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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22.5x - 24.9x | 23.7x |
| Selected Fwd EBIT Multiple | 20.2x - 22.3x | 21.3x |
| Fair Value | R$317.86 - R$359.75 | R$338.81 |
| Upside | -22.6% - -12.4% | -17.5% |
| Benchmarks | Ticker | Full Ticker |
| Eastman Chemical Company | EMN | NYSE:EMN |
| CF Industries Holdings, Inc. | CF | NYSE:CF |
| LyondellBasell Industries N.V. | LYB | NYSE:LYB |
| Nutrien Ltd. | NTR | NYSE:NTR |
| Yara International ASA | YRAI.F | OTCPK:YRAI.F |
| Air Products and Chemicals, Inc. | A1PD34 | BOVESPA:A1PD34 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EMN | CF | LYB | NTR | YRAI.F | A1PD34 | ||
| NYSE:EMN | NYSE:CF | NYSE:LYB | NYSE:NTR | OTCPK:YRAI.F | BOVESPA:A1PD34 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 2.1% | 13.0% | -7.8% | 4.9% | -6.5% | 5.5% | |
| 3Y CAGR | -9.5% | -7.5% | -28.1% | -18.8% | -26.2% | 6.6% | |
| Latest Twelve Months | 23.4% | 14.4% | -52.7% | -4.8% | 50.6% | 3.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.4% | 32.6% | 10.0% | 15.2% | 9.0% | 22.2% | |
| Prior Fiscal Year | 11.6% | 34.1% | 8.7% | 12.7% | 3.1% | 21.1% | |
| Latest Fiscal Year | 14.7% | 29.1% | 6.8% | 10.4% | 5.1% | 23.5% | |
| Latest Twelve Months | 14.4% | 29.4% | 4.0% | 10.7% | 7.2% | 23.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.35x | 2.82x | 0.64x | 1.59x | 0.86x | 6.39x | |
| EV / LTM EBITDA | 6.8x | 6.5x | 8.8x | 8.6x | 6.6x | 17.6x | |
| EV / LTM EBIT | 9.4x | 9.6x | 16.2x | 14.9x | 12.0x | 27.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.4x | 12.0x | 16.2x | ||||
| Historical EV / LTM EBIT | 22.3x | 25.6x | 28.9x | ||||
| Selected EV / LTM EBIT | 22.5x | 23.7x | 24.9x | ||||
| (x) LTM EBIT | 2,837 | 2,837 | 2,837 | ||||
| (=) Implied Enterprise Value | 63,903 | 67,267 | 70,630 | ||||
| (-) Non-shareholder Claims * | (12,872) | (12,872) | (12,872) | ||||
| (=) Equity Value | 51,032 | 54,395 | 57,758 | ||||
| (/) Shares Outstanding | 884.2 | 884.2 | 884.2 | ||||
| Implied Value Range | 57.71 | 61.52 | 65.32 | ||||
| FX Rate: USD/BRL | 0.2 | 0.2 | 0.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 317.41 | 338.33 | 359.25 | 410.82 | |||
| Upside / (Downside) | -22.7% | -17.6% | -12.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EMN | CF | LYB | NTR | YRAI.F | A1PD34 | |
| Enterprise Value | 12,656 | 18,069 | 24,999 | 39,468 | 12,690 | 78,922 | |
| (+) Cash & Short Term Investments | 423 | 1,686 | 1,718 | 1,387 | 837 | 2,331 | |
| (+) Investments & Other | 0 | 35 | 4,080 | 407 | 166 | 5,398 | |
| (-) Debt | (5,351) | (3,326) | (13,360) | (13,638) | (4,171) | (18,370) | |
| (-) Other Liabilities | (71) | (2,858) | (126) | (31) | (18) | (2,231) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,657 | 13,606 | 17,311 | 27,593 | 9,504 | 66,050 | |
| (/) Shares Outstanding | 114.8 | 162.0 | 321.6 | 485.9 | 254.7 | 884.2 | |
| Implied Stock Price | 66.71 | 84.00 | 53.82 | 56.79 | 37.31 | 74.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.18 | |
| Implied Stock Price (Trading Cur) | 66.71 | 84.00 | 53.82 | 56.79 | 37.31 | 410.82 | |
| Trading Currency | USD | USD | USD | USD | USD | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.18 | |