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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 8.8% - 7.8% | 8.3% |
| Terminal EBITDA Multiple | 7.5x - 9.5x | 8.5x |
| Fair Value | CLP 7,514 - CLP 9,695 | CLP 8,563 |
| Upside | 7.0% - 38.1% | 22.0% |
| Select Revenue and EBITDA Forecast | |||||||||||
| (CLP in millions) | Input Projections | ||||||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 |
| Revenue | 2,904,566 | 3,162,844 | 3,298,892 | 3,485,686 | 3,643,602 | 3,716,474 | 3,790,804 | 3,866,620 | 3,943,952 | 4,022,831 | 4,103,288 |
| % Growth | 13.2% | 8.9% | 4.3% | 5.7% | 4.5% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
| EBITDA | 372,607 | 449,748 | 474,726 | 516,925 | 515,290 | 525,596 | 536,108 | 546,830 | 557,766 | 568,922 | 580,300 |
| % of Revenue | 12.8% | 14.2% | 14.4% | 14.8% | 14.1% | 14.1% | 14.1% | 14.1% | 14.1% | 14.1% | 14.1% |
| Calculation of Free Cash Flow | |||||||||||
| Projected Unlevered Cash Flow | |||||||||||
| (CLP in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Dec-32 | Dec-33 | Dec-34 | |
| EBITDA | 449,748 | 474,726 | 516,925 | 515,290 | 525,596 | 536,108 | 546,830 | 557,766 | 568,922 | 580,300 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (160,251) | (172,822) | (174,105) | (182,433) | (16,141) | (16,464) | (16,793) | (17,129) | (17,471) | (17,821) | |
| EBIT | 289,498 | 301,903 | 342,820 | 332,857 | 509,455 | 519,644 | 530,037 | 540,638 | 551,450 | 562,479 | |
| Pro forma Taxes | (49,215) | (51,324) | (58,279) | (56,586) | (86,607) | (88,339) | (90,106) | (91,908) | (93,747) | (95,622) | |
| NOPAT | 197,309 | 240,283 | 250,580 | 284,540 | 276,271 | 422,848 | 431,305 | 439,931 | 448,729 | 457,704 | 466,858 |
| Capital Expenditures | (152,917) | (175,757) | (183,122) | (183,418) | (212,000) | (216,240) | (203,886) | (207,964) | (209,363) | (207,071) | (208,133) |
| NWC Investment | (48,354) | (36,839) | (19,405) | (26,643) | (22,524) | (10,394) | (10,602) | (10,814) | (11,030) | (11,251) | (11,476) |
| (+) D&A | 134,886 | 160,251 | 172,822 | 174,105 | 182,433 | 16,141 | 16,464 | 16,793 | 17,129 | 17,471 | 17,821 |
| Free Cash Flow | 130,923 | 187,938 | 220,875 | 248,585 | 224,180 | 212,354 | 233,281 | 237,946 | 245,465 | 256,854 | 265,070 |
| % Growth | 44% | 18% | 13% | -10% | -5% | 10% | 2% | 3% | 5% | 3% | |