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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.0% - 8.0% | 8.5% |
| Terminal EBITDA Multiple | 1.5x - 3.5x | 2.5x |
| Fair Value | COP 6,083 - COP 9,601 | COP 7,805 |
| Upside | 15.4% - 82.2% | 48.1% |
| 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 |
| Revenue | 539 | 530 | 510 | 507 | 507 | 507 |
| % Growth | 20.4% | -1.5% | -3.7% | -0.8% | 0.0% | 0.0% |
| EBITDA | 180 | 186 | 179 | 178 | 178 | 178 |
| % of Revenue | 33.3% | 35.1% | 35.1% | 35.1% | 35.1% | 35.1% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 186 | 179 | 178 | 178 | 178 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (51) | (49) | (49) | (49) | (49) | |
| EBIT | 135 | 130 | 129 | 129 | 129 | |
| Pro forma Taxes | (51) | (49) | (49) | (49) | (49) | |
| NOPAT | 90 | 84 | 81 | 80 | 80 | 80 |
| Capital Expenditures | (54) | (66) | (66) | (130) | (88) | (95) |
| NWC Investment | (4) | 0 | 1 | 0 | 0 | 0 |
| (+) D&A | 35 | 51 | 49 | 49 | 49 | 49 |
| Free Cash Flow | 66 | 69 | 65 | (1) | 41 | 34 |
| % Growth | 4% | -7% | NM | NM | -17% | |