MASTEK Intrinsic Value | Fundamental Analysis

Is MASTEK good for long term investment?

As on Aug 16,, the Fundamentals of MASTEK look Strong and hence it may be good for long term investment!

As on Aug 16,, the Fundamentals of MASTEK look Strong and hence it may be good for long term investment! See Financial Performance of MASTEK . Please look at the other parameters such as Valuation, Price Momentum, News & Corporate Governance and/or consult an Investment Advisor before taking an investment decision!

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Is MASTEK UnderValued or OverValued?

As on Aug 16,, MASTEK is Over Valued based on the estimates of intrinsic value and hence may not be a good buying opportunity according to Share Valuation at this time!

What is the Intrinsic Value of MASTEK ?

As on Aug 16,, the Intrinsic Value of MASTEK is Rs. 1,066.85 estimated based on Median of the 3 historical models.
Fair Value [Median EV / EBIDTA Model] : Rs. 950.28
Fair Value [Median EV / Sales Model] : Rs. 1,066.85
Fair Value [Median Price / Sales Model] : Rs. 1,149.92
Estimated Median Fair Value of MASTEK : Rs. 1,066.85

The fair value of any stock is always subjective and should, in no way, be taken as a recommendation to buy/sell the same.

Is MASTEK trading at a Premium or Discount?

As on Aug 16,, MASTEK is trading at a Premium of 158% based on the estimates of Median Intrinsic Value!

, CEO, on ET now. Edited excerpts:

There has been record high order booking, even the demand for your digital services has stayed strong in the year of the pandemic. What are the areas and highlights that led to a strong performance?
Basically, we had always been in the mission critical system for the last 10 to 15 years. We have been doing large projects like London Congestion Charging 15 years ago before Indian industry was recognised for doing those projects. So, when digital opportunity came up in the last five years, we were clearly ready to take up that responsibility because digital is about transformation; digital is about solutions.

That positioning and that ability which was built over last 15-20 years came very handy to us and today 80% to 90% of our business is digital. That is one part. Second part is digital itself is growing very fast. The digital market is growing at 30%, other

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The third one was digital itself got accelerated because of COVID. Everyone wanted to sell online and we are very strong in retail. We have a very strong

Point number four is we acquired almost one year ago a company which is very focused on cloud-based ERP for Oracle. Now that was a new area for us in terms of growth vector. ERP on cloud is the fastest growing segment today; again, growing at 25%-30%. Within that, Oracle is recognised as obviously number one by Gartner. And the Evosys which is the company we acquired was already looked at by Gartner as one of the magic quadrant player as we call it, because of their global operations that now we have from Australia to US. So, all these together propelled us into this movement over last few quarters and the last quarter.


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What percentage of your business is in this high-growing digital segment? How much would you say is your business tilted towards digital? With most IT players guiding for high double-digit growth in FY22, can we expect you to perhaps pass that too?
Yes, we would definitely surpass industry growth because as I said almost more than 80% of our business is coming through digital and cloud areas. As I said, within those again the areas that we are in like cloud ERP, etc., are very fast growing. So, because of that positioning and our ability which we have built over the last many years, including acquisitions, we would definitely do better than the overall industry growth. That is what we are targeting at.

How would you look at Europe as a market for a midcap IT company?
So, Europe typically owes very small part of Indian IT industry. So, US is 60% plus, UK is around 18% to 20% and Europe was almost maybe one-third or half of UK. Now what is happening is that there is a kind of mobilisation that is happening in Europe in businesses, they are also going digital, and internationalised and language-specific issues are getting diluted. Many of them are already in US and some of them would like to capitalise on the US market which is digital and so on. So, Indian IT industry is well poised today in terms of European getting in particularly in the northern Europe.

On the margin front, the rupee has been volatile. Do you think that is creating difficulty in terms of pricing?
Including Mastek obviously we hedge our future earnings and that does cover us about some of these fluctuations so that is one, the second is typically these contracts which are being redone or new jobs which they come we have an opportunity to take care of pricing as and when there is an opportunity that is not available in the long term contracts but in a digital area when there is a transformation projects we bid for projects continuously and we do get an opportunity to look at some of the price increases if you want to do but you must know and there was an advantage that came for Indian IT in the sense Mastek obviously for in the COVID area because of the travel cost and so on that kind of protected us from some of the fluctuations.

When the digital opportunity came up in the last five years, we were clearly ready to take up that responsibility because digital is about transformation and about solutions, said, CEO,on ET now. Edited excerpts:Basically, we had always been in the mission critical system for the last 10 to 15 years. We have been doing large projects like London Congestion Charging 15 years ago before Indian industry was recognised for doing those projects. So, when digital opportunity came up in the last five years, we were clearly ready to take up that responsibility because digital is about transformation; digital is about solutions.That positioning and that ability which was built over last 15-20 years came very handy to us and today 80% to 90% of our business is digital. That is one part. Second part is digital itself is growing very fast. The digital market is growing at 30%, other IT businesses are not growing at that high a rate. Indian IT industry is also doing it obviously, but we have been focused on digital. Our own growth came through growth in digital market; that is second.The third one was digital itself got accelerated because of COVID. Everyone wanted to sell online and we are very strong in retail. We have a very strong retail practice in US and also in UK with certain large customers. Many of them wanted to capitalise on basically digital customer-focused software development and customer-focused transformation.Point number four is we acquired almost one year ago a company which is very focused on cloud-based ERP for Oracle. Now that was a new area for us in terms of growth vector. ERP on cloud is the fastest growing segment today; again, growing at 25%-30%. Within that, Oracle is recognised as obviously number one by Gartner. And the Evosys which is the company we acquired was already looked at by Gartner as one of the magic quadrant player as we call it, because of their global operations that now we have from Australia to US. So, all these together propelled us into this movement over last few quarters and the last quarter.Yes, we would definitely surpass industry growth because as I said almost more than 80% of our business is coming through digital and cloud areas. As I said, within those again the areas that we are in like cloud ERP, etc., are very fast growing. So, because of that positioning and our ability which we have built over the last many years, including acquisitions, we would definitely do better than the overall industry growth. That is what we are targeting at.So, Europe typically owes very small part of Indian IT industry. So, US is 60% plus, UK is around 18% to 20% and Europe was almost maybe one-third or half of UK. Now what is happening is that there is a kind of mobilisation that is happening in Europe in businesses, they are also going digital, and internationalised and language-specific issues are getting diluted. Many of them are already in US and some of them would like to capitalise on the US market which is digital and so on. So, Indian IT industry is well poised today in terms of European getting in particularly in the northern Europe.Including Mastek obviously we hedge our future earnings and that does cover us about some of these fluctuations so that is one, the second is typically these contracts which are being redone or new jobs which they come we have an opportunity to take care of pricing as and when there is an opportunity that is not available in the long term contracts but in a digital area when there is a transformation projects we bid for projects continuously and we do get an opportunity to look at some of the price increases if you want to do but you must know and there was an advantage that came for Indian IT in the sense Mastek obviously for in the COVID area because of the travel cost and so on that kind of protected us from some of the fluctuations.

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