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 72,085 135,927 235,099 141,499 184,078 - -
Change - -15.51% 88.56% 72.96% -39.81% 30.09% - -
Enterprise Value (EV) 1 92,689 77,600 141,865 252,791 157,679 195,752 189,010 182,956
Change - -16.28% 82.82% 78.19% -37.62% 24.15% -3.44% -3.2%
P/E 16.4x 14.4x 26.9x 40.4x 21.4x 19.2x 16.6x 14.1x
PBR 2.91x 2.18x 3.72x 5.79x 3.25x 3.92x 3.48x 2.99x
PEG - -3.66x 98.45x 2.7x 1.6x 0.4x 1x 0.8x
Capitalization / Revenue 1.45x 1.2x 2.15x 2.95x 1.48x 1.64x 1.48x 1.32x
EV / Revenue 1.58x 1.3x 2.24x 3.17x 1.65x 1.74x 1.52x 1.32x
EV / EBITDA 9.66x 10.3x 14.8x 20.8x 10.1x 10.4x 8.92x 7.57x
EV / EBIT 13x 15.8x 20.4x 28.7x 14.1x 14.1x 11.9x 9.96x
EV / FCF 15x 10.5x 25.3x 55x 15.5x 21.9x 16.7x 16.8x
FCF Yield 6.67% 9.55% 3.95% 1.82% 6.46% 4.57% 6% 5.94%
Dividend per Share 2 3.5 3.5 3.5 - - 6.202 6.976 8.62
Rate of return 2.8% 3.32% 1.77% - - 2.33% 2.62% 3.24%
EPS 2 7.62 7.32 7.34 8.42 9.56 13.85 16.04 18.87
Distribution rate 45.9% 47.8% 47.7% - - 44.8% 43.5% 45.7%
Net sales 1 58,657 59,859 63,325 79,803 95,564 112,200 124,306 139,081
EBITDA 1 9,599 7,537 9,564 12,164 15,562 18,907 21,182 24,183
EBIT 1 7,105 4,906 6,962 8,806 11,221 13,922 15,863 18,364
Net income 1 5,374 5,137 5,147 5,945 6,744 9,763 11,299 13,388
Net Debt 1 7,369 5,515 5,938 17,692 16,180 11,674 4,932 -1,122
Reference price 2 125.05 105.50 197.65 340.25 204.39 266.38 266.38 266.38
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.($)
19.24x1.74x10.35x2.33% 1.91B
41.82x7.48x27x0.86% 81.81B
39.42x4.61x15.04x1.16% 20.8B
30.3x1.24x12.61x1.08% 15.56B
19.19x2.06x10.21x3.64% 13.92B
25.15x2.83x12.14x2.98% 12.02B
25.08x3.46x13.32x2.33% 7.78B
15.26x0.66x9.49x1.38% 6.96B
44.34x2x15.62x0.46% 5.27B
8.71x1x5.28x2.43% 5.24B
Average 26.85x 2.71x 13.11x 1.86% 17.13B
Weighted average by Cap. 34.45x 4.91x 19.30x 1.43%

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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