DTIL would continue to report higher revenue and
improvement in margins owing to its presence in high growth segments,
experienced management and growing share of ODM segment. Despite the
company operating on thin margins, it has registered return on capital of a
whopping 33.3% in FY2017. Further, it has been generating positive cash
flow from operations over the last 5 years and negligible debt post IPO. At the upper end of the price band, the pre issue P/E multiples works out be 38.5x
of FY2017 EPS, on P/B, it is valued at 9.8x of FY2017 book value. We
recommend SUBSCRIBE on the issue for a mid-to-long term period.
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