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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4,4x - 4,9x | 4,7x |
| Selected Fwd EBITDA Multiple | 5,1x - 5,7x | 5,4x |
| Fair Value | R$10,19 - R$11,51 | R$10,85 |
| Upside | -5,7% - 6,6% | 0,5% |
| Benchmarks | Ticker | Full Ticker |
| Companhia Paranaense de Energia - COPEL | CPLE5 | BOVESPA:CPLE5 |
| Centrais Elétricas Brasileiras S.A. - Eletrobrás | ELET5 | BOVESPA:ELET5 |
| Rio Paranapanema Energia S.A. | GEPA4 | BOVESPA:GEPA4 |
| CPFL Energia S.A. | CPFE3 | BOVESPA:CPFE3 |
| Neoenergia S.A. | NEOE3 | BOVESPA:NEOE3 |
| Companhia Energética de Minas Gerais - CEMIG | CMIG4 | BOVESPA:CMIG4 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CPLE5 | ELET5 | GEPA4 | CPFE3 | NEOE3 | CMIG4 | ||
| BOVESPA:CPLE5 | BOVESPA:ELET5 | BOVESPA:GEPA4 | BOVESPA:CPFE3 | BOVESPA:NEOE3 | BOVESPA:CMIG4 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.7% | 9.4% | 3.8% | 15.8% | 17.6% | 19.0% | |
| 3Y CAGR | -5.4% | -12.6% | 22.7% | 13.9% | 7.8% | 12.2% | |
| Latest Twelve Months | 19.1% | 19.9% | 13.9% | -1.9% | 19.7% | 21.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 23.1% | 47.4% | 63.9% | 27.4% | 24.8% | 20.3% | |
| Prior Fiscal Year | 21.8% | 40.0% | 58.3% | 32.9% | 25.2% | 21.1% | |
| Latest Fiscal Year | 22.8% | 41.3% | 68.3% | 30.4% | 26.4% | 23.7% | |
| Latest Twelve Months | 23.6% | 39.7% | 69.3% | 30.3% | 26.6% | 22.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.87x | 2.51x | 2.84x | 1.65x | 1.47x | 1.06x | |
| EV / LTM EBITDA | 7.9x | 6.3x | 4.1x | 5.5x | 5.5x | 4.6x | |
| EV / LTM EBIT | 10.5x | 8.3x | 5.9x | 6.6x | 7.1x | 5.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.1x | 5.5x | 7.9x | ||||
| Historical EV / LTM EBITDA | 3.5x | 4.4x | 4.9x | ||||
| Selected EV / LTM EBITDA | 4.4x | 4.7x | 4.9x | ||||
| (x) LTM EBITDA | 9,290 | 9,290 | 9,290 | ||||
| (=) Implied Enterprise Value | 41,192 | 43,360 | 45,528 | ||||
| (-) Non-shareholder Claims * | (7,656) | (7,656) | (7,656) | ||||
| (=) Equity Value | 33,536 | 35,704 | 37,872 | ||||
| (/) Shares Outstanding | 3,163.8 | 3,163.8 | 3,163.8 | ||||
| Implied Value Range | 10.60 | 11.29 | 11.97 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.60 | 11.29 | 11.97 | 10.80 | |||
| Upside / (Downside) | -1.9% | 4.5% | 10.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CPLE5 | ELET5 | GEPA4 | CPFE3 | NEOE3 | CMIG4 | |
| Enterprise Value | 43,262 | 93,169 | 3,588 | 71,219 | 73,164 | 41,825 | |
| (+) Cash & Short Term Investments | 6,057 | 26,978 | 445 | 4,048 | 6,013 | 4,700 | |
| (+) Investments & Other | 4,184 | 32,526 | 0 | 792 | 2,376 | 3,308 | |
| (-) Debt | (19,138) | (74,860) | (634) | (31,084) | (52,023) | (15,660) | |
| (-) Other Liabilities | 39 | (84) | 0 | (1,121) | (135) | (6) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 34,404 | 77,729 | 3,399 | 43,855 | 29,395 | 34,169 | |
| (/) Shares Outstanding | 2,616.3 | 942.2 | 94.4 | 1,152.3 | 1,213.2 | 3,163.8 | |
| Implied Stock Price | 13.15 | 82.50 | 35.99 | 38.06 | 24.23 | 10.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.15 | 82.50 | 35.99 | 38.06 | 24.23 | 10.80 | |
| 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 | |