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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -5,9x - -6,5x | -6,2x |
| Selected Fwd EBITDA Multiple | 5,7x - 6,3x | 6,0x |
| Fair Value | ARS 777,68 - ARS 902,99 | ARS 840,34 |
| Upside | -19,6% - -6,6% | -13,1% |
| Benchmarks | Ticker | Full Ticker |
| Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | CRES | BASE:CRES |
| Molinos Juan Semino S.A. | SEMI | BASE:SEMI |
| Molinos Rio de la Plata S.A. | MOLI | BASE:MOLI |
| Morixe Hermanos S.A.C.I. | MORI | BASE:MORI |
| Molinos Agro S.A. | MOLA | BASE:MOLA |
| Ledesma Sociedad Anónima Agrícola Industrial | LEDE | BASE:LEDE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CRES | SEMI | MOLI | MORI | MOLA | LEDE | ||
| BASE:CRES | BASE:SEMI | BASE:MOLI | BASE:MORI | BASE:MOLA | BASE:LEDE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 65.3% | 97.1% | NM- | 139.2% | 35.1% | 101.9% | |
| 3Y CAGR | NM- | 227.9% | NM- | 172.8% | 27.0% | 145.6% | |
| Latest Twelve Months | -78.5% | -114.3% | -140.5% | 203.6% | 85.5% | -128.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.1% | 9.4% | 5.6% | 9.4% | 1.3% | 11.0% | |
| Prior Fiscal Year | 15.2% | 18.8% | 9.0% | 15.1% | 0.6% | 13.5% | |
| Latest Fiscal Year | 21.4% | 15.1% | -0.1% | 16.2% | 0.8% | 15.2% | |
| Latest Twelve Months | 7.1% | -6.4% | -4.4% | 13.2% | 1.4% | -14.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.84x | 1.08x | 0.90x | 0.82x | 0.52x | 1.23x | |
| EV / LTM EBITDA | 54.1x | -17.1x | -20.4x | 6.2x | 62.6x | -8.5x | |
| EV / LTM EBIT | 59.3x | -14.0x | -13.3x | 7.0x | 98.8x | -6.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -20.4x | 6.2x | 62.6x | ||||
| Historical EV / LTM EBITDA | 2.2x | 3.4x | 4.3x | ||||
| Selected EV / LTM EBITDA | -5.9x | -6.2x | -6.5x | ||||
| (x) LTM EBITDA | (72,155) | (72,155) | (72,155) | ||||
| (=) Implied Enterprise Value | 423,185 | 445,458 | 467,731 | ||||
| (-) Non-shareholder Claims * | (180,843) | (180,843) | (180,843) | ||||
| (=) Equity Value | 242,342 | 264,615 | 286,888 | ||||
| (/) Shares Outstanding | 438.1 | 438.1 | 438.1 | ||||
| Implied Value Range | 553.13 | 603.97 | 654.80 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 553.13 | 603.97 | 654.80 | 967.00 | |||
| Upside / (Downside) | -42.8% | -37.5% | -32.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CRES | SEMI | MOLI | MORI | MOLA | LEDE | |
| Enterprise Value | 2,670,564 | 44,777 | 735,945 | 75,964 | 1,574,250 | 604,514 | |
| (+) Cash & Short Term Investments | 512,556 | 16,438 | 33,627 | 11,145 | 156,150 | 8,216 | |
| (+) Investments & Other | 192,441 | 47 | 34,738 | 0 | 3,558 | 5,596 | |
| (-) Debt | (1,428,767) | (885) | (178,916) | (21,562) | (590,347) | (194,655) | |
| (-) Other Liabilities | (1,056,548) | (2) | 0 | (5) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 890,246 | 60,375 | 625,394 | 65,542 | 1,143,611 | 423,671 | |
| (/) Shares Outstanding | 607.7 | 2,500.0 | 201.4 | 281.9 | 49.1 | 438.1 | |
| Implied Stock Price | 1,465.00 | 24.15 | 3,105.00 | 232.50 | 23,300.00 | 967.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,465.00 | 24.15 | 3,105.00 | 232.50 | 23,300.00 | 967.00 | |
| 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 | |