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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10,9x - 12,1x | 11,5x |
| Selected Fwd EBITDA Multiple | 10,8x - 11,9x | 11,3x |
| Fair Value | R$1,39 - R$3,29 | R$2,34 |
| Upside | -41,0% - 39,3% | -0,9% |
| Benchmarks | Ticker | Full Ticker |
| 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 |
| Moura Dubeux Engenharia S.A. | MDNE3 | BOVESPA:MDNE3 |
| LPS Brasil - Consultoria de Imóveis S.A. | LPSB3 | BOVESPA:LPSB3 |
| Helbor Empreendimentos S.A. | HBOR3 | BOVESPA:HBOR3 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MELK3 | MTRE3 | LAVV3 | MDNE3 | LPSB3 | HBOR3 | ||
| BOVESPA:MELK3 | BOVESPA:MTRE3 | BOVESPA:LAVV3 | BOVESPA:MDNE3 | BOVESPA:LPSB3 | BOVESPA:HBOR3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.2% | 14.8% | 48.2% | 23.8% | 8.6% | 141.9% | |
| 3Y CAGR | -3.3% | 23.9% | 24.6% | 46.7% | -7.3% | 14.0% | |
| Latest Twelve Months | -37.2% | 74.4% | 77.8% | 39.2% | 6.8% | 24.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.2% | 7.8% | 24.0% | 11.7% | 23.5% | 9.1% | |
| Prior Fiscal Year | 9.2% | 5.3% | 20.8% | 17.5% | 23.3% | 13.6% | |
| Latest Fiscal Year | 6.7% | 7.3% | 21.6% | 17.9% | 23.6% | 17.1% | |
| Latest Twelve Months | 6.7% | 7.3% | 21.6% | 17.9% | 23.6% | 17.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.64x | 0.69x | 1.04x | 0.94x | 0.55x | 1.98x | |
| EV / LTM EBITDA | 9.5x | 9.4x | 4.8x | 5.2x | 2.4x | 11.6x | |
| EV / LTM EBIT | 10.1x | 10.5x | 4.8x | 5.4x | 2.6x | 13.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.4x | 5.2x | 9.5x | ||||
| Historical EV / LTM EBITDA | -117.6x | 18.7x | 24.3x | ||||
| Selected EV / LTM EBITDA | 10.9x | 11.5x | 12.1x | ||||
| (x) LTM EBITDA | 217 | 217 | 217 | ||||
| (=) Implied Enterprise Value | 2,365 | 2,489 | 2,614 | ||||
| (-) Non-shareholder Claims * | (2,206) | (2,206) | (2,206) | ||||
| (=) Equity Value | 159 | 284 | 408 | ||||
| (/) Shares Outstanding | 132.7 | 132.7 | 132.7 | ||||
| Implied Value Range | 1.20 | 2.14 | 3.08 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.20 | 2.14 | 3.08 | 2.36 | |||
| Upside / (Downside) | -49.1% | -9.3% | 30.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MELK3 | MTRE3 | LAVV3 | MDNE3 | LPSB3 | HBOR3 | |
| Enterprise Value | 654 | 813 | 1,604 | 1,470 | 107 | 2,519 | |
| (+) Cash & Short Term Investments | 463 | 237 | 769 | 331 | 76 | 481 | |
| (+) Investments & Other | 80 | 35 | 141 | 85 | 18 | 590 | |
| (-) Debt | (378) | (635) | (219) | (511) | (16) | (2,017) | |
| (-) Other Liabilities | (156) | (44) | (255) | 4 | 4 | (1,259) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 662 | 406 | 2,040 | 1,380 | 189 | 313 | |
| (/) Shares Outstanding | 204.3 | 105.8 | 195.4 | 83.8 | 137.3 | 132.7 | |
| Implied Stock Price | 3.24 | 3.84 | 10.44 | 16.46 | 1.38 | 2.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.24 | 3.84 | 10.44 | 16.46 | 1.38 | 2.36 | |
| 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 | |