Discounted Cash Flow (DCF) Analysis Unlevered

Grupo Aeroportuario del Pacífico, S... (PAC)

$137.06

+0.56 (+0.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 3,056.20 | 137.06 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 12,365.9214,122.8916,226.0211,866.3719,014.9121,984.7325,418.3829,388.3233,978.3039,285.16
Revenue (%)
EBITDA 8,134.149,372.2710,182.295,825.559,879.8013,012.5415,044.8817,394.6520,111.4123,252.49
EBITDA (%)
EBIT 6,690.577,802.638,406.163,825.197,829.2610,313.9011,924.7613,787.2115,940.5518,430.21
EBIT (%)
Depreciation 1,443.561,569.641,776.142,000.362,050.542,698.643,120.123,607.444,170.864,822.28
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 7,472.235,806.217,491.6513,909.2413,332.8814,731.6317,032.4719,692.6722,768.3426,324.39
Total Cash (%)
Account Receivables 1,195.951,615.511,770.992,338.861,720.472,672.583,0903,572.604,130.594,775.72
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 811.40871.74848.361,009.271,258.211,454.721,681.921,944.612,248.322,599.48
Accounts Payable (%)
Capital Expenditure -1,923.89-2,501.66-2,576.62-3,160.11-4,946.78-4,475.96-5,175.04-5,983.29-6,917.79-7,998.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 137.06
Beta 0.944
Diluted Shares Outstanding 52.56
Cost of Debt
Tax Rate 22.81
After-tax Cost of Debt 3.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.214
Total Debt -
Total Equity 7,203.54
Total Capital 7,203.54
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 12,365.9214,122.8916,226.0211,866.3719,014.9121,984.7325,418.3829,388.3233,978.3039,285.16
EBITDA 8,134.149,372.2710,182.295,825.559,879.8013,012.5415,044.8817,394.6520,111.4123,252.49
EBIT 6,690.577,802.638,406.163,825.197,829.2610,313.9011,924.7613,787.2115,940.5518,430.21
Tax Rate 24.67%28.12%27.03%17.48%22.81%24.02%24.02%24.02%24.02%24.02%
EBIAT 5,039.975,608.826,133.563,156.736,043.727,836.449,060.3610,475.4412,111.5414,003.16
Depreciation 1,443.561,569.641,776.142,000.362,050.542,698.643,120.123,607.444,170.864,822.28
Accounts Receivable --419.56-155.48-567.87618.39-952.11-417.41-482.61-557.98-645.13
Inventories ----------
Accounts Payable -60.34-23.38160.90248.94196.51227.20262.69303.72351.15
Capital Expenditure -1,923.89-2,501.66-2,576.62-3,160.11-4,946.78-4,475.96-5,175.04-5,983.29-6,917.79-7,998.23
UFCF 4,559.644,317.585,154.231,590.014,014.805,303.516,815.247,879.669,110.3410,533.23
WACC
PV UFCF 4,901.135,820.316,218.786,644.547,099.45
SUM PV UFCF 30,684.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.21
Free cash flow (t + 1) 10,743.89
Terminal Value 173,009.54
Present Value of Terminal Value 116,609.27

Intrinsic Value

Enterprise Value 147,293.48
Net Debt -13,332.88
Equity Value 160,626.36
Shares Outstanding 52.56
Equity Value Per Share 3,056.20