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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16.1x - 17.8x | 16.9x |
| Selected Fwd EBIT Multiple | 2.0x - 2.2x | 2.1x |
| Fair Value | 305.86ARS - 579.81ARS | 442.84ARS |
| Upside | -37.6% - 18.3% | -9.6% |
| Benchmarks | Ticker | Full Ticker |
| Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. | TRAN | BASE:TRAN |
| Empresa Distribuidora y Comercializadora Norte Sociedad Anónima | EDN | BASE:EDN |
| Pampa Energía S.A. | PAMP | BASE:PAMP |
| Energía del Pacífico S.A. | ENPACIC1 | BVL:ENPACIC1 |
| Shougang Generación Eléctrica S.A.A. | SHOUGEC1 | BVL:SHOUGEC1 |
| EDESA Holding S.A. | EDSH | BASE:EDSH |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TRAN | EDN | PAMP | ENPACIC1 | SHOUGEC1 | EDSH | ||
| BASE:TRAN | BASE:EDN | BASE:PAMP | BVL:ENPACIC1 | BVL:SHOUGEC1 | BASE:EDSH | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 57.3% | 35.5% | 57.3% | NM- | -33.3% | 17.5% | |
| 3Y CAGR | 172.2% | NM- | 68.3% | NM- | 11.4% | -0.7% | |
| Latest Twelve Months | 246.7% | 117.4% | 75.9% | -100.5% | -40.7% | 116.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 23.1% | -5.8% | 27.7% | 84.2% | -0.6% | 5.7% | |
| Prior Fiscal Year | 10.5% | -17.0% | 23.6% | 78.0% | 1.4% | -11.4% | |
| Latest Fiscal Year | 30.5% | 2.2% | 12.3% | NA | 1.3% | 1.3% | |
| Latest Twelve Months | 30.5% | 2.2% | 12.3% | NA | 1.3% | 1.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.46x | 0.91x | 2.90x | 7.23x | -0.14x | 0.23x | |
| EV / LTM EBITDA | 5.9x | 9.3x | 9.6x | NA | -4.6x | 2.9x | |
| EV / LTM EBIT | 8.1x | 41.3x | 23.6x | -1835.5x | -11.1x | 17.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1835.5x | 8.1x | 41.3x | ||||
| Historical EV / LTM EBIT | -1.6x | 3.4x | 17.4x | ||||
| Selected EV / LTM EBIT | 16.1x | 16.9x | 17.8x | ||||
| (x) LTM EBIT | 3,656 | 3,656 | 3,656 | ||||
| (=) Implied Enterprise Value | 58,795 | 61,890 | 64,984 | ||||
| (-) Non-shareholder Claims * | (52,567) | (52,567) | (52,567) | ||||
| (=) Equity Value | 6,228 | 9,323 | 12,417 | ||||
| (/) Shares Outstanding | 22.9 | 22.9 | 22.9 | ||||
| Implied Value Range | 272.11 | 407.31 | 542.51 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 272.11 | 407.31 | 542.51 | 490.00 | |||
| Upside / (Downside) | -44.5% | -16.9% | 10.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TRAN | EDN | PAMP | ENPACIC1 | SHOUGEC1 | EDSH | |
| Enterprise Value | 836,965 | 1,864,977 | 5,030,923 | 9 | (20) | 63,782 | |
| (+) Cash & Short Term Investments | 100,231 | 406,413 | 1,721,482 | 0 | 51 | 2,486 | |
| (+) Investments & Other | 0 | 121 | 1,052,896 | 8 | 0 | 0 | |
| (-) Debt | (1,158) | (476,362) | (2,160,420) | 0 | (2) | (33,381) | |
| (-) Other Liabilities | 0 | 0 | (9,167) | 0 | 0 | (21,672) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 936,038 | 1,795,149 | 5,635,714 | 18 | 29 | 11,215 | |
| (/) Shares Outstanding | 444.7 | 875.7 | 1,359.6 | 256.4 | 94.0 | 22.9 | |
| Implied Stock Price | 2,105.00 | 2,050.00 | 4,145.00 | 0.07 | 0.31 | 490.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.27 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2,105.00 | 2,050.00 | 4,145.00 | 0.25 | 0.31 | 490.00 | |
| Trading Currency | ARS | ARS | ARS | PEN | PEN | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.27 | 1.00 | 1.00 | |