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Client caution may hurt LTIMindtree more than peers
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Motilal Oswal Financial Services report. “We have reduced our FY25/26 earnings estimates by ~6/9% after cuts in revenue and profitability," it added.
Meanwhile, the stock has declined 26% so far in 2024, much steeper than the sectoral Nifty IT index’s 5.5% decline. The weak performance captures the Street’s worries to a large extent.
The stock trades at FY25 price-to-earnings multiple of 26 times, showed Bloomberg data. This is higher than some large-cap peers such as Infosys Ltd and HCL Technologies Ltd.
LTIMindtree's valuation multiple has moderated lately as meaningful synergy benefits of the merger seem to have been delayed. Still, the valuation doesn't offer comfort in the current backdrop.
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