Company Valuation: ExlService Holdings, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 4,821 5,602 5,088 7,140 6,669 4,748 - -
Change - 16.2% -9.18% 40.33% -6.59% -28.8% - -
Enterprise Value (EV) 1 4,767 5,554 4,997 7,088 6,640 4,614 4,448 4,748
Change - 16.51% -10.04% 41.84% -6.32% -30.5% -3.6% 6.76%
P/E ratio 43.2x 40.1x 28x 36.7x 27.6x 18.3x 15.9x 13.6x
PBR 6.95x 7.43x 5.73x 7.72x 7.56x 4.36x 3.42x -
PEG - 1.5x 0.9x 3.67x 1x 1.8x 1.1x 0.8x
Capitalization / Revenue 4.3x 3.97x 3.12x 3.88x 3.19x 2.04x 1.85x 1.62x
EV / Revenue 4.25x 3.93x 3.06x 3.86x 3.18x 1.98x 1.73x 1.62x
EV / EBITDA 19.5x 18.7x 14.3x 17.8x 14.7x 9.21x 7.98x 7.42x
EV / EBIT 30.6x 28.9x 20.9x 26.9x 21.2x 13.2x 11.3x 10.1x
EV / FCF 32.5x 45.8x 31.5x 31.9x 22.3x 17.7x 13.6x -
FCF Yield 3.07% 2.18% 3.17% 3.14% 4.49% 5.66% 7.35% -
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 0.67 0.846 1.1 1.21 1.54 1.698 1.951 2.29
Distribution rate - - - - - - - -
Net sales 1 1,122 1,412 1,631 1,838 2,088 2,325 2,569 2,927
EBITDA 1 244.9 297.5 349.1 397.7 452.3 501.1 557.2 639.6
EBIT 1 155.9 192.2 238.8 263.6 313.8 350.9 395.1 472.4
Net income 1 114.8 143 184.6 198.3 251 266 303.9 351.5
Net Debt 1 -53.86 -47.7 -90.83 -52.09 -29.77 -134.3 -300.6 -
Reference price 2 28.95 33.89 30.85 44.38 42.44 31.08 31.08 31.08
Nbr of stocks (in thousands) 166,515 165,323 164,923 160,882 157,149 152,783 - -
Announcement Date 2/24/22 2/23/23 2/29/24 2/25/25 2/24/26 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.31x1.98x9.21x-.--% 4.75B
34.16x6.14x22.2x1.01% 66.8B
35.81x4.3x13.98x1.25% 19.24B
27.34x1.13x11.51x1.2% 13.98B
17.96x1.95x9.65x3.88% 13.51B
21.15x2.44x10.51x3.52% 10.27B
33.05x3.81x15.6x1.9% 8.21B
14.12x0.62x8.98x1.56% 6.55B
9.2x1.08x5.69x2.33% 5.52B
Average 23.46x 2.61x 11.93x 1.85% 16.54B
Weighted average by Cap. 28.99x 4.11x 16.21x 1.58%

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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