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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5,7x - 6,3x | 6,0x |
| Selected Fwd EBITDA Multiple | 4,5x - 5,0x | 4,8x |
| Fair Value | R$30,79 - R$34,59 | R$32,69 |
| Upside | 3,4% - 16,1% | 9,7% |
| Benchmarks | Ticker | Full Ticker |
| Fras-le S.A. | FRAS3 | BOVESPA:FRAS3 |
| Iochpe-Maxion S.A. | MYPK3 | BOVESPA:MYPK3 |
| Plascar Participações Industriais S.A. | PLAS3 | BOVESPA:PLAS3 |
| Mangels Industrial S.A. | MGEL4 | BOVESPA:MGEL4 |
| Wetzel S.A. | MWET3 | BOVESPA:MWET3 |
| MAHLE Metal Leve S.A. | LEVE3 | BOVESPA:LEVE3 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FRAS3 | MYPK3 | PLAS3 | MGEL4 | MWET3 | LEVE3 | ||
| BOVESPA:FRAS3 | BOVESPA:MYPK3 | BOVESPA:PLAS3 | BOVESPA:MGEL4 | BOVESPA:MWET3 | BOVESPA:LEVE3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 34.4% | 7.7% | 2.5% | 3.6% | NM- | 17.9% | |
| 3Y CAGR | 26.7% | -0.3% | NM- | -10.2% | 39.9% | 7.5% | |
| Latest Twelve Months | 18.8% | 12.0% | -66.7% | -20.7% | 4797.3% | 2.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.4% | 8.5% | 3.2% | 12.5% | 6.8% | 18.2% | |
| Prior Fiscal Year | 20.6% | 7.8% | 9.1% | 11.0% | -3.6% | 19.2% | |
| Latest Fiscal Year | 18.0% | 9.5% | 4.8% | 8.3% | 22.0% | 18.7% | |
| Latest Twelve Months | 18.0% | 8.6% | 2.9% | 7.7% | 18.8% | 17.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.09x | 0.39x | 0.32x | 0.63x | 0.37x | 1.00x | |
| EV / LTM EBITDA | 11.7x | 4.5x | 11.0x | 8.3x | 2.0x | 5.6x | |
| EV / LTM EBIT | 14.0x | 6.1x | -239.9x | 11.5x | 2.2x | 6.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.0x | 8.3x | 11.7x | ||||
| Historical EV / LTM EBITDA | 5.0x | 5.8x | 9.5x | ||||
| Selected EV / LTM EBITDA | 5.7x | 6.0x | 6.3x | ||||
| (x) LTM EBITDA | 854 | 854 | 854 | ||||
| (=) Implied Enterprise Value | 4,869 | 5,125 | 5,381 | ||||
| (-) Non-shareholder Claims * | (720) | (720) | (720) | ||||
| (=) Equity Value | 4,149 | 4,405 | 4,661 | ||||
| (/) Shares Outstanding | 135.5 | 135.5 | 135.5 | ||||
| Implied Value Range | 30.61 | 32.50 | 34.39 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 30.61 | 32.50 | 34.39 | 29.79 | |||
| Upside / (Downside) | 2.7% | 9.1% | 15.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FRAS3 | MYPK3 | PLAS3 | MGEL4 | MWET3 | LEVE3 | |
| Enterprise Value | 9,334 | 6,101 | 364 | 610 | 107 | 4,758 | |
| (+) Cash & Short Term Investments | 721 | 1,933 | 21 | 31 | 8 | 272 | |
| (+) Investments & Other | 197 | 222 | 0 | 8 | 0 | 42 | |
| (-) Debt | (3,001) | (5,824) | (320) | (626) | (88) | (1,032) | |
| (-) Other Liabilities | (33) | (471) | 0 | 0 | 0 | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,217 | 1,960 | 66 | 24 | 27 | 4,038 | |
| (/) Shares Outstanding | 267.0 | 149.8 | 12.4 | 5.8 | 2.1 | 135.5 | |
| Implied Stock Price | 27.03 | 13.09 | 5.30 | 4.20 | 13.00 | 29.79 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 27.03 | 13.09 | 5.30 | 4.20 | 13.00 | 29.79 | |
| 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 | |