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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Perpetuity Growth Rate | 3.3% - 4.3% | 3.8% |
| Fair Value | ARS 276.56 - ARS 591.13 | ARS 399.02 |
| Upside | -67.7% - -30.9% | -53.4% |
| Select Revenue and EBITDA Forecast | |||||||
| (ARS in millions) | Input Projections | ||||||
| Fiscal Years Ending | May-25 | May-26 | May-27 | May-28 | May-29 | May-30 | |
| Revenue | 831,947 | 894,343 | 925,645 | 944,158 | 963,042 | 982,302 | |
| % Growth | 13.8% | 7.5% | 3.5% | 2.0% | 2.0% | 2.0% | |
| EBITDA | 18,472 | 83,242 | 86,156 | 87,879 | 89,637 | 91,429 | |
| % of Revenue | 2.2% | 9.3% | 9.3% | 9.3% | 9.3% | 9.3% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (ARS in millions) | May-26 | May-27 | May-28 | May-29 | May-30 | Terminal | |
| EBITDA | 83,242 | 86,156 | 87,879 | 89,637 | 91,429 | 91,429 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (35,614) | (36,861) | (37,598) | (38,350) | (39,117) | (46,023) | |
| EBIT | 47,628 | 49,295 | 50,281 | 51,287 | 52,312 | 45,406 | |
| Pro forma Taxes | (15,241) | (15,774) | (16,090) | (16,412) | (16,740) | (14,530) | |
| NOPAT | (13,052) | 32,387 | 33,521 | 34,191 | 34,875 | 35,572 | 30,876 |
| Capital Expenditures | (41,030) | (44,107) | (45,651) | (46,564) | (47,496) | (48,445) | (48,445) |
| NWC Investment | (32,971) | (20,329) | (10,199) | (6,032) | (6,152) | (6,275) | (12,002) |
| (+) D&A | 37,665 | 35,614 | 36,861 | 37,598 | 38,350 | 39,117 | 46,023 |
| Free Cash Flow | (49,387) | 3,565 | 14,532 | 19,193 | 19,577 | 19,969 | 16,452 |
| % Growth | NM | 308% | 32% | 2% | 2% | -18% | |