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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 50,1x - 55,4x | 52,8x |
| Selected Fwd EBITDA Multiple | 28,0x - 30,9x | 29,5x |
| Fair Value | ARS 12,90 - ARS 38,95 | ARS 25,92 |
| Upside | -64,5% - 7,3% | -28,6% |
| Benchmarks | Ticker | Full Ticker |
| Morixe Hermanos S.A.C.I. | MORI | BASE:MORI |
| Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | CRES | BASE:CRES |
| Ledesma Sociedad Anónima Agrícola Industrial | LEDE | BASE:LEDE |
| Molinos Juan Semino S.A. | SEMI | BASE:SEMI |
| Molinos Agro S.A. | MOLA | BASE:MOLA |
| S.A. San Miguel A.G.I.C.I. y F. | SAMI | BASE:SAMI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MORI | CRES | LEDE | SEMI | MOLA | SAMI | ||
| BASE:MORI | BASE:CRES | BASE:LEDE | BASE:SEMI | BASE:MOLA | BASE:SAMI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 139.2% | 56.4% | 36.7% | 30.4% | 35.1% | 38.0% | |
| 3Y CAGR | 172.8% | 91.9% | 12.1% | 12.6% | 27.0% | NM- | |
| Latest Twelve Months | NM | -29.1% | -83.5% | -89.4% | 24.5% | 29343.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 8.9% | 12.0% | 10.6% | 9.1% | 1.2% | -4.0% | |
| Prior Fiscal Year | 15.1% | 23.9% | 16.2% | 15.1% | 0.6% | 6.2% | |
| Latest Fiscal Year | 16.2% | 17.8% | 3.4% | 2.2% | 0.8% | 7.2% | |
| Latest Twelve Months | 3.1% | 17.8% | 3.4% | 2.2% | 1.4% | 6.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.76x | 3.19x | 0.65x | 0.45x | 0.44x | 3.57x | |
| EV / LTM EBITDA | 24.6x | 18.0x | 19.3x | 20.8x | 31.2x | 54.1x | |
| EV / LTM EBIT | 49.0x | 19.2x | -65.8x | 72.3x | 39.8x | -61.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 18.0x | 20.8x | 31.2x | ||||
| Historical EV / LTM EBITDA | -48.1x | 12.6x | 50.6x | ||||
| Selected EV / LTM EBITDA | 50.1x | 52.8x | 55.4x | ||||
| (x) LTM EBITDA | 7,433 | 7,433 | 7,433 | ||||
| (=) Implied Enterprise Value | 372,603 | 392,213 | 411,824 | ||||
| (-) Non-shareholder Claims * | (348,411) | (348,411) | (348,411) | ||||
| (=) Equity Value | 24,191 | 43,802 | 63,413 | ||||
| (/) Shares Outstanding | 1,485.1 | 1,485.1 | 1,485.1 | ||||
| Implied Value Range | 16.29 | 29.49 | 42.70 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.29 | 29.49 | 42.70 | 36.30 | |||
| Upside / (Downside) | -55.1% | -18.8% | 17.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MORI | CRES | LEDE | SEMI | MOLA | SAMI | |
| Enterprise Value | 64,140 | 2,928,588 | 535,059 | 26,693 | 1,289,334 | 402,321 | |
| (+) Cash & Short Term Investments | 10,894 | 477,069 | 8,589 | 18,008 | 156,150 | 19,110 | |
| (+) Investments & Other | 0 | 215,370 | 5,260 | 51 | 3,558 | 0 | |
| (-) Debt | (25,268) | (1,463,418) | (161,164) | (375) | (591,334) | (361,771) | |
| (-) Other Liabilities | 33 | (1,243,206) | 0 | (2) | 0 | (5,751) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 49,800 | 914,403 | 387,744 | 44,375 | 857,708 | 53,910 | |
| (/) Shares Outstanding | 2,000.0 | 625.4 | 438.1 | 2,500.0 | 49.1 | 1,485.1 | |
| Implied Stock Price | 24.90 | 1,462.00 | 885.00 | 17.75 | 17,475.00 | 36.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 24.90 | 1,462.00 | 885.00 | 17.75 | 17,475.00 | 36.30 | |
| 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 | |