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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 9.0% - 8.0% | 8.5% |
Terminal EBITDA Multiple | 4.0x - 6.0x | 5.0x |
Fair Value | ARS 223.14 - ARS 299.28 | ARS 260.49 |
Upside | 11.6% - 49.6% | 30.2% |
Select Revenue and EBITDA Forecast | ||||||
(ARS in millions) | Input Projections | |||||
Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
Revenue | 103,964 | 103,964 | 103,964 | 103,964 | 103,964 | 103,964 |
% Growth | -12.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
EBITDA | 16,810 | 13,490 | 13,490 | 13,490 | 13,490 | 13,490 |
% of Revenue | 16.2% | 13.0% | 13.0% | 13.0% | 13.0% | 13.0% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(ARS in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 13,490 | 13,490 | 13,490 | 13,490 | 13,490 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (1,104) | (1,104) | (1,104) | (1,104) | (1,104) | |
EBIT | 12,386 | 12,386 | 12,386 | 12,386 | 12,386 | |
Pro forma Taxes | (2,601) | (2,601) | (2,601) | (2,601) | (2,601) | |
NOPAT | 12,161 | 9,785 | 9,785 | 9,785 | 9,785 | 9,785 |
Capital Expenditures | (617) | (1,509) | (1,509) | (1,509) | (1,509) | (1,509) |
NWC Investment | 2,412 | 0 | 0 | 0 | 0 | 0 |
(+) D&A | 1,416 | 1,104 | 1,104 | 1,104 | 1,104 | 1,104 |
Free Cash Flow | 15,372 | 9,379 | 9,379 | 9,379 | 9,379 | 9,379 |
% Growth | -39% | 0% | 0% | 0% | 0% |