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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7,5x - 8,3x | 7,9x |
| Selected Fwd EBITDA Multiple | 7,7x - 8,5x | 8,1x |
| Fair Value | ARS 307,46 - ARS 343,72 | ARS 325,59 |
| Upside | 18,7% - 32,7% | 25,7% |
| Benchmarks | Ticker | Full Ticker |
| Compañía Introductora de Buenos Aires S.A. | INTR | BASE:INTR |
| S.A. San Miguel A.G.I.C.I. y F. | SAMI | BASE:SAMI |
| Molinos Rio de la Plata S.A. | MOLI | BASE:MOLI |
| Molinos Juan Semino S.A. | SEMI | BASE:SEMI |
| Ledesma Sociedad Anónima Agrícola Industrial | LEDE | BASE:LEDE |
| Morixe Hermanos S.A.C.I. | MORI | BASE:MORI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| INTR | SAMI | MOLI | SEMI | LEDE | MORI | ||
| BASE:INTR | BASE:SAMI | BASE:MOLI | BASE:SEMI | BASE:LEDE | BASE:MORI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 94.6% | 38.0% | NM- | 97.1% | 101.9% | 139.2% | |
| 3Y CAGR | 124.8% | NM- | NM- | 227.9% | 145.6% | 172.8% | |
| Latest Twelve Months | 40.2% | 214.9% | -140.7% | -114.3% | -128.9% | 203.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.7% | -3.3% | 6.1% | 9.4% | 11.0% | 9.4% | |
| Prior Fiscal Year | 9.0% | 6.2% | 9.0% | 18.8% | 13.5% | 15.1% | |
| Latest Fiscal Year | 20.4% | 7.2% | -0.1% | 15.1% | 15.2% | 16.2% | |
| Latest Twelve Months | 21.3% | 5.3% | -5.6% | -6.4% | -14.5% | 13.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.86x | 3.43x | 1.00x | 1.14x | 1.34x | 0.90x | |
| EV / LTM EBITDA | 4.0x | 64.1x | -17.9x | -18.0x | -9.2x | 6.9x | |
| EV / LTM EBIT | 4.6x | -48.7x | -13.1x | -14.8x | -6.9x | 7.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -18.0x | -9.2x | 64.1x | ||||
| Historical EV / LTM EBITDA | 8.0x | 11.4x | 13.5x | ||||
| Selected EV / LTM EBITDA | 7.5x | 7.9x | 8.3x | ||||
| (x) LTM EBITDA | 12,065 | 12,065 | 12,065 | ||||
| (=) Implied Enterprise Value | 90,705 | 95,478 | 100,252 | ||||
| (-) Non-shareholder Claims * | (10,422) | (10,422) | (10,422) | ||||
| (=) Equity Value | 80,283 | 85,057 | 89,831 | ||||
| (/) Shares Outstanding | 281.9 | 281.9 | 281.9 | ||||
| Implied Value Range | 284.79 | 301.73 | 318.66 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 284.79 | 301.73 | 318.66 | 259.00 | |||
| Upside / (Downside) | 10.0% | 16.5% | 23.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | INTR | SAMI | MOLI | SEMI | LEDE | MORI | |
| Enterprise Value | 45,190 | 374,684 | 812,584 | 47,277 | 660,594 | 83,434 | |
| (+) Cash & Short Term Investments | 6,202 | 48,927 | 41,155 | 16,438 | 8,216 | 11,145 | |
| (+) Investments & Other | 0 | 0 | 34,781 | 47 | 5,596 | 0 | |
| (-) Debt | (5,763) | (329,308) | (171,482) | (885) | (194,655) | (21,562) | |
| (-) Other Liabilities | (707) | (2,076) | 0 | (2) | 0 | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 44,923 | 92,226 | 717,038 | 62,875 | 479,751 | 73,013 | |
| (/) Shares Outstanding | 121.1 | 1,485.1 | 201.4 | 2,500.0 | 438.1 | 281.9 | |
| Implied Stock Price | 371.00 | 62.10 | 3,560.00 | 25.15 | 1,095.00 | 259.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 371.00 | 62.10 | 3,560.00 | 25.15 | 1,095.00 | 259.00 | |
| 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 | |