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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18,4x - 20,3x | 19,3x |
| Selected Fwd EBIT Multiple | 16,3x - 18,1x | 17,2x |
| Fair Value | R$605,38 - R$681,01 | R$643,19 |
| Upside | -10,1% - 1,2% | -4,4% |
| Benchmarks | Ticker | Full Ticker |
| Arthur J. Gallagher & Co. | AJG | NYSE:AJG |
| Brown & Brown, Inc. | BRO | NYSE:BRO |
| Aon plc | AON | NYSE:AON |
| Goosehead Insurance, Inc | GSHD | NasdaqGS:GSHD |
| Willis Towers Watson Public Limited Company | WTW | NasdaqGS:WTW |
| Marsh & McLennan Companies, Inc. | M1MC34 | BOVESPA:M1MC34 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AJG | BRO | AON | GSHD | WTW | M1MC34 | ||
| NYSE:AJG | NYSE:BRO | NYSE:AON | NasdaqGS:GSHD | NasdaqGS:WTW | BOVESPA:M1MC34 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 33.6% | 19.1% | 15.0% | 35.1% | 11.1% | 17.1% | |
| 3Y CAGR | 27.5% | 17.0% | 27.6% | 100.4% | 8.0% | 10.9% | |
| Latest Twelve Months | 23.2% | 18.2% | 8.7% | 72.3% | 14.3% | 10.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.9% | 27.4% | 25.1% | 9.7% | 19.1% | 24.1% | |
| Prior Fiscal Year | 23.8% | 27.6% | 30.2% | 13.5% | 20.3% | 25.8% | |
| Latest Fiscal Year | 25.7% | 29.2% | 28.0% | 19.3% | 22.2% | 26.5% | |
| Latest Twelve Months | 25.7% | 29.2% | 28.0% | 19.3% | 22.2% | 26.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.66x | 7.95x | 6.21x | 8.83x | 3.67x | 5.47x | |
| EV / LTM EBITDA | 23.1x | 23.5x | 19.2x | 38.7x | 13.7x | 18.5x | |
| EV / LTM EBIT | 29.8x | 27.3x | 22.2x | 45.7x | 16.5x | 20.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 16.5x | 27.3x | 45.7x | ||||
| Historical EV / LTM EBIT | 18.4x | 19.2x | 22.0x | ||||
| Selected EV / LTM EBIT | 18.4x | 19.3x | 20.3x | ||||
| (x) LTM EBIT | 6,480 | 6,480 | 6,480 | ||||
| (=) Implied Enterprise Value | 119,100 | 125,368 | 131,637 | ||||
| (-) Non-shareholder Claims * | (19,116) | (19,116) | (19,116) | ||||
| (=) Equity Value | 99,984 | 106,252 | 112,521 | ||||
| (/) Shares Outstanding | 994.0 | 994.0 | 994.0 | ||||
| Implied Value Range | 100.58 | 106.89 | 113.20 | ||||
| FX Rate: USD/BRL | 0.2 | 0.2 | 0.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 591.62 | 628.71 | 665.80 | 673.06 | |||
| Upside / (Downside) | -12.1% | -6.6% | -1.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AJG | BRO | AON | GSHD | WTW | M1MC34 | |
| Enterprise Value | 83,689 | 37,424 | 97,460 | 2,804 | 36,238 | 132,864 | |
| (+) Cash & Short Term Investments | 14,987 | 685 | 1,181 | 54 | 1,890 | 2,398 | |
| (+) Investments & Other | 0 | 19 | 90 | 0 | 157 | 541 | |
| (-) Debt | (13,577) | (4,060) | (17,892) | (153) | (5,936) | (21,862) | |
| (-) Other Liabilities | (26) | (17) | (309) | 5 | (77) | (193) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 85,073 | 34,051 | 80,530 | 2,709 | 32,272 | 113,748 | |
| (/) Shares Outstanding | 255.7 | 286.6 | 216.0 | 25.0 | 99.4 | 994.0 | |
| Implied Stock Price | 332.66 | 118.80 | 372.82 | 108.49 | 324.73 | 114.43 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.17 | |
| Implied Stock Price (Trading Cur) | 332.66 | 118.80 | 372.82 | 108.49 | 324.73 | 673.06 | |
| Trading Currency | USD | USD | USD | USD | USD | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.17 | |