| Base Case | Case 2 | Case 3 | Case 4 | Case 5 | Case 6 |
Concession Term | 99 years | 23 years | 99 years | 99 years | 99 years | 23 years |
Compound Annual Growth in Tolls | 3.78% | 3.78% | 2.08% | 3.78% | 3.78% | 2.08% |
Annual Growth in Traffic | 1.23% | 1.23% | 1.23% | 0.23% | 1.23% | 0.23% |
Annual Growth in Operating Expense | 3.45 | 3.45 | 3.45 | 3.45 | 2.20 | 3.45% |
Discounted Value of Cash Flows (a) | $1,881,815 | $1,060,359 | $1,088,477 | $951,773 | $1,900,493 | $446,281 |
Discounted Value as Multiple of |
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65x | 37x | 38x | 33x | 55x | 15x |
(a) US$000; discounted at a 9.38%. The discounted value equals the concession price plus transaction fees.
Source: Authors' calculations.