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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6.3x - 7.0x | 6.6x |
| Selected Fwd EBIT Multiple | 3.2x - 3.5x | 3.3x |
| Fair Value | R$4.15 - R$7.62 | R$5.88 |
| Upside | 15.5% - 112.4% | 63.9% |
| Benchmarks | Ticker | Full Ticker |
| Santos Brasil Participações S.A. | STBP3 | BOVESPA:STBP3 |
| EcoRodovias Infraestrutura e Logística S.A. | ECOR3 | BOVESPA:ECOR3 |
| Wilson Sons S.A. | PORT3 | BOVESPA:PORT3 |
| Motiva Infraestrutura de Mobilidade S.A. | MOTV3 | BOVESPA:MOTV3 |
| Qube Holdings Limited | QUB | ASX:QUB |
| Triunfo Participações e Investimentos S.A. | TPIS3 | BOVESPA:TPIS3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| STBP3 | ECOR3 | PORT3 | MOTV3 | QUB | TPIS3 | ||
| BOVESPA:STBP3 | BOVESPA:ECOR3 | BOVESPA:PORT3 | BOVESPA:MOTV3 | ASX:QUB | BOVESPA:TPIS3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 70.9% | 23.0% | 19.6% | 9.1% | 16.0% | NM- | |
| 3Y CAGR | 44.1% | 31.4% | 15.3% | 13.1% | 26.6% | 189.9% | |
| Latest Twelve Months | 41.0% | 11.0% | 29.2% | 4.3% | 23.0% | 16.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 28.9% | 33.3% | 26.4% | 33.3% | 8.6% | 14.3% | |
| Prior Fiscal Year | 36.5% | 33.4% | 26.4% | 32.5% | 9.0% | 7.0% | |
| Latest Fiscal Year | 41.4% | 36.1% | 29.5% | 24.5% | 9.3% | 20.7% | |
| Latest Twelve Months | 44.6% | 36.0% | 30.1% | 28.3% | 8.9% | 18.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.79x | 2.43x | 3.11x | 2.76x | 2.67x | 1.10x | |
| EV / LTM EBITDA | 10.2x | 5.4x | 7.6x | 7.8x | 17.4x | 2.7x | |
| EV / LTM EBIT | 10.8x | 6.8x | 10.3x | 9.8x | 30.0x | 6.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.8x | 10.3x | 30.0x | ||||
| Historical EV / LTM EBIT | -74.0x | 7.8x | 27.2x | ||||
| Selected EV / LTM EBIT | 6.3x | 6.6x | 7.0x | ||||
| (x) LTM EBIT | 230 | 230 | 230 | ||||
| (=) Implied Enterprise Value | 1,448 | 1,524 | 1,601 | ||||
| (-) Non-shareholder Claims * | (1,254) | (1,254) | (1,254) | ||||
| (=) Equity Value | 195 | 271 | 347 | ||||
| (/) Shares Outstanding | 43.4 | 43.4 | 43.4 | ||||
| Implied Value Range | 4.49 | 6.24 | 8.00 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.49 | 6.24 | 8.00 | 3.59 | |||
| Upside / (Downside) | 24.9% | 73.9% | 122.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | STBP3 | ECOR3 | PORT3 | MOTV3 | QUB | TPIS3 | |
| Enterprise Value | 15,894 | 25,471 | 9,715 | 58,208 | 9,992 | 1,409 | |
| (+) Cash & Short Term Investments | 572 | 2,786 | 284 | 6,359 | 157 | 27 | |
| (+) Investments & Other | 17 | 0 | 591 | 874 | 663 | 52 | |
| (-) Debt | (4,272) | (23,168) | (2,674) | (39,188) | (2,856) | (1,352) | |
| (-) Other Liabilities | 0 | (262) | (1) | (319) | 4 | 19 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12,211 | 4,828 | 7,915 | 25,935 | 7,960 | 156 | |
| (/) Shares Outstanding | 864.2 | 695.6 | 442.9 | 2,010.5 | 1,768.8 | 43.4 | |
| Implied Stock Price | 14.13 | 6.94 | 17.87 | 12.90 | 4.50 | 3.59 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 14.13 | 6.94 | 17.87 | 12.90 | 4.50 | 3.59 | |
| Trading Currency | BRL | BRL | BRL | BRL | AUD | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |