Company Valuation: ExlService Holdings, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,821 5,602 5,088 7,140 6,669 5,554 - -
Change - 16.2% -9.18% 40.33% -6.59% -16.73% - -
Enterprise Value (EV) 1 4,767 5,554 4,997 7,088 6,640 5,601 5,487 5,307
Change - 16.51% -10.04% 41.84% -6.32% -15.64% -2.04% -3.28%
P/E 43.2x 40.1x 28x 36.7x 27.6x 21.6x 18.3x 15.8x
PBR 6.95x 7.43x 5.73x 7.72x 7.56x 6.32x 5.02x 3.94x
PEG - 1.5x 0.9x 3.67x 1x 2.1x 1x 1x
Capitalization / Revenue 4.3x 3.97x 3.12x 3.88x 3.19x 2.3x 2.06x 1.85x
EV / Revenue 4.25x 3.93x 3.06x 3.86x 3.18x 2.32x 2.04x 1.76x
EV / EBITDA 19.5x 18.7x 14.3x 17.8x 14.7x 11x 9.56x 8.28x
EV / EBIT 30.6x 28.9x 20.9x 26.9x 21.2x 15.8x 13.4x 11.6x
EV / FCF 32.5x 45.8x 31.5x 31.9x 22.3x 17.3x 15.2x 12.7x
FCF Yield 3.07% 2.18% 3.17% 3.14% 4.49% 5.8% 6.56% 7.86%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 0.67 0.846 1.1 1.21 1.54 1.699 2.007 2.316
Distribution rate - - - - - - - -
Net sales 1 1,122 1,412 1,631 1,838 2,088 2,410 2,691 3,007
EBITDA 1 244.9 297.5 349.1 397.7 452.3 511.2 574.3 641.2
EBIT 1 155.9 192.2 238.8 263.6 313.8 354 408 457.6
Net income 1 114.8 143 184.6 198.3 251 262 305.9 349.4
Net Debt 1 -53.86 -47.7 -90.83 -52.09 -29.77 47.66 -66.46 -246.6
Reference price 2 28.95 33.89 30.85 44.38 42.44 36.63 36.63 36.63
Nbr of stocks (in thousands) 166,515 165,323 164,923 160,882 157,149 151,612 - -
Announcement Date 24/02/22 23/02/23 29/02/24 25/02/25 24/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.55x2.32x10.96x-.--% 5.55B
36.52x6.66x23.65x0.94% 80.22B
38.51x1.28x13.77x0.97% 17.11B
20x2.05x10.09x3.68% 14.04B
25.49x2.84x12.18x2.93% 12.16B
24.69x3.45x13.32x2.33% 8.03B
15.02x0.64x9.07x1.43% 6.83B
10.52x1.24x6.59x1.99% 6.27B
18.81x0.4x9.38x3.96% 5.33B
41.86x1.88x14.7x0.49% 4.98B
Average 25.30x 2.28x 12.37x 1.87% 16.05B
Weighted average by Cap. 30.99x 4.26x 17.55x 1.52%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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