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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8,8x - 9,7x | 9,2x |
| Selected Fwd EBIT Multiple | 7,2x - 8,0x | 7,6x |
| Fair Value | R$8,41 - R$9,78 | R$9,10 |
| Upside | -27,5% - -15,7% | -21,6% |
| Benchmarks | Ticker | Full Ticker |
| Companhia Energética de Minas Gerais - CEMIG | CMIG4 | BOVESPA:CMIG4 |
| 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 Paranaense de Energia - COPEL | CPLE3 | BOVESPA:CPLE3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CMIG4 | ELET5 | GEPA4 | CPFE3 | NEOE3 | CPLE3 | ||
| BOVESPA:CMIG4 | BOVESPA:ELET5 | BOVESPA:GEPA4 | BOVESPA:CPFE3 | BOVESPA:NEOE3 | BOVESPA:CPLE3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 21.5% | 7.6% | 3.7% | 18.6% | 17.6% | 3.4% | |
| 3Y CAGR | 12.9% | -18.7% | 50.3% | 14.9% | 5.6% | -9.4% | |
| Latest Twelve Months | 8.2% | 14.2% | 35.5% | -0.3% | 24.5% | 32.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 17.4% | 39.8% | 45.3% | 22.6% | 19.9% | 17.5% | |
| Prior Fiscal Year | 17.8% | 30.5% | 39.4% | 27.2% | 19.3% | 15.8% | |
| Latest Fiscal Year | 20.3% | 31.6% | 46.5% | 25.0% | 20.6% | 16.7% | |
| Latest Twelve Months | 17.9% | 23.5% | 48.7% | 24.8% | 20.5% | 18.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.06x | 2.75x | 2.69x | 1.65x | 1.55x | 2.07x | |
| EV / LTM EBITDA | 5.0x | 8.3x | 3.9x | 5.5x | 5.9x | 8.6x | |
| EV / LTM EBIT | 5.9x | 11.7x | 5.5x | 6.7x | 7.6x | 11.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.5x | 6.7x | 11.7x | ||||
| Historical EV / LTM EBIT | 3.7x | 7.7x | 12.9x | ||||
| Selected EV / LTM EBIT | 8.8x | 9.2x | 9.7x | ||||
| (x) LTM EBIT | 4,400 | 4,400 | 4,400 | ||||
| (=) Implied Enterprise Value | 38,642 | 40,676 | 42,709 | ||||
| (-) Non-shareholder Claims * | (13,647) | (13,647) | (13,647) | ||||
| (=) Equity Value | 24,994 | 27,028 | 29,062 | ||||
| (/) Shares Outstanding | 2,969.3 | 2,969.3 | 2,969.3 | ||||
| Implied Value Range | 8.42 | 9.10 | 9.79 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.42 | 9.10 | 9.79 | 11.60 | |||
| Upside / (Downside) | -27.4% | -21.5% | -15.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMIG4 | ELET5 | GEPA4 | CPFE3 | NEOE3 | CPLE3 | |
| Enterprise Value | 45,335 | 112,788 | 3,465 | 72,152 | 79,227 | 48,091 | |
| (+) Cash & Short Term Investments | 2,979 | 27,468 | 589 | 4,211 | 5,709 | 2,904 | |
| (+) Investments & Other | 3,332 | 32,441 | 0 | 464 | 2,299 | 3,625 | |
| (-) Debt | (15,690) | (74,996) | (656) | (31,831) | (51,788) | (20,214) | |
| (-) Other Liabilities | (6) | (48) | 0 | (956) | (138) | 37 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 35,949 | 97,653 | 3,398 | 44,039 | 35,309 | 34,444 | |
| (/) Shares Outstanding | 3,283.0 | 1,240.0 | 94.4 | 1,152.3 | 1,213.8 | 2,969.3 | |
| Implied Stock Price | 10.95 | 78.75 | 35.98 | 38.22 | 29.09 | 11.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.95 | 78.75 | 35.98 | 38.22 | 29.09 | 11.60 | |
| 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 | |