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Major Indexes

Discounted Cash Flow (DCF) Analysis Levered


ExlService Holdings Inc.

ExlService Holdings Inc. (EXLS)

$63.06
2.16 (+3.55%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 478.45499.26628.47685.98762.33883.16991.431,121.311,268.201,434.341,622.24
Revenue (%)
Operating Cash Flow 82.7766.6596.72100.29113.1392.47168.44164.94186.55210.99238.63
Operating Cash Flow (%)
Capital Expenditure 15.9327.6625.5825.8635.1440.4540.1547.9954.2861.3969.43
Capital Expenditure (%)
Free Cash Flow 98.7094.31122.30126.15148.27132.92208.60212.94240.83272.38308.06

Weighted Average Cost Of Capital

Weighted Average Cost Of Capital

Share price $ 63.06
Diluted Shares Outstanding 34.73
Cost of Debt
Tax Rate 18.58
After-tax Cost of Debt -0.88
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.73
Total Debt 194.13
Total Equity 2,190.24
Total Capital 2,384.37
Debt Weighting 8.14
Equity Weighting 91.86
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 478.45499.26628.47685.98762.33883.16991.431,121.311,268.201,434.341,622.24
Operating Cash Flow 82.7766.6596.72100.29113.1392.47168.44164.94186.55210.99238.63
Capital Expenditure 15.9327.6625.5825.8635.1440.4540.1547.9954.2861.3969.43
Free Cash Flow 98.7094.31122.30126.15148.27132.92208.60212.94240.83272.38308.06
WACC
PV LFCF 175.37180.01184.76189.64
SUM PV LFCF 1,023.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.19
Free cash flow (t + 1) 201.64
Terminal Value 3,257.47
Present Value of Terminal Value 2,005.26

Intrinsic Value

Enterprise Value 2,669.99
Net Debt -127.29
Equity Value 2,797.28
Shares Outstanding 34.73
Equity Value Per Share 124.86