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 5,346 - -
Change - 16.2% -9.18% 40.33% -6.59% -19.85% - -
Enterprise Value (EV) 1 4,767 5,554 4,997 7,088 6,640 5,394 5,279 5,099
Change - 16.51% -10.04% 41.84% -6.32% -18.77% -2.12% -3.41%
P/E 43.2x 40.1x 28x 36.7x 27.6x 20.7x 17.6x 15.2x
PBR 6.95x 7.43x 5.73x 7.72x 7.56x 6.09x 4.84x 3.79x
PEG - 1.5x 0.9x 3.67x 1x 2x 1x 1x
Capitalization / Revenue 4.3x 3.97x 3.12x 3.88x 3.19x 2.22x 1.99x 1.78x
EV / Revenue 4.25x 3.93x 3.06x 3.86x 3.18x 2.24x 1.96x 1.7x
EV / EBITDA 19.5x 18.7x 14.3x 17.8x 14.7x 10.6x 9.19x 7.95x
EV / EBIT 30.6x 28.9x 20.9x 26.9x 21.2x 15.2x 12.9x 11.1x
EV / FCF 32.5x 45.8x 31.5x 31.9x 22.3x 16.6x 14.7x 12.2x
FCF Yield 3.07% 2.18% 3.17% 3.14% 4.49% 6.02% 6.82% 8.18%
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 35.26 35.26 35.26
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.68x2.23x10.52x-.--% 5.33B
35.99x6.57x23.34x0.95% 79.19B
37.76x1.26x13.54x0.99% 16.78B
20.02x2.05x10.08x3.68% 13.86B
25.51x2.85x12.19x2.93% 12.04B
24.05x3.37x13.01x2.39% 7.71B
15.54x0.65x9.23x1.38% 6.9B
9.62x1.14x6.07x2.18% 5.74B
79.4x - - - 5.38B
18.64x0.4x9.3x4% 5.19B
Average 28.72x 2.28x 11.92x 2.06% 15.81B
Weighted average by Cap. 31.94x 4.29x 17.45x 1.57%

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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  4. Valuation ExlService Holdings, Inc.
-40%: Exceptional extension
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