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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.6x - 7.3x | 6.9x |
| Selected Fwd EBITDA Multiple | 7.0x - 7.7x | 7.3x |
| Fair Value | ARS 370.59 - ARS 415.02 | ARS 392.81 |
| Upside | -6.2% - 5.1% | -0.6% |
| Benchmarks | Ticker | Full Ticker |
| The AES Corporation | A1ES34 | BOVESPA:A1ES34 |
| Central Puerto S.A. | CEPU | BASE:CEPU |
| Scatec ASA | SCATC | OB:SCATC |
| Colbún S.A. | COLBUN | SNSE:COLBUN |
| Consus Enerji Isletmeciligi ve Hizmetleri A.S. | CONSE | IBSE:CONSE |
| Central Costanera S.A. | CECO2 | BASE:CECO2 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| A1ES34 | CEPU | SCATC | COLBUN | CONSE | CECO2 | ||
| BOVESPA:A1ES34 | BASE:CEPU | OB:SCATC | SNSE:COLBUN | IBSE:CONSE | BASE:CECO2 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.6% | 66.4% | 17.6% | -3.1% | NM- | 36.4% | |
| 3Y CAGR | -3.3% | 65.7% | 14.1% | 9.4% | 33.1% | 59.5% | |
| Latest Twelve Months | -9.2% | -12.2% | 33.9% | -18.5% | 446.6% | 27.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 30.2% | 53.6% | 69.2% | 38.3% | 19.1% | 42.1% | |
| Prior Fiscal Year | 26.7% | 43.9% | 64.9% | 33.1% | -6.1% | 30.6% | |
| Latest Fiscal Year | 26.7% | 41.2% | 72.7% | 35.9% | 24.1% | 36.4% | |
| Latest Twelve Months | 25.7% | 40.3% | 73.9% | 37.1% | 25.3% | 39.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.37x | 2.90x | 5.83x | 2.64x | 3.05x | 2.70x | |
| EV / LTM EBITDA | 13.1x | 7.2x | 7.9x | 7.1x | 12.1x | 6.8x | |
| EV / LTM EBIT | 22.2x | 11.4x | 11.1x | 11.3x | 55.4x | 18.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.1x | 7.9x | 13.1x | ||||
| Historical EV / LTM EBITDA | 1.4x | 6.3x | 13.6x | ||||
| Selected EV / LTM EBITDA | 6.6x | 6.9x | 7.3x | ||||
| (x) LTM EBITDA | 46,052 | 46,052 | 46,052 | ||||
| (=) Implied Enterprise Value | 302,779 | 318,715 | 334,651 | ||||
| (-) Non-shareholder Claims * | (36,104) | (36,104) | (36,104) | ||||
| (=) Equity Value | 266,675 | 282,610 | 298,546 | ||||
| (/) Shares Outstanding | 702.0 | 702.0 | 702.0 | ||||
| Implied Value Range | 379.88 | 402.59 | 425.29 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 379.88 | 402.59 | 425.29 | 395.00 | |||
| Upside / (Downside) | -3.8% | 1.9% | 7.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | A1ES34 | CEPU | SCATC | COLBUN | CONSE | CECO2 | |
| Enterprise Value | 40,889 | 2,169,946 | 27,566 | 4,230 | 4,325 | 313,390 | |
| (+) Cash & Short Term Investments | 1,817 | 268,222 | 5,217 | 775 | 25 | 194 | |
| (+) Investments & Other | 1,129 | 188,124 | 10,868 | 0 | 0 | 403 | |
| (-) Debt | (31,181) | (410,475) | (27,536) | (2,285) | (2,091) | (36,702) | |
| (-) Other Liabilities | (5,156) | (52,047) | (1,976) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,498 | 2,163,770 | 14,139 | 2,721 | 2,259 | 277,285 | |
| (/) Shares Outstanding | 711.9 | 1,502.6 | 158.9 | 17,536.2 | 771.0 | 702.0 | |
| Implied Stock Price | 10.53 | 1,440.00 | 89.00 | 0.16 | 2.93 | 395.00 | |
| FX Conversion Rate to Trading Currency | 0.18 | 1.00 | 1.00 | 0.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 58.20 | 1,440.00 | 89.00 | 146.01 | 2.93 | 395.00 | |
| Trading Currency | BRL | ARS | NOK | CLP | TRY | ARS | |
| FX Rate to Reporting Currency | 0.18 | 1.00 | 1.00 | 0.00 | 1.00 | 1.00 | |