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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.6x - 0.6x | 0.6x |
| Selected Fwd Revenue Multiple | 0.5x - 0.6x | 0.6x |
| Fair Value | R$75.80 - R$92.34 | R$84.07 |
| Upside | -21.0% - -3.8% | -12.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Companhia CELG de Participações S/A | GPAR3 | BOVESPA:GPAR3 |
| Light S.A. | LIGT3 | BOVESPA:LIGT3 |
| Companhia Energética do Ceará - COELCE | COCE5 | BOVESPA:COCE5 |
| Neoenergia S.A. | NEOE3 | BOVESPA:NEOE3 |
| Elektro Redes S.A. | EKTR4 | BOVESPA:EKTR4 |
| Centrais Elétricas de Santa Catarina S.A. | CLSC3 | BOVESPA:CLSC3 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| GPAR3 | LIGT3 | COCE5 | NEOE3 | EKTR4 | CLSC3 | |||
| BOVESPA:GPAR3 | BOVESPA:LIGT3 | BOVESPA:COCE5 | BOVESPA:NEOE3 | BOVESPA:EKTR4 | BOVESPA:CLSC3 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -31.6% | 2.1% | 9.4% | 11.5% | 6.6% | 5.8% | ||
| 3Y CAGR | -51.3% | 0.0% | 1.3% | 4.3% | 3.1% | -2.1% | ||
| Latest Twelve Months | 6.6% | 10.6% | 1.4% | 12.7% | 8.0% | 5.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 1312.2% | 9.5% | 12.9% | 19.7% | 19.5% | 7.5% | ||
| Prior Fiscal Year | -34.5% | 12.3% | 14.6% | 19.3% | 22.9% | 7.2% | ||
| Latest Fiscal Year | -83.3% | 10.0% | 14.7% | 20.6% | 22.0% | 10.6% | ||
| Latest Twelve Months | -87.9% | 12.8% | 13.1% | 20.8% | 23.0% | 11.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 41.24x | 0.58x | 0.91x | 1.47x | 1.59x | 0.64x | ||
| EV / LTM EBIT | -46.9x | 4.5x | 7.0x | 7.1x | 6.9x | 5.8x | ||
| Price / LTM Sales | 56.46x | 0.14x | 0.24x | 0.58x | 0.89x | 0.35x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.58x | 1.47x | 41.24x | |||||
| Historical EV / LTM Revenue | 0.27x | 0.31x | 0.53x | |||||
| Selected EV / LTM Revenue | 0.56x | 0.59x | 0.62x | |||||
| (x) LTM Revenue | 11,006 | 11,006 | 11,006 | |||||
| (=) Implied Enterprise Value | 6,147 | 6,471 | 6,794 | |||||
| (-) Non-shareholder Claims * | (3,138) | (3,138) | (3,138) | |||||
| (=) Equity Value | 3,009 | 3,333 | 3,657 | |||||
| (/) Shares Outstanding | 38.6 | 38.6 | 38.6 | |||||
| Implied Value Range | 78.02 | 86.41 | 94.80 | |||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 78.02 | 86.41 | 94.80 | 95.99 | ||||
| Upside / (Downside) | -18.7% | -10.0% | -1.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GPAR3 | LIGT3 | COCE5 | NEOE3 | EKTR4 | CLSC3 | |
| Enterprise Value | 1,332 | 8,813 | 7,754 | 72,763 | 15,686 | 6,840 | |
| (+) Cash & Short Term Investments | 247 | 3,600 | 300 | 6,013 | 714 | 755 | |
| (+) Investments & Other | 258 | 4 | 0 | 2,376 | 0 | 336 | |
| (-) Debt | (12) | (10,278) | (5,965) | (52,023) | (7,284) | (4,229) | |
| (-) Other Liabilities | 0 | 0 | 0 | (135) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,825 | 2,138 | 2,088 | 28,994 | 9,116 | 3,702 | |
| (/) Shares Outstanding | 79.7 | 372.6 | 77.9 | 1,213.2 | 193.8 | 38.6 | |
| Implied Stock Price | 22.90 | 5.74 | 26.82 | 23.90 | 47.05 | 95.99 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 22.90 | 5.74 | 26.82 | 23.90 | 47.05 | 95.99 | |
| Trading Currency | BRL | BRL | BRL | BRL | BRL | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |