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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.1x - 3.4x | 3.3x |
| Selected Fwd Revenue Multiple | 3.0x - 3.4x | 3.2x |
| Fair Value | ARS 637.28 - ARS 1,013 | ARS 825.02 |
| Upside | -54.3% - -27.4% | -40.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| BrasilAgro - Companhia Brasileira de Propriedades Agrícolas | AGRO3 | BOVESPA:AGRO3 |
| SLC Agrícola S.A. | SLCE3 | BOVESPA:SLCE3 |
| Molinos Juan Semino S.A. | SEMI | BASE:SEMI |
| Adecoagro S.A. | ADGO | BASE:ADGO |
| Molinos Rio de la Plata S.A. | MOLI | BASE:MOLI |
| Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | CRES | BASE:CRES |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| AGRO3 | SLCE3 | SEMI | ADGO | MOLI | CRES | |||
| BOVESPA:AGRO3 | BOVESPA:SLCE3 | BASE:SEMI | BASE:ADGO | BASE:MOLI | BASE:CRES | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 15.3% | 22.2% | 68.5% | 11.4% | 81.6% | 71.8% | ||
| 3Y CAGR | 12.5% | 16.6% | 60.1% | 10.5% | 89.1% | 68.0% | ||
| Latest Twelve Months | 8.7% | 13.5% | -26.5% | 17.4% | -27.1% | -29.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 18.3% | 30.6% | 7.3% | 17.6% | 2.7% | 8.0% | ||
| Prior Fiscal Year | 16.8% | 27.5% | 14.1% | 15.7% | 6.3% | 14.2% | ||
| Latest Fiscal Year | 14.2% | 23.0% | 0.6% | 13.3% | -2.2% | 20.3% | ||
| Latest Twelve Months | 28.1% | 22.2% | 0.6% | 5.1% | -7.6% | 6.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.71x | 2.08x | 0.55x | 1.25x | 0.87x | 3.80x | ||
| EV / LTM EBIT | 9.7x | 9.4x | 86.8x | 24.4x | -11.4x | 58.7x | ||
| Price / LTM Sales | 1.68x | 0.98x | 0.83x | 0.54x | 0.73x | 1.24x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.55x | 1.25x | 2.71x | |||||
| Historical EV / LTM Revenue | 1.12x | 1.91x | 4.31x | |||||
| Selected EV / LTM Revenue | 3.12x | 3.28x | 3.45x | |||||
| (x) LTM Revenue | 695,582 | 695,582 | 695,582 | |||||
| (=) Implied Enterprise Value | 2,170,202 | 2,284,424 | 2,398,645 | |||||
| (-) Non-shareholder Claims * | (1,780,318) | (1,780,318) | (1,780,318) | |||||
| (=) Equity Value | 389,884 | 504,106 | 618,327 | |||||
| (/) Shares Outstanding | 607.7 | 607.7 | 607.7 | |||||
| Implied Value Range | 641.60 | 829.56 | 1,017.53 | |||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 641.60 | 829.56 | 1,017.53 | 1,395.00 | ||||
| Upside / (Downside) | -54.0% | -40.5% | -27.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AGRO3 | SLCE3 | SEMI | ADGO | MOLI | CRES | |
| Enterprise Value | 3,339 | 16,216 | 32,318 | 1,789 | 660,414 | 2,628,027 | |
| (+) Cash & Short Term Investments | 64 | 1,150 | 18,008 | 206 | 33,627 | 512,556 | |
| (+) Investments & Other | 3 | 8 | 51 | 0 | 34,738 | 192,441 | |
| (-) Debt | (1,339) | (9,623) | (375) | (1,269) | (178,916) | (1,428,767) | |
| (-) Other Liabilities | 0 | (75) | (2) | (40) | 0 | (1,056,548) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,067 | 7,676 | 50,000 | 686 | 549,863 | 847,709 | |
| (/) Shares Outstanding | 99.6 | 440.9 | 2,500.0 | 81.5 | 201.4 | 607.7 | |
| Implied Stock Price | 20.75 | 17.41 | 20.00 | 8.42 | 2,730.00 | 1,395.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 20.75 | 17.41 | 20.00 | 11,375.00 | 2,730.00 | 1,395.00 | |
| Trading Currency | BRL | BRL | ARS | ARS | ARS | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.00 | 1.00 | 1.00 | |