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Metrics | Range | Conclusion |
---|---|---|
Selected LTM P/E Multiple | 9.3x - 10.2x | 9.7x |
Selected Fwd P/E Multiple | 9.9x - 11.0x | 10.4x |
Fair Value | R$6.16 - R$6.81 | R$6.48 |
Upside | 16.0% - 28.2% | 22.1% |
Benchmarks | - | Full Ticker |
BRF S.A. | - | BOVESPA:BRFS3 |
M. Dias Branco S.A. Indústria e Comércio de Alimentos | - | BOVESPA:MDIA3 |
BrasilAgro - Companhia Brasileira de Propriedades Agrícolas | - | BOVESPA:AGRO3 |
Excelsior Alimentos S.A. | - | BOVESPA:BAUH4 |
Três Tentos Agroindustrial S/A | - | BOVESPA:TTEN3 |
Camil Alimentos S.A. | - | BOVESPA:CAML3 |
- | - | - |
Select Price / LTM EPS Ratio | ||||||||
Benchmark Companies | ||||||||
BRFS3 | MDIA3 | AGRO3 | BAUH4 | TTEN3 | CAML3 | |||
BOVESPA:BRFS3 | BOVESPA:MDIA3 | BOVESPA:AGRO3 | BOVESPA:BAUH4 | BOVESPA:TTEN3 | BOVESPA:CAML3 | |||
Historical Net Income Growth | ||||||||
5Y CAGR | 21.7% | 3.0% | 5.1% | -0.8% | 44.4% | -2.0% | ||
3Y CAGR | 86.0% | 8.6% | -10.6% | 54.6% | 20.8% | -23.1% | ||
Latest Twelve Months | 882.9% | -42.4% | 30.8% | 37.5% | 26.3% | -39.8% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 0.3% | 7.5% | 27.8% | 6.6% | 7.5% | 4.3% | ||
Prior Fiscal Year | -3.8% | 8.2% | 21.5% | 7.9% | 6.4% | 3.2% | ||
Latest Fiscal Year | 5.2% | 6.7% | 22.3% | 10.4% | 5.9% | 1.8% | ||
Latest Twelve Months | 6.0% | 5.8% | 25.2% | 10.4% | 5.8% | 1.8% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 4.9x | 8.6x | 8.7x | 16.3x | 6.3x | 5.9x | ||
Price / LTM Sales | 0.6x | 0.9x | 1.7x | 1.7x | 0.6x | 0.1x | ||
LTM P/E Ratio | 9.2x | 15.3x | 6.7x | 16.1x | 9.6x | 8.3x | ||
Low | Mid | High | ||||||
Benchmark LTM P/E Ratio | 6.7x | 9.6x | 16.1x | |||||
Historical LTM P/E Ratio | 5.9x | 8.3x | 10.9x | |||||
Selected P/E Multiple | 9.3x | 9.7x | 10.2x | |||||
(x) LTM Net Income | 217 | 217 | 217 | |||||
(=) Equity Value | 2,008 | 2,113 | 2,219 | |||||
(/) Shares Outstanding | 341.1 | 341.1 | 341.1 | |||||
Implied Value Range | 5.89 | 6.20 | 6.51 | |||||
FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 5.89 | 6.20 | 6.51 | 5.31 | ||||
Upside / (Downside) | 10.9% | 16.7% | 22.5% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | BRFS3 | MDIA3 | AGRO3 | BAUH4 | TTEN3 | CAML3 | |
Value of Common Equity | 35,404 | 8,599 | 2,066 | 431 | 7,597 | 1,811 | |
(/) Shares Outstanding | 1,599.8 | 335.2 | 99.6 | 5.2 | 499.2 | 341.1 | |
Implied Stock Price | 22.13 | 25.65 | 20.74 | 82.49 | 15.22 | 5.31 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 22.13 | 25.65 | 20.74 | 82.49 | 15.22 | 5.31 | |
Trading Currency | BRL | BRL | BRL | BRL | BRL | BRL | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |