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ICICI Securities Report
We believe Happiest Minds Technologies Ltd. is trading at a premium likely because of:
its strong positioning in the high-growth digital product engineering business with potential to grow 2.5 times mid-cap IT services peers, plus ability to grow at par with global peers which are 5-10 times in size (EPAM, Globant, Thoughtworks, Grid dynamics, etc.),
ability to sustain margins comparable to mid-caps despite being a tenth their size and higher than global peers and
potential non-linear upside to earnings led by acquisition related growth and scale.
Happiest Minds is a ‘born digital' company, well positioned in the high-growth digital IT spending market. It derives almost all of its revenues (97%) from digital and new technologies.
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