Talluri Prasanth

2015JULB02046
...Amount in crores.
Book value
HEXAWARE TECH

per share
Earnings
sales
Market Cap
6359.07
1257.61
292.63

HCL
INFOSYS
PERSISTENT Systems
MPHASIS LTD
TCS
WIPRO LTD

P/E

102985.00
277858.42

22551.36
62441.06

5776.40
9776.00

1644.85
6666.98

738.97

6419.40

503828.57
134147.38

62059.32
41236.16

21,470.74

102772.48

8,308.00

46073.70

6,122.93

32879.80

13,967.02

62536.42

314.09

2217.04

P/B
21.73
16.82
19.89
18.39
13.23
23.47
16.15

2357.40

P/S
5.06
4.57
4.45
3.51
1.47
8.12
3.25

2.70
3.13
4.44
2.61
1.52
4.90
2.91

...Amount in crores.
Book value
competitors
HCL

Earnings
sales
per share
Market Cap
102985.00
22551.36
6,122.93

WIPRO LTD

134147.38

41236.16

P/E

8,308.00

46073.70

Average

Market Cap

Book value peEarnings

sales

P/E
?

TECH MAHINDRA LTD

TECH MAHINDRA LTD

Valuation
Valuation

P/B
16.82
16.15
16.48

32879.80

P/S
4.57
3.25
3.91

P/B
?

3.13
2.91
3.02

P/S
?

11322.60

2351.53

20363.77

16.48

3.91

3.02

44270.46

38760.66

61536.75

18.53

4.35

3.17

48189.29 crores
value anchor

Intrinsic Value
No of shares

EPS
P/E
Intrinsic value

960788912

24.47
18.53
453.40

10% value
Lower limit
Upper limit
value anchor

45.34
408.06
453.40
[408.064, 453.404]

Current
Market Cap
Share price

46,288.22 crores

477.00

Current share price is above the value anchor range. So it

is advised to sell the shares

Source for data

Bloomberg
Money Control

When this model works: According to me this model gives good

results only when its competitors are more and are comparable

Talluri Prasanth
2015JULB02046
Quarterly P/E
Name

P/E:Q-4

P/E:Q-3

P/E:Q-2

P/E:Q-1

Average P/E

HEXAWARE TECHNOLOGIES LTD

HCL TECHNOLOGIES LTD
INFOSYS LTD
PERSISTENT SYSTEMS LTD
MPHASIS LTD

28.2084846 21.6299744
19.56917 18.6513405 22.0147423744
17.8009262 19.1569252 16.6807003 15.3689146 17.2518665791
20.5612202 18.0358219 20.7862244 19.4475727 19.7077097893
19.3892517 16.435318 18.2469845 17.4442635 17.8789544106
12.002491 13.1524181 12.6620369 12.6056486766

TATA CONSULTANCY SVCS LTD

WIPRO LTD
WNS HOLDINGS LTD-ADR

25.6523705 24.7929821 24.2531166 22.1672878 24.2164392471

16.286721468
17.849844 15.3696938 16.5243225 15.4030256
21.9099102 23.8945522 24.9664574 28.1117115 24.7206578255

TECH MAHINDRA LTD

22.0184231 22.6714668 17.0277977 19.5201817 20.3094673157

Name
HEXAWARE TECHNOLOGIES LTD
HCL TECHNOLOGIES LTD

P/B:Q-4
5.224711895

Quarterly P/B
P/B:Q-3
P/B:Q-2

P/B:Q-1

Average P/B
5.3680295944
4.7896802425
4.4471935034
4.35097408
3.5088332891
3.25451708
1.4663304687
1.45471096
8.4271624088
7.06876087
3.3468822241
3.02951908
3.7405422926
4.16905594

5.6146512
5.12140799
5.3763361 4.45970392 4.09796906

INFOSYS LTD
PERSISTENT SYSTEMS LTD
MPHASIS LTD

4.62929678
4.177279 4.63122416
4.06565809 3.26016808 3.45498991
1.47794998

TATA CONSULTANCY SVCS LTD

WIPRO LTD

9.87956429 8.67935181 8.08097267

3.80570197 3.14378595 3.40852189

WNS HOLDINGS LTD-ADR

3.24703312 3.67590809 3.87017202

TECH MAHINDRA LTD

5.13963985 4.93948698 3.58334208 3.89650297

4.3897429705

Quarterly P/S
Name
HEXAWARE TECHNOLOGIES LTD
HCL TECHNOLOGIES LTD
INFOSYS LTD

P/S:Q-4
P/S:Q-3
P/S:Q-2
P/S:Q-1
Average P/S
2.7439810038
3.47406101 2.68146896
2.472682 2.34771204
3.2302927971
3.48431301 3.59182501 3.04570508 2.79932809
4.4390530586
4.75466919 4.09784603 4.64327192 4.26042509

PERSISTENT SYSTEMS LTD

MPHASIS LTD
TATA CONSULTANCY SVCS LTD
WIPRO LTD

2.9799099 2.42818999
1.39777994
5.28534317 5.08792019
3.2897799 2.79449391

WNS HOLDINGS LTD-ADR

2.36380291 2.57523894 2.65904808 2.916973114

2.5996579528
1.4495756229
4.9877030849
2.9632244706
2.6287657619

2.845613 2.65291095 1.92632496 2.15787697

2.3956814706

TECH MAHINDRA LTD

2.59682894 2.39370298
1.48813295 1.46281397
4.99566984 4.58187914
3.00429296 2.7643311

Source for data

Bloomberg
Money Control

Talluri Prasanth
2015JULB02046
Monthly P/E
Name

HEXAWARE TECHNOLOGIES LTD

HCL TECHNOLOGIES LTD
INFOSYS LTD
PERSISTENT SYSTEMS LTD
MPHASIS LTD
TATA CONSULTANCY SVCS LTD
WIPRO LTD
Average
Average P/E

P/E:MP/E:M-12 11

25.46
17.93
18.74
21.05
11.66
25.24
15.69
19.40

24.50
17.63
18.45
19.37
12.36
25.61
15.94
19.12

P/E:M- P/E:M- P/E:MP/E:M- P/E:M- P/E:MP/E:M10

9
8
P/E:M-7 P/E:M-6 5
4
3
P/E:M-2 1

25.67
18.49
18.36
18.09
13.17
24.92
15.98
19.24

25.82
19.12
21.54
20.61
13.54
26.57
16.44
20.52

22.62
18.40
20.24
18.64
13.03
24.80
16.64
19.19

22.98
16.73
19.89
18.90
13.05
23.32
15.96
18.69

23.38
17.05
18.74
18.36
15.66
22.14
15.39
18.67

22.64
16.50
19.38
18.21
15.40
22.65
15.32
18.58

16.56
16.35
20.05
16.73
13.69
20.73
14.91
17.00

17.63
16.61
19.83
17.71
12.79
21.10
15.06
17.25

18.71

Source for data

Bloomberg
Money Control

20.72
16.08
21.00
18.27
14.92
22.07
15.17
18.32

19.78
15.82
20.98
20.68
15.38
20.46
16.26
18.48