Company Valuation: Forrester Research, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 1,126 681.3 515.8 297.7 154.3 200.1 -
Change - -39.49% -24.29% -42.29% -48.16% 29.7% -
Enterprise Value (EV) 1 1,067 608 426.3 228 61.65 55.75 40.64
Change - -43% -29.88% -46.52% -72.96% -9.56% -27.11%
P/E 45.9x 31.4x 168x -52.2x -1.29x -13.5x 58.9x
PBR - - - - - - -
PEG - -2.9x -2x 0x -0x 0.2x -0x
Capitalization / Revenue 2.28x 1.27x 1.07x 0.69x 0.39x 0.56x 0.56x
EV / Revenue 2.16x 1.13x 0.89x 0.53x 0.16x 0.16x 0.11x
EV / EBITDA 16.9x 9.44x 5.86x 4.95x 1.7x 2.57x 1.34x
EV / EBIT 27.6x 14.5x 8.15x 5.92x 2.04x 2.57x 1.61x
EV / FCF 11.1x 18x 26.4x -31.4x 3.41x 1.44x 1.72x
FCF Yield 9.03% 5.55% 3.79% -3.18% 29.4% 69.6% 58.3%
Dividend per Share 2 - - - - - - -
Rate of return - - - - - - -
EPS 2 1.28 1.14 0.16 -0.3 -6.28 -0.765 0.175
Distribution rate - - - - - - -
Net sales 1 494.3 537.8 480.8 432.5 396.9 356.5 358
EBITDA 1 63.16 64.42 72.69 46.06 36.28 21.73 30.42
EBIT 1 38.64 41.99 52.28 38.5 30.26 21.74 25.3
Net income 1 24.84 21.81 3.05 -5.747 -119.4 -14.65 3.378
Net Debt 1 -59.28 -73.32 -89.49 -69.67 -92.66 -144.4 -159.5
Reference price 2 58.73 35.76 26.81 15.67 8.12 10.31 10.31
Nbr of stocks (in thousands) 19,171 19,052 19,239 18,996 19,003 19,412 -
Announcement Date 10/2/22 9/2/23 8/2/24 11/2/25 12/2/26 - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-13.48x0.16x2.57x - 200M
65.71x - - - 503M
17.77x1.16x5.56x2.38% 403M
Average 23.33x 0.66x 4.06x 2.38% 369M
Weighted average by Cap. 33.92x 0.82x 4.57x 2.38%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Forrester Research, Inc.