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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.3% - 8.3% | 8.8% |
| Terminal EBITDA Multiple | 14.0x - 16.0x | 15.0x |
| Fair Value | Mex$ 297.74 - Mex$ 344.42 | Mex$ 320.27 |
| Upside | 28.9% - 49.1% | 38.6% |
| 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 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 3,496 | 3,542 | 3,474 | 3,349 | 2,990 | 2,918 | 2,918 | 2,918 | 2,918 | 2,918 | 2,918 |
| % Growth | 29.3% | 1.3% | -1.9% | -3.6% | -10.7% | -2.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITDA | 1,349 | 1,725 | 1,629 | 1,471 | 1,237 | 1,060 | 1,060 | 1,060 | 1,060 | 1,060 | 1,060 |
| % of Revenue | 38.6% | 48.7% | 46.9% | 43.9% | 41.4% | 36.3% | 36.3% | 36.3% | 36.3% | 36.3% | 36.3% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 1,725 | 1,629 | 1,471 | 1,237 | 1,060 | 1,060 | 1,060 | 1,060 | 1,060 | 1,060 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (581) | (550) | (554) | (578) | (579) | (579) | (579) | (579) | (579) | (579) | |
| EBIT | 1,143 | 1,079 | 917 | 659 | 481 | 481 | 481 | 481 | 481 | 481 | |
| Pro forma Taxes | (343) | (324) | (275) | (198) | (144) | (144) | (144) | (144) | (144) | (144) | |
| NOPAT | 513 | 800 | 756 | 642 | 461 | 337 | 337 | 337 | 337 | 337 | 337 |
| Capital Expenditures | (371) | (513) | (505) | (474) | (410) | (410) | (410) | (410) | (410) | (410) | (410) |
| NWC Investment | (211) | (12) | 18 | 33 | 96 | 19 | 0 | 0 | 0 | 0 | 0 |
| (+) D&A | 616 | 581 | 550 | 554 | 578 | 579 | 579 | 579 | 579 | 579 | 579 |
| Free Cash Flow | 547 | 857 | 818 | 755 | 725 | 525 | 506 | 506 | 506 | 506 | 506 |
| % Growth | 57% | -4% | -8% | -4% | -28% | -4% | 0% | 0% | 0% | 0% | |