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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 14,0x - 15,5x | 14,8x |
Selected Fwd EBITDA Multiple | 12,0x - 13,3x | 12,7x |
Fair Value | ARS 10.085 - ARS 11.394 | ARS 10.740 |
Upside | -13,4% - -2,2% | -7,8% |
Benchmarks | Ticker | Full Ticker |
Altria Group, Inc. | MO | NYSE:MO |
22nd Century Group, Inc. | XXII | NasdaqCM:XXII |
PepsiCo, Inc. | PEP | NasdaqGS:PEP |
Kellanova | K | NYSE:K |
Imperial Brands PLC | IMBB.F | OTCPK:IMBB.F |
Philip Morris International Inc. | PM | BASE:PM |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
MO | XXII | PEP | K | IMBB.F | PM | ||
NYSE:MO | NasdaqCM:XXII | NasdaqGS:PEP | NYSE:K | OTCPK:IMBB.F | BASE:PM | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 2.4% | NM- | 6.0% | 3.1% | 2.5% | 4.5% | |
3Y CAGR | 0.6% | NM- | 6.3% | 6.0% | 1.4% | 2.2% | |
Latest Twelve Months | 0.1% | 69.7% | -1.6% | 20.8% | -0.6% | 11.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 59.2% | -96.6% | 18.4% | 15.7% | 22.3% | 42.7% | |
Prior Fiscal Year | 60.8% | -127.0% | 18.4% | 13.9% | 22.5% | 41.7% | |
Latest Fiscal Year | 60.6% | -52.6% | 18.9% | 19.1% | 22.1% | 39.6% | |
Latest Twelve Months | 61.2% | -46.1% | 18.6% | 18.8% | 21.9% | 42.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 5.60x | 0.23x | 2.65x | 2.68x | 1.84x | 7.91x | |
EV / LTM EBITDA | 9.2x | -0.5x | 14.3x | 14.3x | 8.4x | 18.7x | |
EV / LTM EBIT | 9.4x | -0.5x | 17.4x | 16.9x | 9.6x | 21.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -0.5x | 9.2x | 14.3x | ||||
Historical EV / LTM EBITDA | 12.0x | 12.6x | 14.9x | ||||
Selected EV / LTM EBITDA | 14.0x | 14.8x | 15.5x | ||||
(x) LTM EBITDA | 16,241 | 16,241 | 16,241 | ||||
(=) Implied Enterprise Value | 228,072 | 240,076 | 252,080 | ||||
(-) Non-shareholder Claims * | (44,141) | (44,141) | (44,141) | ||||
(=) Equity Value | 183,931 | 195,935 | 207,939 | ||||
(/) Shares Outstanding | 23,541.5 | 23,541.5 | 23,541.5 | ||||
Implied Value Range | 7.81 | 8.32 | 8.83 | ||||
FX Rate: USD/ARS | 0.0 | 0.0 | 0.0 | Market Price | |||
Implied Value Range (Trading Cur) | 9,809.30 | 10,449.48 | 11,089.65 | 11,650.00 | |||
Upside / (Downside) | -15.8% | -10.3% | -4.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MO | XXII | PEP | K | IMBB.F | PM | |
Enterprise Value | 113,402 | 5 | 241,431 | 33,677 | 34,429 | 262,587 | |
(+) Cash & Short Term Investments | 4,726 | 1 | 7,973 | 336 | 599 | 4,443 | |
(+) Investments & Other | 8,105 | 1 | 2,061 | 143 | 56 | 3,024 | |
(-) Debt | (26,059) | (6) | (51,384) | (6,260) | (10,895) | (49,633) | |
(-) Other Liabilities | (50) | 0 | (141) | (110) | (564) | (1,975) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 100,124 | 1 | 199,940 | 27,786 | 23,625 | 218,446 | |
(/) Shares Outstanding | 1,684.5 | 0.3 | 1,369.1 | 346.9 | 802.5 | 23,541.5 | |
Implied Stock Price | 59.44 | 3.04 | 146.04 | 80.09 | 29.44 | 9.28 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.74 | 0.00 | |
Implied Stock Price (Trading Cur) | 59.44 | 3.04 | 146.04 | 80.09 | 39.85 | 11,650.00 | |
Trading Currency | USD | USD | USD | USD | USD | ARS | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.74 | 0.00 |