נראה כי אירעה שגיאה במהלך טעינת העמוד הזה.
הצוות שלנו קיבל דיווח על כך, אבל אם הבעיה נמשכת, אנא צרו קשר באמצעות יישומון תמיכה במייל
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.3x - 8.0x | 7.7x |
| Selected Fwd EBIT Multiple | 9.0x - 10.0x | 9.5x |
| Fair Value | ARS 100,691 - ARS 113,613 | ARS 107,152 |
| Upside | 31.8% - 48.7% | 40.2% |
| Benchmarks | Ticker | Full Ticker |
| Companhia de Saneamento de Minas Gerais | CSMG3 | BOVESPA:CSMG3 |
| Companhia Catarinense de Águas e Saneamento - CASAN | CASN3 | BOVESPA:CASN3 |
| Equatorial S.A. | EQTL3 | BOVESPA:EQTL3 |
| Alupar Investimento S.A. | ALUP3 | BOVESPA:ALUP3 |
| H2O America | HTO | NasdaqGS:HTO |
| Companhia de Saneamento Básico do Estado de São Paulo - SABESP | SBS | BASE:SBS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CSMG3 | CASN3 | EQTL3 | ALUP3 | HTO | SBS | ||
| BOVESPA:CSMG3 | BOVESPA:CASN3 | BOVESPA:EQTL3 | BOVESPA:ALUP3 | NasdaqGS:HTO | BASE:SBS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.0% | 14.2% | 13.7% | 2.8% | 20.4% | 22.0% | |
| 3Y CAGR | 32.9% | 25.7% | 18.6% | -10.1% | 18.3% | 55.8% | |
| Latest Twelve Months | -5.6% | 81.3% | 19.8% | 13.7% | 18.9% | 129.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 22.6% | 21.5% | 21.9% | 68.0% | 21.5% | 27.1% | |
| Prior Fiscal Year | 23.3% | 15.8% | 20.0% | 70.0% | 22.1% | 24.5% | |
| Latest Fiscal Year | 25.2% | 28.4% | 18.9% | 68.6% | 23.7% | 42.6% | |
| Latest Twelve Months | 23.5% | 32.0% | 19.9% | 63.8% | 24.5% | 44.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.52x | 6.63x | 1.85x | 5.71x | 4.46x | 2.90x | |
| EV / LTM EBITDA | 7.3x | 16.5x | 7.4x | 8.4x | 11.3x | 5.9x | |
| EV / LTM EBIT | 10.7x | 20.7x | 9.3x | 9.0x | 18.2x | 6.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.0x | 10.7x | 20.7x | ||||
| Historical EV / LTM EBIT | 5.1x | 10.0x | 12.9x | ||||
| Selected EV / LTM EBIT | 7.3x | 7.7x | 8.0x | ||||
| (x) LTM EBIT | 17,709 | 17,709 | 17,709 | ||||
| (=) Implied Enterprise Value | 128,974 | 135,763 | 142,551 | ||||
| (-) Non-shareholder Claims * | (23,132) | (23,132) | (23,132) | ||||
| (=) Equity Value | 105,842 | 112,631 | 119,419 | ||||
| (/) Shares Outstanding | 284.2 | 284.2 | 284.2 | ||||
| Implied Value Range | 372.38 | 396.26 | 420.14 | ||||
| FX Rate: BRL/ARS | 0.0 | 0.0 | 0.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 100,961.59 | 107,436.69 | 113,911.78 | 76,425.00 | |||
| Upside / (Downside) | 32.1% | 40.6% | 49.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CSMG3 | CASN3 | EQTL3 | ALUP3 | HTO | SBS | |
| Enterprise Value | 20,543 | 11,727 | 90,198 | 25,087 | 3,564 | 103,252 | |
| (+) Cash & Short Term Investments | 633 | 569 | 9,209 | 2,452 | 11 | 7,926 | |
| (+) Investments & Other | 0 | 0 | 7,293 | 450 | 19 | 226 | |
| (-) Debt | (6,677) | (2,638) | (55,537) | (12,775) | (1,901) | (31,284) | |
| (-) Other Liabilities | 0 | 0 | (4,117) | (3,483) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14,500 | 9,659 | 47,047 | 11,731 | 1,694 | 80,120 | |
| (/) Shares Outstanding | 379.2 | 1,150.7 | 1,253.2 | 973.5 | 35.8 | 284.2 | |
| Implied Stock Price | 38.24 | 8.39 | 37.54 | 12.05 | 47.30 | 281.88 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | |
| Implied Stock Price (Trading Cur) | 38.24 | 8.39 | 37.54 | 12.05 | 47.30 | 76,425.00 | |
| Trading Currency | BRL | BRL | BRL | BRL | USD | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | |