Discounted Cash Flow (DCF) Analysis Unlevered

Corporación América Airports S.A. (CAAP)

$13.71

-0.02 (-0.15%)

All numbers are in Millions, Currency in USD

Stock DCF: 25.58 | 13.71 | undervalue

Operating Data

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 (%)
EBITDA	403.49	495.24	128.90	81.94	412.55	389.15	447.22	513.95	590.63	678.76
EBITDA (%)
EBIT	227.66	312.97	-71.89	-78.69	240.07	96.61	111.03	127.59	146.63	168.51
EBIT (%)
Depreciation	175.83	182.27	200.79	160.63	172.48	292.54	336.19	386.35	444	510.25
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	325.84	279.45	354.93	451.08	451.96	620.49	713.07	819.47	941.75	1,082.27
Total Cash (%)
Account Receivables	197.13	216.86	157.05	163.58	179.74	284.47	326.92	375.70	431.76	496.18
Account Receivables (%)
Inventories	9.77	11.30	8.01	11.52	15.76	17.44	20.04	23.03	26.47	30.42
Inventories (%)
Accounts Payable	114.64	148.76	150.85	116.24	124.10	215.06	247.14	284.02	326.40	375.10
Accounts Payable (%)
Capital Expenditure	-15.90	-18.08	-9.53	-8.52	-9.82	-18.25	-20.98	-24.11	-27.70	-31.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 13.71
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	13.901
Total Debt	1,474.25
Total Equity	2,204.93
Total Capital	3,679.18
Debt Weighting	40.07
Equity Weighting	59.93
Wacc

Build Up Free Cash

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
EBITDA	403.49	495.24	128.90	81.94	412.55	389.15	447.22	513.95	590.63	678.76
EBIT	227.66	312.97	-71.89	-78.69	240.07	96.61	111.03	127.59	146.63	168.51
Tax Rate	-103.46%	151.69%	3.80%	-76.22%	11.73%	-2.49%	-2.49%	-2.49%	-2.49%	-2.49%
EBIAT	463.19	-161.78	-69.16	-138.67	211.90	99.02	113.79	130.77	150.29	172.71
Depreciation	175.83	182.27	200.79	160.63	172.48	292.54	336.19	386.35	444	510.25
Accounts Receivable	-	-19.73	59.82	-6.53	-16.16	-104.73	-42.45	-48.78	-56.06	-64.42
Inventories	-	-1.53	3.29	-3.51	-4.24	-1.67	-2.60	-2.99	-3.44	-3.95
Accounts Payable	-	34.12	2.09	-34.61	7.86	90.95	32.09	36.88	42.38	48.70
Capital Expenditure	-15.90	-18.08	-9.53	-8.52	-9.82	-18.25	-20.98	-24.11	-27.70	-31.84
UFCF	623.12	15.26	187.30	-31.20	362.01	357.85	416.04	478.12	549.47	631.45
WACC
PV UFCF						318.74	330.07	337.87	345.85	354.02
SUM PV UFCF										1,686.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	12.27
Free cash flow (t + 1)	644.08
Terminal Value	6,271.49
Present Value of Terminal Value	3,516.03

Intrinsic Value

Enterprise Value	5,202.58
Net Debt	1,088.98
Equity Value	4,113.60
Shares Outstanding	160.83
Equity Value Per Share	25.58