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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2,6x - 2,9x | 2,8x |
| Selected Fwd Revenue Multiple | 2,8x - 3,1x | 2,9x |
| Fair Value | R$106,88 - R$121,04 | R$113,96 |
| Upside | -7,4% - 4,9% | -1,2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Companhia de Saneamento de Minas Gerais | CSMG3 | BOVESPA:CSMG3 |
| Companhia Catarinense de Águas e Saneamento - CASAN | CASN3 | BOVESPA:CASN3 |
| Barka Desalination Company SAOG | BRDE | MSM:BRDE |
| Afluente Transmissão de Energia Elétrica S.A. | AFLT3 | BOVESPA:AFLT3 |
| Watlington Waterworks Limited | WWW.BH | BER:WWW.BH |
| Companhia de Saneamento Básico do Estado de São Paulo - SABESP | SBSP3 | BOVESPA:SBSP3 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| CSMG3 | CASN3 | BRDE | AFLT3 | WWW.BH | SBSP3 | |||
| BOVESPA:CSMG3 | BOVESPA:CASN3 | MSM:BRDE | BOVESPA:AFLT3 | BER:WWW.BH | BOVESPA:SBSP3 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 8.8% | 11.7% | 3.2% | 17.4% | -1.2% | 15.0% | ||
| 3Y CAGR | 10.2% | 17.0% | 2.5% | -10.6% | -0.3% | 22.9% | ||
| Latest Twelve Months | 6.4% | 19.4% | -3.0% | 27.8% | 4.0% | 41.3% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 22.4% | 20.9% | 28.1% | 58.7% | 19.5% | 25.8% | ||
| Prior Fiscal Year | 23.3% | 15.8% | 25.5% | 44.8% | 18.5% | 24.5% | ||
| Latest Fiscal Year | 25.2% | 28.4% | 27.1% | 50.7% | 16.5% | 42.6% | ||
| Latest Twelve Months | 25.2% | 28.4% | 28.5% | 50.7% | 20.1% | 42.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.69x | 7.18x | 4.19x | 5.22x | 2.11x | 2.70x | ||
| EV / LTM EBIT | 6.7x | 25.3x | 14.7x | 10.3x | 10.5x | 6.3x | ||
| Price / LTM Sales | 1.01x | 6.17x | 0.48x | 4.95x | 2.62x | 2.17x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.69x | 4.19x | 7.18x | |||||
| Historical EV / LTM Revenue | 2.13x | 2.56x | 2.78x | |||||
| Selected EV / LTM Revenue | 2.63x | 2.77x | 2.91x | |||||
| (x) LTM Revenue | 36,145 | 36,145 | 36,145 | |||||
| (=) Implied Enterprise Value | 95,243 | 100,256 | 105,268 | |||||
| (-) Non-shareholder Claims * | (18,891) | (18,891) | (18,891) | |||||
| (=) Equity Value | 76,352 | 81,364 | 86,377 | |||||
| (/) Shares Outstanding | 683.5 | 683.5 | 683.5 | |||||
| Implied Value Range | 111.71 | 119.04 | 126.37 | |||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 111.71 | 119.04 | 126.37 | 115.38 | ||||
| Upside / (Downside) | -3.2% | 3.2% | 9.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CSMG3 | CASN3 | BRDE | AFLT3 | WWW.BH | SBSP3 | |
| Enterprise Value | 13,426 | 12,026 | 81 | 451 | 26 | 97,755 | |
| (+) Cash & Short Term Investments | 820 | 452 | 2 | 7 | 6 | 5,382 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 985 | |
| (-) Debt | (6,193) | (2,432) | (74) | (31) | (0) | (25,258) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,054 | 10,046 | 9 | 427 | 33 | 78,863 | |
| (/) Shares Outstanding | 379.2 | 1,150.7 | 75.5 | 63.1 | 1.1 | 683.5 | |
| Implied Stock Price | 21.24 | 8.73 | 0.12 | 6.77 | 30.00 | 115.38 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 21.24 | 8.73 | 0.12 | 6.77 | 30.00 | 115.38 | |
| Trading Currency | BRL | BRL | OMR | BRL | BMD | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |