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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.2x - 0.2x | 0.2x |
| Selected Fwd Ps Multiple | 0.2x - 0.2x | 0.2x |
| Fair Value | €3.52 - €3.89 | €3.71 |
| Upside | 32.3% - 46.3% | 39.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| PetroChina Company Limited | 85,700.0% | SEHK:857 |
| Petróleo Brasileiro S.A. - Petrobras | - | BOVESPA:PETR3 |
| Cosan S.A. | - | BOVESPA:CSAN3 |
| Petroreconcavo S.A. | - | BOVESPA:RECV3 |
| Brava Energia S.A. | - | BOVESPA:BRAV3 |
| Ultrapar Participações S.A. | - | DB:UGR |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| 857 | PETR3 | CSAN3 | RECV3 | BRAV3 | UGR | |||
| SEHK:857 | BOVESPA:PETR3 | BOVESPA:CSAN3 | BOVESPA:RECV3 | BOVESPA:BRAV3 | DB:UGR | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 3.1% | 13.2% | 26.5% | 57.2% | 206.2% | 8.4% | ||
| 3Y CAGR | 4.0% | 2.7% | 20.8% | 46.4% | 128.9% | 6.8% | ||
| Latest Twelve Months | -6.9% | 1.1% | 10.3% | 19.0% | 36.0% | 8.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 4.7% | 18.6% | 8.9% | 22.3% | -23.5% | 1.3% | ||
| Prior Fiscal Year | 5.4% | 24.3% | 2.7% | 25.2% | 7.2% | 1.9% | ||
| Latest Fiscal Year | 5.6% | 7.5% | -22.1% | 13.4% | -10.4% | 1.8% | ||
| Latest Twelve Months | 5.8% | 9.7% | -25.8% | 16.4% | 1.6% | 1.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 3.0x | 3.8x | 5.9x | 2.8x | 7.3x | 5.6x | ||
| Price / LTM Sales | 0.5x | 0.9x | 0.3x | 1.2x | 0.9x | 0.1x | ||
| LTM P/E Ratio | 8.9x | 8.9x | -1.2x | 7.5x | 56.7x | 8.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.3x | 0.9x | 1.2x | |||||
| Historical LTM P/S Ratio | 0.1x | 0.2x | 0.3x | |||||
| Selected Price / Sales Multiple | 0.2x | 0.2x | 0.2x | |||||
| (x) LTM Sales | 136,432 | 136,432 | 136,432 | |||||
| (=) Equity Value | 24,858 | 26,167 | 27,475 | |||||
| (/) Shares Outstanding | 1,075.3 | 1,075.3 | 1,075.3 | |||||
| Implied Value Range | 23.12 | 24.34 | 25.55 | |||||
| FX Rate: BRL/EUR | 6.4 | 6.4 | 6.4 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.60 | 3.79 | 3.98 | 2.66 | ||||
| Upside / (Downside) | 35.3% | 42.4% | 49.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 857 | PETR3 | CSAN3 | RECV3 | BRAV3 | UGR | |
| Value of Common Equity | 1,594,774 | 440,408 | 14,120 | 4,133 | 8,633 | 18,374 | |
| (/) Shares Outstanding | 273,222.9 | 12,888.7 | 1,862.8 | 293.1 | 464.2 | 1,075.3 | |
| Implied Stock Price | 5.84 | 34.17 | 7.58 | 14.10 | 18.60 | 17.09 | |
| FX Conversion Rate to Trading Currency | 0.92 | 1.00 | 1.00 | 1.00 | 1.00 | 6.42 | |
| Implied Stock Price (Trading Cur) | 6.34 | 34.17 | 7.58 | 14.10 | 18.60 | 2.66 | |
| Trading Currency | HKD | BRL | BRL | BRL | BRL | EUR | |
| FX Rate to Reporting Currency | 0.92 | 1.00 | 1.00 | 1.00 | 1.00 | 6.42 | |