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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.5x - 9.4x | 9.0x |
| Selected Fwd EBIT Multiple | 6.1x - 6.7x | 6.4x |
| Fair Value | R$13.06 - R$14.96 | R$14.01 |
| Upside | 58.6% - 81.8% | 70.2% |
| Benchmarks | Ticker | Full Ticker |
| Grupo Mateus S.A. | GMAT3 | BOVESPA:GMAT3 |
| Sendas Distribuidora S.A. | ASAI3 | BOVESPA:ASAI3 |
| Loblaw Companies Limited | L | TSX:L |
| Dimed S.A. Distribuidora de Medicamentos | PNVL3 | BOVESPA:PNVL3 |
| Metro AG | 0RTE | LSE:0RTE |
| Atacadão S.A. | CRFB3 | BOVESPA:CRFB3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GMAT3 | ASAI3 | L | PNVL3 | 0RTE | CRFB3 | ||
| BOVESPA:GMAT3 | BOVESPA:ASAI3 | TSX:L | BOVESPA:PNVL3 | LSE:0RTE | BOVESPA:CRFB3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 35.3% | 17.3% | 11.1% | 10.4% | -24.0% | 10.0% | |
| 3Y CAGR | 31.7% | 14.7% | 10.6% | 23.9% | -20.3% | 0.0% | |
| Latest Twelve Months | 24.3% | 19.3% | 10.7% | 20.6% | 390.0% | 16.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.3% | 5.5% | 5.6% | 3.5% | 1.0% | 5.0% | |
| Prior Fiscal Year | 6.3% | 4.8% | 6.0% | 3.6% | 0.6% | 3.5% | |
| Latest Fiscal Year | 6.5% | 5.1% | 6.5% | 4.0% | 0.5% | 3.9% | |
| Latest Twelve Months | 6.5% | 5.1% | 6.5% | 4.0% | 0.4% | 3.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.58x | 0.41x | 1.29x | 0.48x | 0.17x | 0.24x | |
| EV / LTM EBITDA | 8.1x | 6.2x | 14.6x | 5.8x | 10.5x | 4.9x | |
| EV / LTM EBIT | 9.0x | 7.9x | 19.9x | 12.0x | 46.4x | 6.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 7.9x | 12.0x | 46.4x | ||||
| Historical EV / LTM EBIT | 6.2x | 10.0x | 11.4x | ||||
| Selected EV / LTM EBIT | 8.5x | 9.0x | 9.4x | ||||
| (x) LTM EBIT | 4,490 | 4,490 | 4,490 | ||||
| (=) Implied Enterprise Value | 38,380 | 40,400 | 42,420 | ||||
| (-) Non-shareholder Claims * | (10,629) | (10,629) | (10,629) | ||||
| (=) Equity Value | 27,751 | 29,771 | 31,791 | ||||
| (/) Shares Outstanding | 2,109.1 | 2,109.1 | 2,109.1 | ||||
| Implied Value Range | 13.16 | 14.12 | 15.07 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.16 | 14.12 | 15.07 | 8.23 | |||
| Upside / (Downside) | 59.9% | 71.5% | 83.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GMAT3 | ASAI3 | L | PNVL3 | 0RTE | CRFB3 | |
| Enterprise Value | 18,676 | 30,147 | 78,641 | 2,339 | 5,391 | 27,987 | |
| (+) Cash & Short Term Investments | 1,664 | 5,721 | 2,110 | 213 | 1,010 | 15,208 | |
| (+) Investments & Other | 43 | 1,101 | 231 | 9 | 107 | 934 | |
| (-) Debt | (4,443) | (26,209) | (19,184) | (1,236) | (4,568) | (24,965) | |
| (-) Other Liabilities | (113) | 0 | (175) | 0 | (1) | (1,806) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 15,827 | 10,760 | 61,623 | 1,326 | 1,939 | 17,358 | |
| (/) Shares Outstanding | 2,248.2 | 1,348.4 | 300.4 | 149.4 | 363.1 | 2,109.1 | |
| Implied Stock Price | 7.04 | 7.98 | 205.14 | 8.88 | 5.34 | 8.23 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.04 | 7.98 | 205.14 | 8.88 | 5.34 | 8.23 | |
| Trading Currency | BRL | BRL | CAD | BRL | EUR | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |