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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1,0x - 1,1x | 1,0x |
| Selected Fwd Revenue Multiple | 0,7x - 0,7x | 0,7x |
| Fair Value | ARS 743,26 - ARS 864,95 | ARS 804,11 |
| Upside | -32,1% - -21,0% | -26,6% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| SEMI | MOLA | CRES | MORI | INTR | LEDE | |||
| BASE:SEMI | BASE:MOLA | BASE:CRES | BASE:MORI | BASE:INTR | BASE:LEDE | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 81.3% | 74.0% | 71.8% | 108.7% | 76.5% | 88.6% | ||
| 3Y CAGR | 108.2% | 68.0% | 68.0% | 130.6% | 94.6% | 115.9% | ||
| Latest Twelve Months | -54.0% | -33.8% | -29.2% | 279.3% | -15.0% | -54.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 7.5% | 1.1% | 8.0% | 8.8% | 12.4% | 7.3% | ||
| Prior Fiscal Year | 17.7% | 0.5% | 14.2% | 14.2% | 5.1% | 9.8% | ||
| Latest Fiscal Year | 14.1% | 0.2% | 20.3% | 14.8% | 17.0% | 12.1% | ||
| Latest Twelve Months | -7.7% | 0.1% | 6.5% | 11.7% | 18.4% | -19.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.14x | 0.57x | 3.79x | 0.90x | 0.86x | 1.34x | ||
| EV / LTM EBIT | -14.8x | 462.3x | 58.6x | 7.7x | 4.6x | -6.9x | ||
| Price / LTM Sales | 1.52x | 0.55x | 1.24x | 0.79x | 0.85x | 0.96x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.57x | 0.90x | 3.79x | |||||
| Historical EV / LTM Revenue | 0.33x | 0.50x | 0.56x | |||||
| Selected EV / LTM Revenue | 0.99x | 1.04x | 1.09x | |||||
| (x) LTM Revenue | 497,256 | 497,256 | 497,256 | |||||
| (=) Implied Enterprise Value | 491,646 | 517,523 | 543,399 | |||||
| (-) Non-shareholder Claims * | (180,843) | (180,843) | (180,843) | |||||
| (=) Equity Value | 310,803 | 336,680 | 362,556 | |||||
| (/) Shares Outstanding | 438.1 | 438.1 | 438.1 | |||||
| Implied Value Range | 709.39 | 768.45 | 827.51 | |||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 709.39 | 768.45 | 827.51 | 1,095.00 | ||||
| Upside / (Downside) | -35.2% | -29.8% | -24.4% | |||||
| 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 | |