DCF & RATES OF RETURN

DCF Analysis
ENTRY 2020FW 2021FW 2022FW
3/31/2019 12/31/2020 12/31/2021 12/31/2022
0.75 1 1

Enterprise Value
EBIT 24,369.00 25,387.00 26,355.00
Less Taxes 7,311.00 7,616.00 7,906.00
Less Capex 6,979.00 7,189.00 6,969.00
Plus D&A 6,400.00 6,516.00 6,650.00
Less Cambios en WC 1,172.00 196.00 142.00
FCFF (Unlevered) 15,307.00 16,902.00 17,988.00

DCF Values . 11,480.25 16,902.00 17,988.00

IRR Values (150,000) 11,480.25 16,902.00 17,988.00

Equity Value
Cash from Operations 21,698.00 23,503.00 24,369.00
Less Capex 6,979.00 7,189.00 6,969.00
Less Debt Repayment 14,719.00 16,314.00 17,400.00
FCFE (Levered) (46,495.00) - - -

DCF Values . - - -
IRR Values (46,495) - - -

Terminal Value DCF Value

Exit year EBITDA 38069 Discount Rate
Exit Multiple 6 Enterprise Value 15%
Terminal Enterprise Value 228,414 Equity Value 23%
 2023FW 2024FW 2025FW 2026FW EXIT
12/31/2023 12/31/2024 12/31/2025 12/31/2026 12/31/2027
1 1 1 1

27,455.00 29,089.00 29,789.00 31,102.00

8,236.00 8,727.00 8,937.00 9,331.00
7,178.00 7,393.00 7,139.00 7,353.00
6,714.00 6,807.00 6,924.00 6,967.00
144.00 147.00 215.00 221.00
18,611.00 19,629.00 20,422.00 21,164.00

18,611.00 19,629.00 20,422.00 21,164.00 228,414.00

18,611.00 19,629.00 20,422.00 21,164.00 228,414.00 1.52

25,200.00 26,434.00 26,974.00 27,930.00

7,178.00 7,393.00 7,139.00 7,353.00 Fees transacciones 2.00%
18,022.00 19,041.00 19,835.00 12,168.00 Fees asesores 2.50%
- - - 8,409.00

- - - 8,409.00 228,414.00 221,664.00 4.77

- - - 8,409.00 228,414.00

IRR
NPV
$150,000.00 Unlevered 15%
$46,495.00 Levered 23%
 veces

- 3,000.00
- 3,750.00

veces