Cyient Ltd. acquired Global Services Engineering Asia (GSE-Asia) based in Singapore from Pratt & Whitney Pte Ltd. for $6-7 million. GSE-Asia provides repairs, development and validation for aerospace engine components with annual revenue of $10-12 million. This acquisition allows Cyient to expand into the lucrative aftermarket services segment of the aerospace industry and strengthen its partnership with Pratt & Whitney. The deal is expected to be earnings accretive and improve Cyient's return on equity.
Ashok Leyland Q1FY15: Losses narrowed down to Rs48 mn, holdIndiaNotes.com
Ashok Leyland's Q1FY15 results were inline with estimates on the top-line front at INR 25 bn. Losses narrowed down to INR 48 mn (more than we expected) led by lower raw material costs & higher other income. Rating changed from sell to hold.
Trade Nivesh Investment Advisor is a leading platform for Indian Stock Market trading and here you will get the best quality services like equity and commodity. So must try this advisory for the financial trading.
Ashok Leyland Q1FY15: Losses narrowed down to Rs48 mn, holdIndiaNotes.com
Ashok Leyland's Q1FY15 results were inline with estimates on the top-line front at INR 25 bn. Losses narrowed down to INR 48 mn (more than we expected) led by lower raw material costs & higher other income. Rating changed from sell to hold.
Trade Nivesh Investment Advisor is a leading platform for Indian Stock Market trading and here you will get the best quality services like equity and commodity. So must try this advisory for the financial trading.
Corporate Income Taxation and Firm EfficiencyGRAPE
This study tests empirically the hypothesis that corporate income taxes are neutral for firm efficiency. We exploit the fact that the tax definition of cost does not overlap fully with an accounting definition of cost and develop an instrument for taxation which relies on exogenous variation in this overlap. Our sample consists of firm-level data for roughly 20 million firms from over 40 countries over the period of two decades. We show that OLS estimates are strongly biased, yielding a positive correlation between taxation and output/efficiency. Accounting for the endogeneity via instrumenting yields robust negative estimates of the effects of taxation on firm output and efficiency. The results do not depend of firm characteristics, but are heterogeneous across countries: strong negative effects in some countries are accompanied by negligible or zero effects in others.
Corporate Income Taxation and Firm EfficiencyGRAPE
This study tests empirically the hypothesis that corporate income taxes are neutral for firm efficiency. We exploit the fact that the tax definition of cost does not overlap fully with an accounting definition of cost and develop an instrument for taxation which relies on exogenous variation in this overlap. Our sample consists of firm-level data for roughly 20 million firms from over 40 countries over the period of two decades. We show that OLS estimates are strongly biased, yielding a positive correlation between taxation and output/efficiency. Accounting for the endogeneity via instrumenting yields robust negative estimates of the effects of taxation on firm output and efficiency. The results do not depend of firm characteristics, but are heterogeneous across countries: strong negative effects in some countries are accompanied by negligible or zero effects in others.
Mahindra &Mahindra Q1FY15 profits better than estimates - Hold - SPA SecuritiesIndiaNotes.com
M&M reported Q1FY15 revenue & profit of INR 103 bn & INR 9 bn, which were better than our estimates because of higher realization for both the Automotive & Farm Equipment Segment (FES). Margins declined 47 bps YoY to 12.4% and EBITDA stood at INR 13 bn.
Last work of Master degree. Great Contribution of Rashid to follow a standards.
Helpful For Finance students.
Horizontal, vertical and all Ratios are covered and also interprets their results.
we have also excel sheet of its
if any one needed let me confirm
Tata Sponge: Q1 Net grows a whopping 145.45%, buyIndiaNotes.com
During Q1FY15, the company's net profit jumps to Rs. 442.80 million against Rs. 180.40 million in the corresponding quarter ending of previous year, an increase of 145.45%. Revenue for the quarter rose by 23.52% to Rs. 2031.20 million. Maintain buy
On the flip side, 10500 and 10600 put options added good amount of OI, suggesting immediate strong support around 10500-10550 levels. Maximum open interest concentration for April series is placed at 10700 call and
An FTTx business case focused on realisation of tangible benefits by consolidating the technology for PON & Node access networks with mobile backhauls, while canvasing them on single platform effectively. Learning objectives of this case study are to understand complex issues in relation to FTTN, FTTP & LTE/4G deployments and managing them efficiently with skilful People, Process & Tools (PPT).
Corporate Income Taxation and Firm EfficiencyGRAPE
This study tests empirically the hypothesis that corporate income taxes are neutral for firm efficiency. We exploit the fact that the tax definition of cost does not overlap fully with an accounting definition of cost and develop an instrument for taxation which relies on exogenous variation in this overlap. Our sample consists of firm-level data for roughly 20 million firms from over 40 countries over the period of two decades. We show that OLS estimates are strongly biased, yielding a positive correlation between taxation and output/efficiency. Accounting for the endogeneity via instrumenting yields robust negative estimates of the effects of taxation on firm output and efficiency. The results do not depend of firm characteristics, but are heterogeneous across countries: strong negative effects in some countries are accompanied by negligible or zero effects in others.
Corporate Income Taxation and Firm EfficiencyGRAPE
This study tests empirically the hypothesis that corporate income taxes are neutral for firm efficiency. We exploit the fact that the tax definition of cost does not overlap fully with an accounting definition of cost and develop an instrument for taxation which relies on exogenous variation in this overlap. Our sample consists of firm-level data for roughly 20 million firms from over 40 countries over the period of two decades. We show that OLS estimates are strongly biased, yielding a positive correlation between taxation and output/efficiency. Accounting for the endogeneity via instrumenting yields robust negative estimates of the effects of taxation on firm output and efficiency. The results do not depend of firm characteristics, but are heterogeneous across countries: strong negative effects in some countries are accompanied by negligible or zero effects in others.
Mahindra &Mahindra Q1FY15 profits better than estimates - Hold - SPA SecuritiesIndiaNotes.com
M&M reported Q1FY15 revenue & profit of INR 103 bn & INR 9 bn, which were better than our estimates because of higher realization for both the Automotive & Farm Equipment Segment (FES). Margins declined 47 bps YoY to 12.4% and EBITDA stood at INR 13 bn.
Last work of Master degree. Great Contribution of Rashid to follow a standards.
Helpful For Finance students.
Horizontal, vertical and all Ratios are covered and also interprets their results.
we have also excel sheet of its
if any one needed let me confirm
Tata Sponge: Q1 Net grows a whopping 145.45%, buyIndiaNotes.com
During Q1FY15, the company's net profit jumps to Rs. 442.80 million against Rs. 180.40 million in the corresponding quarter ending of previous year, an increase of 145.45%. Revenue for the quarter rose by 23.52% to Rs. 2031.20 million. Maintain buy
On the flip side, 10500 and 10600 put options added good amount of OI, suggesting immediate strong support around 10500-10550 levels. Maximum open interest concentration for April series is placed at 10700 call and
An FTTx business case focused on realisation of tangible benefits by consolidating the technology for PON & Node access networks with mobile backhauls, while canvasing them on single platform effectively. Learning objectives of this case study are to understand complex issues in relation to FTTN, FTTP & LTE/4G deployments and managing them efficiently with skilful People, Process & Tools (PPT).
The presentation talks about key FTTx deployment fundamentals, possible pitfalls and remedies for the same. Also, the presentation provides insights on how to avoid such pitfalls in the future, which includes the continual service improvement (CSI). In addition, the presentation examples its experience managing such FTTx deployment pitfalls in ASEAN region.
Operator key takeaways of this presentation includes understanding the pitfalls in complex mixed FTTx and wireless networks. Another learning of this presentation is to managing them by leveraging Cyient’s S3 (Services, Solutions & Systems) portfolio.
Unique Liaison between Modularity and Safety. The MTCS is an open and modular railway computer platform based on standard hardware and software and freely programmable ...
Presented at the Peggy Smedley Institute 2016 in Del Mar, CA: by Mark Benson on September 9th, 2016.
ABSTRACT: As manufacturers begin creating smart, connected products, a flurry of IoT platform technologies have emerged. However, it is still in the early days of IoT platform maturity and many platforms suffer from a lack of features, security guarantees, scalability concerns, and inflexible interfaces. This presentation by Mark Benson, Exosite, explains the concept of an IoT platform, what problems it solves, and how to make buying decisions when looking for an IoT platform for your connected business.
IND3: Predix for Transportation (Predix Transform 2016)Predix
http://Predixtransform.com
4400 horse-power diesel-electric locomotives also are power houses of advanced software processing, analyzing massive amounts of sensor, operations, video, and even drone data. Join experts from GE Transportations on a journey through Predix powered solutions (the ‘Railroad Operating System') for fuel efficiency, emissions reduction, network velocity, and safety. And look under the hood of two core applications, GoLINC Edge Device Management and the GET Mobility Platform.
PAM3: Machine Learning in the Railway Industry ( Predix Transform 2016)Predix
http://predixtransform.com
See how Machine Learning algorithms and video analytics, powered by Predix, has been used to detect defects in railways tracks. View demos build using Python and OpenCV, and an actual field video showing different cases of anomaly detection.
Cipla Q2 disappoints, gearing up for strong H2FY15EIndiaNotes.com
Valuation‐Expect strong H2FY15E to overcome shortfall in sales and EBITDA, Maintain ‘Accumulate’, retain TP Rs643: Management maintains guidance for mid‐teen sales growth and 21‐22% Ebitda margin in FY15E. Cipla expects growth in sales and EBITDA in H2FY15E due to (a)rise in EU sales, (b)tender offer for respiratory drugs in South Africa and (c)large institutional offtake following capaicty utilisation improvements in will drive exports, while maintaining mid‐ teen growth in domestic formulaitons. The company however expects strong growth in EU from respiratory drugs in 12‐18 months folllowing registrations from local market regulators. We maintain ‘BUY’ and retain TP at Rs643.
Mercer Capital's Value Focus: FinTech Industry | Q1 2014 | Segment Focus: Tec...Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. In addition, each issue of this quarterly newsletter will focus on one FinTech segment, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity for the segment.
More about RGen solution: Founded in 2006, RGen has headquarters at Redmond, USA. The company provides services like Business Intelligence, staffing, software development & testing and SharePoint 2010 services.
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when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Cyient announces acquisition of GSE-Asia, maintain hold
1. 1
Information Technology
Cyient Ltd.
Cyient Ltd today announced the acquisition of Global Services Engineering Asia (GSE-Asia), based in Singapore, from Pratt &
Whitney Pte Ltd. This site provides repairs, development and validation for aero gas turbine engine components in support
of Pratt & Whitney through the region. GSE-Asia has revenue of $10-12mn with EBIDTA margin of 12-14%. Cyient paid ~$6-7mn
(0.6x revenue) for the acquisition. This is Cyient's fourth acquisition is last 15 months.
Why this acquisition?
As the company has been maintaining that opportunities in its
core competency area of designing is getting reduced with most
engine programs coming to an end and no new engine program
taking off, only way to grow its aerospace segment, which
contributes ~36% of its revenue, is to expand its presence in
manufacturing (acquired Rangsons Electronics) and aftermarket
services like MRO. This acquisition also opens large market
opportunity as aftermarket constitutes ~35% of spend across
value chain compared to 15% in design related spend. With the
acquisition of GSE-Asia, Cyient has established itself as a Design-
Build-Maintain partner around Engines, Structures and Avionics
& Systems. It also consolidates engineering operations with
strategic partner like P&W.
Strategic fit
• Aligns with Cyient's Aerospace Strategy to grow aftermarket
services
• Experience in repair engineering provides confidence in
delivering value to customers (~20% of the aerospace revenues
comes from MRO)
• Strengthening existing Pratt & Whitney relationship
• The business will see additional growth from new clients in
the Aerospace industry and offshoring to India over medium
to long terms
Shareholding (%) Jun-15
Promoters 22.21
FIIs 53.74
DIIs 13.62
Others 10.43
Relative Price Performance
July 22, 2015 EVENTUPDATE
Key Data
BSE Code 532175
NSE Code CYIENT
Bloomberg Code INFTC IN
Reuters Code INFE.BO
Shares Outstanding (mn) 112.44
Face Value 5
Mcap (INR bn) 60
52 Week H/L 613/327
2W Avg. Qty.NSE 111613
Free Float (INR Bn) 47
Beta 0.61
Y/E March (INR mn) FY14 FY15 FY16E FY17E
Net Sales 22064 27359 33484 38833
Growth (%) 17.80% 24.00% 22.39% 15.97%
EBIDTAM (%) 18.58% 14.67% 15.56% 13.98%
Adj. PAT 2663 3534 4285 4470
Growth (%) 14.34% 32.68% 21.26% 4.33%
Adj. EPS (INR) 22.16 31.45 38.13 39.78
P/E(x) 13.76 15.58 14.03 13.45
EV/EBIDTA 6.83 9.48 8.45 7.63
EV/Sales 1.33 1.82 1.57 1.29
RoACE (%) 24.46 25.35 25.79 23.84
RoAE (%) 18.28 20.59 21.37 19.18
Sensex: 28446 CMP: INR 535 Target: INR 565
Access to new market
• Singapore is home to many Aerospace companies (MRO, R&D,
manufacturing, data analytics)
• Potential to expand services to other aerospace companies in
Singapore and APAC
Transactiondetails
• Asset Purchase Transaction
• Transfer of ~90 employees
• P&W to give committed volume for a period of 4 years
• Deal to be financed by 1:1 Debt Equity for cost arbitrage and
leveraging
• Revenue of $10 Mn-$12Mn and EBITDA margin of 12-14%
• Acquisition is EPS accretive and improves Return on Equity
Outlook & Valuation
The recent acquisition of MRO engineering division of P&W,
Singapore is in line with the company's vision of becoming a
$1bn company by 2020 and to start with, it is leveraging its balance
sheet strength which has cash of INR 6614mn ($104mn) at the
end of Q1FY16. This acquisition is also in line with company's
strategy of focusing on improving RoE rather than improving
margins. On full year basis, this deal will add INR 0.5 to EPS and
improve the RoE by ~20bps. We maintain our HOLD rating on the
stock with TP of INR565.
Deepak Tewary
deepak.tewary@spagroupindia.com
Ph. No. 91 33 40114800/ 859
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Cyient Sensex
2. 2
Information Technology
Why GSE-Asia fits strategy execution
Cyient's industry strategy for Aerospace & Defense is to position
Cyient as a Design-Build-Maintain partner around Engines,
Structures and Avionics & Systems. Strategy Execution includes
investing in Engine overhaul & repair capabilities
Product Realization
Rangsons
acquisition
provides design led
manufacturing
capability
Aftermarket
Services
GSE-Asia extends
Cyient's value
through MRO
support
Positions Cyient as a "concept to solution" partner addressing
customers needs across value chain
Source:Company
Source:Company, SPA Research
Source:Company, SPA Research
Global fleet to grow at CAGR of ~3.5%
MRO spend at $76bn to grow to $100bn by 2025
growing at CAGR of ~4%
Engineering
Cyient has 15+
years track record
in aerospace
industry,
acknowledge
leader in design
services
4. 4
Information Technology
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