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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.5% - 8.5% | 9.0% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | ARS 136,028 - ARS 165,403 | ARS 145,556 |
| Upside | 42.8% - 73.7% | 52.8% |
| Select Revenue and EBITDA Forecast | |||||||
| (USD in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| Revenue | 1,843 | 1,721 | 2,027 | 2,042 | 1,933 | 1,933 | |
| % Growth | 31.7% | -6.6% | 17.8% | 0.7% | -5.3% | 0.0% | |
| EBITDA | 631 | 738 | 709 | 739 | 720 | 720 | |
| % of Revenue | 34.2% | 42.9% | 35.0% | 36.2% | 37.2% | 37.2% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 738 | 709 | 739 | 720 | 720 | 720 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (207) | (95) | (77) | (73) | (73) | (65) | |
| EBIT | 531 | 614 | 662 | 647 | 647 | 655 | |
| Pro forma Taxes | (117) | (135) | (146) | (142) | (142) | (144) | |
| NOPAT | 336 | 414 | 479 | 517 | 505 | 505 | 511 |
| Capital Expenditures | (12) | (289) | (384) | (390) | (93) | (68) | (68) |
| NWC Investment | 59 | (16) | 41 | 2 | (15) | 0 | 0 |
| (+) D&A | 200 | 207 | 95 | 77 | 73 | 73 | 65 |
| Free Cash Flow | 583 | 316 | 231 | 206 | 470 | 509 | 508 |
| % Growth | -46% | -27% | -11% | 128% | 8% | 0% | |