09-Nov-2026 08:23:14
GS on Amagi Media ; Buy, TP Rs 635
Earnings momentum has been solid, with elevated revenue growth, sustained higher operating leverage, & strong free cash conversion. Additionally, company has been making investments in new AI products across the video value chain, including enabling clients to expand audience/revenue and improve cost structures, which believe should continue to increase Amagi's TAM and extend growth durability. In its 2QFY27 earnings call, management was confident in sustaining c.20%+ constant Fx revenue growth over medium term, with 40%+ of incremental margins See room for significant earnings compounding; forecast 50% FY26-30E EBITDA CAGR for Amagi, driven by 20%+ revenue growth and margins more than doubling vs. FY26 levels
AMAGI MEDIA LABS LIMITED