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 72,085 135,927 235,099 141,499 224,137 - -
Change - -15.51% 88.56% 72.96% -39.81% 58.4% - -
Enterprise Value (EV) 1 92,689 77,600 141,865 252,791 157,679 236,093 231,517 227,913
Change - -16.28% 82.82% 78.19% -37.62% 49.73% -1.94% -1.56%
P/E 16.4x 14.4x 26.9x 40.4x 21.4x 23.4x 20.2x 17.2x
PBR 2.91x 2.18x 3.72x 5.79x 3.25x 4.75x 4.22x 3.71x
PEG - -3.66x 98.45x 2.7x 1.6x 0.5x 1.3x 1x
Capitalization / Revenue 1.45x 1.2x 2.15x 2.95x 1.48x 2x 1.81x 1.62x
EV / Revenue 1.58x 1.3x 2.24x 3.17x 1.65x 2.1x 1.87x 1.65x
EV / EBITDA 9.66x 10.3x 14.8x 20.8x 10.1x 12.5x 11.1x 9.8x
EV / EBIT 13x 15.8x 20.4x 28.7x 14.1x 17x 14.6x 12.6x
EV / FCF 15x 10.5x 25.3x 55x 15.5x 26.4x 20.6x 20.2x
FCF Yield 6.67% 9.55% 3.95% 1.82% 6.46% 3.79% 4.85% 4.95%
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% - - 1.91% 2.15% 2.61%
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 2 125.05 105.50 197.65 340.25 204.39 324.35 324.35 324.35
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.($)
23.41x2.1x12.5x1.91% 2.35B
37.19x6.78x24.12x0.93% 81.64B
39.97x4.63x15.11x1.14% 20.91B
32.53x1.32x13.24x1.01% 16.38B
20.21x2.13x10.47x3.54% 14.44B
25.2x2.84x12.18x2.97% 12.03B
24.59x3.44x13.23x2.35% 7.75B
15.11x0.66x9.36x1.4% 6.89B
9.91x1.13x5.99x2.13% 5.96B
19.22x0.41x9.48x3.88% 5.44B
Average 24.73x 2.54x 12.57x 2.13% 17.38B
Weighted average by Cap. 31.72x 4.50x 17.74x 1.55%

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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