DDM Analysis: INFY.BO

Valuation Snapshot

Stable Growth	$16.28 - $38.10	$23.91
Multi-Stage	$11.84 - $12.92	$12.37
Blended Fair Value	$18.14
Current Price	$16.22
Upside	11.85%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	12.20%	11.48%	0.57	0.42	0.40	0.41	0.29	0.32	0.47	0.28	0.25	0.25
YoY Growth	-	-	35.96%	4.71%	-0.35%	38.91%	-9.79%	-30.52%	69.20%	12.02%	-2.55%	29.94%
Dividend Yield	-	-	3.08%	2.22%	2.48%	2.19%	1.37%	3.32%	4.39%	2.88%	3.39%	2.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,265.00
(-) Cash Dividends Paid (M)	1,384.65
(=) Cash Retained (M)	1,880.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	653.00	408.13	244.88
Cash Retained (M)	1,880.35	1,880.35	1,880.35
(-) Cash Required (M)	-653.00	-408.13	-244.88
(=) Excess Retained (M)	1,227.35	1,472.23	1,635.48
(/) Shares Outstanding (M)	4,203.09	4,203.09	4,203.09
(=) Excess Retained per Share	0.29	0.35	0.39
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.29	0.35	0.39
(=) Adjusted Dividend	0.62	0.68	0.72
WACC / Discount Rate	9.53%	9.53%	9.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16.28	$23.91	$38.10
Upside / Downside	0.36%	47.41%	134.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,265.00	3,477.23	3,703.24	3,943.96	4,200.31	4,473.33	4,607.53
Payout Ratio	42.41%	51.93%	61.45%	70.96%	80.48%	90.00%	92.50%
Projected Dividends (M)	1,384.65	1,805.62	2,275.47	2,798.77	3,380.49	4,026.00	4,261.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.53%	9.53%	9.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,633.07	1,648.55	1,664.03
Year 2 PV (M)	1,861.36	1,896.81	1,932.60
Year 3 PV (M)	2,070.65	2,130.09	2,190.66
Year 4 PV (M)	2,262.03	2,349.02	2,438.50
Year 5 PV (M)	2,436.53	2,554.22	2,676.41
PV of Terminal Value (M)	39,515.03	41,423.62	43,405.26
Equity Value (M)	49,778.67	52,002.32	54,307.45
Shares Outstanding (M)	4,203.09	4,203.09	4,203.09
Fair Value	$11.84	$12.37	$12.92
Upside / Downside	-26.98%	-23.72%	-20.34%

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EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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Infosys Limited (INFY.BO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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