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Unformatted text preview: 3 -67.0 nm Financial Summary DB EPS (INR) Reported EPS (INR) DPS (INR) BVPS (INR) Asia India Software & Services Infosys Limited Reuters: INFY.BO Bloomberg: INFO IN Weighted average shares (m) Average market cap (INRm) Enterprise value (INRm) Valuation Metrics Hold Price (6 Jan 14) INR 3,514.20 Target Price INR 3,660.00 52 Week range INR 2,212.30 - 3,565.45 Market Cap (m) INRm 2,007,346 USDm 32,151 Company Profile EV/Sales (x) EV/EBITDA (x) EV/EBIT (x) Income Statement (INRm) Infosys, one of the best managed and most profitable firms in the space, in our view, has one of the most riskaverse business models in the sector. We continue to believe Indian vendors are in a strong competitive position to weather this macro environment and capitalize on continued shift to low-cost sourcing overseas. Infosys is also well positioned, we believe, to capitalize on increasing demand for back-end integration services. Price Performance 4000 3600 3200 DB adjustments (including dilution) DB Net profit 2800 2400 2000 Jan 12Apr 12Jul 12Oct 12Jan 13Apr 13Jul 13Oct 13 Infosys Limited Sales revenue Gross profit EBITDA Depreciation Amortisation EBIT Net interest income(expense) Associates/affiliates Exceptionals/extraordinaries Other pre-tax income/(expense) Profit before tax Income tax expense Minorities Other post-tax income/(expense) Net profit Cash Flow (INRm) Cash flow from operations Net Capex Free cash flow Equity raised/(bought back) Dividends paid Net inc/(dec) in borrowings Other investing/financing cash flows Net cash flow Change in working capital BSE 30 (Rebased) Margin Trends 34 32 30 28 26 24 22 Balance Sheet (INRm) 11 12 13 14E EBITDA Margin 15E 16E EBIT Margin Growth & Profitability 30 25 20 15 10 5 0 30 25 20 15 10 5 0 11 12 13 14E 15E Sales growth (LHS) 16E Key Company Metrics ROE (RHS) Solvency 0 -20 -40 -60 - 80 11 12 13 Net debt/equity (LHS) 14E 15E Cash and other liquid assets Tangible fixed assets Goodwill/intangible assets Associates/investments Other assets Total assets Interes...
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This document was uploaded on 02/06/2014.

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