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Friday, 10 October 2003
October 10, 2003 Infosys Technologies Ltd (ADR) (INFY)
Welcome to my website. Or Welcome Back as the case may be. Most of the stocks I pick are American companies as I do not undeerstand and do not have access as easily to many foreign corporations...however, we DID post SOHU here, and now here we have an Indian corporation. I recently had trouble with my HP computer and without realizing it was transferred over to India for online assistance....the service was good and although I still didn't get the problem fixed....that is another story. Anyhow, many technology firms, and as I recently read in the Wall Street Journal, many investment banking houses are using the highly trained, low-cost (by American standards) professionals, are meeting with success.

According to money.cnn.com, INFY "...an India-based IT services company, utilizes an extensive offshore infrastructure to provide managed software solutions to clients worldwide." INFY is currently trading at $77.40 up $5.14 or 7.11% on the day.

We are now back in the earnings-reports-season, and INFY reported results today for the quarter ended September 30, 2003. Revenues for the quarter were $250.7 million, up 38.21% from $181.45 million for the same quarter last year. Net income was $64.71 million or $.49/share compared to $46.7 million or $.36/share last year.

Morningstar.com shows an explosive revenue growth picture from $39.6 million in 1997, $68.3 million in 1998, $121.0 million in 1999, $203.4 million in 2000, $413.9 million in 2001, and extrapolating the 2003 results, we are at a $1 billion/year revenue rate. The results for 2002 are not present on Morningstar.

Earnings on Morningstar grew from $.07/share in 1997 to $.99/share in 2001. Currently, the company is at an almost $2.00/share earnings rate.

Free cash flow is also limited to 2001 results: $24 million in 1999, $35 million in 2000, $41 million in 2001. I am sure this is improving as well, but frankly, I would rather have these numbers from Morningstar.com...they seem to be a bit behind on the foreign companies.

Assets and liabilities as of the listing of the Morningstar.com numbers are excellent with $124.1 million in cash, $82.7 million in other current assets vs $30.6 million in current liabilities and no long-term liabilities at all.

On Yahoo.com, we find that the trailing p/e is 45.45, PEG ratio more reasonable at 1.82, price/sales high at 11.53. There are 132.5 million shares outstanding and 100.60 million of them that float for a market cap of 10.30 Billion. This is NO small company! Currently there are 1.03 million shares out short as of 9/8/03 representing 3.041 trading days. The company pays a small dividend of $.31/share for a yield of 0.43%.

I do not own any shares of this company, but I believe that this Indian corporation is executing well with fabulous revenue and earnings growth, nice free cash flow (at least as far as OUR numbers show), but is not a value investment, that is may be a good value considering its growth, but the p/e, and p/sales ratio are high. I do like this investment and expect it to continue to do well in the future.

Bob


Posted by bobsadviceforstocks at 11:43 AM CDT | Post Comment | Permalink

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