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 5,673 - -
Change - 16.2% -9.18% 40.33% -6.59% -14.93% - -
Enterprise Value (EV) 1 4,767 5,554 4,997 7,088 6,640 5,721 5,607 5,427
Change - 16.51% -10.04% 41.84% -6.32% -13.84% -1.99% -3.21%
P/E 43.2x 40.1x 28x 36.7x 27.6x 22x 18.6x 16.2x
PBR 6.95x 7.43x 5.73x 7.72x 7.56x 6.46x 5.13x 4.02x
PEG - 1.5x 0.9x 3.67x 1x 2.1x 1x 1.1x
Capitalization / Revenue 4.3x 3.97x 3.12x 3.88x 3.19x 2.35x 2.11x 1.89x
EV / Revenue 4.25x 3.93x 3.06x 3.86x 3.18x 2.37x 2.08x 1.8x
EV / EBITDA 19.5x 18.7x 14.3x 17.8x 14.7x 11.2x 9.76x 8.46x
EV / EBIT 30.6x 28.9x 20.9x 26.9x 21.2x 16.2x 13.7x 11.9x
EV / FCF 32.5x 45.8x 31.5x 31.9x 22.3x 17.6x 15.6x 13x
FCF Yield 3.07% 2.18% 3.17% 3.14% 4.49% 5.67% 6.42% 7.68%
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 37.42 37.42 37.42
Nbr of stocks (in thousands) 166,515 165,323 164,923 160,882 157,149 151,612 - -
Announcement Date 2/24/22 2/23/23 2/29/24 2/25/25 2/24/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
22.41x2.42x11.39x-.--% 5.77B
36.76x6.7x23.8x0.93% 80.75B
39.25x1.3x14.01x0.95% 17.44B
20.05x2.05x10.11x3.67% 14.07B
25.42x2.84x12.15x2.94% 12.16B
25.04x3.49x13.44x2.31% 8.08B
15.43x0.66x9.25x1.39% 7.01B
10.71x1.26x6.7x1.96% 6.38B
18.7x0.4x9.32x3.99% 5.3B
42.08x1.9x14.78x0.49% 5B
Average 25.58x 2.30x 12.50x 1.86% 16.2B
Weighted average by Cap. 31.25x 4.28x 17.67x 1.5%

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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