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Genpact Ltd

GBelow valueExpectations · modest

Held by 5 superinvestors.

Price$37.14
Margin of safety−12%
Holders5
Total value$126.9M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+6.6%
Net margin
10.9%
ROE
21.7%
FCF margin
14.5%
Revenue $3.71B → $5.08B · 6y
What makes a business high quality

Valuation · value band

Margin of safety

$42/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$37
cheaperpricier

Zero-growth floor

$28

Central IV

$42

Optimistic top

$51

Genpact Ltd (G): A conservative value band $28–$51 / sh (zero-growth floor to growth-capped optimistic top); central read about $42. Today’s price sits below that band (price $37 as of 2026-08-21).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 4% (lower of historical trend and fundamental cap, capped by moat) · moat 20 yr · discount 10.6% · Zero-growth downside $28

Price as of 2026-08-21 · yahoo · DGS10 4.7% @ 2026-08-20.

Method & numbers

Model cautions

  • Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $29.44 – $51.12 · Greenwald zero-growth $35.80 · zero-growth base $35.80 · reproduction $4.48

Moat Franchise (moat) · terminal value 21% of present value · owner-earnings yield 9% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$28.29 – $35.44 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 103% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back).

Buffett owner-earnings value$29.29 – $35.80 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 103% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $762.66M = $4.48 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a wide moat · competitive-advantage period ≈ 20 years (earnings intact, ROIC stable over history).

Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 18% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 4% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.19%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-20). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 1.9% a year in owner-earnings for the next few years. Revenue actually grew 6.2% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 4 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

5 holders · $126.9M combined · this quarter +0 opened / -1 exited

This quarter2 added2 trimmed1 exited
Holders 5 → 5 · last 8q
Exited this quarter (1)
Ray Dalio

SEC 13F · notes

Written summary

Genpact Ltd (G) is held by 5 of the superinvestors tracked on Compounder, with a combined $126.9M in reported 13F value. The largest position belongs to Richard Pzena, where it makes up 0.3% of the portfolio.

Other notable holders by value include Sarah Ketterer (0.2% of its book), C.T. Fitzpatrick (0.4% of its book) and Jeremy Grantham (0.0% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in G, 2 added to existing ones, 2 trimmed, and 1 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Genpact Ltd (G) also commonly hold →

G's price is below its conservative value band. Browse all undervalued stocks by margin of safety

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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