DCF Tool

LOMA

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 $1.23
Latest Price $6.30
Relative Value 411% overvalued
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Cash Flow (Millions)
Analysis Parameters
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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 -14.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -14.1%, 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)
2022 17.6 16.2
2023 15.1 12.8
2024 12.9 10.1
2025 11.1 8.01
2026 9.55 6.34
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 149 million. This corresponds to a present value of 91.0 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 53.4 million. Adding in the terminal value gives a total present value of 144 million.

There are presently 117.0 million outstanding shares, so the intrinsic value per share is 1.23.

Financial Statements

The following data was to determine the past cash flows.

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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