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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -0.3x - -0.3x | -0.3x |
| Selected Fwd EBITDA Multiple | -0.2x - -0.3x | -0.3x |
| Fair Value | J$3.26 - J$3.26 | J$3.26 |
| Upside | 13.3% - 13.1% | 13.2% |
| Benchmarks | Ticker | Full Ticker |
| Willis Towers Watson Public Limited Company | W1LT34 | BOVESPA:W1LT34 |
| Aon plc | A1ON34 | BOVESPA:A1ON34 |
| Arthur J. Gallagher & Co. | A1JG34 | BOVESPA:A1JG34 |
| Brown & Brown, Inc. | BRO | NYSE:BRO |
| Erie Indemnity Company | ERIE | NasdaqGS:ERIE |
| Caribbean Assurance Brokers Limited | CABROKERS | JMSE:CABROKERS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| W1LT34 | A1ON34 | A1JG34 | BRO | ERIE | CABROKERS | ||
| BOVESPA:W1LT34 | BOVESPA:A1ON34 | BOVESPA:A1JG34 | NYSE:BRO | NasdaqGS:ERIE | JMSE:CABROKERS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.6% | 13.1% | 26.2% | 17.9% | 15.3% | 24.1% | |
| 3Y CAGR | 3.5% | 27.7% | 24.0% | 16.5% | 29.7% | 35.1% | |
| Latest Twelve Months | 8.9% | 18.2% | 22.2% | 16.7% | 27.7% | 4.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 25.3% | 28.0% | 27.1% | 32.4% | 15.8% | 15.3% | |
| Prior Fiscal Year | 25.8% | 32.1% | 31.1% | 32.5% | 18.4% | 18.4% | |
| Latest Fiscal Year | 26.8% | 32.3% | 33.2% | 33.9% | 20.2% | 24.2% | |
| Latest Twelve Months | 26.8% | 32.3% | 33.2% | 33.9% | 20.2% | 9.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.80x | 6.57x | 7.92x | 8.27x | 5.29x | -0.25x | |
| EV / LTM EBITDA | 14.2x | 20.3x | 23.8x | 24.4x | 26.2x | -2.7x | |
| EV / LTM EBIT | 17.1x | 23.5x | 30.8x | 28.4x | 28.3x | -3.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 14.2x | 23.8x | 26.2x | ||||
| Historical EV / LTM EBITDA | -7.9x | -3.8x | 0.0x | ||||
| Selected EV / LTM EBITDA | -0.3x | -0.3x | -0.3x | ||||
| (x) LTM EBITDA | 51 | 51 | 51 | ||||
| (=) Implied Enterprise Value | (13) | (14) | (15) | ||||
| (-) Non-shareholder Claims * | 877 | 877 | 877 | ||||
| (=) Equity Value | 864 | 863 | 862 | ||||
| (/) Shares Outstanding | 262.5 | 262.5 | 262.5 | ||||
| Implied Value Range | 3.29 | 3.29 | 3.29 | ||||
| FX Rate: JMD/JMD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.29 | 3.29 | 3.29 | 2.88 | |||
| Upside / (Downside) | 14.3% | 14.2% | 14.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | W1LT34 | A1ON34 | A1JG34 | BRO | ERIE | CABROKERS | |
| Enterprise Value | 31,744 | 103,432 | 83,425 | 38,946 | 20,089 | (121) | |
| (+) Cash & Short Term Investments | 1,890 | 1,181 | 14,987 | 685 | 319 | 931 | |
| (+) Investments & Other | 157 | 90 | 0 | 19 | 1,090 | 0 | |
| (-) Debt | (5,936) | (17,892) | (13,577) | (4,060) | (8) | (54) | |
| (-) Other Liabilities | (77) | (309) | (26) | (17) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 27,778 | 86,502 | 84,809 | 35,573 | 21,491 | 756 | |
| (/) Shares Outstanding | 477.5 | 868.3 | 513.1 | 286.6 | 52.3 | 262.5 | |
| Implied Stock Price | 58.17 | 99.62 | 165.28 | 124.11 | 411.00 | 2.88 | |
| FX Conversion Rate to Trading Currency | 0.18 | 0.18 | 0.18 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 330.50 | 566.01 | 939.06 | 124.11 | 411.00 | 2.88 | |
| Trading Currency | BRL | BRL | BRL | USD | USD | JMD | |
| FX Rate to Reporting Currency | 0.18 | 0.18 | 0.18 | 1.00 | 1.00 | 1.00 | |