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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16,7x - 18,5x | 17,6x |
| Selected Fwd EBIT Multiple | 5,9x - 6,6x | 6,2x |
| Fair Value | R$3,19 - R$3,57 | R$3,38 |
| Upside | 31,8% - 47,5% | 39,6% |
| Benchmarks | Ticker | Full Ticker |
| São Paulo Turismo S.A. | AHEB3 | BOVESPA:AHEB3 |
| International Meal Company Alimentação S.A. | MEAL3 | BOVESPA:MEAL3 |
| Zamp S.A. | ZAMP3 | BOVESPA:ZAMP3 |
| Hotéis Othon S.A. | HOOT4 | BOVESPA:HOOT4 |
| Smartfit Escola de Ginástica e Dança S.A. | SMFT3 | BOVESPA:SMFT3 |
| CVC Brasil Operadora e Agência de Viagens S.A. | CVCB3 | BOVESPA:CVCB3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AHEB3 | MEAL3 | ZAMP3 | HOOT4 | SMFT3 | CVCB3 | ||
| BOVESPA:AHEB3 | BOVESPA:MEAL3 | BOVESPA:ZAMP3 | BOVESPA:HOOT4 | BOVESPA:SMFT3 | BOVESPA:CVCB3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -40.4% | NM- | NM- | 31.1% | -20.0% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -37.0% | 4.5% | -50.4% | 51.4% | 21.7% | 269.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.7% | -1.8% | -3.0% | -53.7% | 0.6% | -38.2% | |
| Prior Fiscal Year | 20.1% | 2.1% | 3.1% | 26.4% | 24.6% | -9.1% | |
| Latest Fiscal Year | 20.1% | 0.2% | -0.1% | 33.0% | 22.6% | 6.4% | |
| Latest Twelve Months | 12.6% | 1.4% | 0.8% | 35.8% | 22.7% | 7.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.37x | 0.61x | 0.64x | 0.02x | 3.49x | 1.05x | |
| EV / LTM EBITDA | 2.8x | 9.0x | 9.5x | 0.1x | 10.5x | 9.1x | |
| EV / LTM EBIT | 2.9x | 43.6x | 76.4x | 0.1x | 15.4x | 14.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 0.1x | 15.4x | 76.4x | ||||
| Historical EV / LTM EBIT | -26.2x | -3.2x | 19.2x | ||||
| Selected EV / LTM EBIT | 16.7x | 17.6x | 18.5x | ||||
| (x) LTM EBIT | 103 | 103 | 103 | ||||
| (=) Implied Enterprise Value | 1,720 | 1,811 | 1,902 | ||||
| (-) Non-shareholder Claims * | (225) | (225) | (225) | ||||
| (=) Equity Value | 1,496 | 1,586 | 1,677 | ||||
| (/) Shares Outstanding | 524.8 | 524.8 | 524.8 | ||||
| Implied Value Range | 2.85 | 3.02 | 3.20 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.85 | 3.02 | 3.20 | 2.42 | |||
| Upside / (Downside) | 17.8% | 24.9% | 32.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AHEB3 | MEAL3 | ZAMP3 | HOOT4 | SMFT3 | CVCB3 | |
| Enterprise Value | 252 | 1,359 | 3,028 | 5 | 20,720 | 1,495 | |
| (+) Cash & Short Term Investments | 56 | 194 | 375 | 33 | 2,951 | 404 | |
| (+) Investments & Other | 0 | 59 | 0 | 0 | 149 | 0 | |
| (-) Debt | (4) | (1,229) | (2,020) | (1) | (11,297) | (629) | |
| (-) Other Liabilities | 0 | 0 | 0 | 33 | (16) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 303 | 383 | 1,384 | 71 | 12,506 | 1,270 | |
| (/) Shares Outstanding | 8.5 | 285.8 | 398.9 | 18.4 | 597.3 | 524.8 | |
| Implied Stock Price | 35.50 | 1.34 | 3.47 | 3.85 | 20.94 | 2.42 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 35.50 | 1.34 | 3.47 | 3.85 | 20.94 | 2.42 | |
| 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 | |