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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15.4x - 17.0x | 16.2x |
| Selected Fwd EBITDA Multiple | 10.8x - 12.0x | 11.4x |
| Fair Value | ARS 33,107 - ARS 37,337 | ARS 35,222 |
| Upside | 16.5% - 31.4% | 23.9% |
| Benchmarks | Ticker | Full Ticker |
| Northrop Grumman Corporation | NOC | NYSE:NOC |
| L3Harris Technologies, Inc. | LHX | NYSE:LHX |
| General Dynamics Corporation | GD | NYSE:GD |
| RTX Corporation | RTX | NYSE:RTX |
| Textron Inc. | TXT | NYSE:TXT |
| Lockheed Martin Corporation | LMT | BASE:LMT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NOC | LHX | GD | RTX | TXT | LMT | ||
| NYSE:NOC | NYSE:LHX | NYSE:GD | NYSE:RTX | NYSE:TXT | BASE:LMT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.1% | 3.9% | 1.0% | 8.7% | -0.7% | -0.9% | |
| 3Y CAGR | -7.8% | 8.6% | 2.4% | 4.7% | 2.9% | -2.3% | |
| Latest Twelve Months | 49.6% | 3.1% | 18.4% | 51.2% | -10.7% | -29.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.0% | 18.3% | 12.7% | 15.1% | 11.1% | 13.7% | |
| Prior Fiscal Year | 10.1% | 18.4% | 10.8% | 14.1% | 12.2% | 15.1% | |
| Latest Fiscal Year | 16.7% | 18.4% | 11.9% | 15.9% | 11.1% | 11.8% | |
| Latest Twelve Months | 15.9% | 18.7% | 12.1% | 16.8% | 10.7% | 10.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.44x | 2.90x | 1.86x | 2.97x | 1.17x | 1.67x | |
| EV / LTM EBITDA | 15.4x | 15.6x | 15.4x | 17.6x | 10.9x | 16.6x | |
| EV / LTM EBIT | 19.8x | 22.7x | 18.1x | 25.5x | 14.8x | 20.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.9x | 15.4x | 17.6x | ||||
| Historical EV / LTM EBITDA | 11.2x | 12.3x | 15.8x | ||||
| Selected EV / LTM EBITDA | 15.4x | 16.2x | 17.0x | ||||
| (x) LTM EBITDA | 7,194 | 7,194 | 7,194 | ||||
| (=) Implied Enterprise Value | 110,770 | 116,600 | 122,430 | ||||
| (-) Non-shareholder Claims * | (20,345) | (20,345) | (20,345) | ||||
| (=) Equity Value | 90,425 | 96,255 | 102,085 | ||||
| (/) Shares Outstanding | 3,809.9 | 3,809.9 | 3,809.9 | ||||
| Implied Value Range | 23.73 | 25.26 | 26.79 | ||||
| FX Rate: USD/ARS | 0.0 | 0.0 | 0.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 31,459.96 | 33,488.29 | 35,516.62 | 28,425.00 | |||
| Upside / (Downside) | 10.7% | 17.8% | 24.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOC | LHX | GD | RTX | TXT | LMT | |
| Enterprise Value | 98,979 | 62,083 | 93,468 | 247,949 | 16,460 | 102,047 | |
| (+) Cash & Short Term Investments | 1,899 | 482 | 1,523 | 4,782 | 1,352 | 1,293 | |
| (+) Investments & Other | 413 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (18,086) | (12,102) | (10,619) | (43,595) | (4,087) | (21,638) | |
| (-) Other Liabilities | 0 | 0 | 0 | (1,849) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 83,205 | 50,463 | 84,372 | 207,287 | 13,725 | 81,702 | |
| (/) Shares Outstanding | 143.2 | 187.1 | 268.6 | 1,338.5 | 178.2 | 3,809.9 | |
| Implied Stock Price | 581.11 | 269.72 | 314.13 | 154.86 | 77.02 | 21.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | |
| Implied Stock Price (Trading Cur) | 581.11 | 269.72 | 314.13 | 154.86 | 77.02 | 28,425.00 | |
| Trading Currency | USD | USD | USD | USD | USD | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | |