Market Capitalization $30.5 Billion
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- Jonas Hodges
- 7 years ago
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1 BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 09/12/2013 TARGET PRICE $14.28 WIT BUSINESS DESCRIPTION Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. STOCK PERFORMANCE (%) 3 Mo. 1 Yr. 3 Yr (Ann) Price Change GROWTH (%) Last Qtr 12 Mo. 3 Yr CAGR Revenues Net Income EPS RETURN ON EQUITY (%) WIT Ind Avg S&P 500 Q Q Q P/E COMPARISON Sector: Technology Sub-Industry: IT Consulting & Other Services Source: S&P Weekly Price: (US$) SMA (50) SMA (100) 1 Year 2 Years Rating History BUY Volume in Millions COMPUSTAT for Price and Volume, TheStreet Ratings, Inc. for Rating History TARGET PRICE $ WIT EPS ANALYSIS¹ ($) Ind Avg S&P 500 RECOMMENDATION We rate (WIT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and solid stock price performance. We feel its strengths outweigh the fact that the company shows operating cash flow. HIGHLIGHTS WIT's revenue growth has slightly outpaced the industry average of 7.7%. Since the same quarter one year prior, revenues slightly increased by 1.9%. This growth in revenue does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share. WIT's debt-to-equity ratio is very low at 0.27 and is currently below that of the industry average, implying that there has been very successful management of debt levels. To add to this, WIT has a quick ratio of 1.94, which demonstrates the ability of the company to cover short-term liquidity needs. Q Q Q Q Q Q Q NA = not available NM = not meaningful Q Q Q Q Compustat fiscal year convention is used for all fundamental data items. Q 's earnings per share declined by 6.7% in the most recent quarter compared to the same quarter a year ago. Stable earnings per share over the past year indicate the company has sound management over its earnings and share float. We anticipate these figures will begin to experience more growth in the coming year. During the past fiscal year, 's EPS of $0.55 remained unchanged from the prior years' EPS of $0.55. This year, the market expects an improvement in earnings ($0.57 versus $0.55). After a year of stock price fluctuations, the net result is that WIT's price has not changed very much. Although its earnings growth may have played a role in this flat result, don't lose sight of the fact that the performance of the overall market, as measured by the S&P 500 Index, was essentially similar. Looking ahead, the stock's rise over the last year has already helped drive it to a level which is relatively expensive compared to the rest of its industry. We feel, however, that the other strengths this company displays justify these higher price levels. PAGE 1
2 PEER GROUP ANALYSIS REVENUE GROWTH AND EBITDA MARGIN* Revenue Growth (TTM) -50% 350% UNFAVORABLE EPAM CSC BAH TDC IBM 5% LDOS EBITDA Margin (TTM) CTSH GIB WIT FAVORABLE INFY 30% Companies with higher EBITDA margins and revenue growth rates are outperforming companies with lower EBITDA margins and revenue growth rates. Companies for this scatter plot have a market capitalization between $3.3 Billion and $145.7 Billion. Companies with NA or NM values do not appear. *EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization. REVENUE GROWTH AND EARNINGS YIELD Revenue Growth (TTM) -50% 350% UNFAVORABLE TDC -10% Earnings Yield (TTM) EPAM CSC LDOS FAVORABLE CTSH WIT BAH ACN INFY GIB IBM 10% Companies that exhibit both a high earnings yield and high revenue growth are generally more attractive than companies with low revenue growth and low earnings yield. Companies for this scatter plot have revenue growth rates between -12.5% and 313.5%. Companies with NA or NM values do not appear. INDUSTRY ANALYSIS The US IT Services industry includes companies that provide IT-related services, such as consulting, installation, systems integration, software development, and support. It includes providers of commercial electronic data processing and business process outsourcing (BPO) services, including back-office operations. There are about 35,000 such U.S. companies in this space. Major players are Accenture (ACN), Computer Sciences (CSC), and the technology consulting arms of International Business Machines (IBM) and Xerox (XRX). The industry is highly competitive, mature, and characterized by rapid technological changes, evolving industry standards, and changing customer preferences. Companies compete on service quality, product performance, technological innovation, and pricing. Demand is affected by the IT spending budget of clients, which in turn, is affected by the level of economic activity in the industries and markets they serve. IT spending has shifted from hardware to software and services. The emergence of business process outsourcing has altered the competitive landscape within the industry by making high quality services available at reduced costs. The 50 largest companies hold more than 80% of the market. Industry players use outsourcing as a tool to drive revenue growth by expanding service offerings that are costly to develop and deliver internally. Consolidation is on the rise as large companies strive to expand their geographical foot-print and service portfolio. The economic may add to IT spending in the coming quarters and spurring the growth of existing and new business. Another major challenge is anti-outsourcing as part of immigration reform legislation under discussion in Congress, aimed at limiting or restricting outsourcing to address unemployment concerns in the US. Certain instances of theft and misappropriation of sensitive client information have marred growth. The outlook for the IT services industry remains positive as spending on technology products and services is expected to grow, albeit at a slower rate in the immediate future. However, companies sustainability in an intense competitive environment will depend on their ability to fulfill demand in a cost-competitive and efficient manner. PEER GROUP: IT Services Recent Market Price/ Net Sales Net Income Ticker Company Name Price ($) Cap ($M) Earnings TTM ($M) TTM ($M) WIT , , , ACN ACCENTURE PLC , , , CSC COMPUTER SCIENCES CORP , , BAH BOOZ ALLEN HAMILTON HLDG CP , , INFY INFOSYS LTD , , , LDOS LEIDOS HOLDINGS INC , , CTSH COGNIZANT TECH SOLUTIONS , , , TDC TERADATA CORP ,259 NM 2, EPAM EPAM SYSTEMS INC , IBM INTL BUSINESS MACHINES CORP , , , GIB CGI GROUP INC , , , The peer group comparison is based on Major IT Consulting & Other Services companies of comparable size. PAGE 2
3 Annual Dividend Rate COMPANY DESCRIPTION Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. Its 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. The company's 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. Wipro Limited was founded in 1945 and is headquartered in Bengaluru, India. Doddakannelli Bengaluru IND Phone: Fax: Employees: STOCK-AT-A-GLANCE Below is a summary of the major fundamental and technical factors we consider when determining our overall recommendation of WIT shares. It is provided in order to give you a deeper understanding of our rating methodology as well as to paint a more complete picture of a stock's strengths and nesses. It is important to note, however, that these factors only tell part of the story. To gain an even more comprehensive understanding of our stance on the stock, these factors must be assessed in combination with the stock s valuation. Please refer to our Valuation section on page 5 for further information. FACTOR SCORE Growth 3.5 out of 5 stars Measures the growth of both the company's income statement and cash flow. On this factor, WIT has a growth score better than 60% of the stocks we rate. Total Return 4.5 out of 5 stars Measures the historical price movement of the stock. The stock performance of this company has beaten 80% of the companies we cover. Efficiency 5.0 out of 5 stars Measures the strength and historic growth of a company's return on invested capital. The company has generated more income per dollar of capital than 90% of the companies we review. Price volatility 4.5 out of 5 stars Measures the volatility of the company's stock price historically. The stock is less volatile than 80% of the stocks we monitor. Solvency 5.0 out of 5 stars Measures the solvency of the company based on several ratios. The company is more solvent than 90% of the companies we analyze. Income 3.5 out of 5 stars Measures dividend yield and payouts to shareholders. The company's dividend is higher than 60% of the companies we track. THESTREET RATINGS RESEARCH METHODOLOGY TheStreet Ratings' stock model projects a stock's total return potential over a 12-month period including both price appreciation and dividends. Our Buy, Hold or Sell ratings designate how we expect these stocks to perform against a general benchmark of the equities market and interest rates. While our model is quantitative, it utilizes both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and forecasted company earnings. Objective elements include volatility of past operating revenues, financial strength, and company cash flows. Our model gauges the relationship between risk and reward in several ways, including: the pricing drawdown as compared to potential profit volatility, i.e.how much one is willing to risk in order to earn profits; the level of acceptable volatility for highly performing stocks; the current valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's valuation as compared to projected earnings growth; and the financial strength of the underlying company as compared to its stock's performance. These and many more derived observations are then combined, ranked, weighted, and scenario-tested to create a more complete analysis. The result is a systematic and disciplined method of selecting stocks. PAGE 3
4 Consensus EPS Estimates² ($) IBES consensus estimates are provided by Thomson Financial FINANCIAL ANALYSIS 's gross profit margin for the fourth quarter of its fiscal year 2015 has decreased when compared to the same period a year ago. Even though sales increased, the net income has decreased. has liquidity. Currently, the Quick Ratio is 1.94 which shows the ability to cover short-term cash needs. The company's liquidity has decreased from the same period last year, indicating deteriorating cash flow Q1 FY E 2017(E) 0.62 E 2018(E) During the same period, stockholders' equity ("net worth") has increased by 7.44% from the same quarter last year. The key liquidity measurements indicate that the company is unlikely to face financial difficulties in the near future. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. To learn more visit INCOME STATEMENT Net Sales ($mil) 2, , EBITDA ($mil) EBIT ($mil) Net Income ($mil) BALANCE SHEET Cash & Equiv. ($mil) 4, , Total Assets ($mil) 10, , Total Debt ($mil) 1, , Equity ($mil) 7, , PROFITABILITY Gross Profit Margin 32.38% 34.42% EBITDA Margin 20.10% 22.43% Operating Margin 17.41% 19.96% Sales Turnover Return on Assets 12.26% 14.42% Return on Equity 19.07% 21.20% DEBT Current Ratio Debt/Capital Interest Expense Interest Coverage SHARE DATA Shares outstanding (mil) 2,456 2,454 Div / share EPS Book value / share Institutional Own % NA NA Avg Daily Volume 547, ,461 2 Sum of quarterly figures may not match annual estimates due to use of median consensus estimates. PAGE 4
5 RATINGS HISTORY Our rating for has not changed since 9/12/2013. As of 6/30/2016, the stock was trading at a price of which is 5.5% below its 52-week high of $13.08 and 16.1% above its 52-week low of $ Year Chart BUY: $ $15.00 $14.00 $13.00 $12.00 MOST RECENT RATINGS CHANGES Date Price Action From To 6/30/14 $11.89 No Change Buy Buy Price reflects the closing price as of the date listed, if available RATINGS DEFINITIONS & DISTRIBUTION OF THESTREET RATINGS (as of 6/30/2016) 39.50% Buy - We believe that this stock has the opportunity to appreciate and produce a total return of more than 10% over the next 12 months % Hold - We do not believe this stock offers conclusive evidence to warrant the purchase or sale of shares at this time and that its likelihood of positive total return is roughly in balance with the risk of loss % Sell - We believe that this stock is likely to decline by more than 10% over the next 12 months, with the risk involved too great to compensate for any possible returns. TheStreet Ratings 14 Wall Street, 15th Floor New York, NY Research Contact: Sales Contact: VALUATION BUY. 's P/E ratio indicates a discount compared to an average of for the IT Services industry and a value on par with the S&P 500 average of To use another comparison, its price-to-book ratio of 4.31 indicates a significant premium versus the S&P 500 average of 2.77 and a significant discount versus the industry average of The price-to-sales ratio is well above the S&P 500 average, but well below the industry average. Upon assessment of these and other key valuation criteria, proves to trade at a discount to investment alternatives within the industry. Price/Earnings WIT Peers Discount. A lower P/E ratio than its peers can signify a less expensive stock or lower growth expectations. WIT is trading at a discount to its peers. Price/Projected Earnings WIT Peers Average. An average price-to-projected earnings ratio can signify an industry neutral stock price and average future growth expectations. WIT is trading at a valuation on par with its peers. Price/Book WIT 4.31 Peers 8.08 Discount. A lower price-to-book ratio makes a stock more attractive to investors seeking stocks with lower market values per dollar of equity on the balance sheet. WIT is trading at a significant discount to its peers. Price/Sales WIT 3.92 Peers 5.07 Discount. In the absence of P/E and P/B multiples, the price-to-sales ratio can display the value investors are placing on each dollar of sales. WIT is trading at a discount to its industry on this measurement. DISCLAIMER: Price/CashFlow WIT Peers Premium. The P/CF ratio, a stock s price divided by the company's cash flow from operations, is useful for comparing companies with different capital requirements or financing structures. WIT is trading at a significant premium to its peers. Price to Earnings/Growth WIT 8.26 Peers 2.63 Premium. The PEG ratio is the stock s P/E divided by the consensus estimate of long-term earnings growth. Faster growth can justify higher price multiples. WIT trades at a significant premium to its peers. Earnings Growth lower higher WIT 0.00 Peers Neutral. Higher earnings growth rates can lead to capital appreciation and justify higher price-to-earnings ratios. The growth rate for WIT is not available. Sales Growth lower higher WIT 2.64 Peers 6.07 Lower. A sales growth rate that trails the industry implies that a company is losing market share. WIT significantly trails its peers on the basis of sales growth The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but TheStreet Ratings cannot guarantee its accuracy and completeness, and that of the opinions based thereon. Data is provided via the COMPUSTAT Xpressfeed product from Standard &Poor's, a division of The McGraw-Hill Companies, Inc., as well as other third-party data providers. TheStreet Ratings is a division of TheStreet, Inc., which is a publisher. This research report contains opinions and is provided for informational purposes only. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional, before you make any investment. None of the information contained in this report constitutes, or is intended to constitute a recommendation by TheStreet Ratings of any particular security or trading strategy or a determination by TheStreet Ratings that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Your use of this report is governed by TheStreet, Inc.'s Terms of Use found at PAGE 5
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