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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14,6x - 16,1x | 15,4x |
| Selected Fwd EBIT Multiple | 10,2x - 11,3x | 10,7x |
| Fair Value | €33,75 - €37,64 | €35,69 |
| Upside | -20,2% - -11,0% | -15,6% |
| Benchmarks | Ticker | Full Ticker |
| Lockheed Martin Corporation | LMTB34 | BOVESPA:LMTB34 |
| L3Harris Technologies, Inc. | L1HX34 | BOVESPA:L1HX34 |
| Thales S.A. | THLE.F | OTCPK:THLE.F |
| Dassault Aviation société anonyme | AM | ENXTPA:AM |
| Safran SA | SAF | ENXTPA:SAF |
| Embraer S.A. | EMY | DB:EMY |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| LMTB34 | L1HX34 | THLE.F | AM | SAF | EMY | ||
| BOVESPA:LMTB34 | BOVESPA:L1HX34 | OTCPK:THLE.F | ENXTPA:AM | ENXTPA:SAF | DB:EMY | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -1.4% | -0.3% | 5.7% | -7.7% | 1.8% | 79.0% | |
| 3Y CAGR | -2.8% | 8.0% | 13.3% | -0.4% | 48.0% | 46.9% | |
| Latest Twelve Months | -33.8% | 6.4% | 19.8% | 53.9% | 26.9% | 89.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.0% | 12.7% | 8.0% | 7.5% | 11.4% | 1.5% | |
| Prior Fiscal Year | 13.4% | 12.4% | 8.6% | 6.8% | 13.4% | 5.5% | |
| Latest Fiscal Year | 10.1% | 12.4% | 8.6% | 8.3% | 14.6% | 8.1% | |
| Latest Twelve Months | 8.2% | 12.8% | 9.0% | 8.2% | 14.6% | 8.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.65x | 2.94x | 2.34x | 1.34x | 4.12x | 1.46x | |
| EV / LTM EBITDA | 16.5x | 15.8x | 18.4x | 12.7x | 21.4x | 14.4x | |
| EV / LTM EBIT | 20.1x | 23.0x | 25.9x | 16.5x | 28.2x | 17.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 16.5x | 23.0x | 28.2x | ||||
| Historical EV / LTM EBIT | -30.5x | 14.9x | 29.7x | ||||
| Selected EV / LTM EBIT | 14.6x | 15.4x | 16.1x | ||||
| (x) LTM EBIT | 3,201 | 3,201 | 3,201 | ||||
| (=) Implied Enterprise Value | 46,713 | 49,172 | 51,630 | ||||
| (-) Non-shareholder Claims * | (3,885) | (3,885) | (3,885) | ||||
| (=) Equity Value | 42,828 | 45,286 | 47,745 | ||||
| (/) Shares Outstanding | 188.1 | 188.1 | 188.1 | ||||
| Implied Value Range | 227.67 | 240.74 | 253.81 | ||||
| FX Rate: BRL/EUR | 6.4 | 6.4 | 6.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 35.71 | 37.76 | 39.81 | 42.30 | |||
| Upside / (Downside) | -15.6% | -10.7% | -5.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LMTB34 | L1HX34 | THLE.F | AM | SAF | EMY | |
| Enterprise Value | 118,100 | 61,087 | 49,421 | 8,921 | 113,405 | 54,613 | |
| (+) Cash & Short Term Investments | 1,293 | 482 | 3,887 | 9,572 | 6,519 | 7,797 | |
| (+) Investments & Other | 0 | 0 | 1,743 | 2,940 | 2,692 | 2,347 | |
| (-) Debt | (21,638) | (12,102) | (7,314) | (204) | (5,078) | (12,433) | |
| (-) Other Liabilities | 0 | 0 | (28) | 0 | (549) | (1,596) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 97,755 | 49,467 | 47,709 | 21,229 | 116,989 | 50,728 | |
| (/) Shares Outstanding | 233.5 | 744.9 | 205.4 | 78.2 | 416.6 | 188.1 | |
| Implied Stock Price | 418.71 | 66.41 | 232.30 | 271.40 | 280.80 | 269.66 | |
| FX Conversion Rate to Trading Currency | 0.18 | 0.18 | 0.87 | 1.00 | 1.00 | 6.38 | |
| Implied Stock Price (Trading Cur) | 2,335.12 | 370.37 | 265.55 | 271.40 | 280.80 | 42.30 | |
| Trading Currency | BRL | BRL | USD | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 0.18 | 0.18 | 0.87 | 1.00 | 1.00 | 6.38 | |