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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -337.1x - -372.6x | -354.8x |
| Selected Fwd EBITDA Multiple | 11.5x - 12.7x | 12.1x |
| Fair Value | ARS 2,181 - ARS 2,449 | ARS 2,315 |
| Upside | -56.4% - -51.0% | -53.7% |
| Benchmarks | Ticker | Full Ticker |
| Adecoagro S.A. | ADGO | BASE:ADGO |
| 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 |
| Molinos Juan Semino S.A. | SEMI | BASE:SEMI |
| Molinos Rio de la Plata S.A. | MOLI5 | BASE:MOLI5 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ADGO | MORI | INTR | SAMI | SEMI | MOLI5 | ||
| BASE:ADGO | BASE:MORI | BASE:INTR | BASE:SAMI | BASE:SEMI | BASE:MOLI5 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.7% | 139.2% | 94.6% | 38.0% | 97.1% | NM- | |
| 3Y CAGR | -1.8% | 172.8% | 124.8% | NM- | 227.9% | NM- | |
| Latest Twelve Months | 5.9% | -6.6% | 40.2% | 312.9% | -114.3% | -101.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 34.1% | 9.1% | 15.7% | -3.0% | 9.4% | 6.7% | |
| Prior Fiscal Year | 31.0% | 15.1% | 9.0% | 6.2% | 18.8% | 9.0% | |
| Latest Fiscal Year | 28.1% | 16.2% | 20.4% | 7.2% | 15.1% | -0.1% | |
| Latest Twelve Months | 28.1% | 16.2% | 21.3% | 7.2% | -6.4% | -0.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.23x | 0.67x | 0.80x | 3.36x | 1.11x | 0.92x | |
| EV / LTM EBITDA | 4.4x | 4.2x | 3.7x | 46.6x | -17.4x | -624.5x | |
| EV / LTM EBIT | 9.2x | 4.6x | 4.3x | -63.8x | -14.3x | -41.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -17.4x | 4.2x | 46.6x | ||||
| Historical EV / LTM EBITDA | -624.5x | 3.9x | 9.4x | ||||
| Selected EV / LTM EBITDA | -337.1x | -354.8x | -372.6x | ||||
| (x) LTM EBITDA | (1,296) | (1,296) | (1,296) | ||||
| (=) Implied Enterprise Value | 436,877 | 459,870 | 482,864 | ||||
| (-) Non-shareholder Claims * | (65,098) | (65,098) | (65,098) | ||||
| (=) Equity Value | 371,779 | 394,772 | 417,766 | ||||
| (/) Shares Outstanding | 177.1 | 177.1 | 177.1 | ||||
| Implied Value Range | 2,099.64 | 2,229.50 | 2,359.36 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2,099.64 | 2,229.50 | 2,359.36 | 5,000.00 | |||
| Upside / (Downside) | -58.0% | -55.4% | -52.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADGO | MORI | INTR | SAMI | SEMI | MOLI5 | |
| Enterprise Value | 1,678 | 70,705 | 41,982 | 348,077 | 45,652 | 950,435 | |
| (+) Cash & Short Term Investments | 211 | 14,164 | 6,202 | 61,010 | 16,438 | 30,124 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 47 | 32,122 | |
| (-) Debt | (1,122) | (17,635) | (5,763) | (321,791) | (885) | (127,344) | |
| (-) Other Liabilities | (39) | 0 | (707) | (2,198) | (2) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 729 | 67,234 | 41,714 | 85,098 | 61,250 | 885,337 | |
| (/) Shares Outstanding | 78.0 | 281.9 | 121.1 | 1,485.1 | 2,500.0 | 177.1 | |
| Implied Stock Price | 9.35 | 238.50 | 344.50 | 57.30 | 24.50 | 5,000.00 | |
| FX Conversion Rate to Trading Currency | 0.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10,950.00 | 238.50 | 344.50 | 57.30 | 24.50 | 5,000.00 | |
| Trading Currency | ARS | ARS | ARS | ARS | ARS | ARS | |
| FX Rate to Reporting Currency | 0.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |