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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 11.4x - 12.6x | 12.0x |
Selected Fwd EBITDA Multiple | 6.9x - 7.7x | 7.3x |
Fair Value | R$0.56 - R$2.34 | R$1.45 |
Upside | -77.4% - -6.1% | -41.8% |
Benchmarks | Ticker | Full Ticker |
Moura Dubeux Engenharia S.A. | MDNE3 | BOVESPA:MDNE3 |
Melnick Desenvolvimento Imobiliário S.A. | MELK3 | BOVESPA:MELK3 |
Mitre Realty Empreendimentos e Participações S.A. | MTRE3 | BOVESPA:MTRE3 |
Lavvi Empreendimentos Imobiliários S.A. | LAVV3 | BOVESPA:LAVV3 |
LPS Brasil - Consultoria de Imóveis S.A. | LPSB3 | BOVESPA:LPSB3 |
Helbor Empreendimentos S.A. | HBOR3 | BOVESPA:HBOR3 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
MDNE3 | MELK3 | MTRE3 | LAVV3 | LPSB3 | HBOR3 | ||
BOVESPA:MDNE3 | BOVESPA:MELK3 | BOVESPA:MTRE3 | BOVESPA:LAVV3 | BOVESPA:LPSB3 | BOVESPA:HBOR3 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 23.8% | 3.2% | 14.8% | 48.2% | 8.6% | 141.9% | |
3Y CAGR | 46.7% | -3.3% | 23.9% | 24.6% | -7.3% | 14.0% | |
Latest Twelve Months | 48.3% | -48.8% | 204.7% | 51.6% | 3.8% | 6.8% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 12.2% | 9.0% | 7.7% | 23.9% | 23.3% | 10.0% | |
Prior Fiscal Year | 17.5% | 9.2% | 5.3% | 20.8% | 23.3% | 13.6% | |
Latest Fiscal Year | 17.9% | 6.7% | 7.3% | 21.6% | 23.6% | 17.1% | |
Latest Twelve Months | 18.6% | 5.4% | 8.2% | 21.7% | 22.1% | 15.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.17x | 0.76x | 0.76x | 1.26x | 0.54x | 1.95x | |
EV / LTM EBITDA | 6.3x | 13.9x | 9.3x | 5.8x | 2.5x | 12.5x | |
EV / LTM EBIT | 6.5x | 15.0x | 10.3x | 5.8x | 2.7x | 14.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 2.5x | 6.3x | 13.9x | ||||
Historical EV / LTM EBITDA | -117.6x | 18.7x | 24.3x | ||||
Selected EV / LTM EBITDA | 11.4x | 12.0x | 12.6x | ||||
(x) LTM EBITDA | 198 | 198 | 198 | ||||
(=) Implied Enterprise Value | 2,265 | 2,384 | 2,503 | ||||
(-) Non-shareholder Claims * | (2,166) | (2,166) | (2,166) | ||||
(=) Equity Value | 99 | 218 | 337 | ||||
(/) Shares Outstanding | 132.7 | 132.7 | 132.7 | ||||
Implied Value Range | 0.74 | 1.64 | 2.54 | ||||
FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.74 | 1.64 | 2.54 | 2.49 | |||
Upside / (Downside) | -70.2% | -34.1% | 2.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MDNE3 | MELK3 | MTRE3 | LAVV3 | LPSB3 | HBOR3 | |
Enterprise Value | 2,024 | 774 | 897 | 2,044 | 116 | 2,497 | |
(+) Cash & Short Term Investments | 204 | 351 | 149 | 703 | 77 | 226 | |
(+) Investments & Other | 86 | 81 | 36 | 123 | 19 | 680 | |
(-) Debt | (529) | (367) | (633) | (270) | (15) | (1,745) | |
(-) Other Liabilities | 4 | (144) | (55) | (271) | 4 | (1,326) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,789 | 695 | 395 | 2,330 | 200 | 330 | |
(/) Shares Outstanding | 83.8 | 204.3 | 105.8 | 195.4 | 137.3 | 132.7 | |
Implied Stock Price | 21.35 | 3.40 | 3.73 | 11.92 | 1.46 | 2.49 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 21.35 | 3.40 | 3.73 | 11.92 | 1.46 | 2.49 | |
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 |