| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| HLM | PMAM3 | CSNA3 | NHYK.F | USIM3 | | CBAV3 | |
| JSE:HLM | BOVESPA:PMAM3 | BOVESPA:CSNA3 | OTCPK:NHYK.F | BOVESPA:USIM3 | | BOVESPA:CBAV3 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 5.0% | -38.5% | 11.4% | 6.3% | 11.6% | | 9.2% | |
| 3Y CAGR | 1.6% | -54.0% | -3.0% | 10.8% | -8.5% | | -1.0% | |
| Latest Twelve Months | -1.2% | -14.9% | 2.4% | 10.7% | -0.4% | | 23.7% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 2.7% | -44.3% | 18.5% | 20.7% | 12.5% | | 4.5% | |
| Prior Fiscal Year | 3.7% | -73.3% | 10.7% | 20.0% | 2.4% | | -13.5% | |
| Latest Fiscal Year | 3.0% | -74.0% | 9.5% | 20.8% | 0.9% | | 5.1% | |
| Latest Twelve Months | 3.0% | -63.3% | 10.2% | 22.2% | 2.1% | | 9.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.15x | 10.45x | 0.93x | 0.51x | 0.39x | | 0.70x | |
| EV / LTM EBIT | 5.0x | -16.5x | 9.1x | 2.3x | 18.7x | | 7.4x | |
| Price / LTM Sales | 0.05x | 0.32x | 0.24x | 0.52x | 0.24x | | 0.35x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.15x | 0.51x | 10.45x | | | | | |
| Historical EV / LTM Revenue | 0.82x | 0.87x | 1.30x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.80x | 0.84x | 0.88x | | | | | |
| (x) LTM Revenue | 8,818 | 8,818 | 8,818 | | | | | |
| (=) Implied Enterprise Value | 7,014 | 7,383 | 7,752 | | | | | |
| (-) Non-shareholder Claims * | (3,143) | (3,143) | (3,143) | | | | | |
| (=) Equity Value | 3,871 | 4,240 | 4,610 | | | | | |
| (/) Shares Outstanding | 651.1 | 651.1 | 651.1 | | | | | |
| Implied Value Range | 5.95 | 6.51 | 7.08 | | | | | |
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 5.95 | 6.51 | 7.08 | | 4.70 | | | |
| Upside / (Downside) | 26.5% | 38.6% | 50.6% | | | | | |