Hold Inventurus Knowledge Solutions; target of Rs 1820: ICICI Securities

ICICI Securities research report on Inventurus Knowledge Solutions

IKS Health (IKS) is a Platform as a Service (PaaS) company that caters to US’ healthcare provider segment. It focusses on outsourcing the routine chores of physicians. IKS’ platform has 16 key features, spanning across chores in a physician’s value chain, bundled into: 1) admin offerings; and 2) clinical offerings. With strong financial credentials (industry-leading growth/margin /RoE), synergistic large acquisition (Aquity) and US healthcare industry-led tailwinds in its favour, the delta for IKS lies in the cross-selling-led potential arising from the ~800 customers added via the Aquity acquisition.

Outlook

We model FY25–28E revenue/EPS CAGRs of 20%/34%. While we like IKS business for its superior financial performance, technology prowess and attractive large scale opportunity; valuations at 33x FY27E P/E are rich. We recommend HOLD with TP of 1,820 (based on 35x FY27 EPS).

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