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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 14.8x - 16.4x | 15.6x |
| Selected Fwd P/E Multiple | 11.6x - 12.8x | 12.2x |
| Fair Value | $22.06 - $24.38 | $23.22 |
| Upside | 25.4% - 38.6% | 32.0% |
| Benchmarks | - | Full Ticker |
| TP ICAP Group PLC | - | OTCPK:TCAP.F |
| Compagnie Financière Tradition SA | - | OTCPK:CFNC.F |
| Morgan Stanley | - | NYSE:MS |
| Tradeweb Markets Inc. | - | NasdaqGS:TW |
| Siebert Financial Corp. | - | NasdaqCM:SIEB |
| XP Inc. | - | NasdaqGS:XP |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| TCAP.F | CFNC.F | MS | TW | SIEB | XP | |||
| OTCPK:TCAP.F | OTCPK:CFNC.F | NYSE:MS | NasdaqGS:TW | NasdaqCM:SIEB | NasdaqGS:XP | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 20.0% | 13.8% | 8.5% | 43.0% | 29.8% | 33.1% | ||
| 3Y CAGR | 222.0% | 21.0% | -4.2% | 30.2% | 37.9% | 7.9% | ||
| Latest Twelve Months | 125.7% | 22.4% | 52.8% | 29.9% | 69.8% | 15.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 4.1% | 9.5% | 21.8% | 28.9% | 7.0% | 27.3% | ||
| Prior Fiscal Year | 3.5% | 9.7% | 15.9% | 27.3% | 11.0% | 27.4% | ||
| Latest Fiscal Year | 7.6% | 11.1% | 20.8% | 29.1% | 15.9% | 27.8% | ||
| Latest Twelve Months | 7.6% | 11.1% | 21.4% | 28.7% | 15.9% | 27.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 0.9x | 1.7x | 3.1x | 18.8x | 1.8x | 3.3x | ||
| LTM P/E Ratio | 12.1x | 15.0x | 14.3x | 59.2x | 11.5x | 11.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 11.5x | 14.3x | 59.2x | |||||
| Historical LTM P/E Ratio | 11.9x | 19.0x | 61.8x | |||||
| Selected P/E Multiple | 14.8x | 15.6x | 16.4x | |||||
| (x) LTM Net Income | 4,513 | 4,513 | 4,513 | |||||
| (=) Equity Value | 66,784 | 70,298 | 73,813 | |||||
| (/) Shares Outstanding | 537.4 | 537.4 | 537.4 | |||||
| Implied Value Range | 124.27 | 130.81 | 137.35 | |||||
| FX Rate: BRL/USD | 5.7 | 5.7 | 5.7 | Market Price | ||||
| Implied Value Range (Trading Cur) | 21.94 | 23.10 | 24.25 | 17.59 | ||||
| Upside / (Downside) | 24.7% | 31.3% | 37.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | TCAP.F | CFNC.F | MS | TW | SIEB | XP | |
| Value of Common Equity | 1,800 | 1,206 | 195,534 | 30,993 | 153 | 53,534 | |
| (/) Shares Outstanding | 756.4 | 9.9 | 1,604.3 | 213.4 | 40.4 | 537.4 | |
| Implied Stock Price | 2.38 | 121.91 | 121.88 | 145.25 | 3.78 | 99.61 | |
| FX Conversion Rate to Trading Currency | 0.76 | 0.83 | 1.00 | 1.00 | 1.00 | 5.66 | |
| Implied Stock Price (Trading Cur) | 3.15 | 146.65 | 121.88 | 145.25 | 3.78 | 17.59 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 0.76 | 0.83 | 1.00 | 1.00 | 1.00 | 5.66 | |