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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -5.8x - -6.4x | -6.1x |
| Selected Fwd EBITDA Multiple | 5.4x - 6.0x | 5.7x |
| Fair Value | ARS 727.79 - ARS 847.85 | ARS 787.82 |
| Upside | -20.6% - -7.5% | -14.1% |
| Benchmarks | Ticker | Full Ticker |
| Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | CRES | BASE:CRES |
| Molinos Juan Semino S.A. | SEMI | BASE:SEMI |
| Molinos Rio de la Plata S.A. | MOLI | BASE:MOLI |
| Morixe Hermanos S.A.C.I. | MORI | BASE:MORI |
| Molinos Agro S.A. | MOLA | BASE:MOLA |
| Ledesma Sociedad Anónima Agrícola Industrial | LEDE | BASE:LEDE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CRES | SEMI | MOLI | MORI | MOLA | LEDE | ||
| BASE:CRES | BASE:SEMI | BASE:MOLI | BASE:MORI | BASE:MOLA | BASE:LEDE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 65.3% | 97.1% | NM- | 139.2% | 35.1% | 101.9% | |
| 3Y CAGR | NM- | 227.9% | NM- | 172.8% | 27.0% | 145.6% | |
| Latest Twelve Months | -78.5% | -114.3% | -140.7% | 203.6% | 66.8% | -128.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.1% | 9.4% | 6.1% | 9.4% | 1.3% | 11.0% | |
| Prior Fiscal Year | 15.2% | 18.8% | 9.0% | 15.1% | 0.6% | 13.5% | |
| Latest Fiscal Year | 21.4% | 15.1% | -0.1% | 16.2% | 0.8% | 15.2% | |
| Latest Twelve Months | 7.1% | -6.4% | -5.6% | 13.2% | 0.8% | -14.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.69x | 1.01x | 0.85x | 0.78x | 0.37x | 1.18x | |
| EV / LTM EBITDA | 52.0x | -15.9x | -15.3x | 6.0x | 44.4x | -8.2x | |
| EV / LTM EBIT | 57.0x | -13.1x | -11.2x | 6.7x | 70.1x | -6.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -15.9x | 6.0x | 52.0x | ||||
| Historical EV / LTM EBITDA | 2.2x | 3.4x | 4.3x | ||||
| Selected EV / LTM EBITDA | -5.8x | -6.1x | -6.4x | ||||
| (x) LTM EBITDA | (72,155) | (72,155) | (72,155) | ||||
| (=) Implied Enterprise Value | 416,630 | 438,558 | 460,486 | ||||
| (-) Non-shareholder Claims * | (180,843) | (180,843) | (180,843) | ||||
| (=) Equity Value | 235,787 | 257,715 | 279,643 | ||||
| (/) Shares Outstanding | 438.1 | 438.1 | 438.1 | ||||
| Implied Value Range | 538.17 | 588.22 | 638.27 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 538.17 | 588.22 | 638.27 | 917.00 | |||
| Upside / (Downside) | -41.3% | -35.9% | -30.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CRES | SEMI | MOLI | MORI | MOLA | LEDE | |
| Enterprise Value | 2,567,259 | 41,777 | 690,728 | 72,370 | 1,112,777 | 582,607 | |
| (+) Cash & Short Term Investments | 512,556 | 16,438 | 41,155 | 11,145 | 109,380 | 8,216 | |
| (+) Investments & Other | 192,441 | 47 | 34,781 | 0 | 3,258 | 5,596 | |
| (-) Debt | (1,428,767) | (885) | (171,482) | (21,562) | (253,591) | (194,655) | |
| (-) Other Liabilities | (1,056,548) | (2) | 0 | (5) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 786,941 | 57,375 | 595,182 | 61,948 | 971,824 | 401,764 | |
| (/) Shares Outstanding | 607.7 | 2,500.0 | 201.4 | 281.9 | 49.1 | 438.1 | |
| Implied Stock Price | 1,295.00 | 22.95 | 2,955.00 | 219.75 | 19,800.00 | 917.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,295.00 | 22.95 | 2,955.00 | 219.75 | 19,800.00 | 917.00 | |
| 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 | |