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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.3x - 0.4x | 0.3x |
| Selected Fwd Ps Multiple | 0.3x - 0.4x | 0.3x |
| Fair Value | R$93.58 - R$103.43 | R$98.51 |
| Upside | -6.7% - 3.1% | -1.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Light S.A. | - | BOVESPA:LIGT3 |
| Companhia CELG de Participações S/A | - | BOVESPA:GPAR3 |
| Elektro Redes S.A. | - | BOVESPA:EKTR4 |
| Neoenergia S.A. | - | BOVESPA:NEOE3 |
| Equatorial Maranhão Distribuidora de Energia S.A. | - | BOVESPA:EQMA3B |
| Centrais Elétricas de Santa Catarina S.A. | - | BOVESPA:CLSC3 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| LIGT3 | GPAR3 | EKTR4 | NEOE3 | EQMA3B | CLSC3 | |||
| BOVESPA:LIGT3 | BOVESPA:GPAR3 | BOVESPA:EKTR4 | BOVESPA:NEOE3 | BOVESPA:EQMA3B | BOVESPA:CLSC3 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 2.1% | -31.6% | 6.6% | 11.5% | 10.4% | 5.8% | ||
| 3Y CAGR | 0.0% | -51.3% | 3.1% | 4.3% | 4.8% | -2.1% | ||
| Latest Twelve Months | 10.6% | 6.6% | 6.9% | 14.4% | 10.7% | 5.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -5.4% | 577.1% | 10.3% | 9.6% | 14.9% | 5.7% | ||
| Prior Fiscal Year | 1.8% | 169.4% | 11.2% | 10.1% | 13.7% | 5.4% | ||
| Latest Fiscal Year | 11.0% | 119.7% | 9.8% | 7.4% | 11.9% | 6.7% | ||
| Latest Twelve Months | 15.8% | 101.7% | 10.1% | 8.5% | 11.4% | 6.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 3.3x | -47.6x | 6.0x | 5.7x | 5.4x | 4.6x | ||
| Price / LTM Sales | 0.2x | 56.5x | 0.9x | 0.6x | 0.7x | 0.4x | ||
| LTM P/E Ratio | 1.0x | 55.5x | 9.3x | 7.5x | 6.4x | 5.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.2x | 0.7x | 56.5x | |||||
| Historical LTM P/S Ratio | 0.2x | 0.3x | 0.3x | |||||
| Selected Price / Sales Multiple | 0.3x | 0.3x | 0.4x | |||||
| (x) LTM Sales | 11,006 | 11,006 | 11,006 | |||||
| (=) Equity Value | 3,579 | 3,767 | 3,956 | |||||
| (/) Shares Outstanding | 38.6 | 38.6 | 38.6 | |||||
| Implied Value Range | 92.78 | 97.67 | 102.55 | |||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 92.78 | 97.67 | 102.55 | 100.30 | ||||
| Upside / (Downside) | -7.5% | -2.6% | 2.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | LIGT3 | GPAR3 | EKTR4 | NEOE3 | EQMA3B | CLSC3 | |
| Value of Common Equity | 2,496 | 1,825 | 8,086 | 32,554 | 4,696 | 3,869 | |
| (/) Shares Outstanding | 372.6 | 79.7 | 171.7 | 1,213.8 | 164.2 | 38.6 | |
| Implied Stock Price | 6.70 | 22.90 | 47.10 | 26.82 | 28.60 | 100.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.70 | 22.90 | 47.10 | 26.82 | 28.60 | 100.30 | |
| 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 | |