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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 2.9x - 3.3x | 3.1x |
| Selected Fwd EBITDA Multiple | 1.9x - 2.2x | 2.0x |
| Fair Value | R$5.02 - R$8.63 | R$6.83 |
| Upside | 24.0% - 113.2% | 68.6% |
| Benchmarks | Ticker | Full Ticker |
| Wilson Sons S.A. | PORT3 | BOVESPA:PORT3 |
| Santos Brasil Participações S.A. | STBP3 | BOVESPA:STBP3 |
| EcoRodovias Infraestrutura e Logística S.A. | ECOR3 | BOVESPA:ECOR3 |
| Motiva Infraestrutura de Mobilidade S.A. | MOTV3 | BOVESPA:MOTV3 |
| Tianjin Port Development Holdings Limited | 3382 | SEHK:3382 |
| Triunfo Participações e Investimentos S.A. | TPIS3 | BOVESPA:TPIS3 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PORT3 | STBP3 | ECOR3 | MOTV3 | 3382 | TPIS3 | ||
| BOVESPA:PORT3 | BOVESPA:STBP3 | BOVESPA:ECOR3 | BOVESPA:MOTV3 | SEHK:3382 | BOVESPA:TPIS3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 16.1% | 45.4% | 19.6% | 5.7% | 2.6% | 10.5% | |
| 3Y CAGR | 12.9% | 32.9% | 25.7% | 0.9% | 1.3% | 8.5% | |
| Latest Twelve Months | 28.2% | 39.4% | 15.8% | -0.3% | 6.1% | 48.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 37.9% | 34.9% | 43.7% | 46.8% | 18.7% | 40.4% | |
| Prior Fiscal Year | 37.9% | 41.9% | 41.3% | 39.8% | 20.5% | 24.2% | |
| Latest Fiscal Year | 40.1% | 46.0% | 44.8% | 31.5% | 21.4% | 39.7% | |
| Latest Twelve Months | 40.5% | 47.1% | 44.8% | 32.9% | 21.4% | 37.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.02x | 4.99x | 2.44x | 2.72x | 1.03x | 1.08x | |
| EV / LTM EBITDA | 7.5x | 10.6x | 5.5x | 8.3x | 4.8x | 2.9x | |
| EV / LTM EBIT | 10.1x | 11.4x | 6.8x | 10.3x | 7.6x | 5.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.8x | 7.5x | 10.6x | ||||
| Historical EV / LTM EBITDA | 2.9x | 3.9x | 7.4x | ||||
| Selected EV / LTM EBITDA | 2.9x | 3.1x | 3.3x | ||||
| (x) LTM EBITDA | 506 | 506 | 506 | ||||
| (=) Implied Enterprise Value | 1,488 | 1,566 | 1,645 | ||||
| (-) Non-shareholder Claims * | (1,270) | (1,270) | (1,270) | ||||
| (=) Equity Value | 218 | 296 | 374 | ||||
| (/) Shares Outstanding | 43.4 | 43.4 | 43.4 | ||||
| Implied Value Range | 5.02 | 6.83 | 8.63 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.02 | 6.83 | 8.63 | 4.05 | |||
| Upside / (Downside) | 24.0% | 68.6% | 113.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PORT3 | STBP3 | ECOR3 | MOTV3 | 3382 | TPIS3 | |
| Enterprise Value | 9,231 | 15,693 | 24,800 | 58,462 | 14,209 | 1,446 | |
| (+) Cash & Short Term Investments | 588 | 382 | 3,798 | 6,271 | 6,869 | 26 | |
| (+) Investments & Other | 584 | 16 | 0 | 881 | 5,329 | 59 | |
| (-) Debt | (2,718) | (4,214) | (23,267) | (37,909) | (5,318) | (1,370) | |
| (-) Other Liabilities | (2) | 0 | (253) | (387) | (16,901) | 15 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,682 | 11,878 | 5,078 | 27,317 | 4,187 | 176 | |
| (/) Shares Outstanding | 441.0 | 860.1 | 695.6 | 2,010.1 | 6,158.0 | 43.4 | |
| Implied Stock Price | 17.42 | 13.81 | 7.30 | 13.59 | 0.68 | 4.05 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17.42 | 13.81 | 7.30 | 13.59 | 0.68 | 4.05 | |
| Trading Currency | BRL | BRL | BRL | BRL | HKD | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |