Loading...

Discounted Cash Flow (DCF) Analysis Levered


ExlService Holdings Inc.

ExlService Holdings Inc. (EXLS)

Industrials

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 478.45499.26628.47685.98762.33883.161,000.351,133.101,283.461,453.781,646.69
Revenue (%)
Operating Cash Flow 82.7766.6596.72102.42113.1392.47143.85162.94184.56209.05236.79
Operating Cash Flow (%)
Capital Expenditure -15.93-27.66-25.58-25.86-35.14-40.45-43.22-48.95-55.45-62.80-71.14
Capital Expenditure (%)
Free Cash Flow 66.8438.9971.1476.5677.9952.02100.64113.99129.12146.25165.66

Weighted Average Cost Of Capital

Share price $ 67.35
Diluted Shares Outstanding 35.03
Cost of Debt
Tax Rate 5.65
After-tax Cost of Debt -0.23
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.53
Total Debt 263.56
Total Equity 2,359.34
Total Capital 2,622.89
Debt Weighting 10.05
Equity Weighting 89.95
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 478.45499.26628.47685.98762.33883.161,000.351,133.101,283.461,453.781,646.69
Operating Cash Flow 82.7766.6596.72102.42113.1392.47143.85162.94184.56209.05236.79
Capital Expenditure -15.93-27.66-25.58-25.86-35.14-40.45-43.22-48.95-55.45-62.80-71.14
Free Cash Flow 66.8438.9971.1476.5677.9952.02100.64113.99129.12146.25165.66
WACC
PV LFCF 81.9183.7185.5587.4289.34
SUM PV LFCF 525.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.84
Free cash flow (t + 1) 207.00
Terminal Value 3,026.27
Present Value of Terminal Value 1,808.94

Intrinsic Value

Enterprise Value 2,441.91
Net Debt -25.06
Equity Value 2,466.97
Shares Outstanding 35.03
Equity Value Per Share 58.69

Results Levered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
12.84 (%) 38.86 Sell 41.08 Sell 43.71 Sell 46.87 Sell 50.74 Sell 55.60 Sell 61.89 Sell 70.32 Buy 82.24 Buy
12.34 (%) 37.49 Sell 39.50 Sell 41.87 Sell 44.69 Sell 48.11 Sell 52.36 Sell 57.77 Sell 64.88 Sell 74.65 Buy
11.84 (%) 36.23 Sell 38.06 Sell 40.20 Sell 42.73 Sell 45.77 Sell 49.51 Sell 54.20 Sell 60.25 Sell 68.39 Buy
11.34 (%) 35.07 Sell 36.74 Sell 38.68 Sell 40.96 Sell 43.68 Sell 46.98 Sell 51.08 Sell 56.29 Sell 63.14 Sell
10.84 (%) 34.00 Sell 35.53 Sell 37.29 Sell 39.35 Sell 41.79 Sell 44.73 Sell 48.33 Sell 52.85 Sell 58.69 Sell
10.34 (%) 33.01 Sell 34.41 Sell 36.02 Sell 37.89 Sell 40.09 Sell 42.71 Sell 45.90 Sell 49.85 Sell 54.88 Sell
9.84 (%) 32.09 Sell 33.38 Sell 34.85 Sell 36.55 Sell 38.54 Sell 40.90 Sell 43.73 Sell 47.20 Sell 51.57 Sell
9.34 (%) 31.24 Sell 32.43 Sell 33.78 Sell 35.33 Sell 37.13 Sell 39.25 Sell 41.79 Sell 44.86 Sell 48.67 Sell
8.84 (%) 30.45 Sell 31.54 Sell 32.79 Sell 34.21 Sell 35.85 Sell 37.77 Sell 40.04 Sell 42.77 Sell 46.13 Sell