2025-06-10-Jefferies-印孚瑟斯（INFO）_印孚瑟斯（Infosys）_印度非交易路演要点_11页_367kb

报告摘要

RATING: BUY
Price Target: INR 1,660 (up 6% from current price)
Demand Environment: Steady in 1Q25, no further deterioration expected. Deal pipeline healthy but skewed towards cost-takeout, vendor consolidation, and automation deals. Dealings from tariffs could improve IT spending outlook. Growth in FY26 driven by these deals.
AI Impact: Generative AI expected to be net-positive for both top-line (new deals) and bottom-line (efficiency gains from automation and lean models). Savings from AI are likely reinvested into pending initiatives due to budget pressures.
Revenue and Growth Guidance: FY26 revenue growth 0-3%; low end assumes demand worsening, high end steady improvement. Europe is a primary growth driver; large FY25 deals (US$11.6bn) support FY26.
Margin Drivers: Pricing improvements from Project Maximus and lower third-party costs expected to boost margins. FY26 margin guidance at 20-22%.
Free Cash Flow: Strong FCF generation expected above 100% of net profit in FY26; driven by improving margins, collections, and cost controls.
Valuation: Current price INR 1,572.55. Exhibits indicate current PEG ratio of 2.6 (higher than 5-yr avg), despite some discount to sector avg; valuation based on 23x fwd EPS for PT.

Infosys is a leading offshore-centric IT consulting firm with established revenue, EBITDA, and PAT growth trends through FY25.
Europe is a key growth region, with financial services remaining resilient while sectors like retail/CPG show softness.
Strong recurring EPS growth and cash flow metrics indicate solid financial health.
High FCF generation supports dividends and reinvestment.