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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.9x - 1.0x | 1.0x |
| Selected Fwd Ps Multiple | 0.6x - 0.7x | 0.6x |
| Fair Value | R$4.59 - R$5.07 | R$4.83 |
| Upside | 32.7% - 46.6% | 39.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Mitre Realty Empreendimentos e Participações S.A. | - | BOVESPA:MTRE3 |
| Lavvi Empreendimentos Imobiliários S.A. | - | BOVESPA:LAVV3 |
| Helbor Empreendimentos S.A. | - | BOVESPA:HBOR3 |
| JHSF Participações S.A. | - | BOVESPA:JHSF3 |
| João Fortes Engenharia S.A. | - | BOVESPA:JFEN3 |
| Melnick Desenvolvimento Imobiliário S.A. | - | BOVESPA:MELK3 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| MTRE3 | LAVV3 | HBOR3 | JHSF3 | JFEN3 | MELK3 | |||
| BOVESPA:MTRE3 | BOVESPA:LAVV3 | BOVESPA:HBOR3 | BOVESPA:JHSF3 | BOVESPA:JFEN3 | BOVESPA:MELK3 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 30.5% | 51.5% | -0.3% | 20.4% | -0.9% | 12.8% | ||
| 3Y CAGR | 27.1% | 36.5% | 10.2% | -7.1% | 240.1% | 10.1% | ||
| Latest Twelve Months | 19.6% | 55.3% | -2.2% | 9.8% | 283.1% | -10.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 7.4% | 28.3% | 11.1% | 45.5% | -958.9% | 11.6% | ||
| Prior Fiscal Year | 9.8% | 25.6% | 4.0% | 28.4% | -73.0% | 8.8% | ||
| Latest Fiscal Year | 4.2% | 22.1% | 4.4% | 53.1% | -133.6% | 6.9% | ||
| Latest Twelve Months | 5.1% | 22.5% | 4.5% | 62.2% | -104.7% | 5.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 9.8x | 5.7x | 12.2x | 10.1x | -1.3x | 15.6x | ||
| Price / LTM Sales | 0.4x | 1.4x | 0.3x | 2.0x | 0.1x | 0.7x | ||
| LTM P/E Ratio | 7.4x | 6.3x | 5.8x | 3.3x | -0.1x | 13.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.1x | 0.4x | 2.0x | |||||
| Historical LTM P/S Ratio | 0.6x | 1.0x | 2.8x | |||||
| Selected Price / Sales Multiple | 0.9x | 1.0x | 1.0x | |||||
| (x) LTM Sales | 1,009 | 1,009 | 1,009 | |||||
| (=) Equity Value | 934 | 984 | 1,033 | |||||
| (/) Shares Outstanding | 204.3 | 204.3 | 204.3 | |||||
| Implied Value Range | 4.57 | 4.82 | 5.06 | |||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 4.57 | 4.82 | 5.06 | 3.46 | ||||
| Upside / (Downside) | 32.2% | 39.2% | 46.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | MTRE3 | LAVV3 | HBOR3 | JHSF3 | JFEN3 | MELK3 | |
| Value of Common Equity | 439 | 2,275 | 341 | 3,524 | 25 | 707 | |
| (/) Shares Outstanding | 105.8 | 195.4 | 132.7 | 677.7 | 12.3 | 204.3 | |
| Implied Stock Price | 4.15 | 11.64 | 2.57 | 5.20 | 2.00 | 3.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.15 | 11.64 | 2.57 | 5.20 | 2.00 | 3.46 | |
| 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 | |