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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.5x - 12.7x | 12.1x |
| Selected Fwd EBITDA Multiple | 1.9x - 2.1x | 2.0x |
| Fair Value | ARS 31.54 - ARS 32.51 | ARS 32.03 |
| Upside | -4.6% - -1.7% | -3.2% |
| Benchmarks | Ticker | Full Ticker |
| Transportadora de Gas del Norte S.A. | TGNO4 | BASE:TGNO4 |
| YPF Sociedad Anónima | YPFD | BASE:YPFD |
| Dorian LPG Ltd. | LPG | NYSE:LPG |
| Magnolia Oil & Gas Corporation | MGY | NYSE:MGY |
| Teekay Tankers Ltd. | TNK | NYSE:TNK |
| Sociedad Comercial del Plata S.A. | COME | BASE:COME |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TGNO4 | YPFD | LPG | MGY | TNK | COME | ||
| BASE:TGNO4 | BASE:YPFD | NYSE:LPG | NYSE:MGY | NYSE:TNK | BASE:COME | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 64.3% | 87.1% | -4.9% | 6.8% | 13.0% | 83.2% | |
| 3Y CAGR | 127.0% | 119.7% | 5.3% | 5.2% | NM- | 7.9% | |
| Latest Twelve Months | 264.8% | 62.8% | -65.4% | -0.1% | -48.3% | -90.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 46.3% | 23.0% | 61.2% | 78.6% | 25.8% | 9.5% | |
| Prior Fiscal Year | 33.3% | 19.7% | 70.3% | 71.6% | 41.2% | 9.7% | |
| Latest Fiscal Year | 48.7% | 21.8% | 50.6% | 70.9% | 34.0% | 3.0% | |
| Latest Twelve Months | 63.0% | 22.0% | 42.4% | 69.9% | 26.0% | 0.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.20x | 1.26x | 5.54x | 3.59x | 1.18x | 0.15x | |
| EV / LTM EBITDA | 3.5x | 5.7x | 13.1x | 5.1x | 4.5x | 17.4x | |
| EV / LTM EBIT | 4.3x | 16.6x | 24.4x | 9.6x | 6.2x | -4.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.5x | 5.1x | 13.1x | ||||
| Historical EV / LTM EBITDA | 0.3x | 1.7x | 15.8x | ||||
| Selected EV / LTM EBITDA | 11.5x | 12.1x | 12.7x | ||||
| (x) LTM EBITDA | 4,355 | 4,355 | 4,355 | ||||
| (=) Implied Enterprise Value | 49,923 | 52,551 | 55,178 | ||||
| (-) Non-shareholder Claims * | 155,797 | 155,797 | 155,797 | ||||
| (=) Equity Value | 205,721 | 208,348 | 210,976 | ||||
| (/) Shares Outstanding | 7,000.0 | 7,000.0 | 7,000.0 | ||||
| Implied Value Range | 29.39 | 29.76 | 30.14 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 29.39 | 29.76 | 30.14 | 33.07 | |||
| Upside / (Downside) | -11.1% | -10.0% | -8.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TGNO4 | YPFD | LPG | MGY | TNK | COME | |
| Enterprise Value | 1,021,498 | 25,497,170 | 1,776 | 4,790 | 1,213 | 75,693 | |
| (+) Cash & Short Term Investments | 172,248 | 1,213,547 | 278 | 252 | 731 | 50,908 | |
| (+) Investments & Other | 1,119 | 2,296,229 | 2 | 0 | 17 | 153,127 | |
| (-) Debt | (73,363) | (12,667,273) | (690) | (412) | (50) | (37,776) | |
| (-) Other Liabilities | 0 | (276,779) | 0 | (57) | 0 | (10,462) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,121,502 | 16,062,894 | 1,366 | 4,573 | 1,911 | 231,490 | |
| (/) Shares Outstanding | 439.4 | 393.3 | 42.6 | 185.3 | 34.5 | 7,000.0 | |
| Implied Stock Price | 2,552.50 | 40,840.00 | 32.03 | 24.68 | 55.35 | 33.07 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,552.50 | 40,840.00 | 32.03 | 24.68 | 55.35 | 33.07 | |
| Trading Currency | ARS | ARS | USD | USD | USD | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |