Discounted Cash Flow

Infosys Ltd. ADR

INFY · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2017 $10.2b $2.1b $2.1b 21.0%
2018 $10.9b (7.2%) $2.5b (16.2%) $215.0m (-89.8%) 22.7% (8.4%) $1.10
2019 $11.8b (7.9%) $2.2b (-11.5%) $1.9b (789.8%) 18.6% (-18.0%) $0.51 (-53.6%)
2020 $12.8b (8.3%) $2.3b (6.0%) $1.5b (-19.4%) 18.2% (-2.1%) $0.55 (7.8%)
2021 $13.6b (6.1%) $2.6b (12.1%) $3.3b (111.4%) 19.3% (5.6%) $0.62 (12.7%)
2022 $16.3b (20.3%) $3.0b (13.4%) $1.8b (-43.5%) 18.2% (-5.7%) $0.70 (12.9%)
2023 $18.2b (11.7%) $3.0b (0.6%) $1.5b (-21.0%) 16.4% (-9.9%) $0.71 (1.4%)
2024 $18.6b (1.9%) $3.2b (6.2%) $2.9b (98.1%) 17.1% (4.2%) $0.77 (8.5%)
2025 $19.3b (3.9%) $3.2b (-0.3%) $4.1b (41.8%) 16.4% (-4.0%) $0.76 (-1.3%)
2026 $20.2b (4.6%) $3.3b (5.0%) $3.7b (-8.7%) 16.5% (0.4%) $0.81 (6.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model