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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -40.4x - -44.7x | -42.6x |
| Selected Fwd EBIT Multiple | 133.6x - 147.7x | 140.7x |
| Fair Value | ARS 19.47 - ARS 41.53 | ARS 30.50 |
| Upside | -68.7% - -33.1% | -50.9% |
| Benchmarks | Ticker | Full Ticker |
| Compañía Introductora de Buenos Aires S.A. | INTR | BASE:INTR |
| Morixe Hermanos S.A.C.I. | MORI | BASE:MORI |
| Molinos Rio de la Plata S.A. | MOLI | BASE:MOLI |
| Molinos Agro S.A. | MOLA | BASE:MOLA |
| Ledesma Sociedad Anónima Agrícola Industrial | LEDE | BASE:LEDE |
| S.A. San Miguel A.G.I.C.I. y F. | SAMI | BASE:SAMI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| INTR | MORI | MOLI | MOLA | LEDE | SAMI | ||
| BASE:INTR | BASE:MORI | BASE:MOLI | BASE:MOLA | BASE:LEDE | BASE:SAMI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 98.7% | 140.5% | NM- | 7.0% | 109.0% | NM- | |
| 3Y CAGR | 133.1% | 168.9% | NM- | -27.0% | 160.7% | NM- | |
| Latest Twelve Months | 93.0% | 183.1% | -173.2% | -53.4% | -144.8% | -53.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.4% | 8.8% | 3.2% | 1.1% | 7.3% | -19.2% | |
| Prior Fiscal Year | 5.1% | 14.2% | 6.3% | 0.5% | 9.8% | -9.0% | |
| Latest Fiscal Year | 17.0% | 14.8% | -2.2% | 0.2% | 12.1% | -5.3% | |
| Latest Twelve Months | 18.4% | 11.7% | -7.6% | 0.1% | -19.4% | -7.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.86x | 0.90x | 1.00x | 0.57x | 1.34x | 3.43x | |
| EV / LTM EBITDA | 4.0x | 6.9x | -17.9x | 134.2x | -9.2x | 64.1x | |
| EV / LTM EBIT | 4.6x | 7.7x | -13.1x | 462.3x | -6.9x | -48.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -13.1x | 4.6x | 462.3x | ||||
| Historical EV / LTM EBIT | -147.6x | -22.9x | 68.5x | ||||
| Selected EV / LTM EBIT | -40.4x | -42.6x | -44.7x | ||||
| (x) LTM EBIT | (7,699) | (7,699) | (7,699) | ||||
| (=) Implied Enterprise Value | 311,366 | 327,754 | 344,141 | ||||
| (-) Non-shareholder Claims * | (282,457) | (282,457) | (282,457) | ||||
| (=) Equity Value | 28,909 | 45,296 | 61,684 | ||||
| (/) Shares Outstanding | 1,485.1 | 1,485.1 | 1,485.1 | ||||
| Implied Value Range | 19.47 | 30.50 | 41.53 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.47 | 30.50 | 41.53 | 62.10 | |||
| Upside / (Downside) | -68.7% | -50.9% | -33.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | INTR | MORI | MOLI | MOLA | LEDE | SAMI | |
| Enterprise Value | 45,190 | 83,434 | 812,584 | 1,152,680 | 660,594 | 374,684 | |
| (+) Cash & Short Term Investments | 6,202 | 11,145 | 41,155 | 215,223 | 8,216 | 48,927 | |
| (+) Investments & Other | 0 | 0 | 34,781 | 2,229 | 5,596 | 0 | |
| (-) Debt | (5,763) | (21,562) | (171,482) | (269,468) | (194,655) | (329,308) | |
| (-) Other Liabilities | (707) | (5) | 0 | 0 | 0 | (2,076) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 44,923 | 73,013 | 717,038 | 1,100,664 | 479,751 | 92,226 | |
| (/) Shares Outstanding | 121.1 | 281.9 | 201.4 | 49.1 | 438.1 | 1,485.1 | |
| Implied Stock Price | 371.00 | 259.00 | 3,560.00 | 22,425.00 | 1,095.00 | 62.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 371.00 | 259.00 | 3,560.00 | 22,425.00 | 1,095.00 | 62.10 | |
| 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 | |