Company Valuation: Firstsource Solutions Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 85,320 72,085 135,927 235,099 141,499 188,134 - -
Change - -15.51% 88.56% 72.96% -39.81% 32.96% - -
Enterprise Value (EV) 1 92,689 77,600 141,865 252,791 157,679 201,605 198,184 193,988
Change - -16.28% 82.82% 78.19% -37.62% 27.86% -1.7% -2.12%
P/E 16.4x 14.4x 26.9x 40.4x 21.4x 20.9x 17.1x 14.4x
PBR 2.91x 2.18x 3.72x 5.79x 3.25x 3.92x 3.46x 3.07x
PEG - -3.66x 98.45x 2.7x 1.6x 0.6x 0.8x 0.8x
Capitalization / Revenue 1.45x 1.2x 2.15x 2.95x 1.48x 1.67x 1.51x 1.35x
EV / Revenue 1.58x 1.3x 2.24x 3.17x 1.65x 1.79x 1.59x 1.39x
EV / EBITDA 9.66x 10.3x 14.8x 20.8x 10.1x 10.7x 9.42x 8.21x
EV / EBIT 13x 15.8x 20.4x 28.7x 14.1x 14.3x 12.4x 10.6x
EV / FCF 15x 10.5x 25.3x 55x 15.5x 24.2x 18.4x 17x
FCF Yield 6.67% 9.55% 3.95% 1.82% 6.46% 4.13% 5.44% 5.88%
Dividend per Share 2 3.5 3.5 3.5 - - 6.094 6.93 7.849
Rate of return 2.8% 3.32% 1.77% - - 2.24% 2.55% 2.88%
EPS 2 7.62 7.32 7.34 8.42 9.56 13.02 15.93 18.86
Distribution rate 45.9% 47.8% 47.7% - - 46.8% 43.5% 41.6%
Net sales 1 58,657 59,859 63,325 79,803 95,564 112,787 124,827 139,506
EBITDA 1 9,599 7,537 9,564 12,164 15,562 18,879 21,048 23,640
EBIT 1 7,105 4,906 6,962 8,806 11,221 14,088 15,929 18,331
Net income 1 5,374 5,137 5,147 5,945 6,744 9,133 11,200 13,235
Net Debt 1 7,369 5,515 5,938 17,692 16,180 13,471 10,050 5,853
Reference price 2 125.05 105.50 197.65 340.25 204.39 272.25 272.25 272.25
Nbr of stocks (in thousands) 682,288 683,270 687,714 690,960 692,297 691,035 - -
Announcement Date 5/5/22 5/4/23 5/3/24 4/28/25 5/6/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
37.02x6.75x23.95x0.93% 81.27B
38.81x1.29x13.87x0.96% 17.25B
20.17x2.06x10.16x3.65% 14.21B
25.42x2.84x12.15x2.94% 12.21B
24.8x3.46x13.33x2.33% 7.95B
15.55x0.66x9.31x1.38% 7.09B
10.26x1.21x6.44x2.04% 6.12B
21.78x2.35x11.07x-.--% 5.61B
18.89x0.4x9.33x3.94% 5.41B
Average 23.63x 2.34x 12.18x 2.02% 17.46B
Weighted average by Cap. 30.99x 4.39x 17.84x 1.54%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  5. Valuation Firstsource Solutions Limited