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ExlService Holdings Inc – Data Processing, Hosting, and Related Services
exl (nasdaq: exls) is a leading business process solutions company that looks deeper to drive business impact through integrated services and industry knowledge. exl provides operations management, decision analytics and technology platforms to organizations in insurance, healthcare, banking and financial services, utilities, travel, and transportation and logistics, among others. we work as a strategic partner to help our clients streamline business operations, improve corporate finance, manage compliance, create new channels for growth and better adapt to change. headquartered in new york and in business since 1999, exl has more than 23,000 professionals in locations throughout the u.s., europe and asia. find additional information about exl at www.exlservice.com.
Analysis Results
Intrinsic Value $269.22
Latest Price $28.01
Relative Value 90% undervalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 23.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 23.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 258 240
2024 318 276
2025 393 317
2026 485 364
2027 599 419
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 11200 million. This corresponds to a present value of 7310 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1610 million. Adding in the terminal value gives a total present value of 8920 million.

There are presently 33.1 million outstanding shares, so the intrinsic value per share is 269.22.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 612,794,000
Current Cash 297,696,000
Current Liabilities 277,946,000
Current Debt 30,164,000
Non-Cash Working Capital (NCWC) 67,316,000
Change in NCWC 38,576,000
EBIT 192,596,000
Tax Provision 47,565,000
Depreciation and Amortization 77,885,000
Capital Expenditure -44,836,000
Unlevered Free Cash Flow 216,140,988
Current Assets 578,144,000
Current Cash 313,875,000
Current Liabilities 495,686,000
Current Debt 260,157,000
Non-Cash Working Capital (NCWC) 28,740,000
Change in NCWC 18,127,000
EBIT 155,928,000
Tax Provision 31,850,000
Depreciation and Amortization 75,982,000
Capital Expenditure -37,248,000
Unlevered Free Cash Flow 178,914,267
Current Assets 609,278,000
Current Cash 402,816,000
Current Liabilities 221,078,000
Current Debt 25,229,000
Non-Cash Working Capital (NCWC) 10,613,000
Change in NCWC -21,013,000
EBIT 109,795,000
Tax Provision 25,626,000
Depreciation and Amortization 50,513,000
Capital Expenditure -42,224,000
Unlevered Free Cash Flow 72,626,536
Current Assets 541,258,000
Current Cash 321,403,000
Current Liabilities 229,349,000
Current Debt 41,120,000
Non-Cash Working Capital (NCWC) 31,626,000
Change in NCWC -54,490,000
EBIT 84,855,000
Tax Provision 15,172,000
Depreciation and Amortization 52,193,000
Capital Expenditure -40,138,000
Unlevered Free Cash Flow 26,877,267
Current Assets 499,935,000
Current Cash 280,370,000
Current Liabilities 155,095,000
Current Debt 21,646,000
Non-Cash Working Capital (NCWC) 86,116,000
Change in NCWC 32,237,000
EBIT 69,630,000
Tax Provision 3,397,000
Depreciation and Amortization 48,719,000
Capital Expenditure -40,437,000
Unlevered Free Cash Flow 106,214,846
Current Assets 452,817,000
Current Cash 265,274,000
Current Liabilities 144,249,000
Current Debt 10,585,000
Non-Cash Working Capital (NCWC) 53,879,000
Change in NCWC 15,700,000
EBIT 72,225,000
Tax Provision 36,146,000
Depreciation and Amortization 38,984,000
Capital Expenditure -35,154,000
Unlevered Free Cash Flow 61,053,811
Current Assets 378,824,000
Current Cash 226,646,000
Current Liabilities 124,231,000
Current Debt 10,232,000
Non-Cash Working Capital (NCWC) 38,179,000
Change in NCWC 14,674,000
EBIT 64,222,000
Tax Provision 22,151,000
Depreciation and Amortization 34,580,000
Capital Expenditure -25,850,000
Unlevered Free Cash Flow 70,667,086
Current Assets 339,199,000
Current Cash 218,999,000
Current Liabilities 107,079,000
Current Debt 10,384,000
Non-Cash Working Capital (NCWC) 23,505,000
Change in NCWC -645,000
EBIT 67,343,000
Tax Provision 24,211,000
Depreciation and Amortization 31,465,000
Capital Expenditure -25,585,000
Unlevered Free Cash Flow 51,061,406
Current Assets 302,391,000
Current Cash 188,076,000
Current Liabilities 90,968,000
Current Debt 803,000
Non-Cash Working Capital (NCWC) 24,150,000
Change in NCWC 531,000
EBIT 34,040,000
Tax Provision 5,193,000
Depreciation and Amortization 28,028,000
Capital Expenditure -27,678,000
Unlevered Free Cash Flow 30,224,424
Current Assets 252,627,000
Current Cash 154,052,000
Current Liabilities 76,075,000
Current Debt 1,119,000
Non-Cash Working Capital (NCWC) 23,619,000
Change in NCWC -2,486,000
EBIT 67,420,000
Tax Provision 16,880,000
Depreciation and Amortization 24,917,000
Capital Expenditure -15,916,000
Unlevered Free Cash Flow 56,420,347
Current Assets 207,935,000
Current Cash 109,174,000
Current Liabilities 74,341,000
Current Debt 1,685,000
Non-Cash Working Capital (NCWC) 26,105,000
Change in NCWC 20,031,000
EBIT 57,232,000
Tax Provision 14,884,000
Depreciation and Amortization 25,623,000
Capital Expenditure -18,804,000
Unlevered Free Cash Flow 69,063,645

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