Intrinsic value of WNS (Holdings) ADR - WNS

Previous Close

$40.87

  Intrinsic Value

$42.41

stock screener

  Rating & Target

hold

+4%

Previous close

$40.87

 
Intrinsic value

$42.41

 
Up/down potential

+4%

 
Rating

hold

We calculate the intrinsic value of WNS 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 2.1

 

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, %
  7.30
  21.60
  19.94
  18.45
  17.10
  15.89
  14.80
  13.82
  12.94
  12.15
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
Revenue, $m
  603
  733
  879
  1,042
  1,220
  1,414
  1,623
  1,847
  2,086
  2,340
  2,607
  2,888
  3,183
  3,492
  3,814
  4,149
  4,498
  4,862
  5,239
  5,632
  6,040
  6,464
  6,904
  7,362
  7,839
  8,334
  8,850
  9,388
  9,948
  10,532
  11,141
Variable operating expenses, $m
 
  636
  760
  898
  1,049
  1,213
  1,391
  1,581
  1,784
  1,999
  2,226
  2,452
  2,702
  2,964
  3,237
  3,522
  3,818
  4,126
  4,447
  4,780
  5,126
  5,486
  5,860
  6,249
  6,653
  7,074
  7,512
  7,968
  8,444
  8,939
  9,456
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
  555
  636
  760
  898
  1,049
  1,213
  1,391
  1,581
  1,784
  1,999
  2,226
  2,452
  2,702
  2,964
  3,237
  3,522
  3,818
  4,126
  4,447
  4,780
  5,126
  5,486
  5,860
  6,249
  6,653
  7,074
  7,512
  7,968
  8,444
  8,939
  9,456
Operating income, $m
  47
  97
  120
  144
  171
  200
  232
  266
  302
  340
  381
  437
  481
  528
  577
  627
  680
  735
  792
  852
  913
  977
  1,044
  1,113
  1,185
  1,260
  1,338
  1,420
  1,504
  1,593
  1,685
EBITDA, $m
  84
  134
  161
  191
  224
  259
  298
  339
  383
  429
  478
  530
  584
  640
  700
  761
  825
  892
  961
  1,033
  1,108
  1,186
  1,266
  1,350
  1,438
  1,529
  1,623
  1,722
  1,825
  1,932
  2,043
Interest expense (income), $m
  0
  3
  5
  7
  10
  12
  15
  19
  22
  26
  29
  33
  38
  42
  47
  52
  57
  62
  68
  73
  79
  85
  92
  99
  106
  113
  120
  128
  136
  145
  154
Earnings before tax, $m
  55
  94
  115
  137
  161
  188
  217
  247
  280
  315
  351
  403
  444
  486
  530
  576
  623
  673
  725
  778
  834
  892
  952
  1,015
  1,080
  1,148
  1,218
  1,292
  1,368
  1,448
  1,531
Tax expense, $m
  17
  25
  31
  37
  44
  51
  58
  67
  76
  85
  95
  109
  120
  131
  143
  155
  168
  182
  196
  210
  225
  241
  257
  274
  292
  310
  329
  349
  369
  391
  413
Net income, $m
  38
  69
  84
  100
  118
  137
  158
  181
  204
  230
  257
  294
  324
  355
  387
  420
  455
  491
  529
  568
  609
  651
  695
  741
  788
  838
  889
  943
  999
  1,057
  1,118

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  182
  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
  704
  635
  761
  902
  1,056
  1,224
  1,405
  1,599
  1,806
  2,026
  2,257
  2,501
  2,756
  3,023
  3,302
  3,592
  3,895
  4,209
  4,536
  4,876
  5,229
  5,596
  5,978
  6,374
  6,787
  7,216
  7,663
  8,128
  8,613
  9,118
  9,646
Adjusted assets (=assets-cash), $m
  522
  635
  761
  902
  1,056
  1,224
  1,405
  1,599
  1,806
  2,026
  2,257
  2,501
  2,756
  3,023
  3,302
  3,592
  3,895
  4,209
  4,536
  4,876
  5,229
  5,596
  5,978
  6,374
  6,787
  7,216
  7,663
  8,128
  8,613
  9,118
  9,646
Revenue / Adjusted assets
  1.155
  1.154
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
Average production assets, $m
  115
  139
  167
  198
  232
  269
  308
  351
  396
  445
  495
  549
  605
  663
  725
  788
  855
  924
  995
  1,070
  1,148
  1,228
  1,312
  1,399
  1,489
  1,584
  1,682
  1,784
  1,890
  2,001
  2,117
Working capital, $m
  214
  73
  88
  104
  122
  141
  162
  185
  209
  234
  261
  289
  318
  349
  381
  415
  450
  486
  524
  563
  604
  646
  690
  736
  784
  833
  885
  939
  995
  1,053
  1,114
Total debt, $m
  117
  145
  209
  279
  356
  440
  531
  628
  731
  841
  957
  1,078
  1,206
  1,340
  1,479
  1,624
  1,775
  1,933
  2,096
  2,266
  2,443
  2,626
  2,817
  3,015
  3,221
  3,436
  3,659
  3,892
  4,134
  4,387
  4,651
Total liabilities, $m
  289
  317
  381
  451
  528
  612
  703
  800
  903
  1,013
  1,129
  1,250
  1,378
  1,512
  1,651
  1,796
  1,947
  2,105
  2,268
  2,438
  2,615
  2,798
  2,989
  3,187
  3,393
  3,608
  3,831
  4,064
  4,306
  4,559
  4,823
Total equity, $m
  415
  317
  381
  451
  528
  612
  703
  800
  903
  1,013
  1,129
  1,250
  1,378
  1,512
  1,651
  1,796
  1,947
  2,105
  2,268
  2,438
  2,615
  2,798
  2,989
  3,187
  3,393
  3,608
  3,831
  4,064
  4,306
  4,559
  4,823
Total liabilities and equity, $m
  704
  634
  762
  902
  1,056
  1,224
  1,406
  1,600
  1,806
  2,026
  2,258
  2,500
  2,756
  3,024
  3,302
  3,592
  3,894
  4,210
  4,536
  4,876
  5,230
  5,596
  5,978
  6,374
  6,786
  7,216
  7,662
  8,128
  8,612
  9,118
  9,646
Debt-to-equity ratio
  0.282
  0.460
  0.550
  0.620
  0.670
  0.720
  0.760
  0.780
  0.810
  0.830
  0.850
  0.860
  0.880
  0.890
  0.900
  0.900
  0.910
  0.920
  0.920
  0.930
  0.930
  0.940
  0.940
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.960
  0.960
Adjusted equity ratio
  0.446
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  38
  69
  84
  100
  118
  137
  158
  181
  204
  230
  257
  294
  324
  355
  387
  420
  455
  491
  529
  568
  609
  651
  695
  741
  788
  838
  889
  943
  999
  1,057
  1,118
Depreciation, amort., depletion, $m
  37
  37
  42
  47
  53
  59
  66
  73
  81
  89
  97
  93
  103
  112
  123
  134
  145
  157
  169
  181
  194
  208
  222
  237
  252
  268
  285
  302
  320
  339
  359
Funds from operations, $m
  91
  106
  125
  147
  170
  196
  224
  253
  285
  319
  354
  387
  426
  467
  510
  554
  600
  648
  698
  750
  803
  859
  917
  978
  1,041
  1,106
  1,174
  1,245
  1,319
  1,396
  1,477
Change in working capital, $m
  -1
  13
  15
  16
  18
  19
  21
  22
  24
  25
  27
  28
  29
  31
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
Cash from operations, $m
  92
  93
  111
  131
  153
  177
  203
  231
  261
  293
  327
  359
  397
  436
  477
  520
  565
  612
  660
  710
  763
  817
  873
  932
  993
  1,057
  1,123
  1,191
  1,263
  1,338
  1,416
Maintenance CAPEX, $m
  0
  -19
  -24
  -28
  -34
  -39
  -46
  -52
  -59
  -67
  -75
  -84
  -93
  -103
  -112
  -123
  -134
  -145
  -157
  -169
  -181
  -194
  -208
  -222
  -237
  -252
  -268
  -285
  -302
  -320
  -339
New CAPEX, $m
  -23
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -45
  -48
  -51
  -53
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -77
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -111
  -116
Cash from investing activities, $m
  -131
  -44
  -52
  -59
  -68
  -76
  -86
  -95
  -104
  -115
  -126
  -137
  -149
  -162
  -173
  -187
  -200
  -214
  -229
  -244
  -258
  -275
  -292
  -309
  -328
  -346
  -366
  -387
  -408
  -431
  -455
Free cash flow, $m
  -39
  49
  59
  71
  85
  101
  118
  136
  156
  178
  201
  222
  248
  275
  304
  334
  365
  398
  432
  467
  504
  542
  581
  623
  665
  710
  756
  804
  854
  906
  961
Issuance/(repayment) of debt, $m
  118
  56
  63
  70
  77
  84
  91
  97
  103
  110
  116
  122
  128
  134
  139
  145
  151
  157
  163
  170
  177
  183
  191
  198
  206
  215
  223
  233
  242
  253
  264
Issuance/(repurchase) of shares, $m
  -55
  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  
  62
  56
  63
  70
  77
  84
  91
  97
  103
  110
  116
  122
  128
  134
  139
  145
  151
  157
  163
  170
  177
  183
  191
  198
  206
  215
  223
  233
  242
  253
  264
Total cash flow (excl. dividends), $m
  28
  105
  123
  142
  162
  185
  208
  233
  260
  288
  317
  344
  375
  409
  443
  479
  516
  555
  595
  637
  680
  725
  772
  821
  872
  925
  980
  1,037
  1,097
  1,159
  1,224
Retained Cash Flow (-), $m
  -7
  -56
  -63
  -70
  -77
  -84
  -91
  -97
  -103
  -110
  -116
  -122
  -128
  -134
  -139
  -145
  -151
  -157
  -163
  -170
  -177
  -183
  -191
  -198
  -206
  -215
  -223
  -233
  -242
  -253
  -264
Prev. year cash balance distribution, $m
 
  154
  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
 
  203
  59
  71
  85
  101
  118
  136
  156
  178
  201
  222
  248
  275
  304
  334
  365
  398
  432
  467
  504
  542
  581
  623
  665
  710
  756
  804
  854
  906
  961
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
 
  194
  54
  62
  70
  78
  85
  92
  98
  102
  105
  105
  106
  105
  102
  98
  93
  87
  79
  72
  64
  56
  48
  41
  34
  28
  22
  17
  13
  10
  7
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

WNS (Holdings) Limited is a global provider of business process management (BPM) services. The Company offers data, voice, analytical and business transformation services. The Company's segments include WNS Global BPM and WNS Auto Claims BPM. Its operating segments include travel, insurance, banking and financial services, healthcare, utilities, retail and consumer products groups, auto claims and others. The WNS Global BPM includes the Company's business activities with the exception of WNS Auto Claims BPM. WNS Auto Claims BPM is the Company's automobile claims management business. The Company focuses on various industry verticals, such as insurance; travel and leisure; diversified businesses, including manufacturing, retail, consumer packaged goods (CPG), media and entertainment, and telecommunication (telecom); utilities; consulting and professional services; banking and financial services; healthcare, and shipping and logistics.

FINANCIAL RATIOS  of  WNS (Holdings) ADR (WNS)

Valuation Ratios
P/E Ratio 53.8
Price to Sales 3.4
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 22.2
Price to Free Cash Flow 29.6
Growth Rates
Sales Growth Rate 7.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14.8%
Cap. Spend. - 3 Yr. Gr. Rate 2.8%
Financial Strength
Quick Ratio 7
Current Ratio 0.3
LT Debt to Equity 21.4%
Total Debt to Equity 28.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.2%
Ret/ On Assets - 3 Yr. Avg. 9.6%
Return On Total Capital 8.1%
Ret/ On T. Cap. - 3 Yr. Avg. 12.3%
Return On Equity 9.2%
Return On Equity - 3 Yr. Avg. 13.6%
Asset Turnover 1
Profitability Ratios
Gross Margin 33%
Gross Margin - 3 Yr. Avg. 34.6%
EBITDA Margin 15.3%
EBITDA Margin - 3 Yr. Avg. 19.9%
Operating Margin 8%
Oper. Margin - 3 Yr. Avg. 11.4%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 12.9%
Net Profit Margin 6.3%
Net Profit Margin - 3 Yr. Avg. 9.3%
Effective Tax Rate 30.9%
Eff/ Tax Rate - 3 Yr. Avg. 28%
Payout Ratio 0%

WNS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WNS stock intrinsic value calculation we used $603 million for the last fiscal year's total revenue generated by WNS (Holdings) ADR. The default revenue input number comes from 2017 income statement of WNS (Holdings) 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 WNS stock valuation model: a) initial revenue growth rate of 21.6% 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 WNS is calculated based on our internal credit rating of WNS (Holdings) 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 WNS (Holdings) 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 WNS stock the variable cost ratio is equal to 87.1%.

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 WNS 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 WNS (Holdings) ADR.

Corporate tax rate of 27% is the nominal tax rate for WNS (Holdings) 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 WNS 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 WNS are equal to 19%.

Life of production assets of 5.9 years is the average useful life of capital assets used in WNS (Holdings) 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 WNS is equal to 10%. 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 - $415 million for WNS (Holdings) 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 50.542 million for WNS (Holdings) 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 WNS (Holdings) ADR at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ WNS to Present at J.P. Morgan Ultimate Services Conference   [Oct-31-17 08:00AM  Business Wire]
▶ WNS Partners with Locus Software Limited   [Sep-11-17 10:51AM  Business Wire]
▶ Stocks Generating Improved Relative Strength: Automatic Data Processng   [Sep-07-17 03:00AM  Investor's Business Daily]
▶ WNS-IHG Partnership Wins the Loyalty360 Silver Award   [Aug-22-17 08:00AM  Business Wire]
▶ WNS Files 2017 Annual Report on Form 20-F   [Jun-29-17 02:21PM  Business Wire]
▶ WNS Launches Enhanced Version of SocioSEER   [Jun-22-17 03:04PM  Business Wire]
▶ WNS Partners with Portrix Logistic Software GmbH   [May-30-17 08:00AM  Business Wire]
▶ WNS Launches Brandttitude   [Mar-24-17 09:57AM  Business Wire]
▶ [$$] WNS Buys HealthHelp From MTS Health Investors for $95 Million   [Mar-15-17 02:29PM  at The Wall Street Journal]
▶ WNS Acquires HealthHelp   [08:29AM  Business Wire]
▶ WNS to Acquire Denali Sourcing Services   [07:30AM  Business Wire]
▶ WNS Expands Relationship with Finnair   [Dec-13-16 08:00AM  Business Wire]
▶ Is WNS (Holdings) Limited (ADR) (WNS) A Good Stock to Buy?   [Dec-12-16 10:25PM  at Insider Monkey]
▶ Is Belmond Ltd (BEL) Going to Burn These Hedge Funds?   [Dec-09-16 05:25AM  at Insider Monkey]
▶ Virgin Atlantic Extends Strategic Relationship with WNS   [Jul-21-16 08:30AM  Business Wire]
▶ WNS Announces Agreement with Sompo Canopius   [Jun-22-16 08:00AM  Business Wire]
▶ WNS Completes Value Edge Research Services Acquisition   [Jun-14-16 08:00AM  Business Wire]
▶ WNS to Deploy Travel Technology Suite for Tour East Group   [May-25-16 08:00AM  Business Wire]
▶ WNS Files 2016 Annual Report on Form 20-F   [May-13-16 06:00AM  Business Wire]
▶ WNS Recognized as an AON Best Employer India 2016   [Mar-31-16 06:52AM  Business Wire]
Financial statements of WNS
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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