Company Valuation: FDC Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 33,502 48,229 43,367 42,564 69,121 64,196
Change - 43.96% -10.08% -1.85% 62.39% -7.13%
Enterprise Value (EV) 1 28,332 42,822 38,304 38,036 64,572 59,046
Change - 51.14% -10.55% -0.7% 69.77% -8.56%
P/E 14.1x 16.1x 20x 22x 22.8x 24.1x
PBR 2.17x 2.78x 2.22x 2.15x 3.3x 2.81x
PEG - 0.6x -0.7x -2.46x 0.4x -2x
Capitalization / Revenue 2.49x 3.62x 2.84x 2.39x 3.56x 3.05x
EV / Revenue 2.11x 3.21x 2.51x 2.13x 3.32x 2.8x
EV / EBITDA 9.5x 13.1x 15.6x 15.7x 19.6x 18.7x
EV / EBIT 10.6x 14.5x 17.7x 17.9x 21.6x 21.8x
EV / FCF 18.6x 32.7x 159x 349x 76.6x 27.8x
FCF Yield 5.39% 3.05% 0.63% 0.29% 1.31% 3.6%
Dividend per Share 2 0.8 - - - - 5
Rate of return 0.41% - - - - 1.27%
EPS 2 13.94 17.73 12.82 11.67 18.59 16.39
Distribution rate 5.74% - - - - 30.5%
Net sales 1 13,442 13,332 15,279 17,838 19,429 21,081
EBITDA 1 2,981 3,267 2,461 2,424 3,297 3,152
EBIT 1 2,673 2,962 2,164 2,120 2,986 2,711
Net income 1 2,399 3,013 2,164 1,940 3,052 2,668
Net Debt 1 -5,170 -5,407 -5,063 -4,529 -4,549 -5,150
Reference price 2 195.95 285.70 256.90 256.55 424.55 394.30
Nbr of stocks (in thousands) 170,973 168,810 168,810 165,910 162,810 162,810
Announcement Date 9/8/20 9/6/21 8/29/22 9/4/23 9/3/24 8/29/25
1INR in Million2INR
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
34.92x12.63x25.81x0.57% 1,060B
27.42x6.3x17.1x2.08% 619B
30.1x7.34x15.02x2.76% 438B
17.98x4.45x11.01x2.97% 333B
21.52x5.52x13.36x2.86% 282B
21.56x4.53x12.65x1.94% 267B
14.17x5.3x10.9x3.52% 218B
23.78x6.31x11.12x2.78% 196B
-46.81x5.6x30.89x2.5% 161B
Average 16.07x 6.44x 16.43x 2.44% 397.1B
Weighted average by Cap. 23.83x 7.85x 18.15x 2%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA