EPAM Systems, Inc.
EPAM
pitch
long
Manas Bajaj, Akshay Chawla, Amitaabh Sahai
Thesis
EPAM is expected to outperform street estimates due to its strong pipeline and demand for services, which is currently outpacing supply. The company has a solid asset-light operating profile, high cash generation, and a large cash balance that provides insulation from market dislocations. The projected exit price is $430, with an IRR of 24%.
Did it work?
failed
confidence: high
The long thesis for EPAM anticipated strong performance driven by demand outpacing supply and a projected exit price of $430. However, the stock has underperformed significantly, with a return of -42.9%, indicating that the expected growth and performance did not materialize as projected.
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