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 1,575.151,426.151,558.64607.36706.91627.72557.40494.96439.51390.27
Revenue (%)
Operating Cash Flow -49.42191.66-19.710.84107.9630.6927.2524.2021.4919.08
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 -62.59175.76-37.79-8.6999.4423.3020.6918.3816.3214.49

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 1,575.151,426.151,558.64607.36706.91627.72557.40494.96439.51390.27
Operating Cash Flow -49.42191.66-19.710.84107.9630.6927.2524.2021.4919.08
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 -62.59175.76-37.79-8.6999.4423.3020.6918.3816.3214.49
WACC
PV LFCF 20.9816.7713.4110.728.57
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