Corporacion America Airports SA DRC

BASE:CAAP

卢森堡 / 工业 / 交通基础设施

概况

股息

10年收入现金流贴现退出法

股票价格

93,050.00 ARS

公允价值

140,340.51 ARS

Metrics	Range	Conclusion
Discount Rate	8.8% - 7.8%	8.3%
Terminal Revenue Multiple	2.4x - 2.7x	2.6x
Fair Value	129,845ARS - 151,555ARS	140,341ARS
Upside	39.5% - 62.9%	50.8%

2.9%

Revenue 10y CAGR

35.1%

10y Avg EBITDA Margin

-4.7%

Unlevered FCF 10y CAGR

10-Year DCF Model: Revenue Exit

股票价格

93,050.00 ARS

公允价值

140,340.51 ARS

看涨

50.8%

Revenue and EBITDA

CapEx

Working Capital

D&A

Tax Rate

Discount Rate

Terminal Value


Select Revenue and EBITDA Forecast

(USD in millions)		Input Projections
Fiscal Years Ending	Dec-24	Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

Revenue	1,843	1,841	1,953	2,107	2,181	2,224	2,269	2,314	2,361	2,408	2,456
% Growth	31.7%	-0.1%	6.1%	7.9%	3.5%	2.0%	2.0%	2.0%	2.0%	2.0%	2.0%

EBITDA	650	728	717	724	749	764	780	795	811	827	844
% of Revenue	35.3%	39.5%	36.7%	34.4%	34.4%	34.4%	34.4%	34.4%	34.4%	34.4%	34.4%

支持的计算方式

Calculation of Free Cash Flow

Discounting Periods

Discounting Factors

Calculation of Enterprise Value

Equity Waterfall

Historical Financials

Current Trading Multiples


Calculation of Free Cash Flow

Projected Unlevered Cash Flow
		Dec-25	Dec-26	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Dec-32	Dec-33	Dec-34

EBITDA		728	717	724	749	764	780	795	811	827	844
Other Income / (Exp)		0	0	0	0	0	0	0	0	0	0
D&A		(204)	(126)	(230)	(238)	(243)	(248)	(253)	(258)	(263)	(268)

EBIT		524	591	494	511	522	532	543	553	565	576
Pro forma Taxes		(115)	(130)	(109)	(112)	(115)	(117)	(119)	(122)	(124)	(127)
NOPAT	349	409	461	385	399	407	415	423	432	440	449

Capital Expenditures	(12)	(445)	(297)	(491)	(411)	(399)	(340)	(347)	(354)	(347)	(349)
NWC Investment	64	(0)	16	22	11	6	6	7	7	7	7
(+) D&A	203	204	126	230	238	243	248	253	258	263	268

Free Cash Flow	603	167	307	146	237	256	329	335	342	363	375
% Growth			83%	-52%	62%	8%	28%	2%	2%	6%	3%

加载出错

Corporacion America Airports SA DRC

BASE:CAAP

卢森堡 / 工业 / 交通基础设施

10年收入现金流贴现退出法