ICICI Securities: SIS - Mispricing Of Business And Balance Sheet Improvement
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ICICI Securities Report
Security and Intelligence Services India Ltd.’s concerns around -
1. structural impact on the business case of security/facility management due to work from home,
2. levered balance sheet and 3. the then impending NCI payments led to the stock languishing approximately 40% below the pre-Covid-19 level.
Our analysis suggests Covid should drive higher (rather than lower) volumes over the medium term for both Security / facility management.
The company being one of the very few players with integrated offerings, should be a key beneficiary.
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