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
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 |