Intrinsic value of Wipro ADR - WIT

Previous Close

$5.38

  Intrinsic Value

$5.28

stock screener

  Rating & Target

hold

-2%

  Value-price divergence*

-116%

Previous close

$5.38

 
Intrinsic value

$5.28

 
Up/down potential

-2%

 
Rating

hold

 
Value-price divergence*

-116%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of WIT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 19.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.40
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  8,240
  8,405
  8,598
  8,819
  9,067
  9,342
  9,644
  9,972
  10,328
  10,711
  11,122
  11,561
  12,031
  12,530
  13,061
  13,625
  14,222
  14,854
  15,522
  16,228
  16,974
  17,761
  18,590
  19,465
  20,387
  21,357
  22,379
  23,455
  24,586
  25,777
  27,030
Variable operating expenses, $m
 
  6,813
  6,965
  7,139
  7,335
  7,551
  7,789
  8,048
  8,328
  8,630
  8,954
  9,112
  9,482
  9,876
  10,294
  10,738
  11,209
  11,707
  12,234
  12,790
  13,378
  13,998
  14,652
  15,341
  16,068
  16,833
  17,638
  18,486
  19,378
  20,316
  21,303
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  6,835
  6,813
  6,965
  7,139
  7,335
  7,551
  7,789
  8,048
  8,328
  8,630
  8,954
  9,112
  9,482
  9,876
  10,294
  10,738
  11,209
  11,707
  12,234
  12,790
  13,378
  13,998
  14,652
  15,341
  16,068
  16,833
  17,638
  18,486
  19,378
  20,316
  21,303
Operating income, $m
  1,406
  1,592
  1,633
  1,680
  1,733
  1,791
  1,855
  1,924
  2,000
  2,081
  2,168
  2,449
  2,549
  2,655
  2,767
  2,886
  3,013
  3,147
  3,288
  3,438
  3,596
  3,763
  3,938
  4,124
  4,319
  4,525
  4,741
  4,969
  5,209
  5,461
  5,726
EBITDA, $m
  1,752
  1,930
  1,974
  2,025
  2,082
  2,145
  2,214
  2,290
  2,371
  2,459
  2,554
  2,655
  2,762
  2,877
  2,999
  3,128
  3,266
  3,411
  3,564
  3,726
  3,898
  4,078
  4,269
  4,470
  4,681
  4,904
  5,139
  5,386
  5,645
  5,919
  6,206
Interest expense (income), $m
  30
  10
  12
  14
  16
  18
  21
  24
  27
  30
  34
  38
  42
  46
  51
  56
  62
  67
  73
  80
  87
  94
  101
  109
  117
  126
  135
  145
  156
  166
  178
Earnings before tax, $m
  1,652
  1,582
  1,621
  1,666
  1,717
  1,773
  1,834
  1,901
  1,973
  2,051
  2,134
  2,412
  2,507
  2,608
  2,716
  2,830
  2,951
  3,079
  3,215
  3,358
  3,509
  3,669
  3,837
  4,015
  4,202
  4,398
  4,606
  4,824
  5,053
  5,295
  5,549
Tax expense, $m
  377
  427
  438
  450
  464
  479
  495
  513
  533
  554
  576
  651
  677
  704
  733
  764
  797
  831
  868
  907
  948
  991
  1,036
  1,084
  1,134
  1,188
  1,243
  1,302
  1,364
  1,430
  1,498
Net income, $m
  1,271
  1,155
  1,184
  1,216
  1,253
  1,294
  1,339
  1,388
  1,440
  1,497
  1,558
  1,760
  1,830
  1,904
  1,983
  2,066
  2,154
  2,248
  2,347
  2,452
  2,562
  2,678
  2,801
  2,931
  3,067
  3,211
  3,362
  3,521
  3,689
  3,865
  4,050

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5,187
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  11,880
  6,828
  6,985
  7,164
  7,366
  7,589
  7,834
  8,101
  8,390
  8,701
  9,035
  9,392
  9,773
  10,179
  10,610
  11,068
  11,553
  12,066
  12,609
  13,183
  13,789
  14,428
  15,102
  15,812
  16,561
  17,349
  18,180
  19,053
  19,973
  20,940
  21,957
Adjusted assets (=assets-cash), $m
  6,693
  6,828
  6,985
  7,164
  7,366
  7,589
  7,834
  8,101
  8,390
  8,701
  9,035
  9,392
  9,773
  10,179
  10,610
  11,068
  11,553
  12,066
  12,609
  13,183
  13,789
  14,428
  15,102
  15,812
  16,561
  17,349
  18,180
  19,053
  19,973
  20,940
  21,957
Revenue / Adjusted assets
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
  1.231
Average production assets, $m
  1,247
  1,269
  1,298
  1,332
  1,369
  1,411
  1,456
  1,506
  1,559
  1,617
  1,679
  1,746
  1,817
  1,892
  1,972
  2,057
  2,147
  2,243
  2,344
  2,450
  2,563
  2,682
  2,807
  2,939
  3,078
  3,225
  3,379
  3,542
  3,713
  3,892
  4,081
Working capital, $m
  4,631
  1,311
  1,341
  1,376
  1,414
  1,457
  1,504
  1,556
  1,611
  1,671
  1,735
  1,804
  1,877
  1,955
  2,038
  2,125
  2,219
  2,317
  2,421
  2,532
  2,648
  2,771
  2,900
  3,037
  3,180
  3,332
  3,491
  3,659
  3,835
  4,021
  4,217
Total debt, $m
  2,132
  336
  389
  449
  517
  592
  674
  764
  861
  965
  1,078
  1,198
  1,326
  1,462
  1,607
  1,761
  1,924
  2,096
  2,279
  2,471
  2,675
  2,890
  3,116
  3,355
  3,606
  3,871
  4,150
  4,444
  4,753
  5,078
  5,420
Total liabilities, $m
  4,090
  2,294
  2,347
  2,407
  2,475
  2,550
  2,632
  2,722
  2,819
  2,923
  3,036
  3,156
  3,284
  3,420
  3,565
  3,719
  3,882
  4,054
  4,237
  4,429
  4,633
  4,848
  5,074
  5,313
  5,564
  5,829
  6,108
  6,402
  6,711
  7,036
  7,378
Total equity, $m
  7,790
  4,534
  4,638
  4,757
  4,891
  5,039
  5,202
  5,379
  5,571
  5,777
  5,999
  6,236
  6,489
  6,759
  7,045
  7,349
  7,671
  8,012
  8,373
  8,754
  9,156
  9,580
  10,028
  10,499
  10,996
  11,520
  12,071
  12,651
  13,262
  13,904
  14,580
Total liabilities and equity, $m
  11,880
  6,828
  6,985
  7,164
  7,366
  7,589
  7,834
  8,101
  8,390
  8,700
  9,035
  9,392
  9,773
  10,179
  10,610
  11,068
  11,553
  12,066
  12,610
  13,183
  13,789
  14,428
  15,102
  15,812
  16,560
  17,349
  18,179
  19,053
  19,973
  20,940
  21,958
Debt-to-equity ratio
  0.274
  0.070
  0.080
  0.090
  0.110
  0.120
  0.130
  0.140
  0.150
  0.170
  0.180
  0.190
  0.200
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.340
  0.350
  0.360
  0.370
  0.370
Adjusted equity ratio
  0.650
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664
  0.664

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,271
  1,155
  1,184
  1,216
  1,253
  1,294
  1,339
  1,388
  1,440
  1,497
  1,558
  1,760
  1,830
  1,904
  1,983
  2,066
  2,154
  2,248
  2,347
  2,452
  2,562
  2,678
  2,801
  2,931
  3,067
  3,211
  3,362
  3,521
  3,689
  3,865
  4,050
Depreciation, amort., depletion, $m
  346
  338
  341
  345
  349
  354
  360
  365
  372
  379
  386
  205
  214
  223
  232
  242
  253
  264
  276
  288
  302
  316
  330
  346
  362
  379
  398
  417
  437
  458
  480
Funds from operations, $m
  1,076
  1,492
  1,525
  1,561
  1,603
  1,648
  1,698
  1,753
  1,812
  1,876
  1,944
  1,966
  2,044
  2,127
  2,215
  2,308
  2,407
  2,512
  2,623
  2,740
  2,863
  2,994
  3,131
  3,276
  3,429
  3,590
  3,760
  3,938
  4,126
  4,323
  4,531
Change in working capital, $m
  -313
  26
  30
  34
  39
  43
  47
  51
  55
  60
  64
  69
  73
  78
  83
  88
  93
  99
  104
  110
  116
  123
  129
  136
  144
  151
  159
  168
  177
  186
  195
Cash from operations, $m
  1,389
  1,467
  1,495
  1,527
  1,564
  1,605
  1,651
  1,702
  1,757
  1,816
  1,880
  1,897
  1,970
  2,049
  2,132
  2,220
  2,314
  2,413
  2,518
  2,630
  2,747
  2,871
  3,002
  3,140
  3,286
  3,439
  3,600
  3,770
  3,949
  4,137
  4,335
Maintenance CAPEX, $m
  0
  -147
  -149
  -153
  -157
  -161
  -166
  -171
  -177
  -183
  -190
  -198
  -205
  -214
  -223
  -232
  -242
  -253
  -264
  -276
  -288
  -302
  -316
  -330
  -346
  -362
  -379
  -398
  -417
  -437
  -458
New CAPEX, $m
  -312
  -23
  -29
  -33
  -37
  -42
  -46
  -50
  -54
  -58
  -62
  -66
  -71
  -75
  -80
  -85
  -90
  -95
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -147
  -154
  -162
  -171
  -180
  -189
Cash from investing activities, $m
  -1,741
  -170
  -178
  -186
  -194
  -203
  -212
  -221
  -231
  -241
  -252
  -264
  -276
  -289
  -303
  -317
  -332
  -348
  -365
  -383
  -401
  -421
  -441
  -462
  -485
  -509
  -533
  -560
  -588
  -617
  -647
Free cash flow, $m
  -352
  1,298
  1,316
  1,341
  1,370
  1,403
  1,440
  1,481
  1,526
  1,574
  1,627
  1,633
  1,694
  1,759
  1,829
  1,903
  1,982
  2,065
  2,154
  2,247
  2,346
  2,451
  2,561
  2,678
  2,801
  2,930
  3,066
  3,210
  3,361
  3,521
  3,688
Issuance/(repayment) of debt, $m
  196
  43
  53
  60
  68
  75
  82
  90
  97
  105
  112
  120
  128
  136
  145
  154
  163
  173
  182
  193
  204
  215
  226
  239
  252
  265
  279
  294
  309
  325
  342
Issuance/(repurchase) of shares, $m
  -374
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -210
  43
  53
  60
  68
  75
  82
  90
  97
  105
  112
  120
  128
  136
  145
  154
  163
  173
  182
  193
  204
  215
  226
  239
  252
  265
  279
  294
  309
  325
  342
Total cash flow (excl. dividends), $m
  -583
  1,341
  1,369
  1,401
  1,438
  1,478
  1,522
  1,570
  1,623
  1,679
  1,739
  1,753
  1,822
  1,896
  1,974
  2,057
  2,145
  2,238
  2,336
  2,440
  2,550
  2,666
  2,788
  2,916
  3,052
  3,195
  3,345
  3,504
  3,670
  3,846
  4,030
Retained Cash Flow (-), $m
  -826
  -92
  -104
  -119
  -134
  -148
  -163
  -177
  -192
  -207
  -222
  -237
  -253
  -269
  -286
  -304
  -322
  -341
  -361
  -381
  -402
  -424
  -448
  -472
  -497
  -524
  -551
  -580
  -610
  -642
  -676
Prev. year cash balance distribution, $m
 
  3,348
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  4,597
  1,265
  1,282
  1,304
  1,330
  1,360
  1,393
  1,431
  1,472
  1,518
  1,516
  1,569
  1,626
  1,688
  1,753
  1,823
  1,897
  1,976
  2,059
  2,148
  2,241
  2,340
  2,445
  2,555
  2,671
  2,794
  2,924
  3,060
  3,203
  3,354
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  4,408
  1,158
  1,116
  1,074
  1,031
  987
  941
  894
  846
  796
  720
  670
  618
  567
  515
  463
  413
  364
  317
  273
  232
  194
  160
  130
  104
  82
  63
  47
  35
  25
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Wipro Limited (Wipro) is a global information technology (IT) services provider. It operates through two segments: IT Services and IT Products. The Company's IT Services business provides a range of IT and IT-enabled services, which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development and hardware and software design. The IT Products segment provides a range of third-party IT products, which allows it to offer IT system integration services. Its products include computing, Platforms and Storage, Networking Solutions, Enterprise Information Security, and software products, including databases and operating systems. The Company is a reseller of third-party enterprise products through its direct sales force.

FINANCIAL RATIOS  of  Wipro ADR (WIT)

Valuation Ratios
P/E Ratio 20.5
Price to Sales 3.2
Price to Book 3.3
Price to Tangible Book
Price to Cash Flow 18.7
Price to Free Cash Flow 24.1
Growth Rates
Sales Growth Rate 7.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 49.3%
Cap. Spend. - 3 Yr. Gr. Rate 18.6%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 3.8%
Total Debt to Equity 27.4%
Interest Coverage 56
Management Effectiveness
Return On Assets 11.4%
Ret/ On Assets - 3 Yr. Avg. 13.6%
Return On Total Capital 13.5%
Ret/ On T. Cap. - 3 Yr. Avg. 16.6%
Return On Equity 17.2%
Return On Equity - 3 Yr. Avg. 20.2%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 28.9%
Gross Margin - 3 Yr. Avg. 30.3%
EBITDA Margin 24.6%
EBITDA Margin - 3 Yr. Avg. 25.6%
Operating Margin 17.1%
Oper. Margin - 3 Yr. Avg. 18.8%
Pre-Tax Margin 20%
Pre-Tax Margin - 3 Yr. Avg. 22.1%
Net Profit Margin 15.4%
Net Profit Margin - 3 Yr. Avg. 17.1%
Effective Tax Rate 22.8%
Eff/ Tax Rate - 3 Yr. Avg. 22.3%
Payout Ratio 10.3%

WIT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WIT stock intrinsic value calculation we used $8240 million for the last fiscal year's total revenue generated by Wipro ADR. The default revenue input number comes from 2017 income statement of Wipro ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WIT stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for WIT is calculated based on our internal credit rating of Wipro ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Wipro ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WIT stock the variable cost ratio is equal to 81.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for WIT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Wipro ADR.

Corporate tax rate of 27% is the nominal tax rate for Wipro ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WIT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WIT are equal to 15.1%.

Life of production assets of 8.5 years is the average useful life of capital assets used in Wipro ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WIT is equal to 15.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $7790 million for Wipro ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 3652.69 million for Wipro ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Wipro ADR at the current share price and the inputted number of shares is $19.7 billion.

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COMPANY NEWS

▶ Morning News Call - India, October 18   [Oct-17-17 11:18PM  Reuters]
▶ [$$] Wipro Weighs a Sale of Its Data-Center Business   [Oct-06-17 07:45AM  The Wall Street Journal]
▶ Wipro Launches Digital Pod in Edinburgh, Scotland   [Sep-04-17 07:00AM  PR Newswire]
▶ Wipro Wins Managed Services Engagement with Grameenphone   [Aug-16-17 09:13AM  Business Wire]
▶ ETFs with exposure to Wipro Ltd. : August 4, 2017   [Aug-03-17 09:40PM  Capital Cube]
▶ Wipro Recognized with Elevate Texas Award   [11:12AM  PR Newswire]
▶ Wipro Recognized with Elevate Texas Award   [09:00AM  Business Wire]
▶ Will Indias Low Inflationary Trend Sustain in 2H17?   [Jul-27-17 01:36PM  Market Realist]
▶ ETFs with exposure to Wipro Ltd. : July 13, 2017   [Jul-13-17 04:56PM  Capital Cube]
▶ ETFs with exposure to Wipro Ltd. : July 3, 2017   [Jul-03-17 04:01PM  Capital Cube]
▶ Why Wipro Shares Got Wiped Out Monday   [Jun-13-17 09:58AM  Benzinga]
▶ India IT: Heads Up Layoffs Ahead   [Jun-07-17 10:37AM  Barrons.com]
▶ Is Inflation in India Approaching Its Target Range in 2017?   [May-25-17 07:36AM  Market Realist]
▶ [$$] Wipro March Quarter Net Profit Up 0.4% at $351.8 Million   [Apr-25-17 11:59AM  The Wall Street Journal]
▶ Wipro Launches the HOLMES Cloud BOT   [09:00AM  Business Wire]
▶ Wipro Joins LoRa Alliance to Accelerate IoT Deployments   [Mar-08-17 07:21AM  Business Wire]
Financial statements of WIT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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