Cognizant Corp. (multinational information technology, consulting and business process outsourcing company). Like many other IT services firms, Cognizant follows a global delivery model based on offshore software R&D and offshore outsourcing. The company has a number of offshore development centers outside the United States and near-shore centers in the U.S., Europe, South America. The company has more than 150,000 employees globally, of which over 100,000 are in India across 10 locations with a plurality in Chennai. Cognizant recently published a good report for 3Q and 9 months of the 2013 fiscal year. Quarterly revenue increased 93.8% y/y, exceeding expectations by 2.2%. Net income rose 15.5% y/y and it beat expectations by 2.8%. Sales in Europe (+7.1% q/q, +37% y/y) grew faster than anywhere else. In addition, Healthcare segment was the most rapidly growing revenue component (+10.8%q/q, +24.2% y/y). Growth was driven by an improvement in the economic conditions that contributed to investment in the IT sector, especially in the US and Europe. Cognizant does not pay dividends, but for a fast-growing company this is not so important. We believe that the company's sales will continue to grow rapidly in the medium term, primarily due to the US and European markets. Our medium-term fundamental valuation of Cognizant (CTSH) shares is $105. Short-term goal is $100.