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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 8.153 B - 10.987 B | 9.71 B |
| Discount Rate | 8.5% - 6.5% | 7.5% |
| Fair Value | €7.91 - €14.94 | €11.14 |
| Upside | -4.1% - 81.1% | 35.0% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (BRL in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 43,126 | 44,033 | 48,041 | 52,100 | 55,845 | 55,845 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 6,008 | 5,960 | 4,832 | 5,574 | 6,764 | 6,764 | |
| (+) Net Interest Expense | 502 | 500 | 1,470 | 1,951 | 1,853 | 1,853 | |
| (+) Other Non Operating Exp. | 583 | 1,119 | 1,136 | 649 | 62 | 62 | |
| (+) D&A | 7,581 | 7,677 | 7,757 | 7,857 | 8,408 | 8,408 | |
| (+) Non-recurring Items | (274) | (1,203) | (559) | 140 | 322 | 322 | |
| Adjusted EBITDA | 14,400 | 14,051 | 14,635 | 16,171 | 17,407 | 17,407 | |
| (-) D&A | (7,581) | (7,677) | (7,757) | (7,857) | (8,408) | (8,408) | |
| Adjusted EBIT | 6,819 | 6,375 | 6,879 | 8,314 | 9,000 | 9,000 | |
| % of Revenue | 15.8% | 14.5% | 14.3% | 16.0% | 16.1% | 16.1% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 14.3% | 15.8% | 16.1% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (BRL in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 95,916 | 129,472 | 169,027 | 99,416 | |||
| (+) Cash & Short Term Investments | 6,691 | 6,691 | 6,691 | 6,691 | |||
| (+) Investments & Other | 566 | 566 | 566 | 566 | |||
| (-) Debt | (20,758) | (20,758) | (20,758) | (20,758) | |||
| (-) Other Liabilities | (70) | (70) | (70) | (70) | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 82,346 | 115,902 | 155,457 | 85,846 | |||
| (/) Shares Outstanding | 1,626.7 | 1,626.7 | 1,626.7 | 1,626.7 | |||
| Implied Stock Price (BRL) | 50.62 | 71.25 | 95.57 | 52.77 | |||
| FX Rate: BRL/EUR | 6.40 | 6.40 | 6.40 | 6.40 | |||
| Implied Stock Price (EUR) | 7.91 | 11.14 | 14.94 | 8.25 | |||
| Upside / (Downside) | -4.08% | 35.01% | 81.09% | ||||
| Stock Price | 8.25 | ||||||
| Stock Price Close | 8.25 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | BRL | ||||||
| Trading Currency | EUR | ||||||
| FX Rate: BRL/EUR | 6.40 | ||||||
| Market Cap | 13,327.7 | ||||||
| Shares Outstanding | 1,626.7 | ||||||
| Share Exchange Ratio | 1.0 | ||||||
| Liquid Long-term Investments | 0 | ||||||