MeritValue

CORPORACION AMERICA AIRPORTS S.A.

CAAPdata completeness 100%11 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

CORPORACION AMERICA AIRPORTS S.A. earns about 9% on invested capital, below its ~9% cost of capital, but has diluted owners by 3% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $14.88 and $136.53 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$706.9M1$1.38B2$1.4B3$1.84B3$1.96B3
Net income−$117.8M4$168.2M5$239.5M6$282.7M6$247.7M6
Operating cash flow$108M7$302.6M8$356.4M9$405.3M9$465.2M9
Capital expenditure$7.67M10$9.09M11$9.66M12$12.2M12$16.7M12
Free cash flow (derived)$100.3M7$293.5M8$346.8M9$393.1M9$448.5M9
Total debt$1.44B13$1.47B14$1.33B15$1.16B15$1.1B15
Cash & equivalents$375.8M16$385.3M17$369.8M17$439.8M17$592.8M17
Diluted shares160.5M163.2M163.2M163.2M165.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$96.03
your share of equity
Profit it earned you last year
$14.99
Free cash flow it threw off
$27.15
Debt you’d be carrying
$66.29

10 shares is a claim on $96.03 of net worth that earned you $14.99 and generated $27.15 of cash last year, against $66.29 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 5y
FY21 -5%FY22 9%FY23 12%FY24 15%FY25 12%

It earned about 9% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+3% shares · 5y

Share count is up 3% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 24% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0

The 3 estimate methods that apply put fair value between $14.88 and $136.53 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$136.53
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$393.1M
DCF · Growth Exit 5Y
$73.42
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$393.1M
Earnings Power Value
$14.88
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$239.5M
  • growthAssumed0.0%
Graham Number
$18.12
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)9.02%
Terminal growth2.5%
At your growth, a share is worth $73.42
The three cases
Bear0.0%$30.5
Base20.0%$73.42
Bull20.0%$73.42

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001410578-24-000331 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001410578-25-000513 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-029442 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001410578-24-000331 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001410578-25-000513 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-029442 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001410578-24-000331 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001410578-25-000513 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-029442 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001410578-24-000331 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001410578-25-000513 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-029442 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001410578-24-000331 (Borrowings)
  14. 20-F · period ending 2022-12-31 · accession 0001410578-25-000513 (Borrowings)
  15. 20-F · period ending 2023-12-31 · accession 0001104659-26-029442 (Borrowings)
  16. 20-F · period ending 2021-12-31 · accession 0001410578-24-000331 (CashAndCashEquivalents)
  17. 20-F · period ending 2022-12-31 · accession 0001104659-26-029442 (CashAndCashEquivalents)