Infosys stock

I was looking at Infy's financials to see how much is it worth.

The five year CAGR in profits is 21% and revenue CAGR is 19%.

Suppose we assume that this can be maintained for another 5 years, slows to 15% after that.

I assumed a discount rate of 15%

At a perpetual growth of 5%, the fair value is 2332 per share

Perpetual growth of 10%, the fair value is 3500 per share

PEG of 1 implies 21 PE and at EPS of 109 price is Rs. 2289

In either case, current price of 3200 seems overvalued.