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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 5.9x - 6.5x | 6.2x |
Selected Fwd EBITDA Multiple | 6.2x - 6.9x | 6.5x |
Fair Value | R$126.98 - R$143.31 | R$135.15 |
Upside | 6.8% - 20.5% | 13.6% |
Benchmarks | Ticker | Full Ticker |
Companhia de Saneamento de Minas Gerais | CSMG3 | BOVESPA:CSMG3 |
Companhia Catarinense de Águas e Saneamento - CASAN | CASN3 | BOVESPA:CASN3 |
Barka Desalination Company SAOG | BRDE | MSM:BRDE |
Companhia de Eletricidade do Estado da Bahia - COELBA | CEEB3 | BOVESPA:CEEB3 |
Energisa Mato Grosso - Distribuidora de Energia S/A | ENMT3 | BOVESPA:ENMT3 |
Companhia de Saneamento Básico do Estado de São Paulo - SABESP | SBSP3 | BOVESPA:SBSP3 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
CSMG3 | CASN3 | BRDE | CEEB3 | ENMT3 | SBSP3 | ||
BOVESPA:CSMG3 | BOVESPA:CASN3 | MSM:BRDE | BOVESPA:CEEB3 | BOVESPA:ENMT3 | BOVESPA:SBSP3 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 8.6% | 14.1% | -0.3% | 18.1% | 15.4% | 19.3% | |
3Y CAGR | 19.7% | 23.9% | -0.1% | 12.3% | 4.0% | 42.6% | |
Latest Twelve Months | 15.1% | 76.0% | 9.1% | 9.2% | -23.4% | 103.7% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 33.4% | 29.7% | 45.2% | 26.8% | 28.2% | 36.3% | |
Prior Fiscal Year | 33.4% | 26.4% | 42.2% | 30.7% | 33.0% | 34.7% | |
Latest Fiscal Year | 34.8% | 37.1% | 43.3% | 30.0% | 26.4% | 49.4% | |
Latest Twelve Months | 35.5% | 39.7% | 45.2% | 30.1% | 24.8% | 49.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.79x | 6.82x | 3.90x | 1.48x | 2.77x | 2.66x | |
EV / LTM EBITDA | 5.1x | 17.2x | 8.6x | 4.9x | 11.2x | 5.4x | |
EV / LTM EBIT | 6.9x | 21.8x | 13.7x | 6.1x | 13.2x | 6.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 4.9x | 8.6x | 17.2x | ||||
Historical EV / LTM EBITDA | 4.4x | 7.0x | 8.7x | ||||
Selected EV / LTM EBITDA | 5.9x | 6.2x | 6.5x | ||||
(x) LTM EBITDA | 18,849 | 18,849 | 18,849 | ||||
(=) Implied Enterprise Value | 111,043 | 116,887 | 122,732 | ||||
(-) Non-shareholder Claims * | (19,276) | (19,276) | (19,276) | ||||
(=) Equity Value | 91,767 | 97,611 | 103,456 | ||||
(/) Shares Outstanding | 683.5 | 683.5 | 683.5 | ||||
Implied Value Range | 134.26 | 142.81 | 151.36 | ||||
FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 134.26 | 142.81 | 151.36 | 118.94 | |||
Upside / (Downside) | 12.9% | 20.1% | 27.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CSMG3 | CASN3 | BRDE | CEEB3 | ENMT3 | SBSP3 | |
Enterprise Value | 14,630 | 12,073 | 76 | 24,747 | 21,921 | 100,573 | |
(+) Cash & Short Term Investments | 666 | 316 | 1 | 796 | 1,485 | 8,137 | |
(+) Investments & Other | 335 | 0 | 5 | 60 | 43 | 226 | |
(-) Debt | (6,071) | (2,344) | (72) | (15,777) | (7,360) | (27,638) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 9,559 | 10,046 | 10 | 9,826 | 16,090 | 81,297 | |
(/) Shares Outstanding | 379.2 | 1,150.7 | 75.5 | 262.1 | 218.9 | 683.5 | |
Implied Stock Price | 25.21 | 8.73 | 0.13 | 37.49 | 73.49 | 118.94 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 25.21 | 8.73 | 0.13 | 37.49 | 73.49 | 118.94 | |
Trading Currency | BRL | BRL | OMR | BRL | BRL | BRL | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |