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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.0% - 7.0% | 7.5% |
| Terminal EBITDA Multiple | 9.4x - 11.4x | 10.4x |
| Fair Value | Mex$ 114.84 - Mex$ 141.26 | Mex$ 127.79 |
| Upside | -7.1% - 14.3% | 3.4% |
| Select Revenue and EBITDA Forecast | ||||||
| (MXN in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 202,983 | 205,715 | 211,402 | 217,868 | 222,225 | 226,670 |
| % Growth | 2.3% | 1.3% | 2.8% | 3.1% | 2.0% | 2.0% |
| EBITDA | 28,186 | 30,453 | 31,211 | 32,018 | 32,658 | 33,312 |
| % of Revenue | 13.9% | 14.8% | 14.8% | 14.7% | 14.7% | 14.7% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (MXN in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 30,453 | 31,211 | 32,018 | 32,658 | 33,312 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (7,146) | (7,205) | (7,237) | (7,382) | (7,529) | |
| EBIT | 23,307 | 24,006 | 24,781 | 25,277 | 25,782 | |
| Pro forma Taxes | (5,594) | (5,761) | (5,947) | (6,066) | (6,188) | |
| NOPAT | 17,692 | 17,713 | 18,245 | 18,834 | 19,210 | 19,594 |
| Capital Expenditures | (6,476) | (5,591) | (9,726) | (10,752) | (10,967) | (11,186) |
| NWC Investment | (1,244) | (751) | (1,563) | (1,777) | (1,197) | (1,221) |
| (+) D&A | 4,907 | 7,146 | 7,205 | 7,237 | 7,382 | 7,529 |
| Free Cash Flow | 14,879 | 18,518 | 14,161 | 13,542 | 14,428 | 14,716 |
| % Growth | 24% | -24% | -4% | 7% | 2% | |