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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 2.9x - 3.2x | 3.0x |
| Selected Fwd EBITDA Multiple | 2.0x - 2.2x | 2.1x |
| Fair Value | R$4.56 - R$8.13 | R$6.35 |
| Upside | 12.7% - 100.7% | 56.7% |
| Benchmarks | Ticker | Full Ticker |
| EcoRodovias Infraestrutura e Logística S.A. | ECOR3 | BOVESPA:ECOR3 |
| Santos Brasil Participações S.A. | STBP3 | BOVESPA:STBP3 |
| Wilson Sons S.A. | PORT3 | BOVESPA:PORT3 |
| Motiva Infraestrutura de Mobilidade S.A. | MOTV3 | BOVESPA:MOTV3 |
| Trevisa Investimentos S.A. | LUXM4 | BOVESPA:LUXM4 |
| Triunfo Participações e Investimentos S.A. | TPIS3 | BOVESPA:TPIS3 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ECOR3 | STBP3 | PORT3 | MOTV3 | LUXM4 | TPIS3 | ||
| BOVESPA:ECOR3 | BOVESPA:STBP3 | BOVESPA:PORT3 | BOVESPA:MOTV3 | BOVESPA:LUXM4 | BOVESPA:TPIS3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 19.6% | 45.4% | 16.1% | 5.7% | 2.4% | 10.5% | |
| 3Y CAGR | 25.7% | 32.9% | 12.9% | 0.9% | -11.6% | 8.5% | |
| Latest Twelve Months | 17.5% | 46.5% | 28.2% | -0.3% | -7.9% | 37.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 43.7% | 34.8% | 37.9% | 46.8% | 29.3% | 40.6% | |
| Prior Fiscal Year | 41.3% | 41.9% | 37.9% | 39.8% | 28.2% | 24.2% | |
| Latest Fiscal Year | 44.8% | 46.0% | 40.1% | 31.5% | 26.4% | 39.7% | |
| Latest Twelve Months | 45.2% | 48.1% | 40.5% | 32.9% | 25.5% | 37.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.40x | 4.95x | 3.01x | 2.72x | 1.61x | 1.08x | |
| EV / LTM EBITDA | 5.3x | 10.3x | 7.4x | 8.3x | 6.3x | 2.9x | |
| EV / LTM EBIT | 6.7x | 11.3x | 10.0x | 10.3x | 11.4x | 5.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.3x | 7.4x | 10.3x | ||||
| Historical EV / LTM EBITDA | 2.9x | 3.9x | 7.4x | ||||
| Selected EV / LTM EBITDA | 2.9x | 3.0x | 3.2x | ||||
| (x) LTM EBITDA | 506 | 506 | 506 | ||||
| (=) Implied Enterprise Value | 1,443 | 1,519 | 1,595 | ||||
| (-) Non-shareholder Claims * | (1,270) | (1,270) | (1,270) | ||||
| (=) Equity Value | 173 | 249 | 325 | ||||
| (/) Shares Outstanding | 43.4 | 43.4 | 43.4 | ||||
| Implied Value Range | 3.99 | 5.74 | 7.49 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.99 | 5.74 | 7.49 | 4.05 | |||
| Upside / (Downside) | -1.5% | 41.7% | 85.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ECOR3 | STBP3 | PORT3 | MOTV3 | LUXM4 | TPIS3 | |
| Enterprise Value | 23,913 | 15,556 | 9,213 | 58,120 | 217 | 1,446 | |
| (+) Cash & Short Term Investments | 3,892 | 382 | 588 | 6,271 | 19 | 26 | |
| (+) Investments & Other | 0 | 16 | 584 | 881 | 1 | 59 | |
| (-) Debt | (23,267) | (4,214) | (2,718) | (37,909) | (21) | (1,370) | |
| (-) Other Liabilities | (253) | 0 | (2) | (387) | 0 | 15 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,285 | 11,740 | 7,664 | 26,976 | 216 | 176 | |
| (/) Shares Outstanding | 695.6 | 860.1 | 441.0 | 2,010.1 | 41.6 | 43.4 | |
| Implied Stock Price | 6.16 | 13.65 | 17.38 | 13.42 | 5.20 | 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) | 6.16 | 13.65 | 17.38 | 13.42 | 5.20 | 4.05 | |
| 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 | |