This is our first report on EPAM Systems, a renowned digital transformation services provider. The company has been in the news for the negative impact of the Russia-Ukraine war on its operations but has navigated the challenging business environment remarkably well. Its exit from its Russia operations and the impact of foreign exchange in the U.S dollar has impacted the margins but EPAM did manage to deliver an all-around beat in the last quarter. Travel and consumer grew driven by its strong organic growth. Life science and healthcare grew with strong growth in the HealthCare industry and life sciences. With the growth in banking, payments, and asset management, financial services have grown. In the quarter, software and hi-tech also perform well. A big positive about EPAM is that now, EPAM Continuum is a consulting brand that the leading analysts recognize. The company also recently announced its upgradation to platinum status within the partner program of Adobe Solutions. We initiate coverage on the stock of EPAM systems with a ‘Hold’ rating.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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