 11.2 | | P/E (x) | 42.5 | 35.7 | 29.9 | | Price/Book (x) | 13.9 | 11.9 | 10.4 | | EV/EBITDA (x) | 30.5 | 25.3 | 21.1 | | Debt/Equity (x) | 0 | 0 | 0 | | RoE (%) | 35.5 | 36.1 | 37.1 | | RoCE (%) | 49.1 | 49.7 | 51.1 | | * Revenue grew by ~19% yoy to Rs81.8bn‚ driven by cigarettes ‚ Other-FMCG and agri segments. Cigarette volumes grew by ~3% yoy. * EBIT margins expand
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TERM SHEET FOR POTENTIAL EQUITY INVESTMENT IN [NAME OF CORPORATION] / AND STRATEGIC ALLIANCE This term sheet summarizes the principal terms with respect to a potential private placement of equity securities of [NAME OF CORPORATION] (the “Company”) by [NAME OF INVESTOR] (“Investor”) and related strategic alliance. This term sheet is intended solely as a basis for further discussion and is not intended to be and does not constitute a legally binding obligation. No legally binding obligations
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biO315 Final Draft SNARE Complexes and their Important Role with Vesicle Fusion and Docking SNARE complex’s play a role in all vesicle fusion within the cell including going from the endoplasmic reticulum to the golgi body and golgi body to lysosomes or to mitigate exocytosis of intracellular vesicles with the cellular membrane. The SNARE complex is made up of 2 classes of protiens that allow vesicle fusion called the v-snares and t-snares. The v-snares are found on the vesicle and include synaptobrevin
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The Consumer Buying Model: 2011 Ford Fusion Introduction: One of the most exciting times of a young consumer’s life is when they decide to buy their first car‚ most people are looking for speed‚ style‚ and speakers. However‚ in the view of a more experienced driver‚ they may look for price‚ mileage‚ and efficiency. The latter is the case with our group member Kylan’s purchase of a Ford Fusion after his previous car was stolen. To make this purchase‚ he had to work through the Consumer Buying
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“Outline the main features of the current reforms to the NHS based on the 2010 White Paper “ Equity and Excellence: Liberating the NHS.” Review the reasons for the main proposals in this White Paper.” The NHS trust underwent a major organisational change to improve flexibility and responsiveness to patients ’ needs. Although organisational change was beneficial to the patients‚ issues of power and control‚ ownership‚ gender and communication became predominant within the organisation. As
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they would probably do it. But Nuclear Fusion‚ unlike its cousin‚ Nuclear Fission‚ is quite difficult to achieve. Nuclear fission is the process of splitting large atoms‚ usually Uranium 235‚ to produce massive amounts of energy. The process enacted within all nuclear power plants is Nuclear Fission. Nuclear Fusion‚ on the other hand‚ is the exact opposite; Taking small atoms such as Hydrogen and pushing them together to build larger atoms. In theory‚ fusion produces more energy than fission in a
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1 BRAND EQUITY OF PROCTOR & GAMBLE Introduction This paper will answer question regarding the marketing strategy and case study of Proctor & Gamble. Proctor & Gamble Success Factor P&G has a global leader position in the consumer goods industry with many well known premium products in its portfolio like: - Fabric and Home Care: Tide‚ Cascade - Baby‚ Feminine and Family Care: Bounty - Beauty Care: Max factor‚ Cover Girl‚ Head & Shoulders - Health Care: Crest - Food and Beverage: Folgers Coffee
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The use of these drugs frequently results in multiple births‚ which leads to the death of one of the infants‚ often after an agonizing struggle for survival. According to the rules of the pro-lifers‚ isn’t this murder?” — North-State Record The fallacy is “Andrea Keene’s selective morality is once again showing through in her July 15 letter. This time she expresses her abhorrence of abortion. But how we see only what we choose to see! I wonder if any of the anti-abortionists have considered the
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According to Gary Curtis‚ a logical fallacy is a mistake in reasoning. (Curtis‚ 2012) There are‚ at least‚ ten of them that we know of. Many dieting commercials‚ like Nutri-System‚ can lay claim to a few of them. I believe that Nutri-System uses appeal to popularity and appeal to emotion. The appeal to popularity comes from the use of Jennifer Hudson and Marie Osmond touting them and the appeal to emotion comes from the need of obese women to lose weight. The fallacy comes in because a normal woman
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