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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 46.8x - 51.8x | 49.3x |
| Selected Fwd EBITDA Multiple | 21.9x - 24.2x | 23.0x |
| Fair Value | ARS 924.08 - ARS 1,330 | ARS 1,127 |
| Upside | -28.6% - 2.7% | -13.0% |
| Benchmarks | Ticker | Full Ticker |
| BrasilAgro - Companhia Brasileira de Propriedades Agrícolas | AGRO3 | BOVESPA:AGRO3 |
| SLC Agrícola S.A. | SLCE3 | BOVESPA:SLCE3 |
| Molinos Juan Semino S.A. | SEMI | BASE:SEMI |
| Ledesma Sociedad Anónima Agrícola Industrial | LEDE | BASE:LEDE |
| Adecoagro S.A. | ADGO | BASE:ADGO |
| Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | CRES | BASE:CRES |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AGRO3 | SLCE3 | SEMI | LEDE | ADGO | CRES | ||
| BOVESPA:AGRO3 | BOVESPA:SLCE3 | BASE:SEMI | BASE:LEDE | BASE:ADGO | BASE:CRES | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -4.2% | 23.1% | 97.1% | 101.9% | 7.7% | 65.3% | |
| 3Y CAGR | NM- | -2.0% | 227.9% | 145.6% | -1.8% | NM- | |
| Latest Twelve Months | 168.8% | 31.0% | -114.3% | -128.9% | -13.1% | -78.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 24.3% | 33.8% | 9.4% | 11.0% | 33.5% | 12.1% | |
| Prior Fiscal Year | 21.2% | 30.3% | 18.8% | 13.5% | 31.0% | 15.2% | |
| Latest Fiscal Year | 16.4% | 26.8% | 15.1% | 15.2% | 28.1% | 21.4% | |
| Latest Twelve Months | 31.0% | 31.0% | -6.4% | -14.5% | 22.8% | 7.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.72x | 2.23x | 1.01x | 1.18x | 1.27x | 3.69x | |
| EV / LTM EBITDA | 8.8x | 7.2x | -15.9x | -8.2x | 5.6x | 52.0x | |
| EV / LTM EBIT | 9.7x | 8.3x | -13.1x | -6.1x | 13.8x | 57.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -15.9x | 5.6x | 8.8x | ||||
| Historical EV / LTM EBITDA | 6.2x | 26.6x | 1102.7x | ||||
| Selected EV / LTM EBITDA | 46.8x | 49.3x | 51.8x | ||||
| (x) LTM EBITDA | 49,350 | 49,350 | 49,350 | ||||
| (=) Implied Enterprise Value | 2,310,872 | 2,432,497 | 2,554,122 | ||||
| (-) Non-shareholder Claims * | (1,780,318) | (1,780,318) | (1,780,318) | ||||
| (=) Equity Value | 530,554 | 652,179 | 773,804 | ||||
| (/) Shares Outstanding | 607.7 | 607.7 | 607.7 | ||||
| Implied Value Range | 873.09 | 1,073.23 | 1,273.38 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 873.09 | 1,073.23 | 1,273.38 | 1,295.00 | |||
| Upside / (Downside) | -32.6% | -17.1% | -1.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AGRO3 | SLCE3 | SEMI | LEDE | ADGO | CRES | |
| Enterprise Value | 3,340 | 16,272 | 41,777 | 582,607 | 1,895 | 2,567,259 | |
| (+) Cash & Short Term Investments | 64 | 1,253 | 16,438 | 8,216 | 239 | 512,556 | |
| (+) Investments & Other | 3 | 6 | 47 | 5,596 | 0 | 192,441 | |
| (-) Debt | (1,339) | (9,214) | (885) | (194,655) | (1,275) | (1,428,767) | |
| (-) Other Liabilities | 0 | (183) | (2) | 0 | (40) | (1,056,548) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,068 | 8,134 | 57,375 | 401,764 | 819 | 786,941 | |
| (/) Shares Outstanding | 99.6 | 440.9 | 2,500.0 | 438.1 | 88.3 | 607.7 | |
| Implied Stock Price | 20.76 | 18.45 | 22.95 | 917.00 | 9.27 | 1,295.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 20.76 | 18.45 | 22.95 | 917.00 | 10,800.00 | 1,295.00 | |
| Trading Currency | BRL | BRL | ARS | ARS | ARS | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | 1.00 | |