/
DCF Valuation
Base-case fair value
$52.54
Intrinsic $70.05 · 25% MOS
Current price: $27.86
Base-case summary
Our base-case DCF for ExlService Holdings, Inc. (EXLS) projects 10 years of free cash flow growth at 15.1% for years 1–5 and 7.6% for years 6–10, anchored to 15.1% historical FCF growth, then applies a 2.5% perpetual growth rate and a 8.0% discount rate. Starting from $297M in trailing free cash flow, this produces an intrinsic value of $70.05 per share. A 25% safety margin gives a fair value of $52.54, suggesting the stock is currently 89% undervalued against the $27.86 market price.
See 3 scenarios side by side
Conservative, Base, and Optimistic fair values, plus the sensitivity matrix and FCF history. Free account.
Model inputs
TTM Free Cash Flow
$297M
Cash & equivalents
$254M
Total debt
$521M
Shares outstanding
157M