Discounted Cash Flow (DCF) Analysis Levered

Corporación América Airports S.A. (CAAP)

$10.9681

+0.07 (+0.62%)

All numbers are in Millions, Currency in USD

Stock DCF: -5.66 | 10.9681 | overvalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	1,575.15	1,426.15	1,558.64	607.36	706.91	627.72	557.40	494.96	439.51	390.27
Revenue (%)
Operating Cash Flow	-49.42	191.66	-19.71	0.84	107.96	30.69	27.25	24.20	21.49	19.08
Operating Cash Flow (%)
Capital Expenditure	-13.17	-15.90	-18.08	-9.53	-8.52	-7.39	-6.56	-5.82	-5.17	-4.59
Capital Expenditure (%)
Free Cash Flow	-62.59	175.76	-37.79	-8.69	99.44	23.30	20.69	18.38	16.32	14.49

Weighted Average Cost Of Capital

Share price	$ 10.9,681
Beta	1.973
Diluted Shares Outstanding	160.74
Cost of Debt
Tax Rate	-29.87
After-tax Cost of Debt	8.65%
Risk-Free Rate
Market Risk Premium
Cost of Equity	13.055
Total Debt	1,451.85
Total Equity	1,762.98
Total Capital	3,214.83
Debt Weighting	45.16
Equity Weighting	54.84
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	1,575.15	1,426.15	1,558.64	607.36	706.91	627.72	557.40	494.96	439.51	390.27
Operating Cash Flow	-49.42	191.66	-19.71	0.84	107.96	30.69	27.25	24.20	21.49	19.08
Capital Expenditure	-13.17	-15.90	-18.08	-9.53	-8.52	-7.39	-6.56	-5.82	-5.17	-4.59
Free Cash Flow	-62.59	175.76	-37.79	-8.69	99.44	23.30	20.69	18.38	16.32	14.49
WACC
PV LFCF						20.98	16.77	13.41	10.72	8.57
SUM PV LFCF										70.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	11.07
Free cash flow (t + 1)	14.78
Terminal Value	162.94
Present Value of Terminal Value	96.39

Intrinsic Value

Enterprise Value	166.85
Net Debt	1,076.07
Equity Value	-909.22
Shares Outstanding	160.74
Equity Value Per Share	-5.66