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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.2x - 1.4x | 1.3x |
| Selected Fwd Revenue Multiple | 1.1x - 1.3x | 1.2x |
| Fair Value | R$3.02 - R$3.38 | R$3.20 |
| Upside | 34.6% - 50.7% | 42.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| International Meal Company Alimentação S.A. | MEAL3 | BOVESPA:MEAL3 |
| Smartfit Escola de Ginástica e Dança S.A. | SMFT3 | BOVESPA:SMFT3 |
| São Paulo Turismo S.A. | AHEB3 | BOVESPA:AHEB3 |
| Hotéis Othon S.A. | HOOT4 | BOVESPA:HOOT4 |
| Zamp S.A. | ZAMP3 | BOVESPA:ZAMP3 |
| CVC Brasil Operadora e Agência de Viagens S.A. | CVCB3 | BOVESPA:CVCB3 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| MEAL3 | SMFT3 | AHEB3 | HOOT4 | ZAMP3 | CVCB3 | |||
| BOVESPA:MEAL3 | BOVESPA:SMFT3 | BOVESPA:AHEB3 | BOVESPA:HOOT4 | BOVESPA:ZAMP3 | BOVESPA:CVCB3 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 6.8% | 23.0% | 44.6% | 12.3% | 9.7% | -3.6% | ||
| 3Y CAGR | 8.5% | 48.4% | 61.1% | 52.2% | 18.3% | 19.8% | ||
| Latest Twelve Months | -0.1% | 31.5% | 19.2% | 10.1% | 18.6% | -0.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -1.7% | 0.3% | 3.3% | -62.8% | -2.9% | -38.5% | ||
| Prior Fiscal Year | 2.1% | 24.6% | 20.1% | 26.4% | 3.1% | -9.1% | ||
| Latest Fiscal Year | 0.2% | 22.6% | 20.1% | 33.0% | -0.1% | 6.4% | ||
| Latest Twelve Months | 0.2% | 22.6% | 20.1% | 33.0% | -0.1% | 6.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.60x | 3.81x | 0.41x | 0.02x | 0.57x | 0.96x | ||
| EV / LTM EBIT | 253.6x | 16.8x | 2.1x | 0.1x | -476.4x | 15.0x | ||
| Price / LTM Sales | 0.16x | 2.31x | 0.53x | 0.31x | 0.26x | 0.81x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.02x | 0.57x | 3.81x | |||||
| Historical EV / LTM Revenue | 0.96x | 1.94x | 5.27x | |||||
| Selected EV / LTM Revenue | 1.24x | 1.31x | 1.38x | |||||
| (x) LTM Revenue | 1,421 | 1,421 | 1,421 | |||||
| (=) Implied Enterprise Value | 1,768 | 1,862 | 1,955 | |||||
| (-) Non-shareholder Claims * | (213) | (213) | (213) | |||||
| (=) Equity Value | 1,556 | 1,649 | 1,742 | |||||
| (/) Shares Outstanding | 525.6 | 525.6 | 525.6 | |||||
| Implied Value Range | 2.96 | 3.14 | 3.31 | |||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.96 | 3.14 | 3.31 | 2.24 | ||||
| Upside / (Downside) | 32.2% | 40.1% | 48.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MEAL3 | SMFT3 | AHEB3 | HOOT4 | ZAMP3 | CVCB3 | |
| Enterprise Value | 1,340 | 22,960 | 298 | 6 | 2,778 | 1,390 | |
| (+) Cash & Short Term Investments | 218 | 1,491 | 91 | 14 | 746 | 400 | |
| (+) Investments & Other | 64 | 55 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1,267) | (11,315) | (4) | (1) | (2,236) | (613) | |
| (-) Other Liabilities | 0 | (16) | 0 | 33 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 354 | 13,175 | 384 | 52 | 1,288 | 1,177 | |
| (/) Shares Outstanding | 285.4 | 597.3 | 8.5 | 18.4 | 419.6 | 525.6 | |
| Implied Stock Price | 1.24 | 22.06 | 45.00 | 2.85 | 3.07 | 2.24 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.24 | 22.06 | 45.00 | 2.85 | 3.07 | 2.24 | |
| 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 | |