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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 0.9x - 0.9x | 0.9x |
Selected Fwd Ps Multiple | 0.7x - 0.7x | 0.7x |
Fair Value | ARS 286.05 - ARS 316.16 | ARS 301.10 |
Upside | -27.9% - -20.3% | -24.1% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Banco Patagonia S.A. | - | BASE:BPAT |
Banco BBVA Argentina S.A. | - | BASE:BBAR |
Banco Macro S.A. | - | BASE:BMA |
Grupo Financiero Galicia S.A. | - | BASE:GGAL |
Bank of America Corporation | - | BASE:BA.C |
Banco Hipotecario S.A. | - | BASE:BHIP |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
BPAT | BBAR | BMA | GGAL | BA.C | BHIP | |||
BASE:BPAT | BASE:BBAR | BASE:BMA | BASE:GGAL | BASE:BA.C | BASE:BHIP | |||
Historical Sales Growth | ||||||||
5Y CAGR | 90.2% | 94.3% | 113.4% | 106.3% | 2.3% | 101.5% | ||
3Y CAGR | 125.0% | 128.9% | 130.8% | 137.0% | 0.8% | 146.0% | ||
Latest Twelve Months | -46.5% | -45.5% | -64.1% | -35.5% | 3.9% | -44.4% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 12.5% | 10.2% | 13.1% | 12.1% | 29.2% | 3.1% | ||
Prior Fiscal Year | 9.4% | 8.3% | 20.5% | 10.2% | 26.0% | 15.0% | ||
Latest Fiscal Year | 12.9% | 10.0% | 7.1% | 23.5% | 26.5% | 10.2% | ||
Latest Twelve Months | 15.6% | 13.6% | -2.2% | 24.4% | 27.0% | 8.4% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
Price / LTM Sales | 1.2x | 1.5x | 2.1x | 1.9x | 3.7x | 1.0x | ||
LTM P/E Ratio | 8.0x | 11.1x | -91.3x | 7.7x | 13.6x | 12.2x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 1.2x | 1.9x | 3.7x | |||||
Historical LTM P/S Ratio | 0.2x | 0.4x | 0.9x | |||||
Selected Price / Sales Multiple | 0.9x | 0.9x | 0.9x | |||||
(x) LTM Sales | 561,243 | 561,243 | 561,243 | |||||
(=) Equity Value | 480,069 | 505,336 | 530,603 | |||||
(/) Shares Outstanding | 1,500.0 | 1,500.0 | 1,500.0 | |||||
Implied Value Range | 320.05 | 336.89 | 353.74 | |||||
FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 320.05 | 336.89 | 353.74 | 396.50 | ||||
Upside / (Downside) | -19.3% | -15.0% | -10.8% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | BPAT | BBAR | BMA | GGAL | BA.C | BHIP | |
Value of Common Equity | 1,524,588 | 4,166,429 | 5,803,315 | 10,633,400 | 293,047 | 594,750 | |
(/) Shares Outstanding | 719.1 | 612.7 | 639.4 | 1,606.3 | 24,307.9 | 1,500.0 | |
Implied Stock Price | 2,120.00 | 6,800.00 | 9,076.00 | 6,620.00 | 12.06 | 396.50 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2,120.00 | 6,800.00 | 9,076.00 | 6,620.00 | 15,600.00 | 396.50 | |
Trading Currency | ARS | ARS | ARS | ARS | ARS | ARS | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | 1.00 |