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 72,085 135,927 235,099 141,499 189,689 - -
Change - -15.51% 88.56% 72.96% -39.81% 34.06% - -
Enterprise Value (EV) 1 92,689 77,600 141,865 252,791 157,679 203,160 199,739 195,542
Change - -16.28% 82.82% 78.19% -37.62% 28.84% -1.68% -2.1%
P/E 16.4x 14.4x 26.9x 40.4x 21.4x 20.9x 17.2x 14.6x
PBR 2.91x 2.18x 3.72x 5.79x 3.25x 3.97x 3.49x 3.1x
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 1.68x 1.52x 1.36x
EV / Revenue 1.58x 1.3x 2.24x 3.17x 1.65x 1.8x 1.6x 1.4x
EV / EBITDA 9.66x 10.3x 14.8x 20.8x 10.1x 10.8x 9.5x 8.27x
EV / EBIT 13x 15.8x 20.4x 28.7x 14.1x 14.4x 12.5x 10.7x
EV / FCF 15x 10.5x 25.3x 55x 15.5x 24.4x 18.5x 17.2x
FCF Yield 6.67% 9.55% 3.95% 1.82% 6.46% 4.1% 5.4% 5.83%
Dividend per Share 2 3.5 3.5 3.5 - - 6.125 6.922 7.849
Rate of return 2.8% 3.32% 1.77% - - 2.23% 2.52% 2.86%
EPS 2 7.62 7.32 7.34 8.42 9.56 13.15 15.93 18.86
Distribution rate 45.9% 47.8% 47.7% - - 46.6% 43.5% 41.6%
Net sales 1 58,657 59,859 63,325 79,803 95,564 112,699 124,707 139,506
EBITDA 1 9,599 7,537 9,564 12,164 15,562 18,870 21,027 23,640
EBIT 1 7,105 4,906 6,962 8,806 11,221 14,108 15,970 18,331
Net income 1 5,374 5,137 5,147 5,945 6,744 9,183 11,192 13,235
Net Debt 1 7,369 5,515 5,938 17,692 16,180 13,471 10,050 5,853
Reference price 2 125.05 105.50 197.65 340.25 204.39 274.50 274.50 274.50
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.($)
21.26x1.83x10.95x2.19% 2.03B
37.42x6.82x24.21x0.92% 82.15B
38.87x1.29x13.89x0.96% 17.28B
32.03x3.69x12.36x1.44% 16.6B
20.55x2.11x10.41x3.56% 14.42B
25.4x2.84x12.14x2.97% 12.11B
26.43x3.67x14.11x2.19% 8.41B
15.16x0.65x9.18x1.39% 6.91B
9.57x1.13x6.04x2.19% 5.71B
19.53x0.42x9.63x3.82% 5.53B
Average 24.62x 2.45x 12.29x 2.16% 17.11B
Weighted average by Cap. 31.64x 4.42x 17.66x 1.57%

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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