IBEX Limited (IBEX) 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

-8.8%

$40.78

vs $44.72 price

Levered DCF

$34.35

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

5.95

Safe zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.8×	11.59×	8.4×	12.2×	14.3×	122×	35×	-59.23×
P/B	2.39×	3.18×	1.7×	2.58×	2.71×	4.27×	16.87×	31.58×
P/S	0.63×	0.77×	0.56×	0.74×	0.62×	0.78×	0.67×	0.74×
EV / EBITDA	5.67×	7.43×	4.71×	6.79×	9.4×	10.42×	8.2×	13.35×
Gross margin	29.2%	30.9%	29.9%	28.3%	24.1%	24.4%	31.8%	30.9%
Operating margin	8.5%	8.3%	7.8%	7.7%	4.2%	3.8%	4.8%	1.8%
Net margin	7.2%	6.6%	6.6%	6.0%	4.4%	3.0%	1.9%	-1.2%
Current ratio	2.1×	1.82×	2.53×	2.16×	1.46×	1.34×	0.81×	0.73×
Debt / equity	0.37×	0.52×	0.4×	0.53×	0.93×	1.39×	6.56×	13.71×
Interest coverage	-58.72×	28.53×	76.71×	51.11×	16×	1.89×	2.07×	0.94×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	1.2%	0.0%	0.6%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	30.6%	0.0%	-35.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	27.2%	27.4%	20.3%	21.1%	18.9%	16.2%	48.1%	-52.4%
Return on invested capital	23.1%	17.9%	13.7%	13.6%	9.2%	7.1%	11.6%	5.3%
Return on assets	15.0%	13.5%	11.5%	10.8%	7.3%	4.8%	4.0%	-2.4%
Free cash flow yield	7.7%	6.4%	9.6%	5.9%	4.6%	-1.4%	17.4%	-1.5%
Earnings yield	11.4%	8.6%	11.9%	8.2%	7.0%	3.8%	2.9%	-1.7%
Enterprise value	$437.3M	$481.5M	$286.9M	$407.9M	$364.3M	$399.2M	$356.5M	$381.8M
Net debt / EBITDA	0.39×	0.84×	0.07×	0.36×	1.46×	1.43×	1.93×	3.82×
Cash conversion cycle (days)	55	60	60	46	36	53	39	49