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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -6,2x - -6,8x | -6,5x |
| Selected Fwd EBITDA Multiple | 5,9x - 6,6x | 6,3x |
| Fair Value | ARS 830,03 - ARS 960,85 | ARS 895,44 |
| Upside | -23,1% - -11,0% | -17,1% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SEMI | MOLA | CRES | MORI | INTR | LEDE | ||
| BASE:SEMI | BASE:MOLA | BASE:CRES | BASE:MORI | BASE:INTR | BASE:LEDE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 97.1% | 31.9% | 65.3% | 139.2% | 94.6% | 101.9% | |
| 3Y CAGR | 227.9% | 4.4% | NM- | 172.8% | 124.8% | 145.6% | |
| Latest Twelve Months | -114.3% | -44.1% | -36.7% | -6.6% | 40.2% | -128.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.4% | 1.4% | 12.4% | 9.1% | 15.7% | 11.0% | |
| Prior Fiscal Year | 18.8% | 0.7% | 15.2% | 15.1% | 9.0% | 13.5% | |
| Latest Fiscal Year | 15.1% | 0.6% | 21.4% | 16.2% | 20.4% | 15.2% | |
| Latest Twelve Months | -6.4% | 0.4% | 14.1% | 16.2% | 21.3% | -14.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.26x | 0.57x | 3.19x | 0.75x | 0.88x | 1.32x | |
| EV / LTM EBITDA | -19.8x | 134.1x | 22.5x | 4.6x | 4.1x | -9.1x | |
| EV / LTM EBIT | -16.3x | 461.8x | 26.6x | 5.0x | 4.8x | -6.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -19.8x | 4.6x | 134.1x | ||||
| Historical EV / LTM EBITDA | 2.2x | 3.4x | 4.3x | ||||
| Selected EV / LTM EBITDA | -6.2x | -6.5x | -6.8x | ||||
| (x) LTM EBITDA | (72,155) | (72,155) | (72,155) | ||||
| (=) Implied Enterprise Value | 446,393 | 469,888 | 493,382 | ||||
| (-) Non-shareholder Claims * | (180,843) | (180,843) | (180,843) | ||||
| (=) Equity Value | 265,550 | 289,045 | 312,539 | ||||
| (/) Shares Outstanding | 438.1 | 438.1 | 438.1 | ||||
| Implied Value Range | 606.10 | 659.73 | 713.35 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 606.10 | 659.73 | 713.35 | 1,080.00 | |||
| Upside / (Downside) | -43.9% | -38.9% | -33.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SEMI | MOLA | CRES | MORI | INTR | LEDE | |
| Enterprise Value | 52,027 | 1,161,270 | 2,585,504 | 78,598 | 46,280 | 654,022 | |
| (+) Cash & Short Term Investments | 16,438 | 215,223 | 512,556 | 14,164 | 6,202 | 8,216 | |
| (+) Investments & Other | 47 | 2,229 | 192,441 | 0 | 0 | 5,596 | |
| (-) Debt | (885) | (269,468) | (1,428,767) | (17,635) | (5,763) | (194,655) | |
| (-) Other Liabilities | (2) | 0 | (1,056,548) | 0 | (707) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 67,625 | 1,109,254 | 805,186 | 75,127 | 46,013 | 473,179 | |
| (/) Shares Outstanding | 2,500.0 | 49.1 | 598.7 | 281.9 | 121.1 | 438.1 | |
| Implied Stock Price | 27.05 | 22,600.00 | 1,345.00 | 266.50 | 380.00 | 1,080.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 27.05 | 22,600.00 | 1,345.00 | 266.50 | 380.00 | 1,080.00 | |
| 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 | |