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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 4,5x - 5,0x | 4,7x |
| Selected Fwd EBIT Multiple | 1,7x - 1,8x | 1,8x |
| Fair Value | ARS 0 - ARS 174,96 | ARS 55,68 |
| Upside | -100,0% - 212,4% | -0,6% |
| Benchmarks | Ticker | Full Ticker |
| Pampa Energía S.A. | PAMP | BASE:PAMP |
| Empresa Distribuidora y Comercializadora Norte Sociedad Anónima | EDN | BASE:EDN |
| Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. | TRAN | BASE:TRAN |
| Dogu Aras Enerji Yatirimlari AS | ARASE | IBSE:ARASE |
| Pluz Energía Perú S.A.A. | PLUZENC1 | BVL:PLUZENC1 |
| EDESA Holding S.A. | EDSH | BASE:EDSH |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PAMP | EDN | TRAN | ARASE | PLUZENC1 | EDSH | ||
| BASE:PAMP | BASE:EDN | BASE:TRAN | IBSE:ARASE | BVL:PLUZENC1 | BASE:EDSH | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 60.9% | 35.5% | 57.3% | NM- | 0.4% | 17.5% | |
| 3Y CAGR | 74.8% | NM- | 172.2% | 121.8% | 3.9% | -0.7% | |
| Latest Twelve Months | -26.5% | 143.1% | 556.8% | -16.7% | -6.6% | 207.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 26.6% | -7.0% | 23.0% | 13.7% | 17.7% | 4.4% | |
| Prior Fiscal Year | 22.6% | -17.0% | 10.5% | 18.2% | 17.9% | -11.4% | |
| Latest Fiscal Year | 12.4% | 2.2% | 30.5% | 14.6% | 16.3% | 1.3% | |
| Latest Twelve Months | 12.5% | 4.6% | 35.0% | 15.8% | 16.2% | 3.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.16x | 0.67x | 2.70x | 0.42x | 1.51x | 0.17x | |
| EV / LTM EBITDA | 6.9x | 5.8x | 5.9x | 2.6x | 6.9x | 1.7x | |
| EV / LTM EBIT | 17.3x | 14.4x | 7.7x | 2.7x | 9.3x | 4.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.7x | 9.3x | 17.3x | ||||
| Historical EV / LTM EBIT | -1.6x | 3.4x | 10.1x | ||||
| Selected EV / LTM EBIT | 4.5x | 4.7x | 5.0x | ||||
| (x) LTM EBIT | 11,557 | 11,557 | 11,557 | ||||
| (=) Implied Enterprise Value | 52,024 | 54,762 | 57,500 | ||||
| (-) Non-shareholder Claims * | (53,325) | (53,325) | (53,325) | ||||
| (=) Equity Value | 0 | 1,437 | 4,175 | ||||
| (/) Shares Outstanding | 22.9 | 22.9 | 22.9 | ||||
| Implied Value Range | 0.00 | 62.79 | 182.42 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.00 | 62.79 | 182.42 | 56.00 | |||
| Upside / (Downside) | -100.0% | 12.1% | 225.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PAMP | EDN | TRAN | ARASE | PLUZENC1 | EDSH | |
| Enterprise Value | 4,652,019 | 1,576,686 | 1,003,640 | 15,145 | 6,245 | 54,607 | |
| (+) Cash & Short Term Investments | 1,196,734 | 378,314 | 129,116 | 1,022 | 126 | 28,813 | |
| (+) Investments & Other | 1,213,697 | 132 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,831,043) | (453,337) | (1,061) | (2,992) | (2,579) | (57,288) | |
| (-) Other Liabilities | (10,384) | 0 | 0 | 0 | 0 | (24,850) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,221,023 | 1,501,795 | 1,131,695 | 13,175 | 3,791 | 1,282 | |
| (/) Shares Outstanding | 1,359.6 | 875.7 | 444.7 | 250.0 | 3,033.0 | 22.9 | |
| Implied Stock Price | 3,840.00 | 1,715.00 | 2,545.00 | 52.70 | 1.25 | 56.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,840.00 | 1,715.00 | 2,545.00 | 52.70 | 1.25 | 56.00 | |
| Trading Currency | ARS | ARS | ARS | TRY | PEN | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |