Intrinsic value of Infosys ADR - INFY

Previous Close

$14.62

  Intrinsic Value

$13.54

stock screener

  Rating & Target

hold

-7%

  Value-price divergence*

-95%

Previous close

$14.62

 
Intrinsic value

$13.54

 
Up/down potential

-7%

 
Rating

hold

 
Value-price divergence*

-95%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 2017), $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 31.7

 

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
  2,833
  2,898
  2,972
  3,056
  3,148
  3,250
  3,361
  3,481
  3,610
  3,748
  3,896
  4,055
  4,223
  4,402
  4,592
  4,793
  5,006
  5,231
  5,469
  5,721
  5,986
  6,265
  6,560
  6,871
  7,198
  7,542
  7,905
  8,286
  8,687
  9,109
Interest expense (income), $m
  0
  0
  1
  3
  5
  8
  10
  13
  16
  19
  23
  26
  30
  35
  39
  44
  49
  55
  60
  66
  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
  4,111
  4,285
  4,469
  4,665
  4,871
  5,089
  5,320
  5,563
  5,819
  6,090
  6,375
  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
  3,884
  4,061
  4,248
  4,446
  4,653
  4,872
  5,103
  5,346
  5,601
  5,869
  6,152

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  4,880
  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
  7,752
  7,931
  8,135
  8,363
  8,617
  8,895
  9,198
  9,526
  9,879
  10,258
  10,664
  11,097
  11,558
  12,047
  12,567
  13,118
  13,701
  14,317
  14,969
  15,657
  16,382
  17,148
  17,954
  18,804
  19,699
  20,642
  21,634
  22,678
  23,776
  24,932
Adjusted assets (=assets-cash), $m
  7,600
  7,752
  7,931
  8,135
  8,363
  8,617
  8,895
  9,198
  9,526
  9,879
  10,258
  10,664
  11,097
  11,558
  12,047
  12,567
  13,118
  13,701
  14,317
  14,969
  15,657
  16,382
  17,148
  17,954
  18,804
  19,699
  20,642
  21,634
  22,678
  23,776
  24,932
Revenue / Adjusted assets
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
  1.349
Average production assets, $m
  920
  941
  963
  988
  1,015
  1,046
  1,080
  1,117
  1,157
  1,199
  1,245
  1,295
  1,347
  1,403
  1,463
  1,526
  1,593
  1,663
  1,738
  1,817
  1,901
  1,989
  2,082
  2,180
  2,283
  2,392
  2,506
  2,627
  2,753
  2,887
  3,027
Working capital, $m
  5,942
  1,088
  1,113
  1,141
  1,173
  1,209
  1,248
  1,290
  1,336
  1,386
  1,439
  1,496
  1,557
  1,621
  1,690
  1,763
  1,840
  1,922
  2,009
  2,100
  2,197
  2,298
  2,406
  2,519
  2,638
  2,764
  2,896
  3,035
  3,182
  3,336
  3,498
Total debt, $m
  0
  42
  92
  150
  215
  287
  365
  451
  544
  644
  751
  866
  988
  1,119
  1,257
  1,404
  1,560
  1,725
  1,900
  2,084
  2,279
  2,484
  2,701
  2,929
  3,170
  3,423
  3,690
  3,970
  4,266
  4,577
  4,904
Total liabilities, $m
  2,152
  2,194
  2,244
  2,302
  2,367
  2,439
  2,517
  2,603
  2,696
  2,796
  2,903
  3,018
  3,140
  3,271
  3,409
  3,556
  3,712
  3,877
  4,052
  4,236
  4,431
  4,636
  4,853
  5,081
  5,322
  5,575
  5,842
  6,122
  6,418
  6,729
  7,056
Total equity, $m
  10,328
  5,559
  5,686
  5,832
  5,997
  6,178
  6,378
  6,595
  6,830
  7,083
  7,355
  7,646
  7,956
  8,287
  8,638
  9,011
  9,406
  9,823
  10,266
  10,733
  11,226
  11,746
  12,295
  12,873
  13,483
  14,125
  14,800
  15,512
  16,260
  17,048
  17,876
Total liabilities and equity, $m
  12,480
  7,753
  7,930
  8,134
  8,364
  8,617
  8,895
  9,198
  9,526
  9,879
  10,258
  10,664
  11,096
  11,558
  12,047
  12,567
  13,118
  13,700
  14,318
  14,969
  15,657
  16,382
  17,148
  17,954
  18,805
  19,700
  20,642
  21,634
  22,678
  23,777
  24,932
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
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.240
  0.250
  0.260
  0.260
  0.270
  0.270
Adjusted equity ratio
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717
  0.717

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
  3,884
  4,061
  4,248
  4,446
  4,653
  4,872
  5,103
  5,346
  5,601
  5,869
  6,152
Depreciation, amort., depletion, $m
  255
  217
  221
  225
  230
  235
  241
  247
  254
  262
  269
  223
  232
  242
  252
  263
  275
  287
  300
  313
  328
  343
  359
  376
  394
  412
  432
  453
  475
  498
  522
Funds from operations, $m
  968
  2,126
  2,174
  2,228
  2,289
  2,356
  2,430
  2,511
  2,598
  2,692
  2,793
  2,885
  3,000
  3,123
  3,253
  3,391
  3,537
  3,692
  3,856
  4,029
  4,211
  4,404
  4,607
  4,821
  5,047
  5,285
  5,535
  5,798
  6,076
  6,367
  6,674
Change in working capital, $m
  -1,137
  21
  25
  29
  32
  36
  39
  43
  46
  50
  53
  57
  61
  65
  69
  73
  77
  82
  86
  91
  96
  102
  107
  113
  119
  126
  132
  139
  146
  154
  162
Cash from operations, $m
  2,105
  2,105
  2,149
  2,200
  2,257
  2,321
  2,391
  2,468
  2,552
  2,642
  2,739
  2,829
  2,940
  3,058
  3,184
  3,318
  3,460
  3,610
  3,769
  3,937
  4,115
  4,302
  4,500
  4,708
  4,928
  5,159
  5,403
  5,659
  5,929
  6,213
  6,512
Maintenance CAPEX, $m
  0
  -159
  -162
  -166
  -170
  -175
  -180
  -186
  -193
  -199
  -207
  -215
  -223
  -232
  -242
  -252
  -263
  -275
  -287
  -300
  -313
  -328
  -343
  -359
  -376
  -394
  -412
  -432
  -453
  -475
  -498
New CAPEX, $m
  -413
  -21
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -109
  -114
  -120
  -127
  -133
  -140
Cash from investing activities, $m
  -2,556
  -180
  -184
  -191
  -198
  -206
  -214
  -223
  -233
  -242
  -253
  -264
  -276
  -288
  -301
  -315
  -330
  -346
  -362
  -379
  -397
  -416
  -436
  -457
  -479
  -503
  -526
  -552
  -580
  -608
  -638
Free cash flow, $m
  -451
  1,925
  1,965
  2,009
  2,059
  2,115
  2,177
  2,245
  2,320
  2,400
  2,486
  2,565
  2,664
  2,770
  2,883
  3,003
  3,130
  3,265
  3,408
  3,558
  3,718
  3,886
  4,064
  4,251
  4,449
  4,657
  4,876
  5,107
  5,350
  5,605
  5,874
Issuance/(repayment) of debt, $m
  0
  42
  50
  58
  65
  72
  79
  86
  93
  100
  107
  115
  122
  130
  139
  147
  156
  165
  174
  184
  195
  205
  217
  228
  241
  253
  267
  281
  295
  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
  42
  50
  58
  65
  72
  79
  86
  93
  100
  107
  115
  122
  130
  139
  147
  156
  165
  174
  184
  195
  205
  217
  228
  241
  253
  267
  281
  295
  311
  327
Total cash flow (excl. dividends), $m
  -469
  1,967
  2,015
  2,066
  2,124
  2,187
  2,256
  2,331
  2,412
  2,500
  2,594
  2,679
  2,786
  2,900
  3,021
  3,150
  3,286
  3,430
  3,582
  3,743
  3,913
  4,092
  4,281
  4,480
  4,689
  4,910
  5,143
  5,387
  5,645
  5,916
  6,201
Retained Cash Flow (-), $m
  -1,079
  -111
  -128
  -146
  -164
  -182
  -199
  -217
  -235
  -253
  -272
  -291
  -310
  -330
  -351
  -373
  -395
  -418
  -442
  -467
  -493
  -520
  -549
  -578
  -609
  -642
  -676
  -711
  -749
  -787
  -828
Prev. year cash balance distribution, $m
 
  4,880
  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
 
  6,737
  1,888
  1,920
  1,959
  2,005
  2,056
  2,114
  2,177
  2,247
  2,322
  2,389
  2,476
  2,570
  2,670
  2,777
  2,891
  3,012
  3,140
  3,276
  3,419
  3,571
  3,732
  3,901
  4,080
  4,268
  4,467
  4,676
  4,896
  5,128
  5,373
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
 
  6,459
  1,728
  1,671
  1,613
  1,554
  1,492
  1,428
  1,361
  1,291
  1,217
  1,134
  1,057
  977
  896
  815
  735
  655
  578
  504
  435
  369
  310
  256
  208
  166
  130
  100
  76
  56
  40
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 15.5
Price to Sales 3.3
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 15.9
Price to Free Cash Flow 19.7
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
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. 37.5%
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 9%.

Life of production assets of 5.8 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 10.4%. 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 2171.62 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 $31.7 billion.

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COMPANY NEWS

▶ We Are Bearish on Infosys, and Here's Why   [Oct-05-17 11:00AM  TheStreet.com]
▶ KONE Selects Infosys to Support its IT Transformation   [Oct-04-17 04:50AM  PR Newswire]
▶ Cheap Stocks In The Software/IT Services Sector   [Sep-22-17 12:06PM  Barrons.com]
▶ Tougher Times Ahead For Indian IT Stocks?   [11:01AM  Barrons.com]
▶ Infosys selects site in Raleigh for 2,000-job Wake County hub   [11:00AM  American City Business Journals]
▶ $1M grant approved to attract Infosys to Raleigh for 2,000-job Wake County expansion   [Sep-07-17 11:35AM  American City Business Journals]
▶ Why India Labor Will Be Outsourced For Another 25 Years   [Sep-06-17 05:23PM  Barrons.com]
▶ Infosys: Making Sense of a Big India Share Buyback   [Sep-01-17 04:56PM  Barrons.com]
▶ 4 Infosys CEO Candidates, One Insider Favorite   [Aug-30-17 04:39PM  Barrons.com]
▶ Morning News Call - India, August 29   [Aug-28-17 11:22PM  Reuters]
▶ Company News For August 28, 2017   [09:52AM  Zacks]
▶ [$$] Infosys Is Too Cheap to Ignore   [Aug-26-17 01:17AM  Barrons.com]
▶ Infosys Founders Stage Dramatic Coup to Win Back Company   [Aug-24-17 11:14PM  Bloomberg Video]
▶ [$$] Infosys: What Now After Shock CEO Departure?   [Aug-23-17 09:25PM  Barrons.com]
▶ Infosys Downgraded on Increasing Uncertainty   [Aug-21-17 09:54PM  Barrons.com]
▶ Infosys Fight Isn't Tata Redux   [02:31AM  Bloomberg]
▶ Morning News Call - India, August 21   [Aug-20-17 11:18PM  Reuters]
▶ Tumult at Infosys as CEO Quits   [11:08PM  Bloomberg Video]
▶ Apex's Pande on Infosys' Corporate Governance   [09:30PM  Bloomberg Video]
▶ Infosys Lags Overall Indian Market   [09:05PM  Bloomberg Video]
▶ [$$] Vishal Sikka Resigns as Infosys CEO   [Aug-18-17 11:53PM  The Wall Street Journal]
▶ Infosys promised 2,000 jobs for Wake County; now the CEO is gone   [03:25PM  American City Business Journals]
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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