Kyndryl Inc. (NYSE:KD)
Intro Kyndryl is a leading technology services company and the largest infrastructure services provider in the world, serving as a partner to more than 4,000 blue-chip customers in over 100 countries. Prior to November 2021, Kyndryl was wholly owned by IBM, which retained 19.9% of the shares. IBM intends to dispose of any retained common stock in the year 2022. Kyndryl is a world leader in designing, building, managing and modernizing mission-critical information systems spanning the digital transformation journey. Due to the separation, Kyndryl enjoys new freedom to invest for growth while expanding its ecosystem of strategic partners as well as service capabilities and enhancing customers' access to a wider range of technology solutions. As a standalone company, Kyndryl is expected to generate around $19bn in annuity-like annual revenues with EBITDA margins of approx. 15%. Valuation In 2020, Kyndryl indicated its free cash flow to be around $0.7bn, which is a bit difficult to rep...