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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.0x - 11.1x | 10.6x |
| Selected Fwd EBIT Multiple | 6.5x - 7.2x | 6.8x |
| Fair Value | R$5.26 - R$5.92 | R$5.59 |
| Upside | 8.5% - 22.1% | 15.3% |
| Benchmarks | Ticker | Full Ticker |
| Dexxos Participações S.A. | DEXP3 | BOVESPA:DEXP3 |
| Unipar Carbocloro S.A. | UNIP3 | BOVESPA:UNIP3 |
| Tronox Pigmentos do Brasil S.A. | CRPG3 | BOVESPA:CRPG3 |
| Sansuy S.A. | SNSY3 | BOVESPA:SNSY3 |
| Nutriplant Indústria e Comércio S/A | NUTR3 | BOVESPA:NUTR3 |
| Vittia S.A. | VITT3 | BOVESPA:VITT3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DEXP3 | UNIP3 | CRPG3 | SNSY3 | NUTR3 | VITT3 | ||
| BOVESPA:DEXP3 | BOVESPA:UNIP3 | BOVESPA:CRPG3 | BOVESPA:SNSY3 | BOVESPA:NUTR3 | BOVESPA:VITT3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 39.0% | 13.3% | NM- | NM- | 83.5% | 5.8% | |
| 3Y CAGR | -8.8% | -34.9% | NM- | NM- | 15.4% | 2.3% | |
| Latest Twelve Months | 10.8% | 167.5% | 53.5% | -37.2% | 11.8% | 4.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.4% | 24.9% | 7.9% | 4.1% | 7.6% | 16.4% | |
| Prior Fiscal Year | 14.3% | 20.1% | -1.2% | 7.2% | 5.5% | 13.1% | |
| Latest Fiscal Year | 11.9% | 12.7% | -6.3% | 31.3% | 9.1% | 11.2% | |
| Latest Twelve Months | 10.8% | 19.3% | -4.1% | 12.0% | 6.4% | 10.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.42x | 1.26x | 0.51x | 0.29x | 0.21x | 1.04x | |
| EV / LTM EBITDA | 3.4x | 5.0x | -74.9x | 2.2x | 3.1x | 8.3x | |
| EV / LTM EBIT | 3.9x | 6.5x | -12.4x | 2.4x | 3.3x | 10.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -12.4x | 3.3x | 6.5x | ||||
| Historical EV / LTM EBIT | 11.1x | 13.8x | 17.1x | ||||
| Selected EV / LTM EBIT | 10.0x | 10.6x | 11.1x | ||||
| (x) LTM EBIT | 84 | 84 | 84 | ||||
| (=) Implied Enterprise Value | 839 | 883 | 927 | ||||
| (-) Non-shareholder Claims * | (147) | (147) | (147) | ||||
| (=) Equity Value | 691 | 735 | 779 | ||||
| (/) Shares Outstanding | 147.9 | 147.9 | 147.9 | ||||
| Implied Value Range | 4.67 | 4.97 | 5.27 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.67 | 4.97 | 5.27 | 4.85 | |||
| Upside / (Downside) | -3.7% | 2.5% | 8.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DEXP3 | UNIP3 | CRPG3 | SNSY3 | NUTR3 | VITT3 | |
| Enterprise Value | 936 | 6,903 | 426 | 289 | 48 | 865 | |
| (+) Cash & Short Term Investments | 227 | 1,748 | 104 | 20 | 2 | 64 | |
| (+) Investments & Other | 54 | 171 | 0 | 2 | 0 | 0 | |
| (-) Debt | (241) | (2,805) | (8) | (277) | (13) | (211) | |
| (-) Other Liabilities | 0 | (18) | 0 | 18 | 0 | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 976 | 5,999 | 522 | 52 | 37 | 718 | |
| (/) Shares Outstanding | 113.7 | 112.8 | 29.0 | 4.7 | 13.2 | 147.9 | |
| Implied Stock Price | 8.58 | 53.17 | 17.99 | 11.00 | 2.80 | 4.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.58 | 53.17 | 17.99 | 11.00 | 2.80 | 4.85 | |
| 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 | |