Corporacion America Airports S.A. (CAAP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1050.9%

$270.40

vs $23.50 price

Levered DCF

$188.83

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.93

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.99×	10.6×	10.78×	8.31×	-9.62×	-2.57×	105.45×	147.99×
P/B	2.66×	2.19×	3.56×	1.96×	1.97×	1.3×	1.26×	1.54×
P/S	2.15×	1.63×	1.85×	1.02×	1.31×	1.05×	0.62×	0.83×
EV / EBITDA	7.25×	4.07×	7.93×	4.73×	10.24×	-23.87×	6.83×	7.48×
Gross margin	35.2%	32.9%	34.7%	30.2%	12.0%	-7.6%	27.0%	31.9%
Operating margin	25.2%	23.6%	29.8%	20.7%	-2.8%	-27.0%	14.3%	21.0%
Net margin	12.6%	15.3%	17.1%	12.2%	-16.7%	-41.7%	0.6%	0.5%
Current ratio	1.35×	1.27×	1.09×	0.96×	0.74×	0.94×	0.9×	1.18×
Debt / equity	0.7×	0.85×	1.86×	2.06×	3.09×	2.78×	1.59×	1.47×
Interest coverage	4.87×	4.05×	4.21×	1.69×	-0.16×	-1.61×	2.2×	2.79×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.3%	1.3%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	247.1%	210.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.6%	20.6%	33.0%	23.5%	-25.1%	-51.7%	1.2%	0.9%
Return on invested capital	9.9%	6.0%	13.7%	7.4%	-0.6%	-5.1%	-0.8%	-25.9%
Return on assets	5.6%	6.8%	6.8%	4.4%	-3.3%	-7.4%	0.2%	0.2%
Free cash flow yield	10.6%	13.1%	13.4%	20.9%	10.6%	-1.4%	-4.2%	15.3%
Earnings yield	5.9%	9.4%	9.3%	12.0%	-12.7%	-39.6%	0.9%	0.6%
Enterprise value	$4.7B	$3.7B	$3.6B	$2.5B	$2B	$1.7B	$2B	$2.1B
Net debt / EBITDA	0.78×	0.79×	2.18×	2.07×	5.5×	-14.99×	3.52×	3.2×
Cash conversion cycle (days)	11	11	25	3	17	-26	-16	-5