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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 6.6x - 7.3x | 6.9x |
Selected Fwd EBITDA Multiple | 6.7x - 7.4x | 7.0x |
Fair Value | ARS 263.88 - ARS 295.55 | ARS 279.71 |
Upside | 18.9% - 33.1% | 26.0% |
Benchmarks | Ticker | Full Ticker |
Compañía Introductora de Buenos Aires S.A. | INTR | BASE:INTR |
Carlos Casado S.A. | CADO | BASE:CADO |
Molinos Agro S.A. | MOLA | BASE:MOLA |
S.A. San Miguel A.G.I.C.I. y F. | SAMI | BASE:SAMI |
Molinos Rio de la Plata S.A. | MOLI | BASE:MOLI |
Morixe Hermanos S.A.C.I. | MORI | BASE:MORI |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
INTR | CADO | MOLA | SAMI | MOLI | MORI | ||
BASE:INTR | BASE:CADO | BASE:MOLA | BASE:SAMI | BASE:MOLI | BASE:MORI | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 94.6% | NM- | 35.1% | 38.0% | NM- | 139.2% | |
3Y CAGR | 124.8% | NM- | 27.0% | NM- | NM- | 172.8% | |
Latest Twelve Months | 40.2% | 23.0% | 24.5% | 995.2% | -144.8% | 203.6% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 15.7% | -35.2% | 1.2% | -3.3% | 5.6% | 9.4% | |
Prior Fiscal Year | 9.0% | 33.1% | 0.6% | 6.2% | 9.0% | 15.1% | |
Latest Fiscal Year | 20.4% | -90.2% | 0.8% | 7.2% | -0.1% | 16.2% | |
Latest Twelve Months | 21.3% | -52.8% | 1.4% | 6.6% | -5.5% | 13.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.87x | 26.81x | 0.53x | 3.40x | 0.91x | 0.80x | |
EV / LTM EBITDA | 4.1x | -50.8x | 37.5x | 63.6x | -20.6x | 6.1x | |
EV / LTM EBIT | 4.7x | -39.3x | 47.9x | -48.3x | -13.4x | 6.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -50.8x | 4.1x | 63.6x | ||||
Historical EV / LTM EBITDA | 8.0x | 11.4x | 13.5x | ||||
Selected EV / LTM EBITDA | 6.6x | 6.9x | 7.3x | ||||
(x) LTM EBITDA | 12,065 | 12,065 | 12,065 | ||||
(=) Implied Enterprise Value | 79,615 | 83,805 | 87,996 | ||||
(-) Non-shareholder Claims * | (10,422) | (10,422) | (10,422) | ||||
(=) Equity Value | 69,194 | 73,384 | 77,574 | ||||
(/) Shares Outstanding | 281.9 | 281.9 | 281.9 | ||||
Implied Value Range | 245.45 | 260.32 | 275.18 | ||||
FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 245.45 | 260.32 | 275.18 | 222.00 | |||
Upside / (Downside) | 10.6% | 17.3% | 24.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | INTR | CADO | MOLA | SAMI | MOLI | MORI | |
Enterprise Value | 45,675 | 62,698 | 1,521,247 | 436,776 | 728,895 | 73,004 | |
(+) Cash & Short Term Investments | 6,202 | 240 | 156,150 | 19,110 | 33,627 | 11,145 | |
(+) Investments & Other | 0 | 576 | 3,558 | 0 | 34,738 | 0 | |
(-) Debt | (5,763) | (8,320) | (591,334) | (361,771) | (178,916) | (21,562) | |
(-) Other Liabilities | (707) | 0 | 0 | (5,751) | 0 | (5) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 45,407 | 55,194 | 1,089,621 | 88,365 | 618,344 | 62,582 | |
(/) Shares Outstanding | 121.1 | 123.2 | 49.1 | 1,485.1 | 201.4 | 281.9 | |
Implied Stock Price | 375.00 | 448.00 | 22,200.00 | 59.50 | 3,070.00 | 222.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 375.00 | 448.00 | 22,200.00 | 59.50 | 3,070.00 | 222.00 | |
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 |