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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -6,2x - -6,9x | -6,6x |
| Selected Fwd EBITDA Multiple | 5,9x - 6,6x | 6,2x |
| Fair Value | ARS 832,40 - ARS 963,47 | ARS 897,93 |
| Upside | -24,0% - -12,0% | -18,0% |
| Benchmarks | Ticker | Full Ticker |
| Molinos Juan Semino S.A. | SEMI | BASE:SEMI |
| Molinos Agro S.A. | MOLA | BASE:MOLA |
| Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | CRES | BASE:CRES |
| Morixe Hermanos S.A.C.I. | MORI | BASE:MORI |
| Compañía Introductora de Buenos Aires S.A. | INTR | BASE:INTR |
| Ledesma Sociedad Anónima Agrícola Industrial | LEDE | BASE:LEDE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SEMI | MOLA | CRES | MORI | INTR | LEDE | ||
| BASE:SEMI | BASE:MOLA | BASE:CRES | BASE:MORI | BASE:INTR | BASE:LEDE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 97.1% | 31.9% | 65.3% | 139.2% | 94.6% | 101.9% | |
| 3Y CAGR | 227.9% | 4.4% | NM- | 172.8% | 124.8% | 145.6% | |
| Latest Twelve Months | -114.3% | -44.1% | -78.5% | 203.6% | 40.2% | -128.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.4% | 1.4% | 12.1% | 9.4% | 15.7% | 11.0% | |
| Prior Fiscal Year | 18.8% | 0.7% | 15.2% | 15.1% | 9.0% | 13.5% | |
| Latest Fiscal Year | 15.1% | 0.6% | 21.4% | 16.2% | 20.4% | 15.2% | |
| Latest Twelve Months | -6.4% | 0.4% | 7.1% | 13.2% | 21.3% | -14.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.14x | 0.57x | 3.79x | 0.90x | 0.86x | 1.34x | |
| EV / LTM EBITDA | -18.0x | 134.2x | 53.5x | 6.9x | 4.0x | -9.2x | |
| EV / LTM EBIT | -14.8x | 462.3x | 58.6x | 7.7x | 4.6x | -6.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -18.0x | 6.9x | 134.2x | ||||
| Historical EV / LTM EBITDA | 2.2x | 3.4x | 4.3x | ||||
| Selected EV / LTM EBITDA | -6.2x | -6.6x | -6.9x | ||||
| (x) LTM EBITDA | (72,155) | (72,155) | (72,155) | ||||
| (=) Implied Enterprise Value | 449,858 | 473,535 | 497,212 | ||||
| (-) Non-shareholder Claims * | (180,843) | (180,843) | (180,843) | ||||
| (=) Equity Value | 269,015 | 292,692 | 316,369 | ||||
| (/) Shares Outstanding | 438.1 | 438.1 | 438.1 | ||||
| Implied Value Range | 614.01 | 668.05 | 722.09 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 614.01 | 668.05 | 722.09 | 1,095.00 | |||
| Upside / (Downside) | -43.9% | -39.0% | -34.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SEMI | MOLA | CRES | MORI | INTR | LEDE | |
| Enterprise Value | 47,277 | 1,152,680 | 2,639,383 | 83,434 | 45,190 | 660,594 | |
| (+) Cash & Short Term Investments | 16,438 | 215,223 | 512,556 | 11,145 | 6,202 | 8,216 | |
| (+) Investments & Other | 47 | 2,229 | 192,441 | 0 | 0 | 5,596 | |
| (-) Debt | (885) | (269,468) | (1,428,767) | (21,562) | (5,763) | (194,655) | |
| (-) Other Liabilities | (2) | 0 | (1,056,548) | (5) | (707) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 62,875 | 1,100,664 | 859,065 | 73,013 | 44,923 | 479,751 | |
| (/) Shares Outstanding | 2,500.0 | 49.1 | 598.7 | 281.9 | 121.1 | 438.1 | |
| Implied Stock Price | 25.15 | 22,425.00 | 1,435.00 | 259.00 | 371.00 | 1,095.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 25.15 | 22,425.00 | 1,435.00 | 259.00 | 371.00 | 1,095.00 | |
| 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 | |