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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


ExlService Holdings Inc.

ExlService Holdings Inc. (EXLS)

$60.9
0.94 (+1.57%)

Operating Data

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 (%)
EBITDA 92.4862.0698.8098.78111.2298.56158.43165.95187.69212.28240.09
EBITDA (%)
EBIT 67.4134.0567.3164.2172.2749.8176.44102.15115.53130.67147.79
EBIT (%)
Depreciation 25.0728.0131.4934.5738.9648.7581.9963.8072.1681.6192.31
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 148.08176.49219.02226.65265.29280.40321.42373.51422.44477.78540.37
Total Cash (%)
Account Receivables 76.1280.2392.64113.05135.69164.71171.82187.37211.92239.68271.08
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 4.744.646.413.295.955.656.548.8610.0211.3312.82
Accounts Payable (%)
Capital Expenditure 15.9327.6625.5825.8635.1440.4540.1547.9954.2861.3969.43
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 60.9
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 2,115.22
Total Capital 2,309.35
Debt Weighting 8.41
Equity Weighting 91.59
Wacc

Build Up Free Cash

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
EBITDA 92.4862.0698.8098.78111.2298.56158.43165.95187.69212.28240.09
EBIT 67.4134.0567.3164.2172.2749.8176.44102.15115.53130.67147.79
Tax Rate -100.19%13.80%31.95%26.41%42.51%6.04%18.58%5.58%5.58%5.58%5.58%
EBIAT 134.9529.3545.8047.2541.5546.8062.2496.45109.08123.37139.53
Depreciation 25.0728.0131.4934.5738.9648.7581.9963.8072.1681.6192.31
Accounts Receivable --4.11-12.41-20.41-22.65-29.01-7.11-15.56-24.55-27.76-31.40
Inventories -----------
Accounts Payable --0.091.77-3.122.65-0.290.892.311.161.311.48
Capital Expenditure --11.732.08-0.28-9.28-5.310.30-7.84-6.29-7.11-8.04
UFCF 160.0241.4368.7358.0151.2360.94138.31139.17151.57171.43193.88
WACC
PV UFCF 114.66113.35116.36119.46
SUM PV UFCF 665.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.17
Free cash flow (t + 1) 201.64
Terminal Value 3,268.03
Present Value of Terminal Value 2,013.58

Intrinsic Value

Enterprise Value 2,679.02
Net Debt -127.29
Equity Value 2,806.31
Shares Outstanding 34.73
Equity Value Per Share 80.80