Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.1x - 4.5x | 4.3x |
| Selected Fwd EBITDA Multiple | 3.4x - 3.7x | 3.6x |
| Fair Value | R$9.86 - R$10.79 | R$10.33 |
| Upside | 28.4% - 40.5% | 34.4% |
| Benchmarks | Ticker | Full Ticker |
| Vittia S.A. | VITT3 | BOVESPA:VITT3 |
| Sansuy S.A. | SNSY3 | BOVESPA:SNSY3 |
| Nutriplant Indústria e Comércio S/A | NUTR3 | BOVESPA:NUTR3 |
| Tronox Pigmentos do Brasil S.A. | CRPG3 | BOVESPA:CRPG3 |
| Unipar Carbocloro S.A. | UNIP3 | BOVESPA:UNIP3 |
| Dexxos Participações S.A. | DEXP3 | BOVESPA:DEXP3 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VITT3 | SNSY3 | NUTR3 | CRPG3 | UNIP3 | DEXP3 | ||
| BOVESPA:VITT3 | BOVESPA:SNSY3 | BOVESPA:NUTR3 | BOVESPA:CRPG3 | BOVESPA:UNIP3 | BOVESPA:DEXP3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.2% | NM- | 69.1% | NM- | 12.8% | 32.1% | |
| 3Y CAGR | 3.7% | 204.6% | 15.6% | NM- | -28.1% | -7.3% | |
| Latest Twelve Months | -8.7% | 315.1% | 79.9% | -248.2% | -18.0% | -11.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.7% | 2.2% | 7.7% | 12.6% | 28.9% | 14.8% | |
| Prior Fiscal Year | 15.1% | 8.4% | 5.9% | 2.3% | 25.2% | 15.9% | |
| Latest Fiscal Year | 13.2% | 32.7% | 9.5% | -2.9% | 18.6% | 13.5% | |
| Latest Twelve Months | 13.2% | 32.7% | 9.5% | -2.9% | 18.6% | 13.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.14x | 0.27x | 0.31x | 0.63x | 1.21x | 0.38x | |
| EV / LTM EBITDA | 8.6x | 0.8x | 3.2x | -21.7x | 6.5x | 2.8x | |
| EV / LTM EBIT | 10.2x | 0.9x | 3.4x | -10.0x | 9.6x | 3.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -21.7x | 3.2x | 8.6x | ||||
| Historical EV / LTM EBITDA | 2.8x | 3.6x | 7.5x | ||||
| Selected EV / LTM EBITDA | 4.1x | 4.3x | 4.5x | ||||
| (x) LTM EBITDA | 244 | 244 | 244 | ||||
| (=) Implied Enterprise Value | 992 | 1,044 | 1,096 | ||||
| (-) Non-shareholder Claims * | 118 | 118 | 118 | ||||
| (=) Equity Value | 1,110 | 1,162 | 1,215 | ||||
| (/) Shares Outstanding | 108.7 | 108.7 | 108.7 | ||||
| Implied Value Range | 10.21 | 10.69 | 11.17 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.21 | 10.69 | 11.17 | 7.68 | |||
| Upside / (Downside) | 33.0% | 39.2% | 45.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VITT3 | SNSY3 | NUTR3 | CRPG3 | UNIP3 | DEXP3 | |
| Enterprise Value | 913 | 258 | 61 | 362 | 6,344 | 716 | |
| (+) Cash & Short Term Investments | 54 | 22 | 2 | 181 | 1,518 | 342 | |
| (+) Investments & Other | 0 | 2 | 0 | 0 | 195 | 60 | |
| (-) Debt | (233) | (244) | (11) | (11) | (2,318) | (283) | |
| (-) Other Liabilities | (0) | 17 | 0 | 0 | (23) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 734 | 54 | 52 | 531 | 5,715 | 835 | |
| (/) Shares Outstanding | 149.2 | 4.9 | 13.2 | 25.3 | 112.7 | 108.7 | |
| Implied Stock Price | 4.92 | 11.00 | 3.92 | 21.00 | 50.70 | 7.68 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.92 | 11.00 | 3.92 | 21.00 | 50.70 | 7.68 | |
| 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 | |