| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| ZBRA | HXGB.F | BCNA.F | DLGC.F | OMRN.F | | C2GN34 | |
| NasdaqGS:ZBRA | OTCPK:HXGB.F | OTCPK:BCNA.F | OTCPK:DLGC.F | OTCPK:OMRN.F | | BOVESPA:C2GN34 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 2.1% | 6.7% | -2.6% | -3.4% | 2.2% | | 4.7% | |
| 3Y CAGR | -4.0% | 7.6% | 5.6% | -6.2% | 7.7% | | -4.1% | |
| Latest Twelve Months | 8.7% | -0.6% | -9.9% | -4.8% | -6.6% | | 9.2% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 15.6% | 26.8% | 5.6% | 5.6% | 8.7% | | 22.1% | |
| Prior Fiscal Year | 12.8% | 23.0% | 9.2% | 1.6% | 11.5% | | 14.7% | |
| Latest Fiscal Year | 15.4% | 26.3% | 6.3% | 1.1% | 4.2% | | 12.6% | |
| Latest Twelve Months | 15.4% | 26.3% | 6.3% | 1.1% | 5.3% | | 12.6% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 2.64x | 4.59x | 0.72x | 0.44x | 1.24x | | 3.91x | |
| EV / LTM EBIT | 17.2x | 17.4x | 11.5x | 40.9x | 23.3x | | 31.0x | |
| Price / LTM Sales | 2.34x | 3.98x | 1.07x | 0.42x | 1.03x | | 4.47x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.44x | 1.24x | 4.59x | | | | | |
| Historical EV / LTM Revenue | 3.91x | 7.28x | 17.22x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 5.03x | 5.30x | 5.56x | | | | | |
| (x) LTM Revenue | 915 | 915 | 915 | | | | | |
| (=) Implied Enterprise Value | 4,602 | 4,844 | 5,086 | | | | | |
| (-) Non-shareholder Claims * | 517 | 517 | 517 | | | | | |
| (=) Equity Value | 5,119 | 5,361 | 5,603 | | | | | |
| (/) Shares Outstanding | 1,430.8 | 1,430.8 | 1,430.8 | | | | | |
| Implied Value Range | 3.58 | 3.75 | 3.92 | | | | | |
| FX Rate: USD/BRL | 0.2 | 0.2 | 0.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 21.32 | 22.33 | 23.34 | | 21.86 | | | |
| Upside / (Downside) | -2.5% | 2.1% | 6.8% | | | | | |