Intrinsic value of Wipro ADR - WIT

Previous Close

$5.96

  Intrinsic Value

$10.75

stock screener

  Rating & Target

str. buy

+80%

  Value-price divergence*

+5000%

Previous close

$5.96

 
Intrinsic value

$10.75

 
Up/down potential

+80%

 
Rating

str. buy

 
Value-price divergence*

+5000%

*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 11.0

 

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
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  8,240
  8,454
  8,694
  8,960
  9,251
  9,568
  9,911
  10,280
  10,676
  11,100
  11,551
  12,032
  12,543
  13,085
  13,660
  14,268
  14,911
  15,590
  16,307
  17,064
  17,862
  18,703
  19,589
  20,522
  21,504
  22,538
  23,626
  24,771
  25,975
  27,241
  28,572
Variable operating expenses, $m
 
  6,851
  7,041
  7,250
  7,480
  7,729
  8,000
  8,291
  8,603
  8,936
  9,293
  9,483
  9,886
  10,313
  10,766
  11,245
  11,752
  12,287
  12,852
  13,449
  14,078
  14,740
  15,439
  16,174
  16,948
  17,763
  18,621
  19,523
  20,472
  21,470
  22,519
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
  6,851
  7,041
  7,250
  7,480
  7,729
  8,000
  8,291
  8,603
  8,936
  9,293
  9,483
  9,886
  10,313
  10,766
  11,245
  11,752
  12,287
  12,852
  13,449
  14,078
  14,740
  15,439
  16,174
  16,948
  17,763
  18,621
  19,523
  20,472
  21,470
  22,519
Operating income, $m
  1,406
  1,603
  1,654
  1,710
  1,772
  1,839
  1,911
  1,990
  2,073
  2,163
  2,259
  2,549
  2,657
  2,772
  2,894
  3,023
  3,159
  3,303
  3,455
  3,615
  3,784
  3,962
  4,150
  4,348
  4,556
  4,775
  5,005
  5,248
  5,503
  5,771
  6,053
EBITDA, $m
  1,752
  1,865
  1,918
  1,977
  2,041
  2,111
  2,187
  2,268
  2,356
  2,449
  2,549
  2,655
  2,768
  2,887
  3,014
  3,148
  3,290
  3,440
  3,598
  3,765
  3,941
  4,127
  4,322
  4,528
  4,745
  4,973
  5,213
  5,466
  5,731
  6,011
  6,305
Interest expense (income), $m
  30
  10
  12
  15
  17
  20
  23
  26
  30
  34
  38
  42
  47
  51
  57
  62
  68
  74
  81
  87
  95
  102
  110
  119
  128
  137
  147
  157
  168
  180
  192
Earnings before tax, $m
  1,652
  1,592
  1,641
  1,695
  1,754
  1,819
  1,888
  1,963
  2,044
  2,130
  2,221
  2,507
  2,611
  2,721
  2,837
  2,961
  3,091
  3,229
  3,374
  3,528
  3,689
  3,860
  4,040
  4,229
  4,428
  4,638
  4,858
  5,090
  5,334
  5,591
  5,861
Tax expense, $m
  377
  430
  443
  458
  474
  491
  510
  530
  552
  575
  600
  677
  705
  735
  766
  799
  835
  872
  911
  952
  996
  1,042
  1,091
  1,142
  1,196
  1,252
  1,312
  1,374
  1,440
  1,510
  1,582
Net income, $m
  1,271
  1,163
  1,198
  1,238
  1,281
  1,328
  1,379
  1,433
  1,492
  1,555
  1,622
  1,830
  1,906
  1,986
  2,071
  2,161
  2,256
  2,357
  2,463
  2,575
  2,693
  2,818
  2,949
  3,087
  3,232
  3,385
  3,547
  3,716
  3,894
  4,082
  4,279

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5,161
  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
  6,896
  7,092
  7,308
  7,546
  7,804
  8,084
  8,385
  8,708
  9,054
  9,422
  9,814
  10,231
  10,673
  11,142
  11,638
  12,162
  12,716
  13,301
  13,918
  14,569
  15,255
  15,978
  16,739
  17,540
  18,383
  19,271
  20,205
  21,187
  22,219
  23,305
Adjusted assets (=assets-cash), $m
  6,719
  6,896
  7,092
  7,308
  7,546
  7,804
  8,084
  8,385
  8,708
  9,054
  9,422
  9,814
  10,231
  10,673
  11,142
  11,638
  12,162
  12,716
  13,301
  13,918
  14,569
  15,255
  15,978
  16,739
  17,540
  18,383
  19,271
  20,205
  21,187
  22,219
  23,305
Revenue / Adjusted assets
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
  1.226
Average production assets, $m
  724
  744
  765
  788
  814
  842
  872
  905
  939
  977
  1,017
  1,059
  1,104
  1,152
  1,202
  1,256
  1,312
  1,372
  1,435
  1,502
  1,572
  1,646
  1,724
  1,806
  1,892
  1,983
  2,079
  2,180
  2,286
  2,397
  2,514
Working capital, $m
  4,631
  1,344
  1,382
  1,425
  1,471
  1,521
  1,576
  1,635
  1,698
  1,765
  1,837
  1,913
  1,994
  2,081
  2,172
  2,269
  2,371
  2,479
  2,593
  2,713
  2,840
  2,974
  3,115
  3,263
  3,419
  3,584
  3,757
  3,939
  4,130
  4,331
  4,543
Total debt, $m
  2,132
  352
  418
  490
  570
  656
  750
  851
  959
  1,075
  1,198
  1,330
  1,469
  1,618
  1,775
  1,941
  2,116
  2,302
  2,498
  2,705
  2,923
  3,152
  3,394
  3,649
  3,918
  4,200
  4,498
  4,811
  5,140
  5,486
  5,849
Total liabilities, $m
  4,090
  2,310
  2,376
  2,448
  2,528
  2,614
  2,708
  2,809
  2,917
  3,033
  3,156
  3,288
  3,427
  3,576
  3,733
  3,899
  4,074
  4,260
  4,456
  4,663
  4,881
  5,110
  5,352
  5,607
  5,876
  6,158
  6,456
  6,769
  7,098
  7,444
  7,807
Total equity, $m
  7,790
  4,586
  4,716
  4,860
  5,018
  5,190
  5,376
  5,576
  5,791
  6,021
  6,266
  6,526
  6,804
  7,098
  7,409
  7,739
  8,088
  8,456
  8,845
  9,256
  9,688
  10,145
  10,625
  11,131
  11,664
  12,225
  12,815
  13,436
  14,089
  14,776
  15,498
Total liabilities and equity, $m
  11,880
  6,896
  7,092
  7,308
  7,546
  7,804
  8,084
  8,385
  8,708
  9,054
  9,422
  9,814
  10,231
  10,674
  11,142
  11,638
  12,162
  12,716
  13,301
  13,919
  14,569
  15,255
  15,977
  16,738
  17,540
  18,383
  19,271
  20,205
  21,187
  22,220
  23,305
Debt-to-equity ratio
  0.274
  0.080
  0.090
  0.100
  0.110
  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
  0.360
  0.370
  0.380
Adjusted equity ratio
  0.391
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665
  0.665

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,271
  1,163
  1,198
  1,238
  1,281
  1,328
  1,379
  1,433
  1,492
  1,555
  1,622
  1,830
  1,906
  1,986
  2,071
  2,161
  2,256
  2,357
  2,463
  2,575
  2,693
  2,818
  2,949
  3,087
  3,232
  3,385
  3,547
  3,716
  3,894
  4,082
  4,279
Depreciation, amort., depletion, $m
  346
  263
  265
  267
  270
  272
  276
  279
  282
  286
  290
  106
  110
  115
  120
  126
  131
  137
  144
  150
  157
  165
  172
  181
  189
  198
  208
  218
  229
  240
  251
Funds from operations, $m
  1,076
  1,425
  1,463
  1,505
  1,550
  1,600
  1,654
  1,712
  1,774
  1,841
  1,911
  1,936
  2,016
  2,101
  2,191
  2,287
  2,388
  2,494
  2,607
  2,725
  2,850
  2,982
  3,121
  3,268
  3,422
  3,584
  3,754
  3,934
  4,123
  4,321
  4,530
Change in working capital, $m
  -313
  34
  38
  42
  46
  50
  55
  59
  63
  67
  72
  76
  81
  86
  91
  97
  102
  108
  114
  120
  127
  134
  141
  148
  156
  164
  173
  182
  191
  201
  212
Cash from operations, $m
  1,389
  1,391
  1,425
  1,462
  1,504
  1,550
  1,600
  1,653
  1,711
  1,773
  1,840
  1,860
  1,935
  2,015
  2,100
  2,190
  2,285
  2,386
  2,493
  2,605
  2,724
  2,849
  2,980
  3,119
  3,265
  3,419
  3,581
  3,752
  3,931
  4,120
  4,318
Maintenance CAPEX, $m
  0
  -72
  -74
  -77
  -79
  -81
  -84
  -87
  -90
  -94
  -98
  -102
  -106
  -110
  -115
  -120
  -126
  -131
  -137
  -144
  -150
  -157
  -165
  -172
  -181
  -189
  -198
  -208
  -218
  -229
  -240
New CAPEX, $m
  -312
  -20
  -21
  -23
  -26
  -28
  -30
  -32
  -35
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
  -111
  -117
Cash from investing activities, $m
  -1,741
  -92
  -95
  -100
  -105
  -109
  -114
  -119
  -125
  -131
  -138
  -144
  -151
  -158
  -166
  -174
  -183
  -191
  -200
  -211
  -220
  -231
  -243
  -254
  -267
  -280
  -294
  -309
  -324
  -340
  -357
Free cash flow, $m
  -352
  1,299
  1,329
  1,363
  1,400
  1,441
  1,485
  1,534
  1,586
  1,642
  1,702
  1,716
  1,784
  1,857
  1,934
  2,016
  2,103
  2,195
  2,292
  2,395
  2,503
  2,617
  2,738
  2,865
  2,998
  3,139
  3,287
  3,443
  3,607
  3,780
  3,961
Issuance/(repayment) of debt, $m
  196
  59
  66
  73
  80
  87
  94
  101
  108
  116
  123
  131
  140
  148
  157
  166
  176
  186
  196
  207
  218
  230
  242
  255
  268
  283
  297
  313
  329
  346
  364
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
  59
  66
  73
  80
  87
  94
  101
  108
  116
  123
  131
  140
  148
  157
  166
  176
  186
  196
  207
  218
  230
  242
  255
  268
  283
  297
  313
  329
  346
  364
Total cash flow (excl. dividends), $m
  -583
  1,358
  1,395
  1,435
  1,479
  1,527
  1,579
  1,634
  1,694
  1,758
  1,826
  1,847
  1,924
  2,005
  2,091
  2,183
  2,279
  2,381
  2,488
  2,602
  2,721
  2,847
  2,980
  3,120
  3,267
  3,422
  3,585
  3,756
  3,936
  4,126
  4,325
Retained Cash Flow (-), $m
  -826
  -118
  -130
  -144
  -158
  -172
  -186
  -200
  -215
  -230
  -245
  -261
  -277
  -294
  -312
  -330
  -349
  -368
  -389
  -410
  -433
  -456
  -481
  -506
  -533
  -561
  -590
  -621
  -653
  -687
  -722
Prev. year cash balance distribution, $m
 
  3,322
  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
 
  4,562
  1,265
  1,291
  1,321
  1,355
  1,393
  1,434
  1,479
  1,528
  1,581
  1,586
  1,647
  1,711
  1,780
  1,853
  1,930
  2,012
  2,099
  2,191
  2,288
  2,391
  2,499
  2,614
  2,734
  2,861
  2,994
  3,135
  3,283
  3,439
  3,603
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
 
  4,374
  1,158
  1,124
  1,088
  1,050
  1,011
  969
  925
  878
  829
  753
  703
  651
  597
  544
  491
  438
  387
  337
  291
  247
  207
  171
  139
  111
  87
  67
  51
  38
  27
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 operates as an information technology (IT), consulting, and business process services company worldwide. The company’s IT Services segment 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, infrastructure services, analytics services, business process services, research and development, and hardware and software design to enterprises. This segment serves customers in various industry verticals comprising banking, financial services, and insurance; healthcare and life sciences; consumer business unit; energy, natural resources, and utilities; manufacturing and technology; and communications. Its IT Products segment distributes third-party IT products comprising enterprise platforms, networking solutions, software products, data storage, contact center infrastructure, enterprise security, IT optimization technologies, video solutions, and end-user computing solutions. In addition, the company provides a cloud services platform that offers enterprise crowdsourcing services. Wipro Limited was founded in 1945 and is headquartered in Bengaluru, India.

FINANCIAL RATIOS  of  Wipro ADR (WIT)

Valuation Ratios
P/E Ratio 11.3
Price to Sales 1.7
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 13.4
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 0.2
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 2.6% 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 8.8%.

Life of production assets of 10 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 15.9%. 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 1842.1 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 $11.0 billion.

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COMPANY NEWS

▶ 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]
▶ Wipro Study finds 85% Increase in Test Automation   [Feb-07-17 08:00AM  Business Wire]
▶ Wipro joins the Industrial Internet Consortium   [Feb-01-17 08:00AM  Business Wire]
▶ Results for the Quarter Ended December 31, 2016 under IFRS   [Jan-25-17 09:40AM  Business Wire]
▶ Wipro Limited announces retirement of TK Kurien   [Jan-24-17 08:00AM  Business Wire]
▶ Indian IT Stocks Oversold on H-1B Visa Crackdown   [Jan-11-17 08:21PM  at Barrons.com]
▶ Wipros Digital TV Middleware Solution Powers Hisense 4K TVs   [Jan-05-17 08:00AM  Business Wire]
Stock chart of WIT 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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