
Positives
..Leader in the core banking software arena; strong parentage to lead to marqee accounts
..Available at 8x FY09 earnings;
..Potential for open offer from Oracle; last offer at Rs.2100 per share
Risks
..Presence only in BFSI sector;
..Inconsistent performance, evening services business
..Deeper recession in developed economies will impact earnings estimates
The stock trades at a P/E of less than 8x FY09 earnings.At CMP of Rs.430, long term investors can accumulate on declines.