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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 18.769 B - 25.456 B | 21.206 B |
| Discount Rate | 8.8% - 6.8% | 7.8% |
| Fair Value | R$15.36 - R$25.75 | R$19.14 |
| Upside | 13.0% - 89.3% | 40.7% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (BRL in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 58,379 | 72,854 | 79,709 | 79,737 | 89,453 | 89,453 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 13,494 | 13,759 | 14,236 | 15,036 | 19,487 | 19,487 | |
| (+) Net Interest Expense | (469) | 288 | 123 | 1,311 | 442 | 442 | |
| (+) Other Non Operating Exp. | 3,069 | 3,550 | 4,368 | 2,277 | 1,088 | 1,088 | |
| (+) D&A | 4,339 | 4,073 | 4,710 | 4,619 | 5,047 | 5,047 | |
| (+) Non-recurring Items | 186 | (306) | (1,092) | 213 | 651 | 651 | |
| Adjusted EBITDA | 20,619 | 21,364 | 22,344 | 23,456 | 26,716 | 26,716 | |
| (-) D&A | (4,339) | (4,073) | (4,710) | (4,619) | (5,047) | (5,047) | |
| Adjusted EBIT | 16,280 | 17,291 | 17,635 | 18,837 | 21,669 | 21,669 | |
| % of Revenue | 27.9% | 23.7% | 22.1% | 23.6% | 24.2% | 24.2% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 22.1% | 23.7% | 27.9% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (BRL in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 214,502 | 273,622 | 377,119 | 186,903 | |||
| (+) Cash & Short Term Investments | 29,838 | 29,838 | 29,838 | 29,838 | |||
| (+) Investments & Other | 580 | 580 | 580 | 580 | |||
| (-) Debt | (3,453) | (3,453) | (3,453) | (3,453) | |||
| (-) Other Liabilities | (938) | (938) | (938) | (938) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 240,529 | 299,648 | 403,145 | 212,929 | |||
| (/) Shares Outstanding | 15,656.6 | 15,656.6 | 15,656.6 | 15,656.6 | |||
| Implied Stock Price (BRL) | 15.36 | 19.14 | 25.75 | 13.60 | |||
| FX Rate: BRL/BRL | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (BRL) | 15.36 | 19.14 | 25.75 | 13.60 | |||
| Upside / (Downside) | 12.96% | 40.73% | 89.33% | ||||
| Stock Price | 13.60 | ||||||
| Stock Price Close | 13.60 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | BRL | ||||||
| Trading Currency | BRL | ||||||
| FX Rate: BRL/BRL | 1.00 | ||||||
| Market Cap | 212,929.2 | ||||||
| Shares Outstanding | 15,656.6 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||