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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 10.3% - 9.3% | 9.8% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | R$81.57 - R$97.18 | R$86.73 |
| Upside | 49.8% - 78.5% | 59.3% |
| Select Revenue and EBITDA Forecast | |||||||
| (USD in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| Revenue | 30,734 | 32,011 | 33,500 | 35,804 | 38,011 | 38,131 | |
| % Growth | -11.5% | 4.2% | 4.7% | 6.9% | 6.2% | 0.3% | |
| EBITDA | 4,335 | 4,199 | 5,333 | 5,546 | 5,320 | 6,977 | |
| % of Revenue | 14.1% | 13.1% | 15.9% | 15.5% | 14.0% | 18.3% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (USD in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 4,199 | 5,333 | 5,546 | 5,320 | 6,977 | 6,977 | |
| Other Income / (Exp) | 0 | 0 | 0 | 2,033 | 0 | 0 | |
| D&A | (1,337) | (1,513) | (1,575) | (1,672) | (1,295) | (713) | |
| EBIT | 2,861 | 3,820 | 3,970 | 5,681 | 5,682 | 6,265 | |
| Pro forma Taxes | (601) | (802) | (834) | (1,193) | (1,193) | (1,316) | |
| NOPAT | 2,353 | 2,260 | 3,018 | 3,137 | 4,488 | 4,489 | 4,949 |
| Capital Expenditures | (3,173) | (3,000) | (2,700) | (1,586) | (750) | (750) | (750) |
| NWC Investment | 627 | (201) | (235) | (363) | (348) | (19) | 0 |
| (+) D&A | 1,356 | 1,337 | 1,513 | 1,575 | 1,672 | 1,295 | 713 |
| Free Cash Flow | 1,164 | 396 | 1,596 | 2,762 | 5,062 | 5,015 | 4,911 |
| % Growth | -66% | 303% | 73% | 83% | -1% | -2% | |