Intrinsic value of WNS (Holdings) ADR - WNS

Previous Close

$45.17

  Intrinsic Value

$48.70

stock screener

  Rating & Target

hold

+8%

Previous close

$45.17

 
Intrinsic value

$48.70

 
Up/down potential

+8%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  24.70
  22.73
  20.96
  19.36
  17.93
  16.63
  15.47
  14.42
  13.48
  12.63
  11.87
  11.18
  10.56
  10.01
  9.51
  9.06
  8.65
  8.29
  7.96
  7.66
  7.40
  7.16
  6.94
  6.75
  6.57
  6.41
  6.27
  6.15
  6.03
  5.93
Revenue, $m
  603
  752
  923
  1,116
  1,332
  1,571
  1,833
  2,116
  2,421
  2,748
  3,095
  3,462
  3,849
  4,256
  4,682
  5,127
  5,591
  6,075
  6,578
  7,101
  7,645
  8,211
  8,798
  9,409
  10,044
  10,704
  11,390
  12,105
  12,849
  13,623
  14,431
Variable operating expenses, $m
 
  652
  797
  961
  1,144
  1,347
  1,569
  1,809
  2,068
  2,346
  2,640
  2,938
  3,267
  3,612
  3,974
  4,351
  4,745
  5,156
  5,583
  6,027
  6,489
  6,969
  7,468
  7,986
  8,525
  9,085
  9,668
  10,274
  10,906
  11,563
  12,249
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
  652
  797
  961
  1,144
  1,347
  1,569
  1,809
  2,068
  2,346
  2,640
  2,938
  3,267
  3,612
  3,974
  4,351
  4,745
  5,156
  5,583
  6,027
  6,489
  6,969
  7,468
  7,986
  8,525
  9,085
  9,668
  10,274
  10,906
  11,563
  12,249
Operating income, $m
  47
  100
  126
  155
  188
  224
  264
  307
  353
  402
  455
  524
  582
  644
  708
  775
  845
  919
  995
  1,074
  1,156
  1,242
  1,330
  1,423
  1,519
  1,619
  1,722
  1,830
  1,943
  2,060
  2,182
EBITDA, $m
  84
  138
  169
  205
  244
  288
  336
  388
  444
  504
  568
  635
  706
  781
  859
  940
  1,026
  1,114
  1,207
  1,303
  1,402
  1,506
  1,614
  1,726
  1,842
  1,963
  2,089
  2,220
  2,357
  2,499
  2,647
Interest expense (income), $m
  0
  3
  5
  8
  11
  14
  18
  22
  26
  31
  36
  41
  46
  52
  58
  65
  72
  79
  86
  94
  102
  110
  118
  127
  137
  146
  156
  167
  177
  189
  200
Earnings before tax, $m
  55
  97
  121
  147
  177
  210
  246
  285
  327
  371
  419
  483
  536
  591
  650
  710
  774
  840
  909
  980
  1,055
  1,132
  1,212
  1,296
  1,382
  1,472
  1,566
  1,664
  1,766
  1,872
  1,982
Tax expense, $m
  17
  26
  33
  40
  48
  57
  66
  77
  88
  100
  113
  130
  145
  160
  175
  192
  209
  227
  245
  265
  285
  306
  327
  350
  373
  398
  423
  449
  477
  505
  535
Net income, $m
  38
  71
  88
  108
  129
  153
  180
  208
  238
  271
  306
  352
  391
  432
  474
  519
  565
  613
  663
  716
  770
  826
  885
  946
  1,009
  1,075
  1,143
  1,215
  1,289
  1,366
  1,447

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
  651
  799
  966
  1,154
  1,360
  1,587
  1,832
  2,096
  2,379
  2,679
  2,997
  3,333
  3,685
  4,053
  4,439
  4,841
  5,259
  5,695
  6,148
  6,619
  7,109
  7,618
  8,146
  8,696
  9,267
  9,862
  10,480
  11,124
  11,795
  12,494
Adjusted assets (=assets-cash), $m
  522
  651
  799
  966
  1,154
  1,360
  1,587
  1,832
  2,096
  2,379
  2,679
  2,997
  3,333
  3,685
  4,053
  4,439
  4,841
  5,259
  5,695
  6,148
  6,619
  7,109
  7,618
  8,146
  8,696
  9,267
  9,862
  10,480
  11,124
  11,795
  12,494
Revenue / Adjusted assets
  1.155
  1.155
  1.155
  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
Average production assets, $m
  115
  143
  175
  212
  253
  299
  348
  402
  460
  522
  588
  658
  731
  809
  890
  974
  1,062
  1,154
  1,250
  1,349
  1,453
  1,560
  1,672
  1,788
  1,908
  2,034
  2,164
  2,300
  2,441
  2,588
  2,742
Working capital, $m
  214
  75
  92
  112
  133
  157
  183
  212
  242
  275
  309
  346
  385
  426
  468
  513
  559
  607
  658
  710
  765
  821
  880
  941
  1,004
  1,070
  1,139
  1,210
  1,285
  1,362
  1,443
Total debt, $m
  117
  154
  228
  311
  405
  508
  621
  744
  876
  1,017
  1,168
  1,327
  1,494
  1,670
  1,855
  2,047
  2,248
  2,458
  2,676
  2,902
  3,138
  3,382
  3,637
  3,901
  4,176
  4,462
  4,759
  5,068
  5,390
  5,726
  6,075
Total liabilities, $m
  289
  326
  400
  483
  577
  680
  793
  916
  1,048
  1,189
  1,340
  1,499
  1,666
  1,842
  2,027
  2,219
  2,420
  2,630
  2,848
  3,074
  3,310
  3,554
  3,809
  4,073
  4,348
  4,634
  4,931
  5,240
  5,562
  5,898
  6,247
Total equity, $m
  415
  326
  400
  483
  577
  680
  793
  916
  1,048
  1,189
  1,340
  1,499
  1,666
  1,842
  2,027
  2,219
  2,420
  2,630
  2,848
  3,074
  3,310
  3,554
  3,809
  4,073
  4,348
  4,634
  4,931
  5,240
  5,562
  5,898
  6,247
Total liabilities and equity, $m
  704
  652
  800
  966
  1,154
  1,360
  1,586
  1,832
  2,096
  2,378
  2,680
  2,998
  3,332
  3,684
  4,054
  4,438
  4,840
  5,260
  5,696
  6,148
  6,620
  7,108
  7,618
  8,146
  8,696
  9,268
  9,862
  10,480
  11,124
  11,796
  12,494
Debt-to-equity ratio
  0.282
  0.470
  0.570
  0.640
  0.700
  0.750
  0.780
  0.810
  0.840
  0.860
  0.870
  0.890
  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
  0.970
  0.970
  0.970
  0.970
  0.970
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
  71
  88
  108
  129
  153
  180
  208
  238
  271
  306
  352
  391
  432
  474
  519
  565
  613
  663
  716
  770
  826
  885
  946
  1,009
  1,075
  1,143
  1,215
  1,289
  1,366
  1,447
Depreciation, amort., depletion, $m
  37
  38
  43
  49
  56
  64
  72
  82
  91
  102
  113
  111
  124
  137
  151
  165
  180
  196
  212
  229
  246
  264
  283
  303
  323
  345
  367
  390
  414
  439
  465
Funds from operations, $m
  91
  109
  131
  157
  186
  217
  252
  289
  330
  373
  419
  464
  515
  569
  625
  684
  745
  809
  875
  944
  1,016
  1,091
  1,168
  1,249
  1,332
  1,420
  1,510
  1,604
  1,703
  1,805
  1,912
Change in working capital, $m
  -1
  15
  17
  19
  22
  24
  26
  28
  31
  33
  35
  37
  39
  41
  43
  45
  46
  48
  50
  52
  54
  57
  59
  61
  63
  66
  69
  71
  74
  77
  81
Cash from operations, $m
  92
  94
  114
  138
  164
  193
  226
  261
  299
  340
  384
  427
  476
  528
  582
  639
  699
  760
  825
  892
  962
  1,034
  1,109
  1,188
  1,269
  1,354
  1,442
  1,533
  1,628
  1,727
  1,831
Maintenance CAPEX, $m
  0
  -19
  -24
  -30
  -36
  -43
  -51
  -59
  -68
  -78
  -88
  -100
  -111
  -124
  -137
  -151
  -165
  -180
  -196
  -212
  -229
  -246
  -264
  -283
  -303
  -323
  -345
  -367
  -390
  -414
  -439
New CAPEX, $m
  -23
  -28
  -32
  -37
  -41
  -45
  -50
  -54
  -58
  -62
  -66
  -70
  -74
  -77
  -81
  -85
  -88
  -92
  -96
  -99
  -103
  -107
  -112
  -116
  -121
  -125
  -130
  -136
  -141
  -147
  -153
Cash from investing activities, $m
  -131
  -47
  -56
  -67
  -77
  -88
  -101
  -113
  -126
  -140
  -154
  -170
  -185
  -201
  -218
  -236
  -253
  -272
  -292
  -311
  -332
  -353
  -376
  -399
  -424
  -448
  -475
  -503
  -531
  -561
  -592
Free cash flow, $m
  -39
  46
  58
  71
  87
  105
  126
  148
  173
  200
  230
  258
  291
  327
  364
  404
  445
  488
  534
  581
  630
  680
  733
  788
  845
  905
  966
  1,030
  1,097
  1,166
  1,239
Issuance/(repayment) of debt, $m
  118
  65
  74
  84
  94
  103
  113
  123
  132
  141
  150
  159
  168
  176
  184
  193
  201
  209
  218
  227
  236
  245
  254
  264
  275
  286
  297
  309
  322
  335
  350
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
  65
  74
  84
  94
  103
  113
  123
  132
  141
  150
  159
  168
  176
  184
  193
  201
  209
  218
  227
  236
  245
  254
  264
  275
  286
  297
  309
  322
  335
  350
Total cash flow (excl. dividends), $m
  28
  110
  132
  155
  181
  209
  239
  271
  305
  342
  380
  417
  459
  503
  549
  596
  646
  698
  751
  807
  865
  925
  988
  1,053
  1,120
  1,190
  1,264
  1,340
  1,419
  1,502
  1,588
Retained Cash Flow (-), $m
  -7
  -65
  -74
  -84
  -94
  -103
  -113
  -123
  -132
  -141
  -150
  -159
  -168
  -176
  -184
  -193
  -201
  -209
  -218
  -227
  -236
  -245
  -254
  -264
  -275
  -286
  -297
  -309
  -322
  -335
  -350
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
 
  200
  58
  71
  87
  105
  126
  148
  173
  200
  230
  258
  291
  327
  364
  404
  445
  488
  534
  581
  630
  680
  733
  788
  845
  905
  966
  1,030
  1,097
  1,166
  1,239
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
 
  192
  53
  62
  72
  82
  91
  100
  108
  115
  120
  122
  124
  124
  122
  119
  113
  106
  98
  89
  80
  70
  61
  52
  43
  35
  28
  22
  17
  13
  9
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 59.4
Price to Sales 3.7
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 24.6
Price to Free Cash Flow 32.7
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 24.7% 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 50.586 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 $2.3 billion.

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COMPANY NEWS

▶ WNS DecisionPoint Launches Dedicated Section on Brexit   [Feb-16-18 08:00AM  Business Wire]
▶ Is a WNS (Holdings) (WNS) This Earnings Season?   [Jan-17-18 08:41AM  Zacks]
▶ Stocks To Watch Ahead Of Earnings: WNS   [Jan-16-18 03:00AM  Investor's Business Daily]
▶ Top-Rated Stocks Near Buy Point With Earnings Due: WNS   [Jan-09-18 03:00AM  Investor's Business Daily]
▶ 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]
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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