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Loma Negra Companía Industrial Argentina S.A. is an Argentine manufacturer and the countrys leading maker of cement, concrete, and lime. The company, established by businessman Alfredo Fortabat, also founded its own sports club, C.S.yD. Loma Negra three years later.
Analysis Results
Intrinsic Value $18.63
Latest Price $6.55
Relative Value 65% undervalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of -7.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 1.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -7.7%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 22.9 21.1
2024 21.2 17.8
2025 19.5 15.1
2026 18.0 12.8
2027 16.6 10.8
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 242 million. This corresponds to a present value of 145 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 77.5 million. Adding in the terminal value gives a total present value of 222 million.

There are presently 11.9 million outstanding shares, so the intrinsic value per share is 18.63.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 227,441,755
Current Cash 27,723,974
Current Liabilities 235,678,743
Current Debt 63,075,822
Non-Cash Working Capital (NCWC) 27,114,860
Change in NCWC 32,895,097
EBIT 110,223,398
Tax Provision 51,915,601
Depreciation and Amortization 74,959,155
Capital Expenditure -58,190,288
Unlevered Free Cash Flow 67,764,511
Current Assets 186,194,254
Current Cash 51,330,370
Current Liabilities 161,989,926
Current Debt 21,345,805
Non-Cash Working Capital (NCWC) -5,780,236
Change in NCWC 4,548,628
EBIT 154,593,416
Tax Provision 97,068,187
Depreciation and Amortization 58,032,665
Capital Expenditure -111,206,451
Unlevered Free Cash Flow 11,500,149
Current Assets 167,240,202
Current Cash 51,994,611
Current Liabilities 181,563,084
Current Debt 55,988,628
Non-Cash Working Capital (NCWC) -10,328,864
Change in NCWC 23,994,823
EBIT 98,023,769
Tax Provision 26,897,870
Depreciation and Amortization 47,388,620
Capital Expenditure -115,568,606
Unlevered Free Cash Flow 27,787,103
Current Assets 189,525,901
Current Cash 42,856,426
Current Liabilities 275,138,289
Current Debt 94,145,127
Non-Cash Working Capital (NCWC) -34,323,688
Change in NCWC -27,686,179
EBIT 125,853,400
Tax Provision 28,153,815
Depreciation and Amortization 54,484,869
Capital Expenditure -198,166,651
Unlevered Free Cash Flow -82,554,084
Current Assets 241,931,035
Current Cash 76,915,270
Current Liabilities 260,587,695
Current Debt 88,934,422
Non-Cash Working Capital (NCWC) -6,637,508
Change in NCWC 12,962,675
EBIT 123,810,616
Tax Provision 30,003,056
Depreciation and Amortization 56,228,527
Capital Expenditure -110,862,573
Unlevered Free Cash Flow 36,674,070
Current Assets 339,914,798
Current Cash 165,807,352
Current Liabilities 285,463,292
Current Debt 91,755,662
Non-Cash Working Capital (NCWC) -19,600,183
Change in NCWC 5,319,374
EBIT 160,218,693
Tax Provision 30,533,343
Depreciation and Amortization 32,637,048
Capital Expenditure -66,443,084
Unlevered Free Cash Flow 90,691,679
Current Assets 220,817,569
Current Cash 58,541,202
Current Liabilities 380,343,851
Current Debt 193,147,926
Non-Cash Working Capital (NCWC) -24,919,557
Change in NCWC -23,147,321
EBIT 101,073,746
Tax Provision 16,257,763
Depreciation and Amortization 32,112,147
Capital Expenditure -42,222,519
Unlevered Free Cash Flow 33,528,292

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