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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.1x - 1.2x | 1.2x |
| Selected Fwd Ps Multiple | 1.5x - 1.6x | 1.5x |
| Fair Value | ARS 81.46 - ARS 90.03 | ARS 85.75 |
| Upside | 40.4% - 55.2% | 47.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Morixe Hermanos S.A.C.I. | - | BASE:MORI |
| Compañía Introductora de Buenos Aires S.A. | - | BASE:INTR |
| Carlos Casado S.A. | - | BASE:CADO |
| Molinos Agro S.A. | - | BASE:MOLA |
| Molinos Rio de la Plata S.A. | - | BASE:MOLI |
| S.A. San Miguel A.G.I.C.I. y F. | - | BASE:SAMI |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| MORI | INTR | CADO | MOLA | MOLI | SAMI | |||
| BASE:MORI | BASE:INTR | BASE:CADO | BASE:MOLA | BASE:MOLI | BASE:SAMI | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 108.7% | 76.5% | NM- | 75.7% | 81.6% | 57.0% | ||
| 3Y CAGR | 130.6% | 94.6% | 58.4% | 47.3% | 89.1% | 105.5% | ||
| Latest Twelve Months | NM | -15.0% | -60.4% | 6.3% | -27.1% | 173.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 0.2% | 1.3% | -15.5% | 2.2% | 5.7% | -42.0% | ||
| Prior Fiscal Year | 0.8% | -5.1% | 24.4% | 3.2% | 10.7% | -43.7% | ||
| Latest Fiscal Year | 3.3% | 0.2% | -97.5% | 1.7% | 3.7% | -14.2% | ||
| Latest Twelve Months | 3.0% | 1.7% | -136.6% | NA | -6.6% | -22.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 7.1x | 4.0x | -49.8x | 36.6x | -16.4x | 58.0x | ||
| Price / LTM Sales | 0.7x | 0.8x | 22.9x | 0.4x | 0.8x | 0.8x | ||
| LTM P/E Ratio | 34.4x | 48.5x | -16.8x | 21.6x | -11.6x | -3.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.4x | 0.8x | 22.9x | |||||
| Historical LTM P/S Ratio | 0.5x | 0.8x | 3.9x | |||||
| Selected Price / Sales Multiple | 1.1x | 1.2x | 1.2x | |||||
| (x) LTM Sales | 112,773 | 112,773 | 112,773 | |||||
| (=) Equity Value | 124,212 | 130,750 | 137,287 | |||||
| (/) Shares Outstanding | 1,485.1 | 1,485.1 | 1,485.1 | |||||
| Implied Value Range | 83.64 | 88.04 | 92.44 | |||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 83.64 | 88.04 | 92.44 | 58.00 | ||||
| Upside / (Downside) | 44.2% | 51.8% | 59.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | MORI | INTR | CADO | MOLA | MOLI | SAMI | |
| Value of Common Equity | 59,693 | 44,560 | 55,317 | 1,073,669 | 590,146 | 86,137 | |
| (/) Shares Outstanding | 281.9 | 121.1 | 123.2 | 49.1 | 201.4 | 1,485.1 | |
| Implied Stock Price | 211.75 | 368.00 | 449.00 | 21,875.00 | 2,930.00 | 58.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 211.75 | 368.00 | 449.00 | 21,875.00 | 2,930.00 | 58.00 | |
| 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 | |