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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 5.7x - 6.3x | 6.0x |
Selected Fwd EBITDA Multiple | 6.9x - 7.6x | 7.2x |
Fair Value | $7.17 - $7.74 | $7.45 |
Upside | 11.6% - 20.5% | 16.1% |
Benchmarks | Ticker | Full Ticker |
Caixa Seguridade Participações S.A. | CXSE3 | BOVESPA:CXSE3 |
Wiz Co Participações e Corretagem de Seguros S.A. | WIZC3 | BOVESPA:WIZC3 |
Ryan Specialty Holdings, Inc. | RYAN | NYSE:RYAN |
Aon plc | A1ON34 | BOVESPA:A1ON34 |
Brown & Brown, Inc. | BRO | NYSE:BRO |
BB Seguridade Participações S.A. | BBSE.Y | OTCPK:BBSE.Y |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
CXSE3 | WIZC3 | RYAN | A1ON34 | BRO | BBSE.Y | ||
BOVESPA:CXSE3 | BOVESPA:WIZC3 | NYSE:RYAN | BOVESPA:A1ON34 | NYSE:BRO | OTCPK:BBSE.Y | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 51.3% | 9.0% | 31.9% | 12.7% | 17.9% | 13.9% | |
3Y CAGR | 26.3% | 24.1% | 22.9% | 26.9% | 16.5% | 25.4% | |
Latest Twelve Months | 10.4% | 8.1% | 34.1% | 22.7% | 15.3% | 7.8% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 85.1% | 47.5% | 25.7% | 28.5% | 32.8% | 94.4% | |
Prior Fiscal Year | 84.1% | 50.2% | 24.6% | 30.0% | 32.5% | 95.8% | |
Latest Fiscal Year | 84.2% | 52.6% | 27.2% | 31.7% | 33.9% | 96.1% | |
Latest Twelve Months | 83.7% | 51.5% | 28.0% | 31.7% | 34.4% | 96.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 5.11x | 1.31x | 4.19x | 5.74x | 6.01x | 4.73x | |
EV / LTM EBITDA | 6.1x | 2.6x | 15.0x | 18.1x | 17.5x | 4.9x | |
EV / LTM EBIT | 6.1x | 3.0x | 21.9x | 21.7x | 20.3x | 4.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 2.6x | 15.0x | 18.1x | ||||
Historical EV / LTM EBITDA | 5.8x | 8.4x | 10.5x | ||||
Selected EV / LTM EBITDA | 5.7x | 6.0x | 6.3x | ||||
(x) LTM EBITDA | 9,887 | 9,887 | 9,887 | ||||
(=) Implied Enterprise Value | 56,748 | 59,735 | 62,722 | ||||
(-) Non-shareholder Claims * | 18,236 | 18,236 | 18,236 | ||||
(=) Equity Value | 74,984 | 77,970 | 80,957 | ||||
(/) Shares Outstanding | 1,941.2 | 1,941.2 | 1,941.2 | ||||
Implied Value Range | 38.63 | 40.17 | 41.70 | ||||
FX Rate: BRL/USD | 5.4 | 5.4 | 5.4 | Market Price | |||
Implied Value Range (Trading Cur) | 7.11 | 7.39 | 7.67 | 6.42 | |||
Upside / (Downside) | 10.7% | 15.1% | 19.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CXSE3 | WIZC3 | RYAN | A1ON34 | BRO | BBSE.Y | |
Enterprise Value | 26,834 | 1,797 | 11,438 | 93,797 | 29,797 | 49,491 | |
(+) Cash & Short Term Investments | 1,145 | 305 | 180 | 1,229 | 8,893 | 8,673 | |
(+) Investments & Other | 12,221 | 257 | 96 | 101 | 0 | 9,563 | |
(-) Debt | 0 | (416) | (3,653) | (18,178) | (7,777) | 0 | |
(-) Other Liabilities | 0 | (624) | (572) | (246) | (23) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 40,200 | 1,319 | 7,489 | 76,703 | 30,890 | 67,727 | |
(/) Shares Outstanding | 3,000.0 | 159.9 | 128.0 | 867.6 | 329.8 | 1,941.2 | |
Implied Stock Price | 13.40 | 8.25 | 58.49 | 88.41 | 93.65 | 34.89 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.18 | 1.00 | 5.43 | |
Implied Stock Price (Trading Cur) | 13.40 | 8.25 | 58.49 | 480.45 | 93.65 | 6.42 | |
Trading Currency | BRL | BRL | USD | BRL | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.18 | 1.00 | 5.43 |