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 | 92.48 | 62.06 | 98.80 | 98.78 | 111.22 | 98.56 | 146.15 | 165.55 | 187.51 | 212.40 | 240.58 |
| EBIT | 67.41 | 34.05 | 67.31 | 64.21 | 72.27 | 49.81 | 93.53 | 105.94 | 120.00 | 135.93 | 153.97 |
| 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 | 49.90 | 29.35 | 45.80 | 47.25 | 41.55 | 47.00 | 70.73 | 80.11 | 90.74 | 102.79 | 116.43 |
| Depreciation | 25.07 | 28.01 | 31.49 | 34.57 | 38.96 | 48.75 | 52.62 | 59.60 | 67.51 | 76.47 | 86.62 |
| 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 | 74.97 | 41.43 | 68.73 | 58.01 | 51.23 | 61.13 | 121.58 | 113.01 | 128.00 | 144.99 | 164.23 |
| WACC | |||||||||||
| PV UFCF | 121.58 | 113.01 | 128.00 | 144.99 | 164.23 | ||||||
| SUM PV UFCF | 1,027.32 |