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Yes Securities Report
Crisil Ltd.'s valuation now is more in sync with its near-term outlook, and hence the stock is likely to stabilise after recent correction. We would turn bullish after seeing cyclical recovery in Global Research and Risk Solutions business.
Our current consolidated growth and margin estimates for CY24 to a large extent factor a reasonable recovery in financial performance in the remaining three quarters. However, a stronger comeback by GR&RS business, sustained traction in GBA, improvement in growth of GAC, and continued momentum in Domestic Ratings could pose upside risks to our CY25 estimates.
For now, we retain Neutral rating with unchanged estimates and 12 month target price of Rs 4500.
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