Real funny. CTSH, HCLT and TCS (the latter two traded in India) all have 30% AGR. Yet CTSH traded at 30 times plus PE and the latter two traded over India for below 20 times PE. How magic is America created the theory of PEG and inflated the stock value?
For the same theory, WIT trades here for 30 PE, yet WIT trades at 19 times in India. Don't short it - WIT ADR had been overvalued over WIT India for 30-40% for the last two-three years already. It is ridiculous but it is existing for many years.