Fairfax India Holdings Corporation (FIH-U.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-35.5%

CA$11.69

vs CA$18.14 price

Levered DCF

-CA$7.25

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.49

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	5.58×	-53.37×	5.59×	8.9×	3.73×	-35.56×	3.79×	20.84×
P/B	0.55×	0.77×	0.7×	0.65×	0.67×	0.59×	0.76×	0.95×
P/S	15.27×	36.28×	4.24×	7.27×	3.25×	-295.66×	3.07×	19.38×
EV / EBITDA	3.85×	99.31×	5.32×	10.5×	4.33×	-50.66×	4.14×	19.73×
Gross margin	61.4%	58.1%	94.9%	89.4%	95.5%	595.6%	94.8%	66.3%
Operating margin	537.3%	43.9%	92.2%	83.4%	94.0%	795.0%	93.1%	123.9%
Net margin	375.9%	-69.0%	75.9%	81.5%	87.1%	845.9%	81.1%	93.0%
Current ratio	0×	6.88×	18.48×	15.69×	3.77×	25.74×	44.43×	0×
Debt / equity	0.16×	0.18×	0.17×	0.19×	0.18×	0.22×	0.21×	0.26×
Interest coverage	19.98×	1.05×	18.08×	7.84×	21.08×	-1.6×	17.83×	4.45×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.6%	-1.5%	12.6%	7.2%	17.8%	-1.7%	20.0%	4.6%
Return on invested capital	12.3%	-0.9%	10.1%	5.7%	13.8%	-1.3%	15.9%	4.6%
Return on assets	10.3%	-1.1%	9.7%	5.7%	13.8%	-1.3%	15.9%	3.6%
Free cash flow yield	-1.9%	-4.8%	3.2%	8.9%	3.3%	0.8%	1.9%	-4.6%
Earnings yield	24.6%	-1.9%	17.9%	11.2%	26.8%	-2.9%	26.4%	4.8%
Enterprise value	CA$2.2B	CA$2.6B	CA$2.4B	CA$2.1B	CA$2.3B	CA$2B	CA$2.5B	CA$2.5B
Net debt / EBITDA	0.86×	16.75×	0.72×	1.79×	0.87×	-13.47×	0.84×	4.09×
Cash conversion cycle (days)	10	-91	-138	-134	-133	-156	-11	14