WNS (Holdings): Near-Term Growth Is Going To Be Challenging

Paul Bradbury I give a hold rating to WNS Holdings (NYSE:WNS). My summarized thesis is that WNS near-term growth is going to be poor as a large portion of its revenue is facing headwinds, and as such, it is very unlikely that WNS can achieve its FY25 guidance. Notably, the implied 2H25 growth acceleration is quite significant, which leaves little room for error. With a poorer growth outlook and weaker margin profile relative to peers, I think WNS is going to continue trading at a discount to peers. WNS is a ...