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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.0x - 1.1x | 1.0x |
| Selected Fwd Ps Multiple | 0.9x - 1.0x | 1.0x |
| Fair Value | ARS 1,112 - ARS 1,229 | ARS 1,170 |
| Upside | -26.1% - -18.4% | -22.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| BrasilAgro - Companhia Brasileira de Propriedades Agrícolas | - | BOVESPA:AGRO3 |
| SLC Agrícola S.A. | - | BOVESPA:SLCE3 |
| Molinos Juan Semino S.A. | - | BASE:SEMI |
| Ledesma Sociedad Anónima Agrícola Industrial | - | BASE:LEDE |
| Adecoagro S.A. | - | BASE:ADGO |
| Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | - | BASE:CRES |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| AGRO3 | SLCE3 | SEMI | LEDE | ADGO | CRES | |||
| BOVESPA:AGRO3 | BOVESPA:SLCE3 | BASE:SEMI | BASE:LEDE | BASE:ADGO | BASE:CRES | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 15.3% | 22.2% | 81.3% | 88.6% | 11.4% | 71.8% | ||
| 3Y CAGR | 12.5% | 16.6% | 108.2% | 115.9% | 10.5% | 68.0% | ||
| Latest Twelve Months | 8.7% | 4.6% | -54.0% | -54.1% | 20.4% | -29.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 27.8% | 16.7% | 2.7% | 5.9% | 8.7% | 27.0% | ||
| Prior Fiscal Year | 21.5% | 12.4% | 10.5% | 7.7% | 17.4% | 23.0% | ||
| Latest Fiscal Year | 22.3% | 7.4% | 5.5% | 5.4% | 6.1% | 11.0% | ||
| Latest Twelve Months | 25.2% | 10.2% | -7.8% | -14.8% | 4.0% | 9.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 8.7x | 7.1x | -17.7x | -8.6x | 5.4x | 54.4x | ||
| Price / LTM Sales | 1.7x | 1.1x | 1.5x | 0.9x | 0.6x | 1.3x | ||
| LTM P/E Ratio | 6.6x | 10.6x | -19.4x | -5.9x | 14.1x | 13.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.6x | 1.1x | 1.7x | |||||
| Historical LTM P/S Ratio | 0.2x | 0.5x | 1.1x | |||||
| Selected Price / Sales Multiple | 1.0x | 1.0x | 1.1x | |||||
| (x) LTM Sales | 695,582 | 695,582 | 695,582 | |||||
| (=) Equity Value | 677,278 | 712,924 | 748,570 | |||||
| (/) Shares Outstanding | 607.7 | 607.7 | 607.7 | |||||
| Implied Value Range | 1,114.54 | 1,173.20 | 1,231.86 | |||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1,114.54 | 1,173.20 | 1,231.86 | 1,505.00 | ||||
| Upside / (Downside) | -25.9% | -22.0% | -18.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | AGRO3 | SLCE3 | SEMI | LEDE | ADGO | CRES | |
| Value of Common Equity | 2,027 | 8,002 | 61,750 | 434,186 | 787 | 914,553 | |
| (/) Shares Outstanding | 99.6 | 440.9 | 2,500.0 | 438.1 | 88.3 | 607.7 | |
| Implied Stock Price | 20.35 | 18.15 | 24.70 | 991.00 | 8.91 | 1,505.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 20.35 | 18.15 | 24.70 | 991.00 | 12,000.00 | 1,505.00 | |
| Trading Currency | BRL | BRL | ARS | ARS | ARS | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | 1.00 | |