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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 21,7x - 24,0x | 22,8x |
| Selected Fwd EBIT Multiple | 21,4x - 23,6x | 22,5x |
| Fair Value | ARS 584,43 - ARS 958,99 | ARS 771,71 |
| Upside | -56,5% - -28,7% | -42,6% |
| Benchmarks | Ticker | Full Ticker |
| BrasilAgro - Companhia Brasileira de Propriedades Agrícolas | AGRO3 | BOVESPA:AGRO3 |
| Molinos Juan Semino S.A. | SEMI | BASE:SEMI |
| Ledesma Sociedad Anónima Agrícola Industrial | LEDE | BASE:LEDE |
| Molinos Agro S.A. | MOLA | BASE:MOLA |
| SLC Agrícola S.A. | SLCE3 | BOVESPA:SLCE3 |
| Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | CRES | BASE:CRES |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AGRO3 | SEMI | LEDE | MOLA | SLCE3 | CRES | ||
| BOVESPA:AGRO3 | BASE:SEMI | BASE:LEDE | BASE:MOLA | BOVESPA:SLCE3 | BASE:CRES | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -4.6% | 107.2% | 109.0% | 7.0% | 22.5% | 65.7% | |
| 3Y CAGR | NM- | 393.2% | 160.7% | -27.0% | -5.9% | NM- | |
| Latest Twelve Months | 262.1% | -118.4% | -144.8% | -53.4% | -20.7% | -46.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 18.3% | 7.5% | 7.3% | 1.1% | 30.1% | 8.3% | |
| Prior Fiscal Year | 16.8% | 17.7% | 9.8% | 0.5% | 26.4% | 14.2% | |
| Latest Fiscal Year | 14.2% | 14.1% | 12.1% | 0.2% | 21.9% | 20.3% | |
| Latest Twelve Months | 28.6% | -7.7% | -19.4% | 0.1% | 21.9% | 12.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.70x | 1.26x | 1.32x | 0.57x | 2.19x | 3.19x | |
| EV / LTM EBITDA | 8.3x | -19.8x | -9.1x | 134.1x | 8.4x | 22.5x | |
| EV / LTM EBIT | 9.4x | -16.3x | -6.8x | 461.8x | 10.0x | 26.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -16.3x | 9.4x | 461.8x | ||||
| Historical EV / LTM EBIT | -188.3x | 6.6x | 28.4x | ||||
| Selected EV / LTM EBIT | 21.7x | 22.8x | 24.0x | ||||
| (x) LTM EBIT | 97,189 | 97,189 | 97,189 | ||||
| (=) Implied Enterprise Value | 2,107,554 | 2,218,478 | 2,329,402 | ||||
| (-) Non-shareholder Claims * | (1,780,318) | (1,780,318) | (1,780,318) | ||||
| (=) Equity Value | 327,236 | 438,160 | 549,084 | ||||
| (/) Shares Outstanding | 598.7 | 598.7 | 598.7 | ||||
| Implied Value Range | 546.62 | 731.91 | 917.20 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 546.62 | 731.91 | 917.20 | 1,345.00 | |||
| Upside / (Downside) | -59.4% | -45.6% | -31.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AGRO3 | SEMI | LEDE | MOLA | SLCE3 | CRES | |
| Enterprise Value | 3,293 | 52,027 | 654,022 | 1,161,270 | 15,137 | 2,585,504 | |
| (+) Cash & Short Term Investments | 81 | 16,438 | 8,216 | 215,223 | 1,980 | 512,556 | |
| (+) Investments & Other | 27 | 47 | 5,596 | 2,229 | 6 | 192,441 | |
| (-) Debt | (1,339) | (885) | (194,655) | (269,468) | (8,665) | (1,428,767) | |
| (-) Other Liabilities | 0 | (2) | 0 | 0 | (107) | (1,056,548) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,062 | 67,625 | 473,179 | 1,109,254 | 8,350 | 805,186 | |
| (/) Shares Outstanding | 99.6 | 2,500.0 | 438.1 | 49.1 | 439.9 | 598.7 | |
| Implied Stock Price | 20.70 | 27.05 | 1,080.00 | 22,600.00 | 18.98 | 1,345.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 20.70 | 27.05 | 1,080.00 | 22,600.00 | 18.98 | 1,345.00 | |
| Trading Currency | BRL | ARS | ARS | ARS | BRL | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |