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Wide shot of disabled traveler walking through airport with friend

Thomas Barwick

The airport services industry is among those that are continuing to recover from the pandemic period. Recently reaching 96.2% passenger traffic of its 2019 levels, I would like to analyze Corporación América Airports (NYSE:CAAP). The company has the potential

CAAP

Sector Median

OMAB

P/E GAAP (FWD)

13.99

19.33

12.67

P/S (FWD)

1.55

1.47

4.21

P/B (TTM)

2.74

2.72

7.27

P/E GAAP (TTM)

15.42

23.56

12.52

Year

9M 2023

9M 2022

2022

2021

2020

2019

2018

Operating revenue

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Cost of sales

64.3%

69.0%

69.8%

88.0%

107.6%

73.0%

68.1%

Gross margin

35.7%

31.0%

30.2%

12.0%

-7.6%

27.0%

31.9%

Sales and administrative expenses

9.5%

9.9%

10.3%

14.4%

16.8%

10.8%

12.1%

2023 2024E 2025E 2026E 2027E 2028E 2029E and after
Income statement
Sales 1550000 1782500 1960750 2078395 2203099 2291223 2337047
Cost of sales 1085000 1247750 1372525 1454877 1542169 1603856 1659303
Gross margin 465000 534750 588225 623519 660930 687367 677744
Residual Operating Income (ReOI) 125059 111558 119997 125833 133383 137821 140577
Cost of operations 7.90%
Total Present Value (PV) of ReOI to 2024 499266
Continuing value (CV) 2382667
PV of CV 1629132
Value of common equity 3002638
Number of shares outstanding 160 800
Value per share $18.67



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