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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.0x - 1.1x | 1.0x |
| Selected Fwd Revenue Multiple | 0.6x - 0.7x | 0.7x |
| Fair Value | ARS 1,150 - ARS 1,306 | ARS 1,228 |
| Upside | 25.9% - 43.0% | 34.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Carlos Casado S.A. | CADO | BASE:CADO |
| Molinos Rio de la Plata S.A. | MOLI | BASE:MOLI |
| Morixe Hermanos S.A.C.I. | MORI | BASE:MORI |
| Compañía Introductora de Buenos Aires S.A. | INTR | BASE:INTR |
| S.A. San Miguel A.G.I.C.I. y F. | SAMI | BASE:SAMI |
| Ledesma Sociedad Anónima Agrícola Industrial | LEDE | BASE:LEDE |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| CADO | MOLI | MORI | INTR | SAMI | LEDE | |||
| BASE:CADO | BASE:MOLI | BASE:MORI | BASE:INTR | BASE:SAMI | BASE:LEDE | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | NM- | 81.6% | 108.7% | 76.5% | 57.0% | 88.6% | ||
| 3Y CAGR | 58.4% | 89.1% | 130.6% | 94.6% | 105.5% | 115.9% | ||
| Latest Twelve Months | -60.4% | -27.1% | NM | -15.0% | 173.3% | 13.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -46.3% | 2.7% | 8.9% | 12.4% | -19.8% | 6.7% | ||
| Prior Fiscal Year | 28.3% | 6.3% | 14.2% | 5.1% | -9.0% | 12.1% | ||
| Latest Fiscal Year | -103.1% | -2.2% | 14.8% | 17.0% | -5.3% | -2.3% | ||
| Latest Twelve Months | -68.3% | -7.6% | 9.9% | 18.4% | -5.8% | -2.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 26.30x | 0.91x | 0.83x | 0.85x | 3.85x | 0.66x | ||
| EV / LTM EBIT | -38.5x | -11.9x | 8.4x | 4.6x | -66.5x | -28.8x | ||
| Price / LTM Sales | 22.95x | 0.76x | 0.67x | 0.84x | 0.76x | 0.48x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.83x | 0.91x | 26.30x | |||||
| Historical EV / LTM Revenue | 0.33x | 0.50x | 0.66x | |||||
| Selected EV / LTM Revenue | 0.98x | 1.03x | 1.08x | |||||
| (x) LTM Revenue | 831,947 | 831,947 | 831,947 | |||||
| (=) Implied Enterprise Value | 815,347 | 858,260 | 901,173 | |||||
| (-) Non-shareholder Claims * | (147,315) | (147,315) | (147,315) | |||||
| (=) Equity Value | 668,032 | 710,945 | 753,858 | |||||
| (/) Shares Outstanding | 438.1 | 438.1 | 438.1 | |||||
| Implied Value Range | 1,524.74 | 1,622.68 | 1,720.63 | |||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1,524.74 | 1,622.68 | 1,720.63 | 913.00 | ||||
| Upside / (Downside) | 67.0% | 77.7% | 88.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CADO | MOLI | MORI | INTR | SAMI | LEDE | |
| Enterprise Value | 62,821 | 700,697 | 74,033 | 44,827 | 434,549 | 547,327 | |
| (+) Cash & Short Term Investments | 240 | 33,627 | 10,894 | 6,202 | 19,110 | 8,589 | |
| (+) Investments & Other | 576 | 34,738 | 0 | 0 | 0 | 5,260 | |
| (-) Debt | (8,320) | (178,916) | (25,268) | (5,763) | (361,771) | (161,164) | |
| (-) Other Liabilities | 0 | 0 | 33 | (707) | (5,751) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 55,317 | 590,146 | 59,693 | 44,560 | 86,137 | 400,012 | |
| (/) Shares Outstanding | 123.2 | 201.4 | 281.9 | 121.1 | 1,485.1 | 438.1 | |
| Implied Stock Price | 449.00 | 2,930.00 | 211.75 | 368.00 | 58.00 | 913.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 449.00 | 2,930.00 | 211.75 | 368.00 | 58.00 | 913.00 | |
| Trading Currency | ARS | ARS | ARS | ARS | ARS | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |