Company Valuation: Future Market Networks Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2020 2021 2022 2023 2024 2025
Market Cap 1 494.9 687.7 463.2 230.2 322.2 882.2
Change - 38.95% -32.64% -50.31% 40% 173.75%
Enterprise Value (EV) 1 2,646 2,476 3,134 2,611 1,541 2,626
Change - -6.42% 26.59% -16.7% -40.96% 70.4%
P/E 1.65x -2.22x -1.64x -2.55x -5.19x 1.37x
PBR 0.29x 0.62x 1.11x 0.7x 1.44x 0.93x
PEG - 0x 0.19x 0x 0.2x -0x
Capitalization / Revenue 0.39x 1x 0.55x 0.24x 0.34x 0.86x
EV / Revenue 2.07x 3.62x 3.73x 2.69x 1.63x 2.57x
EV / EBITDA 9.43x 47.1x 9.05x 5.87x 3.78x 6.51x
EV / EBIT 55.8x -19.1x 12.5x 7.06x 4.24x 7.32x
EV / FCF 2.82x 20.1x 99.1x 3.55x -19.2x -2.78x
FCF Yield 35.4% 4.97% 1.01% 28.2% -5.19% -36%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 5.21 -5.371 -4.913 -1.57 -1.08 11.16
Distribution rate - - - - - -
Net sales 1 1,275 684.7 840.7 970.9 943.1 1,021
EBITDA 1 280.6 52.58 346.4 445 408.2 403.5
EBIT 1 47.38 -129.9 250.4 369.8 363.2 358.6
Net income 1 296.8 -309.1 -282.7 -90.1 -61.91 660.4
Net Debt 1 2,151 1,788 2,671 2,381 1,219 1,744
Reference price 2 8.600 11.950 8.050 4.000 5.600 15.330
Nbr of stocks (in thousands) 57,544 57,544 57,544 57,544 57,544 57,544
Announcement Date 9/4/20 8/31/21 8/23/22 8/25/23 8/29/24 9/3/25
1INR in Million2INR
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 6.57M
15.98x5.02x13.5x3.17% 45.46B
20.26x4.18x17.08x1.23% 29.81B
8.79x1.51x7.72x4.01% 30.92B
5.6x0.6x1.24x8.99% 26.76B
14.34x3.11x14.91x2.45% 25.46B
14.86x6.78x18.19x1.44% 20.83B
9.15x2.36x7.27x3.81% 21.57B
Average 12.71x 3.37x 11.42x 3.59% 25.1B
Weighted average by Cap. 13.07x 3.42x 11.50x 3.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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