Company: Molino Canuelas S.A.C.I.F.I.A.
Symbol: MOLC
Description: They are a leading food company with top-of-mind consumer brands such as Canuelas, Pureza, 9 de Oro, San Agustin, Mama Cocina,Paseo and Florencia, in the vegetable oil, flour, biscuits, cookies and crackers, ready-mixed and bread crumb product categories.
Shares: 19.5 million ADSs
Price Range: $14.00-$17.00
Trade Date: 11/17
Underwriter(s): J.P. Morgan, UBS Investment Bank, HSBC, Itau BBA
Terms Added: 11-6-2017
Business: They operate with the goal of adding value to agricultural products in which Argentina, our primary market and location of their principal sourcing activities, has natural competitive advantages. They achieve this through a history of continued expansion following a strategy of vertical integration. They benefit from having the largest milling capacity in Argentina, according to data from MAGyP, with an installed milling capacity of 3.12 million tonnes per year and, according to FAIM, they are the largest producer of wheat flour in Argentina in 2016, processing over 28.5% of wheat in Argentina and, according to Euromonitor, they are the largest exporter of wheat flour in Argentina, exporting 44.2% of the total wheat flour exported from Argentina in 2016. They market and sell their wheat flour under their Cañuelas, Pureza and Florencia brands in their Retail Products segment and under their Cañuelas, MultiHarina, Pigue and Adelia Maria brands in their Branded Industrial Products segment.
Financials: For the fiscal years ended November 30, 2014, 2015 and 2016, they generated AR$19,821 million, AR$22,134 million and AR$32,318 million (US$1,867 million) in total net sales, respectively. Their profit for the year for the fiscal years ended November 30, 2014, 2015 and 2016 was AR$148 million, AR$12 million and AR$864 million (US$50 million), respectively. For the same periods, their Total Adjusted Segment EBITDA was AR$889 million, AR$1,093 million and AR$2,277 million (US$132 million), respectively.
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