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 72,085 135,927 235,099 141,499 190,760 - -
Change - -15.51% 88.56% 72.96% -39.81% 34.81% - -
Enterprise Value (EV) 1 92,689 77,600 141,865 252,791 157,679 204,231 200,810 196,613
Change - -16.28% 82.82% 78.19% -37.62% 29.52% -1.68% -2.09%
P/E 16.4x 14.4x 26.9x 40.4x 21.4x 21.2x 17.3x 14.6x
PBR 2.91x 2.18x 3.72x 5.79x 3.25x 3.98x 3.51x 3.11x
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 1.69x 1.53x 1.37x
EV / Revenue 1.58x 1.3x 2.24x 3.17x 1.65x 1.81x 1.61x 1.41x
EV / EBITDA 9.66x 10.3x 14.8x 20.8x 10.1x 10.8x 9.54x 8.32x
EV / EBIT 13x 15.8x 20.4x 28.7x 14.1x 14.5x 12.6x 10.7x
EV / FCF 15x 10.5x 25.3x 55x 15.5x 24.5x 18.6x 17.2x
FCF Yield 6.67% 9.55% 3.95% 1.82% 6.46% 4.08% 5.37% 5.8%
Dividend per Share 2 3.5 3.5 3.5 - - 6.094 6.93 7.849
Rate of return 2.8% 3.32% 1.77% - - 2.21% 2.51% 2.84%
EPS 2 7.62 7.32 7.34 8.42 9.56 13.02 15.93 18.86
Distribution rate 45.9% 47.8% 47.7% - - 46.8% 43.5% 41.6%
Net sales 1 58,657 59,859 63,325 79,803 95,564 112,787 124,827 139,506
EBITDA 1 9,599 7,537 9,564 12,164 15,562 18,879 21,048 23,640
EBIT 1 7,105 4,906 6,962 8,806 11,221 14,088 15,929 18,331
Net income 1 5,374 5,137 5,147 5,945 6,744 9,133 11,200 13,235
Net Debt 1 7,369 5,515 5,938 17,692 16,180 13,471 10,050 5,853
Reference price 2 125.05 105.50 197.65 340.25 204.39 276.05 276.05 276.05
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.($)
21.2x1.81x10.82x2.21% 1.99B
37.15x6.77x24.03x0.92% 81.55B
39.52x1.31x14.1x0.94% 17.57B
20.25x2.07x10.19x3.63% 14.28B
25.42x2.84x12.15x2.94% 12.23B
24.94x3.48x13.4x2.32% 8.05B
15.63x0.66x9.35x1.37% 7.14B
10.47x1.23x6.57x2% 6.24B
22.08x2.38x11.22x-.--% 5.69B
18.86x0.4x9.31x3.95% 5.4B
Average 23.55x 2.30x 12.11x 2.03% 16.01B
Weighted average by Cap. 31.04x 4.37x 17.82x 1.54%

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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