Published on 16/03/2017 2:50:17 PM | Source: India Nivesh Securities Ltd

Buy Wipro Ltd For Target Rs.599.00 - India Nivesh Sec

Posted in Broking Firm Views - Long Term Report | #Wipro Ltd #IT Sector #Broking Firm Views Report #IndiaNivesh Securities Ltd


Wipro to Develop Next‐Generation Enterprise Master Patient Index (eMPI) Solution
for NHS Scotland

Wipro has won 12‐years contract from NHS Scotland to build a next generation Enterprise Master patient index (eMPI) solution. This solution will help NHS Scotland transition from its current legacy Community Health Index System (CHI) to offer cost effective, efficient, paperless and patient‐friendly healthcare services in Scotland. Wipro has partnered with NextGate for this project and will leverage NextGate’s MatchMetrix® platform to enable the eMPI solution to link and manage data from patients, partner institutions and third party organizations. For future requirement, Wipro with NextGate will build a scalable solution to enable healthcare providers in the Scottish healthcare boards to maintain unique patient identifiers. Operating budget for NHS Scotland is ~GBP12.2 billion in 2015– 16 and it is growing. The deal size is expected be significant and will remain one of the top clients.

We Expect Enterprise Master Patient Index (eMPI) to positively contribute to Wipro’s topline. Currently we don’t know the total deal size and inception point.

 

Valuation

At CMP of Rs.495, the stock is trading at P/E multiple of 14.1x FY17E and 12x FY18E earnings estimate. Given the ~21% upside from our FY18E TP of Rs.599 (valuing at 14.5x FY18E EPS), we continue to maintain BUY on Wipro.

 

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