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 72,085 135,927 235,099 141,499 208,775 - -
Change - -15.51% 88.56% 72.96% -39.81% 47.55% - -
Enterprise Value (EV) 1 92,689 77,600 141,865 252,791 157,679 220,731 216,155 212,552
Change - -16.28% 82.82% 78.19% -37.62% 39.99% -2.07% -1.67%
P/E 16.4x 14.4x 26.9x 40.4x 21.4x 21.8x 18.8x 16x
PBR 2.91x 2.18x 3.72x 5.79x 3.25x 4.42x 3.93x 3.45x
PEG - -3.66x 98.45x 2.7x 1.6x 0.5x 1.2x 0.9x
Capitalization / Revenue 1.45x 1.2x 2.15x 2.95x 1.48x 1.86x 1.68x 1.51x
EV / Revenue 1.58x 1.3x 2.24x 3.17x 1.65x 1.97x 1.74x 1.54x
EV / EBITDA 9.66x 10.3x 14.8x 20.8x 10.1x 11.7x 10.3x 9.14x
EV / EBIT 13x 15.8x 20.4x 28.7x 14.1x 15.9x 13.7x 11.7x
EV / FCF 15x 10.5x 25.3x 55x 15.5x 24.7x 19.3x 18.8x
FCF Yield 6.67% 9.55% 3.95% 1.82% 6.46% 4.05% 5.19% 5.31%
Dividend per Share 2 3.5 3.5 3.5 - - 6.202 6.976 8.463
Rate of return 2.8% 3.32% 1.77% - - 2.05% 2.31% 2.8%
EPS 2 7.62 7.32 7.34 8.42 9.56 13.85 16.05 18.87
Distribution rate 45.9% 47.8% 47.7% - - 44.8% 43.5% 44.9%
Net sales 1 58,657 59,859 63,325 79,803 95,564 112,219 124,098 137,993
EBITDA 1 9,599 7,537 9,564 12,164 15,562 18,890 20,946 23,264
EBIT 1 7,105 4,906 6,962 8,806 11,221 13,916 15,824 18,146
Net income 1 5,374 5,137 5,147 5,945 6,744 9,733 11,260 13,140
Net Debt 1 7,369 5,515 5,938 17,692 16,180 11,956 7,380 3,776
Reference price 2 125.05 105.50 197.65 340.25 204.39 302.12 302.12 302.12
Nbr of stocks (in thousands) 682,288 683,270 687,714 690,960 692,297 691,035 - -
Announcement Date 05/05/22 04/05/23 03/05/24 28/04/25 06/05/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.81x1.97x11.68x2.05% 2.19B
37.3x6.8x24.19x0.92% 81.89B
39.09x4.54x14.8x1.17% 20.44B
31.03x1.29x12.92x1.04% 15.93B
19.72x2.08x10.24x3.62% 14.13B
25.2x2.84x12.18x2.97% 12.07B
24.34x3.41x13.11x2.38% 7.7B
15.25x0.66x9.42x1.39% 6.95B
9.91x1.13x5.99x2.13% 5.96B
18.96x0.4x9.36x3.93% 5.39B
Average 24.26x 2.51x 12.39x 2.16% 17.26B
Weighted average by Cap. 31.47x 4.51x 17.72x 1.56%

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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