NYSE: CAAP - Corporación América Airports S.A.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 1.49
CAGR EPS = 112.11%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 17.11 + (17.11 * 112.11% / 100) = 36.28

Price = (Terminal Value + Company Value) / Count shares
Price - Fair pris
Terminal Value — kostnad i perioden etter prognose
Company Value — kostnad i prognoseperioden
Count shares - Antall aksjer
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.4087
Ebitda Yield = -0.0169
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Gjeldsbetjeningskostnader
Debt - Plikt
Weight Debt - Kapitaliseringsvekt i forhold til gjeld
Weight Cost Debt - Gjeldsvekt i forhold til kapitalisering
Tax - Avgift
Interest Expense = 0.0952
Debt = 1.34
Market Cap = 2.21
Weight Debt = Market Cap / (Market Cap + Debt) = 2.21 / (2.21 + 1.34) = 0.6231
Weight Cost Debt = 100% - 0.6231 = 0.3769
Tax = 0.21
Cost Of Equity — diskonteringsrente
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — risikofri avkastning
β (beta) — bestemmer risikomålet for en aksje (aktiva) i forhold til markedet og viser sensitiviteten til endringer i aksjens lønnsomhet i forhold til endringer i markedslønnsomheten.
Risk Premium — risikopremie - premie for risikoen ved å investere i aksjer
Country Premium - landrisiko
k(f) = 2.89
β = 1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1 * 5.94 + 0 = 0.0885
WACC = (0.0952 / 1.34) * (100% - 0.6231) * (1 - 0.21) + 0.0885 + 0.6231 = 5.64
Terminal Value = Discount (0.4087 * (1 + -0.0169) / (5.64 - -0.0169)) = 4.16
Company Value = ∑ (0.4087 / (1 + 5.64) ^ 5) = 1.8
Price = (Terminal Value + Company Value) / Count shares = (4.16 + 1.8) / 160890000 = 37.08

Price = (Terminal Value + Company Value) / Count shares
Price - Fair pris
Terminal Value — kostnad i perioden etter prognose
Company Value — kostnad i prognoseperioden
Count shares - Antall aksjer
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 2.59
FCF Yield = 0.4957
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Gjeldsbetjeningskostnader
Debt - Plikt
Weight Debt - Kapitaliseringsvekt i forhold til gjeld
Weight Cost Debt - Gjeldsvekt i forhold til kapitalisering
Tax - Avgift
Interest Expense = 0.0952
Debt = 1.34
Market Cap = 2.21
Weight Debt = Market Cap / (Market Cap + Debt) = 2.21 / (2.21 + 1.34) = 0.6231
Weight Cost Debt = 100% - 0.6231 = 0.3769
Tax = 0.21
Cost Of Equity — diskonteringsrente
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — risikofri avkastning
β (beta) — bestemmer risikomålet for en aksje (aktiva) i forhold til markedet og viser sensitiviteten til endringer i aksjens lønnsomhet i forhold til endringer i markedslønnsomheten.
Risk Premium — risikopremie - premie for risikoen ved å investere i aksjer
Country Premium - landrisiko
k(f) = 2.89
β = 1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1 * 5.94 + 0 = 0.0885
WACC = (0.0952 / 1.34) * (100% - 0.6231) * (1 - 0.21) + 0.0885 + 0.6231 = 5.64
Terminal Value = Discount (2.59 * (1 + 0.4957) / (5.64 - 0.4957)) = 6.69
Company Value = ∑ (2.59 / (1 + 5.64) ^ 5) = 5.52
Price = (Terminal Value + Company Value) / Count shares = (6.69 + 5.52) / 160890000 = 75.88