Incorporated in 1985, Security and Intelligence Services (India) Limited (SIS)
provides private security and facility management services in India and Australia.
They offer cash logistics & security services, including manned guarding and
electronic security; and facility management services, such as mechanized
cleaning, and pest & termite control services.

Outlook and Valuation: At the upper price band of `815, issue is offered at 61x
FY17EPS (Pre issue marketcap), which is at ~36% discount to Quess Corp (96x
FY2017EPS). Moreover, SIS has better ROE (16.4%) compared to Quess Corp
(13.6%). Furthermore, at 10.3xP/BV, 26.2xEV/EBITDA, SIS’s valuation looks
attractive compared to Quess Corp’s valuation of 13.1xP/BV, 50.4xEV/EBITDA.
Hence, we recommend SUBSCRIBE rating on the issue.

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