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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.3x - 7.0x | 6.7x |
| Selected Fwd EBITDA Multiple | 7.4x - 8.2x | 7.8x |
| Fair Value | ARS 276.47 - ARS 309.47 | ARS 292.97 |
| Upside | 25.8% - 40.8% | 33.3% |
| Benchmarks | Ticker | Full Ticker |
| Compañía Introductora de Buenos Aires S.A. | INTR | BASE:INTR |
| Carlos Casado S.A. | CADO | BASE:CADO |
| S.A. San Miguel A.G.I.C.I. y F. | SAMI | BASE:SAMI |
| Molinos Agro S.A. | MOLA | BASE:MOLA |
| Molinos Rio de la Plata S.A. | MOLI | BASE:MOLI |
| Morixe Hermanos S.A.C.I. | MORI | BASE:MORI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| INTR | CADO | SAMI | MOLA | MOLI | MORI | ||
| BASE:INTR | BASE:CADO | BASE:SAMI | BASE:MOLA | BASE:MOLI | BASE:MORI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 94.6% | NM- | 38.0% | 35.1% | NM- | 139.2% | |
| 3Y CAGR | 124.8% | NM- | NM- | 27.0% | NM- | 172.8% | |
| Latest Twelve Months | 40.2% | 23.0% | 214.9% | 66.8% | -140.7% | 203.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.7% | -35.2% | -3.3% | 1.3% | 6.1% | 9.4% | |
| Prior Fiscal Year | 9.0% | 33.1% | 6.2% | 0.6% | 9.0% | 15.1% | |
| Latest Fiscal Year | 20.4% | -90.2% | 7.2% | 0.8% | -0.1% | 16.2% | |
| Latest Twelve Months | 21.3% | -52.8% | 5.3% | 0.8% | -5.6% | 13.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.88x | 26.09x | 3.39x | 0.37x | 0.85x | 0.78x | |
| EV / LTM EBITDA | 4.1x | -49.4x | 63.3x | 44.4x | -15.3x | 6.0x | |
| EV / LTM EBIT | 4.8x | -38.2x | -48.1x | 70.1x | -11.2x | 6.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -49.4x | 4.1x | 63.3x | ||||
| Historical EV / LTM EBITDA | 8.0x | 11.4x | 13.5x | ||||
| Selected EV / LTM EBITDA | 6.3x | 6.7x | 7.0x | ||||
| (x) LTM EBITDA | 12,065 | 12,065 | 12,065 | ||||
| (=) Implied Enterprise Value | 76,454 | 80,478 | 84,502 | ||||
| (-) Non-shareholder Claims * | (10,422) | (10,422) | (10,422) | ||||
| (=) Equity Value | 66,033 | 70,057 | 74,081 | ||||
| (/) Shares Outstanding | 281.9 | 281.9 | 281.9 | ||||
| Implied Value Range | 234.24 | 248.51 | 262.79 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 234.24 | 248.51 | 262.79 | 219.75 | |||
| Upside / (Downside) | 6.6% | 13.1% | 19.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | INTR | CADO | SAMI | MOLA | MOLI | MORI | |
| Enterprise Value | 46,462 | 62,328 | 370,377 | 1,112,777 | 690,728 | 72,370 | |
| (+) Cash & Short Term Investments | 6,202 | 240 | 48,927 | 109,380 | 41,155 | 11,145 | |
| (+) Investments & Other | 0 | 576 | 0 | 3,258 | 34,781 | 0 | |
| (-) Debt | (5,763) | (8,320) | (329,308) | (253,591) | (171,482) | (21,562) | |
| (-) Other Liabilities | (707) | 0 | (2,076) | 0 | 0 | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 46,194 | 54,824 | 87,920 | 971,824 | 595,182 | 61,948 | |
| (/) Shares Outstanding | 121.1 | 123.2 | 1,485.1 | 49.1 | 201.4 | 281.9 | |
| Implied Stock Price | 381.50 | 445.00 | 59.20 | 19,800.00 | 2,955.00 | 219.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 381.50 | 445.00 | 59.20 | 19,800.00 | 2,955.00 | 219.75 | |
| 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 | |