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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 2.9x - 3.2x | 3.1x |
| Selected Fwd EBITDA Multiple | 1.2x - 1.3x | 1.2x |
| Fair Value | 467.79ARS - 758.79ARS | 613.29ARS |
| Upside | -4.5% - 54.9% | 25.2% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TRAN | EDN | PAMP | ENPACIC1 | SHOUGEC1 | EDSH | ||
| BASE:TRAN | BASE:EDN | BASE:PAMP | BVL:ENPACIC1 | BVL:SHOUGEC1 | BASE:EDSH | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 63.0% | 59.4% | 73.8% | NM- | -23.8% | 56.0% | |
| 3Y CAGR | 137.1% | 174.6% | 100.0% | NM- | -0.4% | 53.5% | |
| Latest Twelve Months | 114.0% | 350.9% | 162.5% | NM | -25.1% | 266.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 36.0% | 2.4% | 43.8% | 0.0% | 1.8% | 11.8% | |
| Prior Fiscal Year | 23.3% | -5.2% | 39.1% | NA | 2.6% | -6.9% | |
| Latest Fiscal Year | 41.6% | 9.8% | 30.4% | NA | 3.1% | 7.7% | |
| Latest Twelve Months | 41.6% | 9.8% | 30.4% | NA | 3.1% | 7.7% | |
| 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 EBITDA | -4.6x | 7.6x | 9.6x | ||||
| Historical EV / LTM EBITDA | -4.4x | 1.7x | 2.9x | ||||
| Selected EV / LTM EBITDA | 2.9x | 3.1x | 3.2x | ||||
| (x) LTM EBITDA | 21,717 | 21,717 | 21,717 | ||||
| (=) Implied Enterprise Value | 63,627 | 66,976 | 70,325 | ||||
| (-) Non-shareholder Claims * | (52,567) | (52,567) | (52,567) | ||||
| (=) Equity Value | 11,060 | 14,409 | 17,758 | ||||
| (/) Shares Outstanding | 22.9 | 22.9 | 22.9 | ||||
| Implied Value Range | 483.24 | 629.55 | 775.87 | ||||
| FX Rate: ARS/ARS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 483.24 | 629.55 | 775.87 | 490.00 | |||
| Upside / (Downside) | -1.4% | 28.5% | 58.3% | ||||
| 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 | |