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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 4,0x - 4,5x | 4,3x |
Selected Fwd EBITDA Multiple | 4,5x - 4,9x | 4,7x |
Fair Value | R$75,77 - R$92,31 | R$84,04 |
Upside | -21,1% - -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 EBITDA Multiple | |||||||
Benchmark Companies | |||||||
GPAR3 | LIGT3 | COCE5 | NEOE3 | EKTR4 | CLSC3 | ||
BOVESPA:GPAR3 | BOVESPA:LIGT3 | BOVESPA:COCE5 | BOVESPA:NEOE3 | BOVESPA:EKTR4 | BOVESPA:CLSC3 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | 1.1% | 17.3% | 17.6% | 14.9% | 16.7% | |
3Y CAGR | NM- | 5.1% | 14.4% | 7.8% | 12.8% | 15.8% | |
Latest Twelve Months | -188.2% | 27.6% | -6.9% | 19.7% | 9.9% | 42.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 1313.6% | 14.5% | 18.3% | 24.8% | 23.4% | 10.3% | |
Prior Fiscal Year | -32.9% | 17.6% | 20.7% | 25.2% | 27.2% | 10.1% | |
Latest Fiscal Year | -81.8% | 15.8% | 22.1% | 26.4% | 26.2% | 13.7% | |
Latest Twelve Months | -86.6% | 18.4% | 20.7% | 26.6% | 27.3% | 14.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 41.24x | 0.58x | 0.92x | 1.47x | 1.56x | 0.64x | |
EV / LTM EBITDA | -47.6x | 3.1x | 4.4x | 5.5x | 5.7x | 4.5x | |
EV / LTM EBIT | -46.9x | 4.5x | 7.0x | 7.1x | 6.8x | 5.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -47.6x | 4.4x | 5.7x | ||||
Historical EV / LTM EBITDA | 2.8x | 3.5x | 5.4x | ||||
Selected EV / LTM EBITDA | 4.0x | 4.3x | 4.5x | ||||
(x) LTM EBITDA | 1,549 | 1,549 | 1,549 | ||||
(=) Implied Enterprise Value | 6,261 | 6,591 | 6,921 | ||||
(-) Non-shareholder Claims * | (3,138) | (3,138) | (3,138) | ||||
(=) Equity Value | 3,124 | 3,453 | 3,783 | ||||
(/) Shares Outstanding | 38.6 | 38.6 | 38.6 | ||||
Implied Value Range | 80.98 | 89.52 | 98.07 | ||||
FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 80.98 | 89.52 | 98.07 | 95.99 | |||
Upside / (Downside) | -15.6% | -6.7% | 2.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | GPAR3 | LIGT3 | COCE5 | NEOE3 | EKTR4 | CLSC3 | |
Enterprise Value | 1,332 | 8,861 | 7,827 | 72,278 | 15,869 | 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 | 2,187 | 2,161 | 28,509 | 9,299 | 3,702 | |
(/) Shares Outstanding | 79.7 | 372.6 | 77.9 | 1,213.2 | 193.8 | 38.6 | |
Implied Stock Price | 22.90 | 5.87 | 27.76 | 23.50 | 47.99 | 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 | 5.87 | 27.76 | 23.50 | 47.99 | 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 |