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Investing.com - Macquarie has initiated coverage on Cyient DLM Ltd (NSE:CYIENTDL) with a Neutral rating and a price target of INR450.00.
The research firm cited limited visibility into Cyient’s growth prospects following a slowdown in order book growth and impacts from the departure of the company’s largest customer.
Macquarie noted that while management has announced several large wins, and margin growth is expected to improve due to the recent client loss, the company remains in "show-me" mode.
The price target of Rs450 implies 14x FY28E EV/EBITDA, according to Macquarie’s DCF-based valuation model.
The departure of Cyient DLM’s largest customer has affected both revenue and working capital, creating uncertainty that has influenced Macquarie’s cautious stance on the stock.
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