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
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 |