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Genpact Ltd – Data Processing, Hosting, and Related Services
genpact (nyse: g) stands for “generating business impact.” we architect the lean digitalsm enterprise, our unique approach that reimagines our clients’ middle and back offices to generate growth, cost efficiency, and business agility for our clients. genpact’s hundreds of long-term clients include more than one-fourth of the fortune global 500. we have grown to over 70,000 people in 25 countries, with key management and a corporate office in new york city. we believe we are able to generate impact quickly and power intelligent operationssm for our clients because of our business domain expertise and experience running complex operations and making technology-enabled transformation sustainable. behind our passion for technology, process, and operational excellence is the heritage of a former general electric division that has served ge businesses since 1998. genpact’s annual revenues as of december 31, 2014 were $2.28 billion. genpact is an employer of choice and we are committed to
Analysis Results
Intrinsic Value $71.39
Latest Price $37.01
Relative Value 48% undervalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 9.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 9.7%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 549 512
2024 602 525
2025 660 537
2026 724 550
2027 794 563
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 15800 million. This corresponds to a present value of 10400 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2690 million. Adding in the terminal value gives a total present value of 13100 million.

There are presently 184.0 million outstanding shares, so the intrinsic value per share is 71.39.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,779,492,000
Current Cash 646,765,000
Current Liabilities 1,103,321,000
Current Debt 192,721,000
Non-Cash Working Capital (NCWC) 222,127,000
Change in NCWC 106,763,000
EBIT 555,346,000
Tax Provision 111,832,000
Depreciation and Amortization 129,516,000
Capital Expenditure -54,389,000
Unlevered Free Cash Flow 603,743,635
Current Assets 1,921,641,000
Current Cash 899,458,000
Current Liabilities 1,308,801,000
Current Debt 401,982,000
Non-Cash Working Capital (NCWC) 115,364,000
Change in NCWC -52,031,000
EBIT 507,796,000
Tax Provision 113,681,000
Depreciation and Amortization 167,572,000
Capital Expenditure -57,248,000
Unlevered Free Cash Flow 446,603,816
Current Assets 1,748,868,000
Current Cash 680,440,000
Current Liabilities 1,202,636,000
Current Debt 301,603,000
Non-Cash Working Capital (NCWC) 167,395,000
Change in NCWC -120,223,000
EBIT 458,048,000
Tax Provision 92,201,000
Depreciation and Amortization 159,842,000
Capital Expenditure -80,371,000
Unlevered Free Cash Flow 311,840,546
Current Assets 1,551,676,000
Current Cash 467,096,000
Current Liabilities 910,211,000
Current Debt 113,249,000
Non-Cash Working Capital (NCWC) 287,618,000
Change in NCWC -53,022,000
EBIT 432,871,000
Tax Provision 94,536,000
Depreciation and Amortization 128,713,000
Capital Expenditure -74,927,000
Unlevered Free Cash Flow 331,180,941
Current Assets 1,355,057,000
Current Cash 368,396,000
Current Liabilities 976,312,000
Current Debt 330,291,000
Non-Cash Working Capital (NCWC) 340,640,000
Change in NCWC 39,225,000
EBIT 346,750,000
Tax Provision 80,763,000
Depreciation and Amortization 103,718,000
Capital Expenditure -84,978,000
Unlevered Free Cash Flow 327,358,796
Current Assets 1,433,895,000
Current Cash 504,468,000
Current Liabilities 838,784,000
Current Debt 210,772,000
Non-Cash Working Capital (NCWC) 301,415,000
Change in NCWC 27,826,000
EBIT 329,700,000
Tax Provision 59,742,000
Depreciation and Amortization 94,915,000
Capital Expenditure -57,231,000
Unlevered Free Cash Flow 333,769,008
Current Assets 1,227,037,000
Current Cash 422,623,000
Current Liabilities 731,355,000
Current Debt 200,530,000
Non-Cash Working Capital (NCWC) 273,589,000
Change in NCWC 61,945,000
EBIT 329,405,000
Tax Provision 62,098,000
Depreciation and Amortization 81,736,000
Capital Expenditure -88,772,000
Unlevered Free Cash Flow 322,261,210
Current Assets 1,195,069,000
Current Cash 450,907,000
Current Liabilities 594,480,000
Current Debt 61,962,000
Non-Cash Working Capital (NCWC) 211,644,000
Change in NCWC -33,693,000
EBIT 322,585,000
Tax Provision 61,937,000
Depreciation and Amortization 82,799,000
Capital Expenditure -62,173,000
Unlevered Free Cash Flow 243,305,299
Current Assets 1,188,508,000
Current Cash 461,788,000
Current Liabilities 622,114,000
Current Debt 140,731,000
Non-Cash Working Capital (NCWC) 245,337,000
Change in NCWC -3,506,000
EBIT 289,236,000
Tax Provision 57,419,000
Depreciation and Amortization 79,607,000
Capital Expenditure -62,577,000
Unlevered Free Cash Flow 236,220,307
Current Assets 1,276,144,000
Current Cash 571,276,000
Current Liabilities 461,693,000
Current Debt 5,668,000
Non-Cash Working Capital (NCWC) 248,843,000
Change in NCWC 10,839,000
EBIT 307,399,000
Tax Provision 71,100,000
Depreciation and Amortization 76,460,000
Capital Expenditure -48,879,000
Unlevered Free Cash Flow 274,429,166
Current Assets 1,128,767,000
Current Cash 459,228,000
Current Liabilities 517,818,000
Current Debt 86,283,000
Non-Cash Working Capital (NCWC) 238,004,000
Change in NCWC 39,954,000
EBIT 267,563,000
Tax Provision 78,419,000
Depreciation and Amortization 79,394,000
Capital Expenditure -83,337,000
Unlevered Free Cash Flow 223,797,175

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