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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | -10.8x - -11.9x | -11.4x |
| Selected Fwd P/E Multiple | 31.9x - 35.2x | 33.5x |
| Fair Value | R$2.30 - R$2.55 | R$2.43 |
| Upside | -7.4% - 2.3% | -2.6% |
| Benchmarks | - | Full Ticker |
| São Paulo Turismo S.A. | - | BOVESPA:AHEB3 |
| International Meal Company Alimentação S.A. | - | BOVESPA:MEAL3 |
| Zamp S.A. | - | BOVESPA:ZAMP3 |
| Hotéis Othon S.A. | - | BOVESPA:HOOT4 |
| Smartfit Escola de Ginástica e Dança S.A. | - | BOVESPA:SMFT3 |
| CVC Brasil Operadora e Agência de Viagens S.A. | - | BOVESPA:CVCB3 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| AHEB3 | MEAL3 | ZAMP3 | HOOT4 | SMFT3 | CVCB3 | |||
| BOVESPA:AHEB3 | BOVESPA:MEAL3 | BOVESPA:ZAMP3 | BOVESPA:HOOT4 | BOVESPA:SMFT3 | BOVESPA:CVCB3 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | ||
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | ||
| Latest Twelve Months | 8.4% | -69.6% | -8.0% | 51.3% | -55.7% | 79.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -2.0% | -9.4% | -7.4% | -32.4% | -13.7% | -51.3% | ||
| Prior Fiscal Year | 14.1% | -3.8% | -2.5% | 85.4% | 24.4% | -31.9% | ||
| Latest Fiscal Year | 20.7% | -3.4% | -4.2% | 49.9% | 7.8% | -7.3% | ||
| Latest Twelve Months | 16.6% | -3.9% | -3.1% | 45.5% | 7.7% | -5.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 2.8x | 8.8x | 9.5x | 0.1x | 11.2x | 9.1x | ||
| Price / LTM Sales | 0.4x | 0.2x | 0.3x | 0.4x | 2.3x | 0.9x | ||
| LTM P/E Ratio | 2.7x | -4.0x | -9.4x | 0.9x | 30.1x | -17.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -9.4x | 0.9x | 30.1x | |||||
| Historical LTM P/E Ratio | -6.2x | -2.6x | 50.4x | |||||
| Selected P/E Multiple | -10.8x | -11.4x | -11.9x | |||||
| (x) LTM Net Income | (76) | (76) | (76) | |||||
| (=) Equity Value | 826 | 869 | 913 | |||||
| (/) Shares Outstanding | 524.8 | 524.8 | 524.8 | |||||
| Implied Value Range | 1.57 | 1.66 | 1.74 | |||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.57 | 1.66 | 1.74 | 2.49 | ||||
| Upside / (Downside) | -36.8% | -33.5% | -30.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | AHEB3 | MEAL3 | ZAMP3 | HOOT4 | SMFT3 | CVCB3 | |
| Value of Common Equity | 306 | 351 | 1,356 | 72 | 13,952 | 1,307 | |
| (/) Shares Outstanding | 8.5 | 285.8 | 398.9 | 18.4 | 597.3 | 524.8 | |
| Implied Stock Price | 35.80 | 1.23 | 3.40 | 3.93 | 23.36 | 2.49 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 35.80 | 1.23 | 3.40 | 3.93 | 23.36 | 2.49 | |
| 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 | |