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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 0.9x - 1.0x | 0.9x |
| Historical Pb Multiple | 0.7x - 1.3x | 0.8x |
| Fair Value | R$84.32 - R$93.19 | R$88.76 |
| Upside | 8.1% - 19.5% | 13.8% |
| Benchmarks | - | Full Ticker |
| Elektro Redes S.A. | - | BOVESPA:EKTR4 |
| Companhia Energética do Ceará - COELCE | - | BOVESPA:COCE5 |
| Neoenergia S.A. | - | BOVESPA:NEOE3 |
| Ampla Energia e Serviços S.A. | - | BOVESPA:CBEE3 |
| Rede Energia Participações S.A. | - | BOVESPA:REDE3 |
| Centrais Elétricas de Santa Catarina S.A. | - | BOVESPA:CLSC3 |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| EKTR4 | COCE5 | NEOE3 | CBEE3 | REDE3 | CLSC3 | |||
| BOVESPA:EKTR4 | BOVESPA:COCE5 | BOVESPA:NEOE3 | BOVESPA:CBEE3 | BOVESPA:REDE3 | BOVESPA:CLSC3 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 13.1% | 2.8% | 10.3% | 19.1% | 15.7% | 20.3% | ||
| 3Y CAGR | 3.6% | -1.6% | -2.5% | 100.3% | 2.6% | 8.3% | ||
| Latest Twelve Months | -5.8% | 47.4% | -18.5% | 449.6% | -11.0% | 28.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10.1% | 5.7% | 9.6% | 0.5% | 12.1% | 5.6% | ||
| Prior Fiscal Year | 11.2% | 3.7% | 10.1% | -2.5% | 10.3% | 5.4% | ||
| Latest Fiscal Year | 9.8% | 5.5% | 7.4% | 7.7% | 8.3% | 6.7% | ||
| Latest Twelve Months | 9.8% | 5.5% | 7.4% | 7.7% | 8.3% | 6.7% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 29.0% | 12.1% | 15.5% | 0.8% | 33.0% | 22.7% | ||
| Prior Fiscal Year | 33.1% | 7.7% | 15.8% | -3.6% | 42.1% | 19.2% | ||
| Latest Twelve Months | 36.5% | 10.0% | 11.6% | 9.7% | 35.5% | 21.7% | ||
| Next Fiscal Year | 63.4% | 8.6% | 6.5% | 8.2% | 40.5% | 15.0% | ||
| Two Fiscal Years Forward | 197.3% | 7.9% | 9.1% | 7.8% | 39.3% | 13.9% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 1.0x | 0.2x | 0.6x | 0.4x | 0.8x | 0.3x | ||
| Price / LTM EPS | 10.2x | 4.2x | 7.6x | 4.8x | 9.3x | 4.3x | ||
| Price / Book | 4.6x | 0.4x | 0.9x | 0.4x | 3.2x | 0.8x | ||
| Price / Fwd Book | 10.5x | 0.3x | 0.8x | 0.3x | 3.0x | 0.7x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.4x | 0.9x | 4.6x | |||||
| Historical P/B Ratio | 0.7x | 0.8x | 1.3x | |||||
| Selected P/B Multiple | 0.9x | 0.9x | 1.0x | |||||
| (x) Book Value | 3,671 | 3,671 | 3,671 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | EKTR4 | COCE5 | NEOE3 | CBEE3 | REDE3 | CLSC3 | |
| Value of Common Equity | 10,449 | 1,947 | 27,781 | 3,193 | 13,759 | 3,009 | |
| (/) Shares Outstanding | 193.8 | 77.9 | 1,213.2 | 380.0 | 2,110.3 | 38.6 | |
| Implied Stock Price | 53.93 | 25.01 | 22.90 | 8.40 | 6.52 | 78.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 53.93 | 25.01 | 22.90 | 8.40 | 6.52 | 78.00 | |
| 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 | |