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Discounted Cash Flow (DCF) Analysis Unlevered


Infosys Limited American Depositary Shares

Infosys Limited American Depositary Shares (INFY)

Technology

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 7,398.008,248.778,710.709,500.7610,207.6210,938.4811,798.2512,755.0913,789.5214,907.8516,116.88
Revenue (%)
EBITDA 2,549.352,645.382,993.003,072.553,227.653,432.503,290.534,084.184,415.414,773.505,160.63
EBITDA (%)
EBIT 2,342.212,419.362,817.912,850.232,973.483,143.723,003.833,766.584,072.054,402.294,759.32
EBIT (%)
Depreciation 207.14226.02175.09222.32254.17288.78286.70317.60343.36371.21401.31
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 4,341.154,841.204,999.074,946.105,027.254,023.173,787.246,285.716,795.487,346.597,942.40
Total Cash (%)
Account Receivables 1,754.071,863.402,008.692,167.122,462.082,670.082,921.253,015.303,259.843,524.223,810.03
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 34.7728.8721.7857.9557.16107.20239.5095.66103.42111.81120.88
Accounts Payable (%)
Capital Expenditure -381.74-451.21-366.72-413.28-411.37-309.56-349.23-528.06-570.89-617.19-667.24
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 10.1
Diluted Shares Outstanding 4,347.13
Cost of Debt
Tax Rate 26.74
After-tax Cost of Debt -1.29
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.66
Total Debt -
Total Equity 43,906.01
Total Capital 43,906.01
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 7,398.008,248.778,710.709,500.7610,207.6210,938.4811,798.2512,755.0913,789.5214,907.8516,116.88
EBITDA 2,549.352,645.382,993.003,072.553,227.653,432.503,290.534,084.184,415.414,773.505,160.63
EBIT 2,342.212,419.362,817.912,850.232,973.483,143.723,003.833,766.584,072.054,402.294,759.32
Tax Rate 26.35%27.61%28.57%28.03%28.04%20.90%26.74%26.61%26.61%26.61%26.61%
EBIAT 1,725.151,751.262,012.942,051.442,139.632,486.572,200.612,764.462,988.663,231.043,493.08
Depreciation 207.14226.02175.09222.32254.17288.78286.70317.60343.36371.21401.31
Accounts Receivable --109.33-145.29-158.44-294.95-208.01-251.16-94.06-244.54-264.37-285.81
Inventories -----------
Accounts Payable --5.90-7.0936.18-0.7950.03132.31-143.847.768.399.07
Capital Expenditure -69.47-84.4946.56-1.92-101.8139.67178.8342.8346.3050.05
UFCF 1,932.301,931.521,951.152,198.072,096.132,515.572,408.123,023.003,138.063,392.563,667.70
WACC
PV UFCF 2,657.272,586.172,621.332,656.96
SUM PV UFCF 18,722.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.66
Free cash flow (t + 1) 3,814.41
Terminal Value 143,398.70
Present Value of Terminal Value 103,881.28

Intrinsic Value

Enterprise Value 122,603.85
Net Debt -3,787.24
Equity Value 126,391.09
Shares Outstanding 4,347.13
Equity Value Per Share 29.07