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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 47.7x - 52.8x | 50.2x |
| Selected Fwd EBIT Multiple | 21.7x - 24.0x | 22.9x |
| Fair Value | ARS 637.62 - ARS 1,013 | ARS 825.38 |
| Upside | -55.6% - -29.4% | -42.5% |
| Benchmarks | Ticker | Full Ticker |
| BrasilAgro - Companhia Brasileira de Propriedades Agrícolas | AGRO3 | BOVESPA:AGRO3 |
| SLC Agrícola S.A. | SLCE3 | BOVESPA:SLCE3 |
| Molinos Juan Semino S.A. | SEMI | BASE:SEMI |
| Ledesma Sociedad Anónima Agrícola Industrial | LEDE | BASE:LEDE |
| Adecoagro S.A. | ADGO | BASE:ADGO |
| Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | CRES | BASE:CRES |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AGRO3 | SLCE3 | SEMI | LEDE | ADGO | CRES | ||
| BOVESPA:AGRO3 | BOVESPA:SLCE3 | BASE:SEMI | BASE:LEDE | BASE:ADGO | BASE:CRES | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -4.6% | 23.6% | 107.2% | 109.0% | 10.9% | 65.7% | |
| 3Y CAGR | NM- | -4.4% | 393.2% | 160.7% | -10.6% | NM- | |
| Latest Twelve Months | 254.1% | 29.3% | -118.4% | -144.8% | -29.5% | -79.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 18.3% | 30.6% | 7.5% | 7.3% | 18.2% | 8.0% | |
| Prior Fiscal Year | 16.8% | 27.5% | 17.7% | 9.8% | 15.7% | 14.2% | |
| Latest Fiscal Year | 14.2% | 23.0% | 14.1% | 12.1% | 13.3% | 20.3% | |
| Latest Twelve Months | 28.1% | 26.9% | -7.7% | -19.4% | 9.2% | 6.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.69x | 2.21x | 1.07x | 1.17x | 1.28x | 3.80x | |
| EV / LTM EBITDA | 8.7x | 7.1x | -16.8x | -8.0x | 5.6x | 53.5x | |
| EV / LTM EBIT | 9.6x | 8.2x | -13.8x | -6.0x | 13.9x | 58.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -13.8x | 8.2x | 13.9x | ||||
| Historical EV / LTM EBIT | -188.3x | 6.6x | 28.4x | ||||
| Selected EV / LTM EBIT | 47.7x | 50.2x | 52.8x | ||||
| (x) LTM EBIT | 45,061 | 45,061 | 45,061 | ||||
| (=) Implied Enterprise Value | 2,150,646 | 2,263,838 | 2,377,030 | ||||
| (-) Non-shareholder Claims * | (1,780,318) | (1,780,318) | (1,780,318) | ||||
| (=) Equity Value | 370,328 | 483,520 | 596,712 | ||||
| (/) Shares Outstanding | 607.7 | 607.7 | 607.7 | ||||
| Implied Value Range | 609.42 | 795.69 | 981.96 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 609.42 | 795.69 | 981.96 | 1,435.00 | |||
| Upside / (Downside) | -57.5% | -44.6% | -31.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AGRO3 | SLCE3 | SEMI | LEDE | ADGO | CRES | |
| Enterprise Value | 3,294 | 16,051 | 44,402 | 581,731 | 1,907 | 2,652,334 | |
| (+) Cash & Short Term Investments | 64 | 1,253 | 16,438 | 8,216 | 239 | 512,556 | |
| (+) Investments & Other | 3 | 6 | 47 | 5,596 | 0 | 192,441 | |
| (-) Debt | (1,339) | (9,214) | (885) | (194,655) | (1,275) | (1,428,767) | |
| (-) Other Liabilities | 0 | (183) | (2) | 0 | (40) | (1,056,548) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,022 | 7,914 | 60,000 | 400,888 | 831 | 872,016 | |
| (/) Shares Outstanding | 99.6 | 440.9 | 2,500.0 | 438.1 | 88.3 | 607.7 | |
| Implied Stock Price | 20.30 | 17.95 | 24.00 | 915.00 | 9.41 | 1,435.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 20.30 | 17.95 | 24.00 | 915.00 | 11,975.00 | 1,435.00 | |
| Trading Currency | BRL | BRL | ARS | ARS | ARS | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | 1.00 | |