| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| LPSB3 | MDNE3 | JHSF3 | MELK3 | MTRE3 | | HBOR3 | |
| BOVESPA:LPSB3 | BOVESPA:MDNE3 | BOVESPA:JHSF3 | BOVESPA:MELK3 | BOVESPA:MTRE3 | | BOVESPA:HBOR3 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 5.5% | 30.9% | 20.4% | 12.8% | 30.5% | | -0.3% | |
| 3Y CAGR | -4.8% | 36.3% | -7.1% | 10.1% | 27.1% | | 10.2% | |
| Latest Twelve Months | 5.6% | 36.4% | 0.9% | -13.1% | 27.3% | | -0.4% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 18.3% | 11.0% | 43.1% | 8.7% | 7.1% | | 7.1% | |
| Prior Fiscal Year | 21.1% | 16.9% | 34.0% | 8.9% | 4.5% | | 11.3% | |
| Latest Fiscal Year | 21.3% | 17.2% | 38.1% | 6.3% | 6.5% | | 14.9% | |
| Latest Twelve Months | 21.3% | 17.2% | 38.1% | 6.3% | 6.5% | | 14.9% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.63x | 0.83x | 3.57x | 0.64x | 0.65x | | 1.93x | |
| EV / LTM EBIT | 2.8x | 4.8x | 9.4x | 10.2x | 10.0x | | 12.9x | |
| Price / LTM Sales | 1.08x | 0.78x | 1.74x | 0.65x | 0.31x | | 0.19x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.63x | 0.65x | 3.57x | | | | | |
| Historical EV / LTM Revenue | 1.77x | 2.09x | 2.27x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.81x | 1.90x | 2.00x | | | | | |
| (x) LTM Revenue | 1,270 | 1,270 | 1,270 | | | | | |
| (=) Implied Enterprise Value | 2,293 | 2,414 | 2,534 | | | | | |
| (-) Non-shareholder Claims * | (2,206) | (2,206) | (2,206) | | | | | |
| (=) Equity Value | 87 | 208 | 329 | | | | | |
| (/) Shares Outstanding | 132.7 | 132.7 | 132.7 | | | | | |
| Implied Value Range | 0.66 | 1.57 | 2.48 | | | | | |
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 0.66 | 1.57 | 2.48 | | 1.82 | | | |
| Upside / (Downside) | -63.8% | -13.8% | 36.2% | | | | | |