Computer Services & IT Consulting: Business Services

WNS (HOLDINGS) LIMITED

Published and distributed by Cowen and Company, LLC

EQUITY RESEARCH ESTIMATE CHANGES

February 9, 2024

Price: $57.95 (02/8/2024) MODEL UPDATE

Price Target: $77.00 (Prior $80.00)

OUTPERFORM (1)
ESG SCORE: 65/100

Bryan C. Bergin, CFA THE TD COWEN INSIGHT

646 562 1369
bryan.bergin@cowen.com
Following the 2/2 client term announcement (see HERE), we lower FY25/FY26 rev & EPS
ests by ~3% & PT to $77 (15.5x CY25E P/E). Since 2/1, WNS shares are down -20%. Weak
Jared Levine, CFA sentiment is understandable, but we view the sell-off as overdone; it's navigating slower
646 562 1431 growth (~7%), but valuation already captures that. FY25 guide in April is next catalyst,
jared.levine@cowen.com followed by potential stock indexation support.
Zachary Ajzenman
646 562 1363
zachary.ajzenman@cowen.com
Key Data
Symbol NYSE: WNS
Beta: 1.12
52-Week Range: $93.17-$53.23
Market Cap: $2.8B
Net Debt (MM): $114.7
Cash/Share: $3.27
Dil. Shares Out (MM): 48.9
Enterprise Value (MM): $2,947.8
BV/Share: $17.56
Dividend: $0.00
Yield: 0.00%

FY (Mar) 2023A 2024E 2025E

EPS
Year $3.88 $4.36 $4.56
Prior Year - - $4.71
P/E 14.9x 13.3x 12.7x
Consensus EPS $3.88 $4.34 $4.63
Consensus source: FactSet

Revenue (MM)
Year $1,162.0 $1,285.9 $1,377.6
Prior Year - - $1,418.0

EBITDA
Year $295.0 $330.0 $353.6
Prior Year - - $364.1
P/
9.3x 8.3x 7.8x
EBITDA

Please see pages 5 to 9 of this report for important disclosures. TDCOWEN.COM

TD COWEN WNS (Holdings) Limited
EQUITY RESEARCH February 9, 2024

AT A GLANCE

Our Investment Thesis Forthcoming Catalysts

We rate the shares Outperform. WNS has exhibited strong underlying business momentum, ■ Quarterly earnings and updates to
with industry-leading constant currency growth and profitability. Recent FX headwinds guidance
are waning and positive survey data suggests incremental Services spend from geopolitical ■ Ramping new large deals
events (including Brexit). We expect strong revenue growth to continue over the medium ■ Potential bolt-on M&A diversifying
term based on broad-based performance across regions, verticals and service lines, and solid exposures
execution. We think this supports positive revisions and also makes the case for multiple
expansion as WNS reduces concentrations, and grows faster and more profitably than peers.

Base Case Assumptions Upside Scenario Downside Scenario

■ FY24E revenue growth of 10.4% y/y CC ■ FY24 revenue growth above high-end of ■ FY24 revenue growth near low-end of
■ FY24E adj operating margins of 21.3% guide 11% y/y CC guide 9% y/y CC
■ Adj operating margins in excess of 22% ■ Adj operating margins fall below 21%.

Price Performance Company Description

WNS is a global provider of BPM services, managing clients’ core processes with deep
$100
domain knowledge via data, voice, analytical and business transformation services.
The company is a leader in the Insurance and Travel industries, with a vertical-driven
90 differentiation, and enables clients to transform their business processes in order to achieve
improved efficiency and operational flexibility, while at the same providing valuable insights
80 into their organization to grow. It leverages internal IP and technology-based services
that incorporate business processes design improvements, global delivery capabilities and
analytics. WNS has over 50,000 employees across 40 delivery centers in 10 countries,
70
servicing over 700 business processes for 300+ clients.

60

Analyst Top Picks

50
May-23 Aug-23 Nov-23 Feb-24
Ticker Price ( 02/8/2024) Price Target Rating
Source: Bloomberg ExlService Holdings EXLS $30.64 $35.00 Outperform
Global Payments GPN $136.63 $160.00 Outperform
Paylocity Holding Corporation PCTY $171.91 $186.00 Outperform

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EQUITY RESEARCH February 9, 2024

TD COWEN ESG SCORES

WNS (Holdings) Limited WNS (Holdings) Limited(WNS) ESG Material Category Rankings as of February 9, 2024
NYSE: WNS
Top 3 Material ESG Categories Dynamic Materiality TM Score
ESG Score: 65/100 Critical Risk 100% 60
Access and Affordability 0% 71
ESG Industry Percentile: 56th Air Quality 0% N/A

ESG MATERIALITY
Establishing materiality is critical to evaluating a company’s ESG performance. Factors most material in one sector (or to a particular company) may not be as important to another. In
addition, the factors that are material – and the degree to which factors are material – can change over time.

Applying data to frameworks established by SASB (the Sustainability Accounting Standards Board) and by Truvalue Labs, we present in the chart above the three most material
ESG factors that investors should focus on for the company that is the subject of this report; the Dynamic Materiality™ of each factor (i.e., what percentage of overall materiality the
category represents for the subject company); and a Score for the subject company in each of these three categories (on a 0 to 100 basis, with 50 being average).

We also calculate an overall ESG Score for the subject company, which is presented above (in green) and on the cover of this report. A full explanation of how this ESG Score is derived
is presented below.

HOW ARE TD COWEN’S ESG SCORES CALCULATED?

TD Cowen leverages technology from Truvalue Labs to generate our ESG scores. Truvalue Labs uses artificial intelligence to capture the stakeholder view of how companies are
performing on ESG metrics, using the Sustainability Accounting Standards Board (SASB) materiality framework (www.sasb.org). These data are leveraged to calculate a score for
each company, which allows TD Cowen to have a common framework and uniform way to approach ESG discussions with our clients. TD Cowen ESG scores appear on Company and
Company Quick Take notes and are updated daily.

HOW DOES THE PROCESS WORK?

The process begins with capturing unstructured data from more than 100,000 sources, in 14 languages. These data are culled from a wide range of sources with varied perspectives,
including industry publications, news outlets, NGOs, trade unions, government sources, legal and regulatory filings, and academic publications.

Natural language processing is used to interpret semantic content from the original sources and generate analytics by applying criteria consistent with established sustainability and
ESG frameworks. Performance is scored on a 0 to 100 scale. A score of 50 represents a neutral impact. Scores above 50 indicate more positive performance, and scores below reflect
more negative performance. A score of NA means not enough data is available on the company to generate a score.

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EQUITY RESEARCH February 9, 2024

VALUATION METHODOLOGY AND RISKS

Valuation Methodology

Business Services:
We use forward P/E and EV/EBITDA multiples to value the companies in the Business
Services industry. We support our valuation with FCF yield and cash per share analysis.
We make investment recommendations on certain early stage, pre-revenue companies
based upon an assessment of their business model, technology, probability of market
success, and the potential market opportunity, balanced by an assessment of applicable
risks. Such companies may not be assigned a price target.

Investment Risks

Business Services:
Risks
Global economic growth could impact consumers’ and clients’ discretionary spending
The Business Services industry is sensitive to global economic growth. During a downturn or
a recession, both consumers and clients tend to reduce discretionary spending, which would
have a direct negative impact on revenue growth at Business Services companies.
Regulation
Future regulation initiatives could have a negative impact on revenue growth prospects.
Changing federal and government laws in the U.S. and internationally could have a negative
impact on operations and financial results.
Foreign exchange risk
While the companies’ consolidated financial statements are reported in U.S. dollars, portions
of the revenues (varies by company) are generated in other currencies (euros, British
pounds, Asian currencies, etc.). This creates currency and hedging risk.

Risks To The Price Target

Downside risks include:

■ Geographic and client concentrations are the primary risk, though this is gradually waning
as WNS actively diversifies its portfolio
■ Revenue growth fails to meet our projections and/or company guidance
■ Operating margin contraction due to pricing pressure or operational failure
■ Cash flow conversion slows, weighing on ability to fund organic investment, M&A or
capital returns
■ US policy uncertainty is also a potential risk, though WNS has no meaningful exposure to
H-1B visas and border tax details and implications/likelihood remain scarce

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EQUITY RESEARCH February 9, 2024

ADDENDUM
Stocks Mentioned In Important Disclosures
Ticker Company Name
EXLS ExlService Holdings
GPN Global Payments
PCTY Paylocity Holding Corporation
WNS WNS (Holdings) Limited

Analyst Certification
Each author of this research report hereby certifies that (i) the views expressed in the research report accurately reflect his or her personal views about any and all of the subject
securities or issuers, and (ii) no part of his or her compensation was, is, or will be related, directly or indirectly, to the specific recommendations or views expressed in this report.

Important Disclosures
Cowen and Company, LLC makes a market in the stock of WNS (Holdings) Limited, ExlService Holdings, Global Payments and Paylocity Holding Corporation securities.
Cowen and Company, LLC or its affiliates managed or co-managed a public offering of Global Payments in the past 12 months.
Cowen and Company, LLC or its affiliates received compensation for investment banking services from Global Payments in the past 12 months.
Global Payments is or has been in the past 12 months a client of Cowen and Company, LLC; Cowen and Company, LLC has provided investment banking services during the past 12
months.
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EQUITY RESEARCH February 9, 2024

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Disclosures.action

The recommendation contained in this report was produced at February 9, 2024, 14:18ET. and disseminated at February 9, 2024, 16:05ET.
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TD COWEN EQUITY RESEARCH RATING DEFINITIONS

Outperform (1): The stock is expected to achieve a total positive return of at least 15% over the next 12 months

Market Perform (2): The stock is expected to have a total return that falls between the parameters of an Outperform and Underperform over the next 12 months

Underperform (3): Stock is expected to achieve a total negative return of at least 10% over the next 12 months

Assumption: The expected total return calculation includes anticipated dividend yield

TD Cowen Equity Research Rating Distribution

Distribution of Ratings/Investment Banking Services (IB) as of 12/31/23
Rating Count Ratings Distribution Count IB Services/Past 12 Months
Buy (a) 623 65.86% 189 30.34%
Hold (b) 315 33.30% 52 16.51%
Sell (c) 8 0.85% 1 12.50%
(a) Corresponds to "Outperform" rated stocks as defined in Cowen and Company, LLC's equity research rating definitions. (b) Corresponds to "Market Perform" as defined in Cowen
and Company, LLC's equity research ratings definitions. (c) Corresponds to "Underperform" as defined in Cowen and Company, LLC's equity research ratings definitions. Cowen and
Company Equity Research Rating Distribution Table does not include any company for which the equity research rating is currently suspended or any debt security followed by TD
Cowen Cross-Asset Research.

Note: "Buy", "Hold" and "Sell" are not terms that Cowen and Company, LLC uses in its ratings system and should not be construed as investment options. Rather, these ratings terms
are used illustratively to comply with FINRA regulation.

ExlService Holdings Rating History as of 02/08/2024

powered by: BlueMatrix
(2):$80.00 (2):$86.00 (2):$92.00 (2):$95.00 (2):$112.00 (2):$114.00 (2):$130.00 (2):$135.00 (1):$145.00 (1):$160.00 (1):$155.00 (1):$170.00 (1):$175.00
11/18/20 02/25/21 04/19/21 04/29/21 07/16/21 07/29/21 11/02/21 01/19/22 02/28/22 04/05/22 06/17/22 07/29/22 10/27/22
200

150

100

50

0
Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24
(1):$195.00 (1):$190.00 (1):$195.00 (1):$190.00 (1):$37.00 (1):$34.00 (1):$35.00
11/17/22 04/17/23 04/27/23 07/27/23 08/21/23 10/26/23 01/16/24

Closing Price Target Price

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Global Payments Rating History as of 02/08/2024

powered by: BlueMatrix
(1):$226.00 (1):$251.00 (1):$233.00 (1):$228.00 (1):$216.00 (1):$212.00 (1):$192.00 D:(1):$192.00 I:(1):$150.00 (1):$160.00
02/08/21 04/21/21 08/02/21 11/02/21 12/20/21 02/10/22 05/02/22 07/29/22 10/05/23 01/17/24
300

250

200

150

100

50
Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24

Closing Price Target Price

Paylocity Holding Corporation Rating History as of 02/08/2024

powered by: BlueMatrix
(1):$227.00 (1):$214.00 (1):$240.00 (1):$285.00 (1):$300.00 (1):$330.00 (1):$260.00 (1):$265.00 (1):$240.00 (1):$265.00 (1):$259.00 (1):$231.00 (1):$265.00
02/04/21 05/07/21 08/06/21 09/14/21 10/18/21 11/05/21 01/11/22 02/04/22 05/06/22 08/04/22 10/14/22 01/11/23 02/03/23
350

300

250

200

150

100
Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24
(1):$245.00 (1):$253.00 (1):$260.00 (1):$251.00 (1):$195.00 (1):$185.00 (1):$186.00
04/12/23 07/14/23 08/03/23 10/17/23 11/02/23 12/11/23 01/12/24

Closing Price Target Price

WNS (Holdings) Limited Rating History as of 02/08/2024

powered by: BlueMatrix
(1):$80.00 (1):$82.00 (1):$90.00 (1):$97.00 (1):$100.00 (1):$98.00 (1):$95.00 (1):$96.00 (1):$100.00 (1):$105.00 (1):$107.00 (1):$97.00 (1):$90.00
01/21/21 04/19/21 07/15/21 10/28/21 11/03/21 04/21/22 07/20/22 10/20/22 12/07/22 03/27/23 04/17/23 07/17/23 10/18/23
110

100

90

80

70

60

50
Apr 21 Jul 21 Oct 21 Jan 22 Apr 22 Jul 22 Oct 22 Jan 23 Apr 23 Jul 23 Oct 23 Jan 24
(1):$80.00
10/19/23

Closing Price Target Price

Legend for Price Chart:

I = Initiation | 1 = Outperform | 2 = Market Perform | 3 = Underperform | UR = Price Target Under Review | D = Discontinued Coverage | $xx = Price Target | NA = Not Available |
S=Suspended

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POINTS OF CONTACT

Analyst Profiles

Bryan C. Bergin, CFA Jared Levine, CFA Zachary Ajzenman

New York New York New York
646 562 1369 646 562 1431 646 562 1363
bryan.bergin@cowen.com jared.levine@cowen.com zachary.ajzenman@cowen.com

Bryan Bergin is an analyst covering IT & Jared Levine is a vice president covering Zachary Ajzenman is a vice president
business services, fintech & payments, the Human Capital Management (HCM), covering the IT & business services sectors.
HCM & automation software. He is a CFA automation software, and IT & business He joined TD Cowen in 2019 from Societe
charterholder and CPA. services sectors. He is a CFA charterholder. Generale.

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