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Metrics | Range | Conclusion |
---|---|---|
Discount Rate | 13.0% - 12.0% | 12.5% |
Terminal EBITDA Multiple | 2.5x - 4.5x | 3.5x |
Fair Value | R$3.47 - R$7.67 | R$5.53 |
Upside | -21.2% - 74.4% | 25.6% |
Select Revenue and EBITDA Forecast | ||||||
(BRL in millions) | Input Projections | |||||
Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
Revenue | 8,174 | 9,274 | 9,751 | 9,962 | 10,546 | 10,979 |
% Growth | 11.2% | 13.5% | 5.1% | 2.2% | 5.9% | 4.1% |
EBITDA | 987 | 1,698 | 1,705 | 1,668 | 1,774 | 2,167 |
% of Revenue | 12.1% | 18.3% | 17.5% | 16.7% | 16.8% | 19.7% |
Calculation of Free Cash Flow | ||||||
Projected Unlevered Cash Flow | ||||||
(BRL in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
EBITDA | 1,698 | 1,705 | 1,668 | 1,774 | 2,167 | |
Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
D&A | (726) | (613) | (748) | (579) | (600) | |
EBIT | 972 | 1,092 | 920 | 1,195 | 1,567 | |
Pro forma Taxes | (126) | (142) | (120) | (155) | (204) | |
NOPAT | 366 | 846 | 950 | 800 | 1,040 | 1,363 |
Capital Expenditures | (777) | (800) | (813) | (869) | (904) | (913) |
NWC Investment | (149) | (199) | (86) | (38) | (105) | (78) |
(+) D&A | 567 | 726 | 613 | 748 | 579 | 600 |
Free Cash Flow | 6 | 573 | 664 | 642 | 609 | 972 |
% Growth | 9363% | 16% | -3% | -5% | 60% |