Discounted Cash Flow (DCF) Analysis Levered

Corporación América Airports S.A. (CAAP)

$13.41

-0.32 (-2.33%)

All numbers are in Millions, Currency in USD

Stock DCF: 5.62 | 13.41 | overvalue

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	1,426.10	1,558.64	607.36	706.90	1,378.70	1,584.42	1,820.84	2,092.53	2,404.76	2,763.59
Revenue (%)
Operating Cash Flow	191.66	-19.71	0.84	107.96	302.63	156.97	180.39	207.31	238.24	273.79
Operating Cash Flow (%)
Capital Expenditure	-15.90	-18.08	-9.53	-8.52	-9.82	-18.25	-20.98	-24.11	-27.70	-31.84
Capital Expenditure (%)
Free Cash Flow	175.76	-37.79	-8.69	99.44	292.81	138.72	159.41	183.20	210.54	241.95

Weighted Average Cost Of Capital

Share price	$ 13.41
Beta	1.988
Diluted Shares Outstanding	160.83
Cost of Debt
Tax Rate	11.73
After-tax Cost of Debt	9.83%
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.958
Total Debt	1,474.25
Total Equity	2,156.69
Total Capital	3,630.93
Debt Weighting	40.60
Equity Weighting	59.40
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	1,426.10	1,558.64	607.36	706.90	1,378.70	1,584.42	1,820.84	2,092.53	2,404.76	2,763.59
Operating Cash Flow	191.66	-19.71	0.84	107.96	302.63	156.97	180.39	207.31	238.24	273.79
Capital Expenditure	-15.90	-18.08	-9.53	-8.52	-9.82	-18.25	-20.98	-24.11	-27.70	-31.84
Free Cash Flow	175.76	-37.79	-8.69	99.44	292.81	138.72	159.41	183.20	210.54	241.95
WACC
PV LFCF						123.54	126.45	129.42	132.47	135.59
SUM PV LFCF										647.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	12.28
Free cash flow (t + 1)	246.79
Terminal Value	2,400.68
Present Value of Terminal Value	1,345.31

Intrinsic Value

Enterprise Value	1,992.78
Net Debt	1,088.98
Equity Value	903.80
Shares Outstanding	160.83
Equity Value Per Share	5.62