Investor Presentaiton
October 12, 2021
BUYOUT OFFER AND IMPLIED VALUATION
Strip-down: Current valuations only account for the MDF business.
• We valued the MDF unit as a standalone business, arriving at an EV of P$3.7 billion and a
value of P$6.1 per share.
•
.
•
Strip-down: We subtracted the 2Q21 majority net debt from GBMe MDF EV. This assigns nil
value to the Teak unit and assumes no FCF generation from the MDF unit in the 2021-2022
period.
We arrive at an implicit price of P$5.06 per share, close to the current market price,
which proves how the market has forgotten about the Teak business.
If we added the PV of future carbon credits per share, there would still be an attractive 28%
upside to current market prices.
-Figures in MXN Million, unless otherwise stated
MDF Segment EV (GBMe)
3,733
Maj. Net Debt 2Q21
1,607
Equity Value
2,126
Proteak's Stake
88.8%
Equity Value for Proteak
1,888
Shares
373
Per Share
5
Carbon Credit per Share
1
Implied Price of Proteak
$5.91
GBM
TEAK: AFTER ALL, MONEY DOES GROW ON TREES. | 28View entire presentation