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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 $ 66.13
Diluted Shares Outstanding 34.45
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 2,278.25
Total Capital 2,541.80
Debt Weighting 10.37
Equity Weighting 89.63
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 90.8192.8294.8796.9799.11
SUM PV LFCF 526.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.82
Free cash flow (t + 1) 207.00
Terminal Value 3,035.14
Present Value of Terminal Value 1,815.89

Intrinsic Value

Enterprise Value 2,449.56
Net Debt -25.06
Equity Value 2,474.62
Shares Outstanding 34.45
Equity Value Per Share 59.87