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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.0x - 1.2x | 1.1x |
| Selected Fwd Revenue Multiple | 1.1x - 1.2x | 1.2x |
| Fair Value | $1.87 - $2.10 | $1.98 |
| Upside | 3.1% - 16.2% | 9.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Rio Paranapanema Energia S.A. | GEPA4 | BOVESPA:GEPA4 |
| Centrais Elétricas Brasileiras S.A. - Eletrobrás | ELET5 | BOVESPA:ELET5 |
| Neoenergia S.A. | NEOE3 | BOVESPA:NEOE3 |
| CPFL Energia S.A. | CPFE3 | BOVESPA:CPFE3 |
| Companhia Paranaense de Energia - COPEL | CPLE5 | BOVESPA:CPLE5 |
| Companhia Energética de Minas Gerais - CEMIG | CIG | NYSE:CIG |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| GEPA4 | ELET5 | NEOE3 | CPFE3 | CPLE5 | CIG | |||
| BOVESPA:GEPA4 | BOVESPA:ELET5 | BOVESPA:NEOE3 | BOVESPA:CPFE3 | BOVESPA:CPLE5 | NYSE:CIG | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 1.1% | 6.2% | 11.5% | 7.3% | 7.4% | 9.3% | ||
| 3Y CAGR | -1.4% | 5.1% | 4.3% | 2.8% | -1.9% | 5.8% | ||
| Latest Twelve Months | -10.8% | 8.1% | 10.5% | 7.3% | 5.5% | 8.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 43.4% | 40.2% | 19.4% | 21.5% | 17.8% | 16.6% | ||
| Prior Fiscal Year | 36.9% | 30.5% | 19.3% | 27.2% | 15.8% | 17.8% | ||
| Latest Fiscal Year | 39.4% | 31.6% | 20.4% | 25.0% | 16.7% | 20.3% | ||
| Latest Twelve Months | 34.9% | 31.6% | 20.4% | 25.0% | 16.7% | 20.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.55x | 2.28x | 1.40x | 1.69x | 1.73x | 1.03x | ||
| EV / LTM EBIT | 7.3x | 7.2x | 6.9x | 6.7x | 10.4x | 5.0x | ||
| Price / LTM Sales | 2.33x | 1.87x | 0.52x | 1.02x | 1.33x | 0.85x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.40x | 1.73x | 2.55x | |||||
| Historical EV / LTM Revenue | 0.83x | 0.85x | 1.03x | |||||
| Selected EV / LTM Revenue | 1.05x | 1.10x | 1.16x | |||||
| (x) LTM Revenue | 39,820 | 39,820 | 39,820 | |||||
| (=) Implied Enterprise Value | 41,721 | 43,917 | 46,113 | |||||
| (-) Non-shareholder Claims * | (7,102) | (7,102) | (7,102) | |||||
| (=) Equity Value | 34,619 | 36,815 | 39,011 | |||||
| (/) Shares Outstanding | 3,176.8 | 3,176.8 | 3,176.8 | |||||
| Implied Value Range | 10.90 | 11.59 | 12.28 | |||||
| FX Rate: BRL/USD | 5.8 | 5.8 | 5.8 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.89 | 2.01 | 2.13 | 1.81 | ||||
| Upside / (Downside) | 4.5% | 11.1% | 17.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GEPA4 | ELET5 | NEOE3 | CPFE3 | CPLE5 | CIG | |
| Enterprise Value | 3,343 | 76,385 | 68,766 | 71,923 | 29,493 | 40,230 | |
| (+) Cash & Short Term Investments | 474 | 30,113 | 7,826 | 3,547 | 4,163 | 2,256 | |
| (+) Investments & Other | 0 | 32,120 | 2,396 | 726 | 4,137 | 3,356 | |
| (-) Debt | (747) | (79,414) | (53,536) | (31,555) | (17,575) | (12,709) | |
| (-) Other Liabilities | 0 | (137) | (109) | (1,063) | 38 | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,069 | 59,068 | 25,343 | 43,578 | 20,256 | 33,128 | |
| (/) Shares Outstanding | 94.4 | 787.6 | 1,213.2 | 1,152.3 | 2,033.7 | 3,176.8 | |
| Implied Stock Price | 32.50 | 75.00 | 20.89 | 37.82 | 9.96 | 10.43 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 5.76 | |
| Implied Stock Price (Trading Cur) | 32.50 | 75.00 | 20.89 | 37.82 | 9.96 | 1.81 | |
| Trading Currency | BRL | BRL | BRL | BRL | BRL | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 5.76 | |