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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0,7x - 0,8x | 0,7x |
| Selected Fwd Revenue Multiple | 0,7x - 0,8x | 0,8x |
| Fair Value | ARS 1.886 - ARS 2.128 | ARS 2.007 |
| Upside | -62,3% - -57,4% | -59,9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Adecoagro S.A. | ADGO | BASE:ADGO |
| Morixe Hermanos S.A.C.I. | MORI | BASE:MORI |
| S.A. San Miguel A.G.I.C.I. y F. | SAMI | BASE:SAMI |
| Compañía Introductora de Buenos Aires S.A. | INTR | BASE:INTR |
| Molinos Juan Semino S.A. | SEMI | BASE:SEMI |
| Molinos Rio de la Plata S.A. | MOLI5 | BASE:MOLI5 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ADGO | MORI | SAMI | INTR | SEMI | MOLI5 | |||
| BASE:ADGO | BASE:MORI | BASE:SAMI | BASE:INTR | BASE:SEMI | BASE:MOLI5 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 11.4% | 108.7% | 57.0% | 76.5% | 81.3% | 81.6% | ||
| 3Y CAGR | 10.5% | 130.6% | 105.5% | 94.6% | 108.2% | 89.1% | ||
| Latest Twelve Months | 20.4% | 279.3% | 231.1% | -15.0% | -54.0% | -21.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 18.2% | 8.8% | -19.2% | 12.4% | 7.5% | 3.2% | ||
| Prior Fiscal Year | 15.7% | 14.2% | -9.0% | 5.1% | 17.7% | 6.3% | ||
| Latest Fiscal Year | 13.3% | 14.8% | -5.3% | 17.0% | 14.1% | -2.2% | ||
| Latest Twelve Months | 9.2% | 11.7% | -7.0% | 18.4% | -7.7% | -7.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.26x | 0.90x | 3.42x | 0.86x | 1.14x | 1.00x | ||
| EV / LTM EBIT | 13.7x | 7.7x | -48.5x | 4.6x | -14.8x | -13.1x | ||
| Price / LTM Sales | 0.58x | 0.79x | 0.83x | 0.85x | 1.52x | 0.88x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.86x | 1.14x | 3.42x | |||||
| Historical EV / LTM Revenue | 0.26x | 0.40x | 1.03x | |||||
| Selected EV / LTM Revenue | 0.70x | 0.74x | 0.78x | |||||
| (x) LTM Revenue | 812,368 | 812,368 | 812,368 | |||||
| (=) Implied Enterprise Value | 572,147 | 602,260 | 632,373 | |||||
| (-) Non-shareholder Claims * | (95,546) | (95,546) | (95,546) | |||||
| (=) Equity Value | 476,601 | 506,714 | 536,827 | |||||
| (/) Shares Outstanding | 229.3 | 229.3 | 229.3 | |||||
| Implied Value Range | 2,078.91 | 2,210.26 | 2,341.61 | |||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2,078.91 | 2,210.26 | 2,341.61 | 5,000.00 | ||||
| Upside / (Downside) | -58.4% | -55.8% | -53.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADGO | MORI | SAMI | INTR | SEMI | MOLI5 | |
| Enterprise Value | 1,901 | 83,434 | 374,684 | 45,190 | 47,277 | 1,241,821 | |
| (+) Cash & Short Term Investments | 239 | 11,145 | 48,927 | 6,202 | 16,438 | 41,155 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 47 | 34,781 | |
| (-) Debt | (1,275) | (21,562) | (329,308) | (5,763) | (885) | (171,482) | |
| (-) Other Liabilities | (40) | (5) | (2,076) | (707) | (2) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 825 | 73,013 | 92,226 | 44,923 | 62,875 | 1,146,275 | |
| (/) Shares Outstanding | 88.3 | 281.9 | 1,485.1 | 121.1 | 2,500.0 | 229.3 | |
| Implied Stock Price | 9.34 | 259.00 | 62.10 | 371.00 | 25.15 | 5,000.00 | |
| FX Conversion Rate to Trading Currency | 0.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11,100.00 | 259.00 | 62.10 | 371.00 | 25.15 | 5,000.00 | |
| Trading Currency | ARS | ARS | ARS | ARS | ARS | ARS | |
| FX Rate to Reporting Currency | 0.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |