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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6.9x - 7.6x | 7.3x |
| Selected Fwd EBIT Multiple | 8.8x - 9.7x | 9.2x |
| Fair Value | ARS 75,848 - ARS 85,402 | ARS 80,625 |
| Upside | 52.2% - 71.3% | 61.7% |
| Benchmarks | Ticker | Full Ticker |
| Companhia de Saneamento de Minas Gerais | CSMG3 | BOVESPA:CSMG3 |
| Companhia Catarinense de Águas e Saneamento - CASAN | CASN3 | BOVESPA:CASN3 |
| Emirates Central Cooling Systems Corporation | EMPOWER | DFM:EMPOWER |
| Middlesex Water Company | MSEX | NasdaqGS:MSEX |
| Watlington Waterworks Limited | WWW.BH | BER:WWW.BH |
| Companhia de Saneamento Básico do Estado de São Paulo - SABESP | SBS | BASE:SBS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CSMG3 | CASN3 | EMPOWER | MSEX | WWW.BH | SBS | ||
| BOVESPA:CSMG3 | BOVESPA:CASN3 | DFM:EMPOWER | NasdaqGS:MSEX | BER:WWW.BH | BASE:SBS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 10.0% | 14.2% | 5.2% | 11.2% | 1.6% | 22.0% | |
| 3Y CAGR | 32.9% | 25.7% | 8.1% | 18.2% | 24.9% | 55.8% | |
| Latest Twelve Months | 19.4% | 125.8% | 0.8% | 33.6% | 111.0% | 153.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 22.5% | 21.2% | 36.2% | 27.1% | 19.2% | 26.5% | |
| Prior Fiscal Year | 23.3% | 15.8% | 35.8% | 25.2% | 13.7% | 24.5% | |
| Latest Fiscal Year | 25.2% | 28.4% | 34.9% | 30.4% | 23.9% | 42.6% | |
| Latest Twelve Months | 25.9% | 31.3% | 34.1% | 30.6% | 23.9% | 43.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.88x | 6.82x | 6.37x | 6.79x | 1.86x | 2.46x | |
| EV / LTM EBITDA | 5.3x | 17.2x | 14.1x | 14.8x | 5.4x | 5.0x | |
| EV / LTM EBIT | 7.3x | 21.8x | 18.6x | 22.2x | 7.8x | 5.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.3x | 18.6x | 22.2x | ||||
| Historical EV / LTM EBIT | 5.1x | 10.0x | 12.9x | ||||
| Selected EV / LTM EBIT | 6.9x | 7.3x | 7.6x | ||||
| (x) LTM EBIT | 16,585 | 16,585 | 16,585 | ||||
| (=) Implied Enterprise Value | 114,348 | 120,366 | 126,385 | ||||
| (-) Non-shareholder Claims * | (19,276) | (19,276) | (19,276) | ||||
| (=) Equity Value | 95,072 | 101,090 | 107,109 | ||||
| (/) Shares Outstanding | 297.5 | 297.5 | 297.5 | ||||
| Implied Value Range | 319.53 | 339.75 | 359.98 | ||||
| FX Rate: BRL/ARS | 0.0 | 0.0 | 0.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 73,576.59 | 78,234.18 | 82,891.78 | 49,850.00 | |||
| Upside / (Downside) | 47.6% | 56.9% | 66.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CSMG3 | CASN3 | EMPOWER | MSEX | WWW.BH | SBS | |
| Enterprise Value | 15,021 | 12,073 | 20,519 | 1,328 | 26 | 83,690 | |
| (+) Cash & Short Term Investments | 705 | 316 | 2,210 | 3 | 4 | 8,137 | |
| (+) Investments & Other | 0 | 0 | 57 | 0 | 3 | 226 | |
| (-) Debt | (6,072) | (2,344) | (5,508) | (396) | (0) | (27,638) | |
| (-) Other Liabilities | 0 | 0 | (178) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | (2) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,654 | 10,046 | 17,100 | 934 | 33 | 64,414 | |
| (/) Shares Outstanding | 379.2 | 1,150.7 | 10,000.0 | 17.9 | 1.1 | 297.5 | |
| Implied Stock Price | 25.46 | 8.73 | 1.71 | 52.10 | 30.00 | 216.49 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | |
| Implied Stock Price (Trading Cur) | 25.46 | 8.73 | 1.71 | 52.10 | 30.00 | 49,850.00 | |
| Trading Currency | BRL | BRL | AED | USD | BMD | ARS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | |