Intrinsic value of Infosys ADR - INFY

Previous Close

$9.33

  Intrinsic Value

$78.78

stock screener

  Rating & Target

str. buy

+744%

Previous close

$9.33

 
Intrinsic value

$78.78

 
Up/down potential

+744%

 
Rating

str. buy

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

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  11,727
  12,545
  13,396
  14,281
  15,201
  16,158
  17,155
  18,193
  19,275
  20,403
  21,580
  22,808
  24,090
  25,429
  26,829
  28,292
  29,822
  31,422
  33,097
  34,850
  36,686
  38,609
  40,623
  42,733
  44,945
  47,263
  49,693
  52,241
  54,914
  57,716
Variable operating expenses, $m
  8,827
  9,441
  10,079
  10,742
  11,431
  12,149
  12,896
  13,675
  14,486
  15,331
  16,175
  17,096
  18,057
  19,061
  20,110
  21,206
  22,353
  23,553
  24,808
  26,122
  27,498
  28,939
  30,449
  32,031
  33,688
  35,426
  37,248
  39,158
  41,161
  43,261
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
  8,827
  9,441
  10,079
  10,742
  11,431
  12,149
  12,896
  13,675
  14,486
  15,331
  16,175
  17,096
  18,057
  19,061
  20,110
  21,206
  22,353
  23,553
  24,808
  26,122
  27,498
  28,939
  30,449
  32,031
  33,688
  35,426
  37,248
  39,158
  41,161
  43,261
Operating income, $m
  2,899
  3,104
  3,317
  3,539
  3,769
  4,009
  4,259
  4,519
  4,790
  5,072
  5,405
  5,712
  6,033
  6,369
  6,719
  7,086
  7,469
  7,870
  8,289
  8,728
  9,188
  9,669
  10,174
  10,702
  11,256
  11,837
  12,445
  13,084
  13,753
  14,455
EBITDA, $m
  3,211
  3,436
  3,669
  3,911
  4,163
  4,425
  4,698
  4,982
  5,279
  5,588
  5,910
  6,246
  6,597
  6,964
  7,347
  7,748
  8,167
  8,605
  9,064
  9,544
  10,047
  10,573
  11,125
  11,703
  12,309
  12,943
  13,609
  14,307
  15,039
  15,806
Interest expense (income), $m
  0
  0
  9
  18
  28
  38
  49
  59
  71
  82
  95
  108
  121
  135
  149
  165
  180
  197
  214
  233
  252
  271
  292
  314
  337
  361
  386
  412
  440
  469
  499
Earnings before tax, $m
  2,899
  3,095
  3,299
  3,511
  3,731
  3,961
  4,199
  4,448
  4,707
  4,978
  5,297
  5,591
  5,898
  6,219
  6,555
  6,905
  7,272
  7,655
  8,057
  8,477
  8,916
  9,377
  9,860
  10,365
  10,895
  11,451
  12,033
  12,644
  13,284
  13,956
Tax expense, $m
  783
  836
  891
  948
  1,007
  1,069
  1,134
  1,201
  1,271
  1,344
  1,430
  1,510
  1,593
  1,679
  1,770
  1,864
  1,963
  2,067
  2,175
  2,289
  2,407
  2,532
  2,662
  2,799
  2,942
  3,092
  3,249
  3,414
  3,587
  3,768
Net income, $m
  2,116
  2,259
  2,408
  2,563
  2,724
  2,891
  3,066
  3,247
  3,436
  3,634
  3,867
  4,082
  4,306
  4,540
  4,785
  5,041
  5,308
  5,588
  5,881
  6,188
  6,509
  6,845
  7,198
  7,567
  7,954
  8,359
  8,784
  9,230
  9,697
  10,188

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  11,147
  11,925
  12,734
  13,575
  14,449
  15,360
  16,307
  17,294
  18,323
  19,395
  20,513
  21,681
  22,899
  24,172
  25,503
  26,893
  28,348
  29,869
  31,461
  33,128
  34,873
  36,700
  38,615
  40,621
  42,723
  44,927
  47,237
  49,659
  52,199
  54,863
Adjusted assets (=assets-cash), $m
  11,147
  11,925
  12,734
  13,575
  14,449
  15,360
  16,307
  17,294
  18,323
  19,395
  20,513
  21,681
  22,899
  24,172
  25,503
  26,893
  28,348
  29,869
  31,461
  33,128
  34,873
  36,700
  38,615
  40,621
  42,723
  44,927
  47,237
  49,659
  52,199
  54,863
Revenue / Adjusted assets
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
  1.052
Average production assets, $m
  2,252
  2,409
  2,572
  2,742
  2,919
  3,102
  3,294
  3,493
  3,701
  3,917
  4,143
  4,379
  4,625
  4,882
  5,151
  5,432
  5,726
  6,033
  6,355
  6,691
  7,044
  7,413
  7,800
  8,205
  8,629
  9,074
  9,541
  10,030
  10,543
  11,082
Working capital, $m
  1,595
  1,706
  1,822
  1,942
  2,067
  2,198
  2,333
  2,474
  2,621
  2,775
  2,935
  3,102
  3,276
  3,458
  3,649
  3,848
  4,056
  4,273
  4,501
  4,740
  4,989
  5,251
  5,525
  5,812
  6,112
  6,428
  6,758
  7,105
  7,468
  7,849
Total debt, $m
  168
  340
  519
  705
  898
  1,099
  1,309
  1,527
  1,754
  1,991
  2,238
  2,496
  2,766
  3,047
  3,341
  3,648
  3,970
  4,306
  4,658
  5,026
  5,412
  5,816
  6,239
  6,682
  7,147
  7,634
  8,144
  8,680
  9,241
  9,830
Total liabilities, $m
  2,463
  2,635
  2,814
  3,000
  3,193
  3,394
  3,604
  3,822
  4,049
  4,286
  4,533
  4,791
  5,061
  5,342
  5,636
  5,943
  6,265
  6,601
  6,953
  7,321
  7,707
  8,111
  8,534
  8,977
  9,442
  9,929
  10,439
  10,975
  11,536
  12,125
Total equity, $m
  8,683
  9,290
  9,920
  10,575
  11,256
  11,965
  12,703
  13,472
  14,273
  15,109
  15,980
  16,889
  17,839
  18,830
  19,867
  20,950
  22,083
  23,268
  24,508
  25,806
  27,166
  28,589
  30,081
  31,644
  33,281
  34,998
  36,798
  38,685
  40,663
  42,739
Total liabilities and equity, $m
  11,146
  11,925
  12,734
  13,575
  14,449
  15,359
  16,307
  17,294
  18,322
  19,395
  20,513
  21,680
  22,900
  24,172
  25,503
  26,893
  28,348
  29,869
  31,461
  33,127
  34,873
  36,700
  38,615
  40,621
  42,723
  44,927
  47,237
  49,660
  52,199
  54,864
Debt-to-equity ratio
  0.020
  0.040
  0.050
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.130
  0.140
  0.150
  0.160
  0.160
  0.170
  0.170
  0.180
  0.190
  0.190
  0.190
  0.200
  0.200
  0.210
  0.210
  0.210
  0.220
  0.220
  0.220
  0.230
  0.230
Adjusted equity ratio
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,116
  2,259
  2,408
  2,563
  2,724
  2,891
  3,066
  3,247
  3,436
  3,634
  3,867
  4,082
  4,306
  4,540
  4,785
  5,041
  5,308
  5,588
  5,881
  6,188
  6,509
  6,845
  7,198
  7,567
  7,954
  8,359
  8,784
  9,230
  9,697
  10,188
Depreciation, amort., depletion, $m
  312
  331
  351
  372
  394
  416
  439
  464
  489
  515
  505
  534
  564
  595
  628
  662
  698
  736
  775
  816
  859
  904
  951
  1,001
  1,052
  1,107
  1,164
  1,223
  1,286
  1,351
Funds from operations, $m
  2,429
  2,591
  2,760
  2,935
  3,117
  3,307
  3,505
  3,711
  3,925
  4,149
  4,372
  4,616
  4,870
  5,136
  5,413
  5,703
  6,007
  6,324
  6,656
  7,004
  7,368
  7,749
  8,149
  8,567
  9,006
  9,466
  9,948
  10,453
  10,983
  11,539
Change in working capital, $m
  107
  111
  116
  120
  125
  130
  136
  141
  147
  153
  160
  167
  174
  182
  190
  199
  208
  218
  228
  238
  250
  261
  274
  287
  301
  315
  331
  347
  363
  381
Cash from operations, $m
  2,322
  2,480
  2,644
  2,815
  2,992
  3,177
  3,369
  3,570
  3,778
  3,996
  4,212
  4,449
  4,696
  4,953
  5,223
  5,504
  5,799
  6,106
  6,428
  6,765
  7,118
  7,488
  7,875
  8,280
  8,705
  9,151
  9,617
  10,107
  10,620
  11,158
Maintenance CAPEX, $m
  -256
  -275
  -294
  -314
  -334
  -356
  -378
  -402
  -426
  -451
  -478
  -505
  -534
  -564
  -595
  -628
  -662
  -698
  -736
  -775
  -816
  -859
  -904
  -951
  -1,001
  -1,052
  -1,107
  -1,164
  -1,223
  -1,286
New CAPEX, $m
  -152
  -157
  -163
  -170
  -177
  -184
  -191
  -199
  -208
  -217
  -226
  -236
  -246
  -257
  -269
  -281
  -294
  -307
  -322
  -337
  -352
  -369
  -387
  -405
  -425
  -445
  -467
  -489
  -513
  -538
Cash from investing activities, $m
  -408
  -432
  -457
  -484
  -511
  -540
  -569
  -601
  -634
  -668
  -704
  -741
  -780
  -821
  -864
  -909
  -956
  -1,005
  -1,058
  -1,112
  -1,168
  -1,228
  -1,291
  -1,356
  -1,426
  -1,497
  -1,574
  -1,653
  -1,736
  -1,824
Free cash flow, $m
  1,914
  2,048
  2,187
  2,331
  2,481
  2,637
  2,800
  2,969
  3,144
  3,328
  3,508
  3,708
  3,915
  4,132
  4,359
  4,595
  4,842
  5,101
  5,371
  5,654
  5,950
  6,260
  6,584
  6,924
  7,280
  7,653
  8,044
  8,454
  8,884
  9,334
Issuance/(repayment) of debt, $m
  168
  172
  179
  186
  193
  201
  209
  218
  227
  237
  247
  258
  269
  281
  294
  307
  321
  336
  352
  368
  386
  404
  423
  443
  465
  487
  511
  535
  561
  589
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
Cash from financing (excl. dividends), $m  
  168
  172
  179
  186
  193
  201
  209
  218
  227
  237
  247
  258
  269
  281
  294
  307
  321
  336
  352
  368
  386
  404
  423
  443
  465
  487
  511
  535
  561
  589
Total cash flow (excl. dividends), $m
  2,082
  2,220
  2,365
  2,517
  2,675
  2,838
  3,009
  3,187
  3,372
  3,565
  3,756
  3,966
  4,185
  4,414
  4,653
  4,902
  5,164
  5,437
  5,723
  6,022
  6,336
  6,664
  7,007
  7,367
  7,745
  8,140
  8,555
  8,989
  9,445
  9,923
Retained Cash Flow (-), $m
  -582
  -606
  -630
  -655
  -681
  -709
  -738
  -769
  -801
  -835
  -871
  -909
  -949
  -992
  -1,036
  -1,083
  -1,133
  -1,185
  -1,240
  -1,298
  -1,359
  -1,424
  -1,491
  -1,563
  -1,638
  -1,717
  -1,800
  -1,887
  -1,979
  -2,075
Prev. year cash balance distribution, $m
  1,859
  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
  3,359
  1,614
  1,735
  1,862
  1,993
  2,129
  2,271
  2,418
  2,571
  2,729
  2,884
  3,056
  3,235
  3,422
  3,616
  3,819
  4,031
  4,252
  4,483
  4,724
  4,976
  5,240
  5,516
  5,805
  6,107
  6,423
  6,755
  7,102
  7,466
  7,848
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
  3,220
  1,477
  1,510
  1,533
  1,545
  1,545
  1,534
  1,511
  1,477
  1,431
  1,370
  1,304
  1,230
  1,149
  1,062
  971
  877
  783
  690
  600
  515
  435
  362
  296
  238
  187
  145
  110
  82
  59
Current shareholders' claim on cash, %
  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 9.9
Price to Sales 2.1
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 12.6
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 $10939 million for the last fiscal year's total revenue generated by Infosys ADR. The default revenue input number comes from 0001 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 7.2% 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 75.3%.

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 5.4% 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 19.2%.

Life of production assets of 8.2 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 13.6%. 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 - $9960 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 372.789 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 $3.5 billion.

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COMPANY NEWS

▶ Infosys appoints Jayesh Sanghrajka as interim CFO   [Nov-15-18 08:37AM  Reuters]
▶ Billionaire Ken Fisher Loves This Indian IT Company   [Nov-13-18 07:10PM  Insider Monkey]
▶ The H-1B Visa Issue Explained   [Oct-23-18 09:40AM  Investopedia]
▶ [$$] Cyber Daily: Organized Hacker Groups Target Tech Outsourcers   [Oct-22-18 08:03AM  The Wall Street Journal]
▶ 3 Great Stocks Under $10   [Oct-20-18 08:34AM  Motley Fool]
▶ Breaking Down Infosys' Earnings   [01:54AM  Bloomberg]
▶ This researcher sees Infosys at 800 rupees per share   [Oct-16-18 11:56PM  CNBC Videos]
▶ Infosys: Fiscal 2Q Earnings Snapshot   [07:16AM  Associated Press]
▶ Infosys Q2 Earnings Preview   [Oct-15-18 02:44PM  Benzinga]
▶ [$$] Verizon Changes Exit Package for Workers It Planned to Outsource   [Oct-11-18 08:51PM  The Wall Street Journal]
▶ [$$] Verizons Severance Offer Goes to About 44,000 Employees   [Oct-03-18 07:47PM  The Wall Street Journal]
▶ [$$] Verizon's Severance Offer Goes to 44,000 Workers   [01:19PM  The Wall Street Journal]
▶ Global tech firm to open Phoenix innovation hub; has extensive hiring plans   [Sep-20-18 06:40PM  American City Business Journals]
▶ Infosys and Temasek Announce Joint Venture in Singapore   [Sep-07-18 01:53AM  PR Newswire]
▶ Infosys CEO on Raleigh hub: 'We think we can do more (in Raleigh)'   [Aug-23-18 02:00PM  American City Business Journals]
▶ Infosys prez talks campus possibilities to support 2,000-job tech hub in Raleigh   [Aug-22-18 02:45PM  American City Business Journals]
▶ Morning News Call - India, August 20   [Aug-19-18 11:18PM  Reuters]
▶ Morning News Call - India, August 14   [Aug-13-18 11:30PM  Reuters]
▶ A Look at My Investing Strategies   [Aug-12-18 10:00AM  TheStreet.com]
▶ 7 Tech Stocks That Pay Dividends   [Aug-07-18 10:45AM  InvestorPlace]
▶ Panel: How to attract the next Infosys to the Triangle   [Jul-27-18 01:50PM  American City Business Journals]

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