ICICI Direct has given Buy recommendation for Newgen Software recommended buy rating on the stock with a target price of Rs 445 in its research rep with a target price of Rs. 445 in its research report issued on Oct 19, 2022

ICICI Direct’s research report on Newgen Software

Incorporated in 1992, Newgen is a low code application development platform company. It is an established player in the market of enterprise content management (ECM), business process management (BPM) & customer communications management (CCM). Annuity based revenues (SaaS + ATS/AMC + Support) comprises 59% of revenue mix while license & others form 20.7% revenue mix each • Vertical wise, BFSI comprises 66% of revenue mix while geographical break-up has been largely equal between India, US, EMEA & APAC.


We maintain BUY rating on the stock. We value Newgen at Rs 445 i.e. 13x P/E on FY25E EPS.

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