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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.1x - 11.2x | 10.7x |
| Selected Fwd EBIT Multiple | 7.9x - 8.8x | 8.3x |
| Fair Value | R$4.10 - R$5.06 | R$4.58 |
| Upside | -12.7% - 7.6% | -2.6% |
| Benchmarks | Ticker | Full Ticker |
| João Fortes Engenharia S.A. | JFEN3 | BOVESPA:JFEN3 |
| Moura Dubeux Engenharia S.A. | MDNE3 | BOVESPA:MDNE3 |
| LPS Brasil - Consultoria de Imóveis S.A. | LPSB3 | BOVESPA:LPSB3 |
| Fica Empreendimentos Imobiliarios S.A | FIEI3 | BOVESPA:FIEI3 |
| Nexpe Participações S.A. | NEXP3 | BOVESPA:NEXP3 |
| JHSF Participações S.A. | JHSF3 | BOVESPA:JHSF3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| JFEN3 | MDNE3 | LPSB3 | FIEI3 | NEXP3 | JHSF3 | ||
| BOVESPA:JFEN3 | BOVESPA:MDNE3 | BOVESPA:LPSB3 | BOVESPA:FIEI3 | BOVESPA:NEXP3 | BOVESPA:JHSF3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 23.6% | 18.2% | NM- | NM- | 34.7% | |
| 3Y CAGR | NM- | 47.2% | 0.8% | NM- | NM- | -19.3% | |
| Latest Twelve Months | -210.9% | 39.2% | 7.6% | 64.5% | 24.4% | 3.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -177.2% | 11.0% | 18.7% | -193.3% | -33.0% | 43.2% | |
| Prior Fiscal Year | -56.7% | 16.9% | 21.1% | -394.7% | -19.7% | 35.3% | |
| Latest Fiscal Year | -88.6% | 17.2% | 21.5% | -144.4% | -15.0% | 36.1% | |
| Latest Twelve Months | -88.6% | 17.2% | 21.5% | -144.4% | -15.0% | 36.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.12x | 0.88x | 0.58x | 12.81x | 0.06x | 4.08x | |
| EV / LTM EBITDA | -1.4x | 4.9x | 2.5x | -9.1x | -0.5x | 10.5x | |
| EV / LTM EBIT | -1.3x | 5.1x | 2.7x | -8.9x | -0.4x | 11.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -8.9x | -0.4x | 5.1x | ||||
| Historical EV / LTM EBIT | 4.7x | 11.3x | 15.0x | ||||
| Selected EV / LTM EBIT | 10.1x | 10.7x | 11.2x | ||||
| (x) LTM EBIT | 580 | 580 | 580 | ||||
| (=) Implied Enterprise Value | 5,871 | 6,180 | 6,489 | ||||
| (-) Non-shareholder Claims * | (3,368) | (3,368) | (3,368) | ||||
| (=) Equity Value | 2,503 | 2,812 | 3,121 | ||||
| (/) Shares Outstanding | 677.7 | 677.7 | 677.7 | ||||
| Implied Value Range | 3.69 | 4.15 | 4.61 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.69 | 4.15 | 4.61 | 4.70 | |||
| Upside / (Downside) | -21.4% | -11.7% | -2.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | JFEN3 | MDNE3 | LPSB3 | FIEI3 | NEXP3 | JHSF3 | |
| Enterprise Value | 188 | 1,405 | 109 | 32 | 6 | 6,553 | |
| (+) Cash & Short Term Investments | 8 | 331 | 76 | 1 | 6 | 1,528 | |
| (+) Investments & Other | 0 | 85 | 18 | 0 | 0 | 193 | |
| (-) Debt | (265) | (511) | (16) | (11) | (2) | (4,665) | |
| (-) Other Liabilities | 97 | 4 | 4 | 0 | (0) | (423) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28 | 1,314 | 192 | 22 | 10 | 3,185 | |
| (/) Shares Outstanding | 12.3 | 83.8 | 137.3 | 2.4 | 2.6 | 677.7 | |
| Implied Stock Price | 2.27 | 15.68 | 1.40 | 9.00 | 3.86 | 4.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.27 | 15.68 | 1.40 | 9.00 | 3.86 | 4.70 | |
| 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 | |