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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 13.3% - 12.3% | 12.8% |
| Terminal Revenue Multiple | 0.2x - 0.2x | 0.2x |
| Fair Value | ARS 372.73 - ARS 657.10 | ARS 512.34 |
| Upside | -23.9% - 34.1% | 4.6% |
| 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 | 281,097 | 337,316 | 379,481 | 407,942 | 422,220 | 430,664 |
| % Growth | 48.3% | 20.0% | 12.5% | 7.5% | 3.5% | 2.0% |
| EBITDA | 21,717 | 38,852 | 53,195 | 61,264 | 63,408 | 64,677 |
| % of Revenue | 7.7% | 11.5% | 14.0% | 15.0% | 15.0% | 15.0% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (ARS in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 38,852 | 53,195 | 61,264 | 63,408 | 64,677 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (19,809) | (22,285) | (23,956) | (24,795) | (25,291) | |
| EBIT | 19,043 | 30,910 | 37,308 | 38,614 | 39,386 | |
| Pro forma Taxes | (5,142) | (8,346) | (10,073) | (10,426) | (10,634) | |
| NOPAT | 2,669 | 13,901 | 22,565 | 27,235 | 28,188 | 28,752 |
| Capital Expenditures | (34,479) | (41,375) | (46,547) | (50,038) | (51,789) | (52,825) |
| NWC Investment | 19,731 | 12,116 | 9,087 | 6,134 | 3,077 | 1,820 |
| (+) D&A | 18,061 | 19,809 | 22,285 | 23,956 | 24,795 | 25,291 |
| Free Cash Flow | 5,982 | 4,451 | 7,390 | 7,287 | 4,271 | 3,037 |
| % Growth | -26% | 66% | -1% | -41% | -29% | |