Intrinsic value of Infosys ADR - INFY

Previous Close

$18.29

  Intrinsic Value

$12.58

stock screener

  Rating & Target

sell

-31%

Previous close

$18.29

 
Intrinsic value

$12.58

 
Up/down potential

-31%

 
Rating

sell

We calculate the intrinsic value of INFY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  9.68
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  10,253
  10,458
  10,699
  10,974
  11,282
  11,624
  12,000
  12,408
  12,851
  13,327
  13,839
  14,386
  14,970
  15,591
  16,252
  16,953
  17,696
  18,482
  19,314
  20,193
  21,121
  22,100
  23,132
  24,220
  25,367
  26,575
  27,846
  29,184
  30,593
  32,074
  33,633
Variable operating expenses, $m
 
  7,842
  8,022
  8,226
  8,456
  8,711
  8,990
  9,295
  9,624
  9,979
  10,360
  10,713
  11,147
  11,610
  12,102
  12,624
  13,178
  13,763
  14,383
  15,037
  15,728
  16,457
  17,226
  18,036
  18,890
  19,789
  20,736
  21,733
  22,781
  23,885
  25,045
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  7,723
  7,842
  8,022
  8,226
  8,456
  8,711
  8,990
  9,295
  9,624
  9,979
  10,360
  10,713
  11,147
  11,610
  12,102
  12,624
  13,178
  13,763
  14,383
  15,037
  15,728
  16,457
  17,226
  18,036
  18,890
  19,789
  20,736
  21,733
  22,781
  23,885
  25,045
Operating income, $m
  2,530
  2,616
  2,677
  2,747
  2,826
  2,913
  3,009
  3,114
  3,227
  3,348
  3,479
  3,673
  3,822
  3,981
  4,150
  4,329
  4,518
  4,719
  4,932
  5,156
  5,393
  5,643
  5,906
  6,184
  6,477
  6,785
  7,110
  7,452
  7,811
  8,190
  8,588
EBITDA, $m
  2,785
  2,869
  2,935
  3,011
  3,095
  3,189
  3,292
  3,404
  3,526
  3,656
  3,797
  3,947
  4,107
  4,278
  4,459
  4,651
  4,855
  5,071
  5,299
  5,540
  5,795
  6,063
  6,346
  6,645
  6,960
  7,291
  7,640
  8,007
  8,393
  8,800
  9,227
Interest expense (income), $m
  0
  0
  2
  3
  5
  8
  10
  13
  16
  19
  23
  26
  30
  35
  39
  44
  49
  55
  60
  67
  73
  80
  87
  95
  103
  111
  120
  129
  139
  149
  160
Earnings before tax, $m
  2,987
  2,616
  2,676
  2,744
  2,821
  2,906
  2,999
  3,101
  3,211
  3,329
  3,456
  3,647
  3,792
  3,946
  4,110
  4,285
  4,469
  4,665
  4,871
  5,089
  5,320
  5,563
  5,819
  6,090
  6,374
  6,674
  6,990
  7,323
  7,672
  8,040
  8,427
Tax expense, $m
  838
  706
  722
  741
  762
  785
  810
  837
  867
  899
  933
  985
  1,024
  1,066
  1,110
  1,157
  1,207
  1,259
  1,315
  1,374
  1,436
  1,502
  1,571
  1,644
  1,721
  1,802
  1,887
  1,977
  2,072
  2,171
  2,275
Net income, $m
  2,149
  1,909
  1,953
  2,003
  2,059
  2,121
  2,189
  2,264
  2,344
  2,430
  2,523
  2,662
  2,768
  2,881
  3,001
  3,128
  3,263
  3,405
  3,556
  3,715
  3,883
  4,061
  4,248
  4,445
  4,653
  4,872
  5,103
  5,345
  5,601
  5,869
  6,152

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4,794
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  12,480
  7,840
  8,020
  8,226
  8,457
  8,714
  8,995
  9,302
  9,633
  9,990
  10,374
  10,784
  11,222
  11,688
  12,183
  12,708
  13,265
  13,855
  14,478
  15,137
  15,833
  16,566
  17,340
  18,156
  19,016
  19,921
  20,874
  21,877
  22,933
  24,044
  25,212
Adjusted assets (=assets-cash), $m
  7,686
  7,840
  8,020
  8,226
  8,457
  8,714
  8,995
  9,302
  9,633
  9,990
  10,374
  10,784
  11,222
  11,688
  12,183
  12,708
  13,265
  13,855
  14,478
  15,137
  15,833
  16,566
  17,340
  18,156
  19,016
  19,921
  20,874
  21,877
  22,933
  24,044
  25,212
Revenue / Adjusted assets
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
  1.334
Average production assets, $m
  1,797
  1,830
  1,872
  1,920
  1,974
  2,034
  2,100
  2,171
  2,249
  2,332
  2,422
  2,518
  2,620
  2,728
  2,844
  2,967
  3,097
  3,234
  3,380
  3,534
  3,696
  3,867
  4,048
  4,239
  4,439
  4,651
  4,873
  5,107
  5,354
  5,613
  5,886
Working capital, $m
  5,942
  1,171
  1,198
  1,229
  1,264
  1,302
  1,344
  1,390
  1,439
  1,493
  1,550
  1,611
  1,677
  1,746
  1,820
  1,899
  1,982
  2,070
  2,163
  2,262
  2,366
  2,475
  2,591
  2,713
  2,841
  2,976
  3,119
  3,269
  3,426
  3,592
  3,767
Total debt, $m
  0
  43
  94
  151
  216
  288
  367
  452
  545
  645
  753
  868
  990
  1,121
  1,259
  1,406
  1,562
  1,727
  1,902
  2,086
  2,281
  2,487
  2,703
  2,932
  3,172
  3,426
  3,693
  3,974
  4,269
  4,580
  4,907
Total liabilities, $m
  2,152
  2,195
  2,246
  2,303
  2,368
  2,440
  2,519
  2,604
  2,697
  2,797
  2,905
  3,020
  3,142
  3,273
  3,411
  3,558
  3,714
  3,879
  4,054
  4,238
  4,433
  4,639
  4,855
  5,084
  5,324
  5,578
  5,845
  6,126
  6,421
  6,732
  7,059
Total equity, $m
  10,328
  5,645
  5,774
  5,923
  6,089
  6,274
  6,477
  6,697
  6,936
  7,193
  7,469
  7,764
  8,080
  8,415
  8,772
  9,150
  9,551
  9,976
  10,424
  10,899
  11,399
  11,928
  12,485
  13,072
  13,691
  14,343
  15,029
  15,752
  16,512
  17,311
  18,153
Total liabilities and equity, $m
  12,480
  7,840
  8,020
  8,226
  8,457
  8,714
  8,996
  9,301
  9,633
  9,990
  10,374
  10,784
  11,222
  11,688
  12,183
  12,708
  13,265
  13,855
  14,478
  15,137
  15,832
  16,567
  17,340
  18,156
  19,015
  19,921
  20,874
  21,878
  22,933
  24,043
  25,212
Debt-to-equity ratio
  0.000
  0.010
  0.020
  0.030
  0.040
  0.050
  0.060
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.130
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.220
  0.230
  0.240
  0.250
  0.250
  0.260
  0.260
  0.270
Adjusted equity ratio
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,149
  1,909
  1,953
  2,003
  2,059
  2,121
  2,189
  2,264
  2,344
  2,430
  2,523
  2,662
  2,768
  2,881
  3,001
  3,128
  3,263
  3,405
  3,556
  3,715
  3,883
  4,061
  4,248
  4,445
  4,653
  4,872
  5,103
  5,345
  5,601
  5,869
  6,152
Depreciation, amort., depletion, $m
  255
  254
  258
  263
  269
  276
  283
  291
  299
  308
  318
  274
  285
  297
  309
  322
  337
  352
  367
  384
  402
  420
  440
  461
  483
  505
  530
  555
  582
  610
  640
Funds from operations, $m
  968
  2,163
  2,211
  2,267
  2,328
  2,397
  2,472
  2,554
  2,643
  2,738
  2,841
  2,936
  3,053
  3,177
  3,310
  3,450
  3,599
  3,757
  3,923
  4,099
  4,285
  4,481
  4,688
  4,906
  5,136
  5,378
  5,633
  5,901
  6,183
  6,480
  6,792
Change in working capital, $m
  -1,137
  23
  27
  31
  35
  38
  42
  46
  50
  53
  57
  61
  65
  70
  74
  79
  83
  88
  93
  98
  104
  110
  116
  122
  128
  135
  142
  150
  158
  166
  175
Cash from operations, $m
  2,105
  2,140
  2,184
  2,236
  2,294
  2,359
  2,430
  2,508
  2,593
  2,685
  2,784
  2,875
  2,987
  3,108
  3,236
  3,372
  3,516
  3,669
  3,830
  4,001
  4,181
  4,372
  4,573
  4,784
  5,007
  5,243
  5,490
  5,751
  6,025
  6,314
  6,617
Maintenance CAPEX, $m
  0
  -195
  -199
  -204
  -209
  -215
  -221
  -228
  -236
  -244
  -254
  -263
  -274
  -285
  -297
  -309
  -322
  -337
  -352
  -367
  -384
  -402
  -420
  -440
  -461
  -483
  -505
  -530
  -555
  -582
  -610
New CAPEX, $m
  -413
  -33
  -42
  -48
  -54
  -60
  -66
  -72
  -77
  -83
  -90
  -96
  -102
  -109
  -116
  -123
  -130
  -138
  -146
  -154
  -162
  -171
  -181
  -190
  -201
  -211
  -223
  -234
  -246
  -259
  -273
Cash from investing activities, $m
  -2,556
  -228
  -241
  -252
  -263
  -275
  -287
  -300
  -313
  -327
  -344
  -359
  -376
  -394
  -413
  -432
  -452
  -475
  -498
  -521
  -546
  -573
  -601
  -630
  -662
  -694
  -728
  -764
  -801
  -841
  -883
Free cash flow, $m
  -451
  1,912
  1,943
  1,984
  2,031
  2,084
  2,143
  2,209
  2,280
  2,357
  2,441
  2,516
  2,612
  2,714
  2,824
  2,940
  3,063
  3,194
  3,333
  3,480
  3,635
  3,799
  3,971
  4,154
  4,346
  4,549
  4,762
  4,987
  5,223
  5,472
  5,734
Issuance/(repayment) of debt, $m
  0
  43
  50
  58
  65
  72
  79
  86
  93
  100
  107
  115
  123
  130
  139
  147
  156
  165
  175
  184
  195
  205
  217
  228
  241
  253
  267
  281
  296
  311
  327
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  0
  43
  50
  58
  65
  72
  79
  86
  93
  100
  107
  115
  123
  130
  139
  147
  156
  165
  175
  184
  195
  205
  217
  228
  241
  253
  267
  281
  296
  311
  327
Total cash flow (excl. dividends), $m
  -469
  1,955
  1,994
  2,042
  2,096
  2,156
  2,222
  2,294
  2,373
  2,457
  2,548
  2,630
  2,734
  2,845
  2,962
  3,087
  3,219
  3,359
  3,508
  3,664
  3,830
  4,004
  4,188
  4,382
  4,587
  4,802
  5,029
  5,268
  5,519
  5,783
  6,061
Retained Cash Flow (-), $m
  -1,079
  -111
  -130
  -148
  -167
  -185
  -203
  -221
  -239
  -257
  -276
  -295
  -315
  -336
  -357
  -378
  -401
  -424
  -449
  -474
  -501
  -528
  -557
  -587
  -619
  -652
  -686
  -722
  -760
  -800
  -841
Prev. year cash balance distribution, $m
 
  4,794
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  6,638
  1,864
  1,893
  1,929
  1,971
  2,020
  2,074
  2,134
  2,200
  2,272
  2,335
  2,419
  2,509
  2,606
  2,709
  2,818
  2,935
  3,059
  3,190
  3,329
  3,476
  3,631
  3,795
  3,968
  4,150
  4,343
  4,545
  4,759
  4,984
  5,220
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  6,364
  1,706
  1,648
  1,589
  1,528
  1,466
  1,401
  1,334
  1,264
  1,191
  1,109
  1,032
  954
  875
  795
  716
  639
  563
  491
  423
  360
  301
  249
  202
  161
  127
  98
  74
  54
  39
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Infosys Limited is engaged in consulting, technology, outsourcing and next-generation services. The Company, along with its subsidiaries, provides business information technology services comprising application development and maintenance, independent validation, infrastructure management, engineering services comprising product engineering and life cycle solutions and business process management; consulting and systems integration services comprising consulting, enterprise solutions, systems integration and advanced technologies; products, business platforms and solutions to accelerate intellectual property-led innovation, including Finacle, its banking solution, and offerings in the areas of Analytics, Cloud and Digital Transformation. Its segments are Financial Services and Insurance (FSI), Manufacturing and Hi-tech (MFG & Hi-TECH), Energy & utilities, Communication and Services (ECS), Retail, Consumer packaged goods and Logistics (RCL), and Life Sciences and Healthcare (LSH).

FINANCIAL RATIOS  of  Infosys ADR (INFY)

Valuation Ratios
P/E Ratio 19.5
Price to Sales 4.1
Price to Book 4
Price to Tangible Book
Price to Cash Flow 19.9
Price to Free Cash Flow 24.7
Growth Rates
Sales Growth Rate 9.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.2%
Cap. Spend. - 3 Yr. Gr. Rate -1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 18.1%
Ret/ On Assets - 3 Yr. Avg. 19%
Return On Total Capital 22%
Ret/ On T. Cap. - 3 Yr. Avg. 23%
Return On Equity 22%
Return On Equity - 3 Yr. Avg. 23%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 36.8%
Gross Margin - 3 Yr. Avg. 37.7%
EBITDA Margin 31.6%
EBITDA Margin - 3 Yr. Avg. 32.8%
Operating Margin 24.7%
Oper. Margin - 3 Yr. Avg. 25.2%
Pre-Tax Margin 29.1%
Pre-Tax Margin - 3 Yr. Avg. 30.5%
Net Profit Margin 21%
Net Profit Margin - 3 Yr. Avg. 21.9%
Effective Tax Rate 28.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.2%
Payout Ratio 48.3%

INFY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INFY stock intrinsic value calculation we used $10253 million for the last fiscal year's total revenue generated by Infosys ADR. The default revenue input number comes from 2017 income statement of Infosys ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our INFY stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for INFY is calculated based on our internal credit rating of Infosys ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Infosys ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of INFY stock the variable cost ratio is equal to 75%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for INFY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Infosys ADR.

Corporate tax rate of 27% is the nominal tax rate for Infosys ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the INFY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for INFY are equal to 17.5%.

Life of production assets of 9.2 years is the average useful life of capital assets used in Infosys ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for INFY is equal to 11.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $10328 million for Infosys ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 2292.23 million for Infosys ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Infosys ADR at the current share price and the inputted number of shares is $41.9 billion.

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COMPANY NEWS

▶ Infosys Scores Relative Strength Rating Upgrade; Hits Key Benchmark   [Jan-18-18 03:00AM  Investor's Business Daily]
▶ Infosys Clears Key Benchmark, Hitting 80-Plus RS Rating   [03:00AM  Investor's Business Daily]
▶ New Infosys CEO to set out priorities by April   [Jan-12-18 01:31PM  Reuters]
▶ Infosys meets 3Q profit forecasts   [05:40AM  Associated Press]
▶ Infosys Sees Relative Strength Rating Climb To 72   [03:00AM  Investor's Business Daily]
▶ Infosys should end up meeting its guidance   [Jan-11-18 07:04PM  CNBC Videos]
▶ The H-1B Visa Issue Explained   [04:30AM  Investopedia]
▶ Opening Bell, December 20,2017   [09:30AM  CNBC Videos]
▶ Today's Bell Ringer, December 20, 2017   [09:15AM  CNBC Videos]
▶ Infosys Celebrates 5 Year Anniversary on NYSE   [Dec-18-17 01:17PM  CNW Group]
▶ Tradeshift Announces Partnership with Infosys BPO   [Dec-12-17 09:00AM  Business Wire]
▶ Infosys Ltd Stock Pops on New CEO Pick   [12:37PM  InvestorPlace]
▶ Infosys plans new hub with 500 design jobs in Rhode Island   [Nov-27-17 02:44PM  Associated Press]
▶ ETFs with exposure to Infosys Ltd. : November 6, 2017   [Nov-06-17 11:49AM  Capital Cube]
▶ Infosys seeks exec to lead new Raleigh tech hub   [Nov-03-17 12:25PM  American City Business Journals]
▶ Inside Cognizants Financial Metrics Today   [Oct-30-17 03:35PM  Market Realist]
▶ ETFs with exposure to Infosys Ltd. : October 27, 2017   [Oct-27-17 11:00AM  Capital Cube]
▶ Infosys Slashes Revenue Forecast   [Oct-24-17 10:57PM  Bloomberg Video]
▶ Infosys, You Didn't Come Clean   [09:27AM  Bloomberg]
▶ Infosys tops 2Q profit forecasts   [06:55AM  Associated Press]
Financial statements of INFY
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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