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 72,085 135,927 235,099 141,499 177,872 - -
Change - -15.51% 88.56% 72.96% -39.81% 25.71% - -
Enterprise Value (EV) 1 92,689 77,600 141,865 252,791 157,679 191,347 187,906 183,675
Change - -16.28% 82.82% 78.19% -37.62% 21.35% -1.8% -2.25%
P/E 16.4x 14.4x 26.9x 40.4x 21.4x 19.8x 15.9x 13.5x
PBR 2.91x 2.18x 3.72x 5.79x 3.25x 3.72x 3.33x 2.99x
PEG - -3.66x 98.45x 2.7x 1.6x 0.5x 0.7x 0.8x
Capitalization / Revenue 1.45x 1.2x 2.15x 2.95x 1.48x 1.57x 1.41x 1.26x
EV / Revenue 1.58x 1.3x 2.24x 3.17x 1.65x 1.69x 1.49x 1.3x
EV / EBITDA 9.66x 10.3x 14.8x 20.8x 10.1x 10.1x 8.83x 7.67x
EV / EBIT 13x 15.8x 20.4x 28.7x 14.1x 13.5x 11.7x 9.89x
EV / FCF 15x 10.5x 25.3x 55x 15.5x 22.3x 17x 14.9x
FCF Yield 6.67% 9.55% 3.95% 1.82% 6.46% 4.49% 5.88% 6.73%
Dividend per Share 2 3.5 3.5 3.5 - 5.5 6.094 6.93 7.82
Rate of return 2.8% 3.32% 1.77% - 2.69% 2.37% 2.69% 3.04%
EPS 2 7.62 7.32 7.34 8.42 9.56 13.03 16.15 19.04
Distribution rate 45.9% 47.8% 47.7% - 57.5% 46.8% 42.9% 41.1%
Net sales 1 58,657 59,859 63,325 79,803 95,564 113,366 125,876 140,759
EBITDA 1 9,599 7,537 9,564 12,164 15,562 18,939 21,270 23,960
EBIT 1 7,105 4,906 6,962 8,806 11,221 14,136 16,106 18,565
Net income 1 5,374 5,137 5,147 5,945 6,744 9,336 11,339 13,462
Net Debt 1 7,369 5,515 5,938 17,692 16,180 13,475 10,034 5,803
Reference price 2 125.05 105.50 197.65 340.25 204.39 257.40 257.40 257.40
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.($)
29.51x15.04x21.37x0.73% 679B
35.45x6.5x23.06x1.02% 78.07B
23.35x4.58x10.08x0.72% 66.87B
-102.12x23.21x55.81x-.--% 63.75B
10.7x1.42x7.32x1.03% 46.55B
46.32x1.71x9.57x-.--% 46.08B
19.76x3.37x8.03x1.6% 31.71B
20.15x6.15x11.73x-.--% 26.38B
9.79x2.57x6.2x-.--% 24.54B
Average 10.32x 7.17x 17.02x 0.57% 118.06B
Weighted average by Cap. 20.59x 12.21x 20.74x 0.68%

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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