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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 3,4x - 3,8x | 3,6x |
| Selected Fwd EBIT Multiple | 3,1x - 3,4x | 3,3x |
| Fair Value | R$9,52 - R$10,74 | R$10,13 |
| Upside | 23,3% - 39,1% | 31,2% |
| Benchmarks | Ticker | Full Ticker |
| Caixa Seguridade Participações S.A. | CXSE3 | BOVESPA:CXSE3 |
| BB Seguridade Participações S.A. | BBSE3 | BOVESPA:BBSE3 |
| Hagerty, Inc. | HGTY | NYSE:HGTY |
| Tian Ruixiang Holdings Ltd | TIRX | NasdaqCM:TIRX |
| Huize Holding Limited | HUIZ | NasdaqGM:HUIZ |
| Wiz Co Participações e Corretagem de Seguros S.A. | WIZC3 | BOVESPA:WIZC3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CXSE3 | BBSE3 | HGTY | TIRX | HUIZ | WIZC3 | ||
| BOVESPA:CXSE3 | BOVESPA:BBSE3 | NYSE:HGTY | NasdaqCM:TIRX | NasdaqGM:HUIZ | BOVESPA:WIZC3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 51.3% | 13.9% | 43.6% | NM- | NM- | 8.7% | |
| 3Y CAGR | 26.3% | 25.4% | NM- | NM- | NM- | 20.3% | |
| Latest Twelve Months | 10.4% | 24.0% | 72.0% | 1.6% | -177.0% | 17.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 85.1% | 94.2% | 0.3% | -175.4% | -1.7% | 39.6% | |
| Prior Fiscal Year | 84.1% | 95.8% | 2.3% | -242.4% | 4.4% | 40.5% | |
| Latest Fiscal Year | 84.2% | 96.1% | 5.5% | -92.2% | -1.7% | 44.5% | |
| Latest Twelve Months | 83.7% | 96.0% | 6.4% | -92.2% | -3.2% | 44.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.67x | 5.19x | 0.67x | -4.47x | 0.05x | 1.20x | |
| EV / LTM EBITDA | 6.8x | 5.4x | 7.1x | 5.1x | -2.1x | 2.3x | |
| EV / LTM EBIT | 6.8x | 5.4x | 10.5x | 4.8x | -1.5x | 2.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1.5x | 5.4x | 10.5x | ||||
| Historical EV / LTM EBIT | 2.6x | 3.7x | 4.9x | ||||
| Selected EV / LTM EBIT | 3.4x | 3.6x | 3.8x | ||||
| (x) LTM EBIT | 580 | 580 | 580 | ||||
| (=) Implied Enterprise Value | 2,001 | 2,106 | 2,211 | ||||
| (-) Non-shareholder Claims * | (333) | (333) | (333) | ||||
| (=) Equity Value | 1,668 | 1,773 | 1,878 | ||||
| (/) Shares Outstanding | 159.9 | 159.9 | 159.9 | ||||
| Implied Value Range | 10.43 | 11.09 | 11.75 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.43 | 11.09 | 11.75 | 7.72 | |||
| Upside / (Downside) | 35.1% | 43.6% | 52.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CXSE3 | BBSE3 | HGTY | TIRX | HUIZ | WIZC3 | |
| Enterprise Value | 29,774 | 53,057 | 847 | (15) | (9) | 1,567 | |
| (+) Cash & Short Term Investments | 1,145 | 6,455 | 233 | 28 | 205 | 439 | |
| (+) Investments & Other | 12,221 | 8,877 | 481 | 0 | 69 | 245 | |
| (-) Debt | 0 | 0 | (181) | (1) | (95) | (413) | |
| (-) Other Liabilities | 0 | 0 | (370) | (0) | (20) | (604) | |
| (-) Preferred Stock | 0 | 0 | (87) | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 43,140 | 68,389 | 923 | 13 | 151 | 1,234 | |
| (/) Shares Outstanding | 3,000.0 | 1,941.2 | 90.7 | 10.2 | 10.1 | 159.9 | |
| Implied Stock Price | 14.38 | 35.23 | 10.18 | 1.23 | 14.97 | 7.72 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 7.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 14.38 | 35.23 | 10.18 | 1.23 | 2.09 | 7.72 | |
| Trading Currency | BRL | BRL | USD | USD | USD | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 7.16 | 1.00 | |