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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,3x - 7,0x | 6,7x |
| Selected Fwd EBITDA Multiple | 5,3x - 5,9x | 5,6x |
| Fair Value | R$6,86 - R$8,28 | R$7,57 |
| Upside | 7,4% - 29,5% | 18,5% |
| Benchmarks | Ticker | Full Ticker |
| Elektro Redes S.A. | EKTR3 | BOVESPA:EKTR3 |
| Companhia Energética do Ceará - COELCE | COCE3 | BOVESPA:COCE3 |
| Neoenergia S.A. | NEOE3 | BOVESPA:NEOE3 |
| Ampla Energia e Serviços S.A. | CBEE3 | BOVESPA:CBEE3 |
| Companhia Energética de Brasília - CEB | CEBR3 | BOVESPA:CEBR3 |
| Rede Energia Participações S.A. | REDE3 | BOVESPA:REDE3 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| EKTR3 | COCE3 | NEOE3 | CBEE3 | CEBR3 | REDE3 | ||
| BOVESPA:EKTR3 | BOVESPA:COCE3 | BOVESPA:NEOE3 | BOVESPA:CBEE3 | BOVESPA:CEBR3 | BOVESPA:REDE3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 14.9% | 17.3% | 17.4% | 10.5% | -4.1% | 13.5% | |
| 3Y CAGR | 12.8% | 14.4% | 7.6% | 21.3% | 0.1% | 6.7% | |
| Latest Twelve Months | 3.3% | 4.7% | 15.8% | 28.2% | -4.2% | -13.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 22.9% | 18.1% | 24.5% | 17.1% | 49.0% | 25.9% | |
| Prior Fiscal Year | 27.2% | 20.7% | 25.2% | 19.0% | 40.3% | 31.0% | |
| Latest Fiscal Year | 26.2% | 22.1% | 26.4% | 21.7% | 38.8% | 24.1% | |
| Latest Twelve Months | 26.2% | 22.1% | 26.4% | 21.7% | 38.8% | 24.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.69x | 0.86x | 1.38x | 0.89x | 1.27x | 1.53x | |
| EV / LTM EBITDA | 6.4x | 3.9x | 5.3x | 4.1x | 3.3x | 6.3x | |
| EV / LTM EBIT | 7.7x | 5.8x | 6.8x | 7.1x | 3.5x | 7.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.3x | 4.1x | 6.4x | ||||
| Historical EV / LTM EBITDA | 5.3x | 6.3x | 13.5x | ||||
| Selected EV / LTM EBITDA | 6.3x | 6.7x | 7.0x | ||||
| (x) LTM EBITDA | 4,314 | 4,314 | 4,314 | ||||
| (=) Implied Enterprise Value | 27,305 | 28,742 | 30,179 | ||||
| (-) Non-shareholder Claims * | (13,840) | (13,840) | (13,840) | ||||
| (=) Equity Value | 13,465 | 14,902 | 16,339 | ||||
| (/) Shares Outstanding | 2,110.3 | 2,110.3 | 2,110.3 | ||||
| Implied Value Range | 6.38 | 7.06 | 7.74 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.38 | 7.06 | 7.74 | 6.39 | |||
| Upside / (Downside) | -0.1% | 10.5% | 21.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EKTR3 | COCE3 | NEOE3 | CBEE3 | CEBR3 | REDE3 | |
| Enterprise Value | 14,056 | 7,274 | 67,995 | 7,787 | 383 | 27,325 | |
| (+) Cash & Short Term Investments | 765 | 215 | 7,826 | 421 | 709 | 3,745 | |
| (+) Investments & Other | 0 | 0 | 2,390 | 0 | 445 | 665 | |
| (-) Debt | (7,324) | (5,535) | (53,536) | (4,864) | 0 | (16,069) | |
| (-) Other Liabilities | 0 | 0 | (109) | 0 | (250) | (2,181) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,497 | 1,954 | 24,566 | 3,344 | 1,287 | 13,485 | |
| (/) Shares Outstanding | 193.8 | 77.9 | 1,213.2 | 380.0 | 72.1 | 2,110.3 | |
| Implied Stock Price | 38.69 | 25.10 | 20.25 | 8.80 | 17.85 | 6.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 38.69 | 25.10 | 20.25 | 8.80 | 17.85 | 6.39 | |
| 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 | |