Discounted Cash Flow (DCF) Analysis Levered

Grupo Aeroportuario del Sureste, S.... (ASR)

$231.9

-3.62 (-1.54%)

All numbers are in Millions, Currency in USD

Stock DCF: 14,778.86 | 231.9 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	15,410.24	16,821.64	12,624.73	18,784.66	25,313.88	29,602.07	34,616.67	40,480.75	47,338.21	55,357.32
Revenue (%)
Operating Cash Flow	7,445.15	8,432.43	2,937.14	10,263.17	13,458.68	13,587.91	15,889.71	18,581.44	21,729.14	25,410.07
Operating Cash Flow (%)
Capital Expenditure	-1,636.33	-2,614.86	-3,328.56	-3,676.72	-2,775.77	-4,917.90	-5,751	-6,725.22	-7,864.47	-9,196.72
Capital Expenditure (%)
Free Cash Flow	5,808.82	5,817.57	-391.42	6,586.45	10,682.90	8,670.01	10,138.72	11,856.22	13,864.67	16,213.35

Weighted Average Cost Of Capital

Share price	$ 231.9
Beta	0.792
Diluted Shares Outstanding	30
Cost of Debt
Tax Rate	29.10
After-tax Cost of Debt	3.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.993
Total Debt	15,204.76
Total Equity	6,957
Total Capital	22,161.76
Debt Weighting	68.61
Equity Weighting	31.39
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	15,410.24	16,821.64	12,624.73	18,784.66	25,313.88	29,602.07	34,616.67	40,480.75	47,338.21	55,357.32
Operating Cash Flow	7,445.15	8,432.43	2,937.14	10,263.17	13,458.68	13,587.91	15,889.71	18,581.44	21,729.14	25,410.07
Capital Expenditure	-1,636.33	-2,614.86	-3,328.56	-3,676.72	-2,775.77	-4,917.90	-5,751	-6,725.22	-7,864.47	-9,196.72
Free Cash Flow	5,808.82	5,817.57	-391.42	6,586.45	10,682.90	8,670.01	10,138.72	11,856.22	13,864.67	16,213.35
WACC
PV LFCF						8,237.54	9,152.48	10,169.04	11,298.51	12,553.43
SUM PV LFCF										51,411

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.25
Free cash flow (t + 1)	16,537.62
Terminal Value	508,849.80
Present Value of Terminal Value	393,984.45

Intrinsic Value

Enterprise Value	445,395.45
Net Debt	2,029.77
Equity Value	443,365.68
Shares Outstanding	30
Equity Value Per Share	14,778.86