Financials Persistent Systems Limited

Equities

PERSISTENT

INE262H01021

IT Services & Consulting

Market Closed - NSE India S.E. Other stock markets 12:43:49 10/05/2024 BST			5-day change	1st Jan Change
3,368 ^INR	+0.30%		+0.02%	-8.86%

05-07	Persistent Systems Announces Launch of Persistent iAura, A Suite of AI-Powered Data Solutions Engineered to Catalyze Business Growth	CI
04-28	Persistent Systems Limited Announces Resignation of Rajiv Sodhi, Senior Vice President - Customer Partnerships	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	49,809	42,106	146,893	364,188	335,802	494,686	-	-
Enterprise Value (EV) ¹	41,368	30,347	139,081	364,011	331,054	577,175	477,920	468,498
P/E ratio	14.3 x	12.4 x	32.6 x	52.7 x	38.2 x	56.1 x	38.9 x	31.2 x
Yield	1.75%	2.18%	1.04%	0.65%	1.08%	0.77%	1.04%	1.23%
Capitalization / Revenue	1.48 x	1.18 x	3.51 x	6.38 x	4.02 x	5.96 x	4.39 x	3.78 x
EV / Revenue	1.23 x	0.85 x	3.32 x	6.37 x	3.96 x	5.88 x	4.24 x	3.58 x
EV / EBITDA	7.13 x	6.16 x	20.4 x	38 x	21.8 x	34.4 x	24 x	19.3 x
EV / FCF	10.5 x	12.3 x	22.9 x	79.2 x	63.4 x	61.6 x	47.5 x	36 x
FCF Yield	9.53%	8.14%	4.37%	1.26%	1.58%	1.62%	2.11%	2.78%
Price to Book	2.12 x	1.76 x	5.25 x	10.8 x	8.88 x	12.4 x	8.99 x	7.62 x
Nbr of stocks (in thousands)	158,238	152,850	152,850	152,850	145,700	146,900	-	-
Reference price ²	314.8	275.5	961.0	2,383	2,305	3,368	3,368	3,368
Announcement Date	27/04/19	05/05/20	29/04/21	27/04/22	24/04/23	21/04/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	33,659	35,658	41,879	57,107	83,506	98,216	112,634	130,913
EBITDA ¹	5,805	4,923	6,830	9,582	15,191	16,757	19,898	24,233
EBIT ¹	3,990	3,263	5,075	7,922	12,472	13,663	16,619	20,625
Operating Margin	11.85%	9.15%	12.12%	13.87%	14.94%	13.91%	14.76%	15.75%
Earnings before Tax (EBT) ¹	4,863	4,523	6,094	9,243	12,409	14,476	17,705	21,970
Net income ¹	3,517	3,403	4,507	6,904	9,211	10,935	13,261	16,467
Net margin	10.45%	9.54%	10.76%	12.09%	11.03%	11.13%	11.77%	12.58%
EPS ²	22.00	22.19	29.48	45.17	60.26	71.07	86.59	108.0
Free Cash Flow ¹	3,944	2,470	6,078	4,596	5,225	9,374	10,071	13,008
FCF margin	11.72%	6.93%	14.51%	8.05%	6.26%	9.54%	8.94%	9.94%
FCF Conversion (EBITDA)	67.94%	50.17%	88.99%	47.97%	34.39%	55.94%	50.61%	53.68%
FCF Conversion (Net income)	112.15%	72.58%	134.87%	66.57%	56.72%	85.72%	75.95%	78.99%
Dividend per Share ²	5.500	6.000	10.00	15.50	25.00	26.07	35.09	41.57
Announcement Date	27/04/19	05/05/20	29/04/21	27/04/22	24/04/23	21/04/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	13,512	14,917	16,379	18,781	20,486	21,694	22,545	23,212	24,117	24,982	25,905	26,785	27,700	28,665	29,726
EBITDA ¹	2,244	2,511	2,812	3,333	3,680	4,016	4,163	4,229	4,052	4,418	4,544	4,579	4,663	5,018	5,504
EBIT ¹	1,873	2,083	2,300	2,688	2,987	-	3,466	2,980	3,308	3,631	3,744	3,836	3,844	4,187	4,648
Operating Margin	13.86%	13.96%	14.05%	14.31%	14.58%	-	15.37%	12.84%	13.71%	14.53%	14.45%	14.32%	13.88%	14.61%	15.64%
Earnings before Tax (EBT) ¹	2,176	2,364	2,672	2,819	2,956	3,228	3,406	3,070	3,558	3,893	3,955	4,034	3,976	4,452	5,096
Net income ¹	1,618	1,764	2,010	2,116	2,200	2,380	2,515	2,288	2,633	2,861	3,153	3,062	3,100	3,354	3,713
Net margin	11.97%	11.82%	12.27%	11.27%	10.74%	10.97%	11.16%	9.86%	10.92%	11.45%	12.17%	11.43%	11.19%	11.7%	12.49%
EPS ²	10.58	11.54	13.15	13.84	14.40	15.57	16.46	14.88	17.11	18.60	20.48	19.80	19.82	21.60	23.70
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	26/10/21	20/01/22	27/04/22	21/07/22	19/10/22	18/01/23	24/04/23	20/07/23	18/10/23	20/01/24	21/04/24	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	8,441	11,759	7,812	177	4,748	8,156	16,766	26,187
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	3,944	2,470	6,078	4,596	5,225	9,374	10,071	13,008
ROE (net income / shareholders' equity)	15.7%	14.4%	17.4%	22.4%	25.1%	24.5%	25%	26.5%
ROA (Net income/ Total Assets)	12.7%	11.4%	13.3%	15.2%	15.3%	15.6%	18.4%	20.2%
Assets ¹	27,632	29,739	33,788	45,398	60,191	70,233	72,062	81,625
Book Value Per Share ²	148.0	156.0	183.0	220.0	259.0	322.0	375.0	442.0
Cash Flow per Share ²	27.00	16.80	48.10	55.30	62.50	79.40	99.80	125.0
Capex ¹	379	758	1,281	3,854	4,333	2,839	3,569	3,736
Capex / Sales	1.13%	2.13%	3.06%	6.75%	5.19%	2.89%	3.17%	2.85%
Announcement Date	27/04/19	05/05/20	29/04/21	27/04/22	24/04/23	21/04/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Persistent Systems Limited

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

3,358 INR

Average target price

3,723 INR

Spread / Average Target

+10.90%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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