Intrinsic value of WNS (Holdings) ADR - WNS

Previous Close

$35.22

  Intrinsic Value

$29.20

stock screener

  Rating & Target

hold

-17%

  Value-price divergence*

-52%

Previous close

$35.22

 
Intrinsic value

$29.20

 
Up/down potential

-17%

 
Rating

hold

 
Value-price divergence*

-52%

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

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 1.7

 

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, %
  7.30
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  603
  671
  741
  816
  893
  974
  1,059
  1,147
  1,238
  1,333
  1,432
  1,534
  1,641
  1,752
  1,867
  1,986
  2,111
  2,241
  2,376
  2,517
  2,664
  2,817
  2,977
  3,144
  3,319
  3,501
  3,692
  3,891
  4,100
  4,318
  4,547
Variable operating expenses, $m
 
  583
  643
  706
  772
  841
  912
  987
  1,064
  1,145
  1,229
  1,302
  1,393
  1,487
  1,584
  1,686
  1,792
  1,902
  2,017
  2,136
  2,261
  2,391
  2,527
  2,669
  2,817
  2,972
  3,134
  3,303
  3,480
  3,665
  3,859
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
  583
  643
  706
  772
  841
  912
  987
  1,064
  1,145
  1,229
  1,302
  1,393
  1,487
  1,584
  1,686
  1,792
  1,902
  2,017
  2,136
  2,261
  2,391
  2,527
  2,669
  2,817
  2,972
  3,134
  3,303
  3,480
  3,665
  3,859
Operating income, $m
  47
  88
  99
  110
  122
  134
  147
  160
  174
  188
  203
  232
  248
  265
  282
  300
  319
  339
  359
  381
  403
  426
  450
  476
  502
  529
  558
  588
  620
  653
  688
EBITDA, $m
  88
  111
  123
  135
  148
  161
  175
  190
  205
  221
  237
  254
  272
  290
  309
  329
  350
  371
  394
  417
  441
  467
  493
  521
  550
  580
  611
  644
  679
  715
  753
Interest expense (income), $m
  0
  3
  4
  5
  6
  8
  9
  10
  11
  13
  14
  16
  17
  19
  21
  22
  24
  26
  28
  30
  32
  34
  37
  39
  42
  44
  47
  50
  53
  56
  59
Earnings before tax, $m
  55
  85
  95
  105
  115
  126
  138
  150
  162
  175
  189
  216
  231
  246
  262
  278
  295
  313
  331
  351
  371
  392
  414
  436
  460
  485
  511
  539
  567
  597
  628
Tax expense, $m
  17
  23
  26
  28
  31
  34
  37
  40
  44
  47
  51
  58
  62
  66
  71
  75
  80
  84
  89
  95
  100
  106
  112
  118
  124
  131
  138
  145
  153
  161
  170
Net income, $m
  38
  62
  69
  76
  84
  92
  101
  109
  119
  128
  138
  158
  169
  180
  191
  203
  215
  228
  242
  256
  271
  286
  302
  319
  336
  354
  373
  393
  414
  436
  459

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
  581
  642
  706
  774
  844
  917
  993
  1,072
  1,154
  1,240
  1,328
  1,421
  1,516
  1,616
  1,720
  1,828
  1,940
  2,057
  2,179
  2,307
  2,439
  2,578
  2,722
  2,873
  3,031
  3,196
  3,369
  3,550
  3,739
  3,937
Adjusted assets (=assets-cash), $m
  522
  581
  642
  706
  774
  844
  917
  993
  1,072
  1,154
  1,240
  1,328
  1,421
  1,516
  1,616
  1,720
  1,828
  1,940
  2,057
  2,179
  2,307
  2,439
  2,578
  2,722
  2,873
  3,031
  3,196
  3,369
  3,550
  3,739
  3,937
Revenue / Adjusted assets
  1.155
  1.155
  1.154
  1.156
  1.154
  1.154
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.156
  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
  87
  97
  107
  117
  129
  140
  152
  165
  178
  192
  206
  221
  236
  252
  269
  286
  304
  323
  342
  362
  384
  406
  429
  453
  478
  504
  532
  560
  590
  622
  655
Working capital, $m
  214
  67
  74
  82
  89
  97
  106
  115
  124
  133
  143
  153
  164
  175
  187
  199
  211
  224
  238
  252
  266
  282
  298
  314
  332
  350
  369
  389
  410
  432
  455
Total debt, $m
  117
  118
  149
  181
  215
  250
  286
  324
  364
  405
  448
  492
  538
  586
  636
  688
  742
  798
  857
  918
  981
  1,048
  1,117
  1,189
  1,265
  1,344
  1,426
  1,513
  1,603
  1,697
  1,796
Total liabilities, $m
  289
  290
  321
  353
  387
  422
  458
  496
  536
  577
  620
  664
  710
  758
  808
  860
  914
  970
  1,029
  1,090
  1,153
  1,220
  1,289
  1,361
  1,437
  1,516
  1,598
  1,685
  1,775
  1,869
  1,968
Total equity, $m
  415
  290
  321
  353
  387
  422
  458
  496
  536
  577
  620
  664
  710
  758
  808
  860
  914
  970
  1,029
  1,090
  1,153
  1,220
  1,289
  1,361
  1,437
  1,516
  1,598
  1,685
  1,775
  1,869
  1,968
Total liabilities and equity, $m
  704
  580
  642
  706
  774
  844
  916
  992
  1,072
  1,154
  1,240
  1,328
  1,420
  1,516
  1,616
  1,720
  1,828
  1,940
  2,058
  2,180
  2,306
  2,440
  2,578
  2,722
  2,874
  3,032
  3,196
  3,370
  3,550
  3,738
  3,936
Debt-to-equity ratio
  0.282
  0.410
  0.460
  0.510
  0.560
  0.590
  0.620
  0.650
  0.680
  0.700
  0.720
  0.740
  0.760
  0.770
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.870
  0.880
  0.890
  0.890
  0.900
  0.900
  0.910
  0.910
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
  62
  69
  76
  84
  92
  101
  109
  119
  128
  138
  158
  169
  180
  191
  203
  215
  228
  242
  256
  271
  286
  302
  319
  336
  354
  373
  393
  414
  436
  459
Depreciation, amort., depletion, $m
  41
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
Funds from operations, $m
  89
  85
  93
  102
  110
  120
  129
  139
  150
  161
  172
  180
  192
  205
  218
  232
  246
  261
  276
  292
  309
  327
  345
  364
  384
  405
  426
  449
  473
  498
  524
Change in working capital, $m
  -14
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  12
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
Cash from operations, $m
  103
  78
  86
  94
  103
  112
  121
  131
  141
  151
  162
  170
  182
  194
  206
  220
  233
  248
  263
  278
  294
  311
  329
  347
  366
  386
  407
  429
  452
  476
  501
Maintenance CAPEX, $m
  0
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
New CAPEX, $m
  -27
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
Cash from investing activities, $m
  -30
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -32
  -33
  -36
  -37
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -57
  -60
  -64
  -67
  -70
  -74
  -77
  -82
  -86
  -90
  -95
Free cash flow, $m
  73
  60
  66
  73
  80
  87
  95
  103
  111
  120
  129
  134
  144
  154
  165
  176
  187
  199
  211
  224
  237
  251
  265
  280
  296
  312
  329
  347
  366
  386
  406
Issuance/(repayment) of debt, $m
  -26
  29
  31
  32
  34
  35
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  76
  79
  83
  86
  90
  95
  99
Issuance/(repurchase) of shares, $m
  -29
  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  
  -55
  29
  31
  32
  34
  35
  37
  38
  40
  41
  43
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  66
  69
  72
  76
  79
  83
  86
  90
  95
  99
Total cash flow (excl. dividends), $m
  9
  89
  97
  105
  113
  122
  131
  141
  151
  161
  171
  179
  190
  202
  215
  227
  241
  255
  269
  285
  301
  317
  334
  353
  371
  391
  412
  434
  456
  480
  505
Retained Cash Flow (-), $m
  -7
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -64
  -66
  -69
  -72
  -76
  -79
  -83
  -86
  -90
  -95
  -99
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
 
  214
  66
  73
  80
  87
  95
  103
  111
  120
  129
  134
  144
  154
  165
  176
  187
  199
  211
  224
  237
  251
  265
  280
  296
  312
  329
  347
  366
  386
  406
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
 
  205
  61
  63
  66
  68
  69
  69
  69
  69
  67
  64
  61
  59
  55
  52
  47
  43
  39
  34
  30
  26
  22
  18
  15
  12
  10
  7
  6
  4
  3
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) Ltd., a business process management company, provides data, voice, analytical, and business transformation services worldwide. The company operates through two segments, WNS Global BPM and WNS Auto Claims BPM. It offers industry-specific services to clients primarily in the insurance; travel and leisure; diversified businesses, including manufacturing, retail, consumer packaged goods, media and entertainment, and telecommunications; utilities; consulting and professional services; banking and financial services; healthcare; and shipping and logistics industries. The company also provides various services in the areas of customer care or contact center, finance and accounting, research and analytics, human resource outsourcing, technology, and legal services across various industries. In addition, it offers transformation services designed to enable its clients to modify their business processes to enhance productivity, and manage changes in the business environment and leverage business knowledge to increase market competitiveness. Further, the company provides claims handling and repair management services for automobile repairs through a network of third party repair centers; and a suite of accident management services, including credit hire and credit repair. The company was founded in 1996 and is headquartered in Mumbai, India.

FINANCIAL RATIOS  of  WNS (Holdings) ADR (WNS)

Valuation Ratios
P/E Ratio 46.4
Price to Sales 2.9
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 17.1
Price to Free Cash Flow 23.2
Growth Rates
Sales Growth Rate 7.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.4%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
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. 9.7%
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 15.9%
EBITDA Margin - 3 Yr. Avg. 20.1%
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 11.2% 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 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 14.4%.

Life of production assets of 10 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 48.66 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 $1.7 billion.

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COMPANY NEWS

▶ 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]
▶ WNS to Acquire Value Edge Research Services   [Mar-11-16 07:47AM  Business Wire]
▶ WNS to Manage Analytics Operations for QBE Insurance   [Mar-09-16 08:00AM  Business Wire]
▶ WNS and Scandinavian Airlines Extend Strategic Relationship   [Feb-29-16 08:00AM  Business Wire]
Stock chart of WNS 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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