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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 9.8% - 8.8% | 9.3% |
| Terminal EBITDA Multiple | 7.5x - 9.5x | 8.5x |
| Fair Value | €32.29 - €40.88 | €36.50 |
| Upside | -23.8% - -3.6% | -13.9% |
| Select Revenue and EBITDA Forecast | ||||||
| (BRL in millions) | Input Projections | |||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 |
| Revenue | 35,424 | 40,924 | 46,640 | 50,604 | 52,030 | 53,071 |
| % Growth | 35.7% | 15.5% | 14.0% | 8.5% | 2.8% | 2.0% |
| EBITDA | 3,499 | 4,602 | 5,547 | 6,200 | 6,356 | 6,484 |
| % of Revenue | 9.9% | 11.2% | 11.9% | 12.3% | 12.2% | 12.2% |
| Calculation of Free Cash Flow | ||||||
| Projected Unlevered Cash Flow | ||||||
| (BRL in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| EBITDA | 4,602 | 5,547 | 6,200 | 6,356 | 6,484 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | |
| D&A | (1,400) | (1,472) | (1,452) | (1,651) | (2,787) | |
| EBIT | 3,201 | 4,075 | 4,748 | 4,706 | 3,697 | |
| Pro forma Taxes | (640) | (815) | (950) | (941) | (739) | |
| NOPAT | 2,287 | 2,561 | 3,260 | 3,798 | 3,764 | 2,957 |
| Capital Expenditures | (1,069) | (2,034) | (2,134) | (2,188) | (1,167) | (2,485) |
| NWC Investment | (902) | (532) | (553) | (384) | (138) | (101) |
| (+) D&A | 641 | 1,400 | 1,472 | 1,452 | 1,651 | 2,787 |
| Free Cash Flow | 957 | 1,395 | 2,044 | 2,679 | 4,110 | 3,159 |
| % Growth | 46% | 47% | 31% | 53% | -23% | |