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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 0.1x - 0.1x | 0.1x |
Selected Fwd Ps Multiple | 0.0x - 0.0x | 0.0x |
Fair Value | ARS 634.54 - ARS 701.33 | ARS 667.93 |
Upside | 29.5% - 43.1% | 36.3% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Pampa Energía S.A. | - | BASE:PAMP |
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima | - | BASE:EDN |
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. | - | BASE:TRAN |
Compania de Electricidad de Tulua S.A. E.S.P. | - | BVC:ELECTULUA |
Shougang Generación Eléctrica S.A.A. | - | BVL:SHOUGEC1 |
EDESA Holding S.A. | - | BASE:EDSH |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
PAMP | EDN | TRAN | ELECTULUA | SHOUGEC1 | EDSH | |||
BASE:PAMP | BASE:EDN | BASE:TRAN | BVC:ELECTULUA | BVL:SHOUGEC1 | BASE:EDSH | |||
Historical Sales Growth | ||||||||
5Y CAGR | 7.0% | 61.7% | 76.8% | 8.8% | 2.0% | 81.9% | ||
3Y CAGR | 7.6% | 109.8% | 116.0% | 8.9% | 8.3% | 107.8% | ||
Latest Twelve Months | 8.3% | 33.8% | 19.7% | 1.5% | -37.1% | 48.3% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 17.4% | -3.7% | 10.9% | 17.4% | -0.9% | 0.2% | ||
Prior Fiscal Year | 17.4% | 12.5% | 5.0% | 17.9% | 0.4% | -6.0% | ||
Latest Fiscal Year | 33.0% | 13.3% | 20.7% | 16.6% | 0.0% | -2.6% | ||
Latest Twelve Months | 33.0% | 13.3% | 20.7% | 16.6% | 0.0% | -2.6% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 6.5x | 9.1x | 5.1x | 2.9x | -4.9x | 2.9x | ||
Price / LTM Sales | 2.3x | 0.9x | 2.4x | 1.0x | 0.2x | 0.0x | ||
LTM P/E Ratio | 7.0x | 6.4x | 11.7x | 5.9x | -731.2x | -1.5x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.2x | 1.0x | 2.4x | |||||
Historical LTM P/S Ratio | 0.0x | 0.1x | 0.1x | |||||
Selected Price / Sales Multiple | 0.1x | 0.1x | 0.1x | |||||
(x) LTM Sales | 281,097 | 281,097 | 281,097 | |||||
(=) Equity Value | 14,650 | 15,421 | 16,192 | |||||
(/) Shares Outstanding | 22.9 | 22.9 | 22.9 | |||||
Implied Value Range | 640.06 | 673.75 | 707.44 | |||||
FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 640.06 | 673.75 | 707.44 | 490.00 | ||||
Upside / (Downside) | 30.6% | 37.5% | 44.4% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | PAMP | EDN | TRAN | ELECTULUA | SHOUGEC1 | EDSH | |
Value of Common Equity | 4,324 | 1,746,986 | 820,423 | 165,997 | 29 | 11,215 | |
(/) Shares Outstanding | 1,359.6 | 875.7 | 444.7 | 0.3 | 94.0 | 22.9 | |
Implied Stock Price | 3.18 | 1,995.00 | 1,845.00 | 500,000.00 | 0.31 | 490.00 | |
FX Conversion Rate to Trading Currency | 0.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 3,615.00 | 1,995.00 | 1,845.00 | 500,000.00 | 0.31 | 490.00 | |
Trading Currency | ARS | ARS | ARS | COP | PEN | ARS | |
FX Rate to Reporting Currency | 0.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |