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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.3x - 6.9x | 6.6x |
| Selected Fwd EBITDA Multiple | 4.3x - 4.8x | 4.5x |
| Fair Value | R$11.83 - R$13.60 | R$12.71 |
| Upside | 60.9% - 85.1% | 73.0% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GMAT3 | ASAI3 | L | PNVL3 | 0RTE | CRFB3 | ||
| BOVESPA:GMAT3 | BOVESPA:ASAI3 | TSX:L | BOVESPA:PNVL3 | LSE:0RTE | BOVESPA:CRFB3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 30.6% | 19.1% | 8.3% | 8.9% | -12.3% | 8.3% | |
| 3Y CAGR | 24.9% | 14.8% | 8.3% | 0.2% | -12.2% | 2.1% | |
| Latest Twelve Months | 21.8% | 18.1% | 8.0% | 90.8% | 44.2% | 10.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.3% | 6.7% | 8.1% | 7.1% | 2.7% | 6.2% | |
| Prior Fiscal Year | 7.1% | 6.2% | 8.4% | 4.8% | 1.9% | 4.7% | |
| Latest Fiscal Year | 7.2% | 6.6% | 8.9% | 8.2% | 1.7% | 5.0% | |
| Latest Twelve Months | 7.2% | 6.6% | 8.9% | 8.2% | 1.6% | 5.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.58x | 0.41x | 1.28x | 0.47x | 0.17x | 0.23x | |
| EV / LTM EBITDA | 8.1x | 6.2x | 14.5x | 5.8x | 10.5x | 4.5x | |
| EV / LTM EBIT | 8.9x | 7.9x | 19.8x | 12.0x | 46.4x | 5.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.8x | 8.1x | 14.5x | ||||
| Historical EV / LTM EBITDA | 4.5x | 8.0x | 8.9x | ||||
| Selected EV / LTM EBITDA | 6.3x | 6.6x | 6.9x | ||||
| (x) LTM EBITDA | 5,735 | 5,735 | 5,735 | ||||
| (=) Implied Enterprise Value | 36,060 | 37,958 | 39,856 | ||||
| (-) Non-shareholder Claims * | (10,629) | (10,629) | (10,629) | ||||
| (=) Equity Value | 25,431 | 27,329 | 29,227 | ||||
| (/) Shares Outstanding | 2,109.1 | 2,109.1 | 2,109.1 | ||||
| Implied Value Range | 12.06 | 12.96 | 13.86 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.06 | 12.96 | 13.86 | 7.35 | |||
| Upside / (Downside) | 64.1% | 76.3% | 88.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GMAT3 | ASAI3 | L | PNVL3 | 0RTE | CRFB3 | |
| Enterprise Value | 18,653 | 30,120 | 78,136 | 2,318 | 5,387 | 26,131 | |
| (+) 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 | 15,805 | 10,733 | 61,118 | 1,305 | 1,935 | 15,502 | |
| (/) Shares Outstanding | 2,248.2 | 1,348.4 | 300.4 | 149.4 | 363.1 | 2,109.1 | |
| Implied Stock Price | 7.03 | 7.96 | 203.46 | 8.74 | 5.33 | 7.35 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.03 | 7.96 | 203.46 | 8.74 | 5.33 | 7.35 | |
| 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 | |