Free Cash Flow Build Up
ExlService Holdings Inc. (EXLS)
Industrials
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 | 478.45 | 499.26 | 628.47 | 685.98 | 762.33 | 883.16 | 1,000.35 | 1,133.10 | 1,283.46 | 1,453.78 | 1,646.69 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 89.90 | 66.05 | 108.60 | 119.84 | 125.94 | 116.05 | 160.76 | 182.09 | 206.25 | 233.62 | 264.62 |
| EBIT | 64.97 | 38.04 | 77.11 | 85.27 | 86.98 | 67.30 | 108.24 | 122.60 | 138.87 | 157.30 | 178.17 |
| Tax Rate | 25.98% | 13.80% | 31.95% | 26.41% | 42.51% | 5.65% | 24.38% | 24.38% | 24.38% | 24.38% | 24.38% |
| EBIAT | 48.09 | 32.79 | 52.48 | 62.75 | 50.01 | 63.49 | 81.85 | 92.71 | 105.01 | 118.95 | 134.73 |
| Depreciation | 24.93 | 28.01 | 31.49 | 34.57 | 38.96 | 48.75 | 52.52 | 59.49 | 67.38 | 76.32 | 86.45 |
| Accounts Receivable | - | -4.11 | -12.41 | -20.41 | -22.65 | -29.01 | -1.45 | -22.05 | -24.98 | -28.29 | -32.04 |
| Inventories | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.09 | 1.77 | -3.12 | 2.65 | -0.29 | 2.45 | 1.08 | 1.22 | 1.38 | 1.56 |
| Capital Expenditure | - | 11.73 | -2.08 | 0.28 | 9.28 | 5.31 | 2.77 | 5.73 | 6.50 | 7.36 | 8.33 |
| UFCF | 73.02 | 68.33 | 71.24 | 74.08 | 78.25 | 88.24 | 138.13 | 136.96 | 155.13 | 175.72 | 199.04 |
| WACC | |||||||||||
| PV UFCF | 138.13 | 136.96 | 155.13 | 175.72 | 199.04 | ||||||
| SUM PV UFCF | 1,258.14 |