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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 5,7x - 6,3x | 6,0x |
| Selected Fwd EBIT Multiple | 6,5x - 7,2x | 6,8x |
| Fair Value | $2,06 - $2,31 | $2,18 |
| Upside | 16,8% - 31,4% | 24,1% |
| Benchmarks | Ticker | Full Ticker |
| Rio Paranapanema Energia S.A. | GEPA4 | BOVESPA:GEPA4 |
| Centrais Elétricas Brasileiras S.A. - Eletrobrás | ELET5 | BOVESPA:ELET5 |
| Neoenergia S.A. | NEOE3 | BOVESPA:NEOE3 |
| CPFL Energia S.A. | CPFE3 | BOVESPA:CPFE3 |
| Companhia Paranaense de Energia - COPEL | CPLE5 | BOVESPA:CPLE5 |
| Companhia Energética de Minas Gerais - CEMIG | CIG | NYSE:CIG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GEPA4 | ELET5 | NEOE3 | CPFE3 | CPLE5 | CIG | ||
| BOVESPA:GEPA4 | BOVESPA:ELET5 | BOVESPA:NEOE3 | BOVESPA:CPFE3 | BOVESPA:CPLE5 | NYSE:CIG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 2.0% | 7.6% | 17.4% | 18.6% | 3.4% | 21.5% | |
| 3Y CAGR | -25.9% | -18.7% | 5.3% | 14.9% | -9.4% | 12.9% | |
| Latest Twelve Months | -21.2% | 11.8% | 16.8% | -1.2% | 11.7% | 23.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 43.4% | 40.3% | 19.4% | 21.5% | 17.8% | 16.6% | |
| Prior Fiscal Year | 36.9% | 30.5% | 19.3% | 27.2% | 15.8% | 17.8% | |
| Latest Fiscal Year | 39.4% | 31.6% | 20.4% | 25.0% | 16.7% | 20.3% | |
| Latest Twelve Months | 34.9% | 31.6% | 20.4% | 25.0% | 16.7% | 20.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.75x | 2.27x | 1.40x | 1.70x | 1.73x | 1.02x | |
| EV / LTM EBITDA | 4.9x | 5.5x | 5.3x | 5.6x | 7.6x | 4.3x | |
| EV / LTM EBIT | 7.9x | 7.2x | 6.8x | 6.8x | 10.3x | 5.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.8x | 7.2x | 10.3x | ||||
| Historical EV / LTM EBIT | 4.7x | 5.3x | 6.0x | ||||
| Selected EV / LTM EBIT | 5.7x | 6.0x | 6.3x | ||||
| (x) LTM EBIT | 8,101 | 8,101 | 8,101 | ||||
| (=) Implied Enterprise Value | 46,194 | 48,626 | 51,057 | ||||
| (-) Non-shareholder Claims * | (7,102) | (7,102) | (7,102) | ||||
| (=) Equity Value | 39,092 | 41,524 | 43,955 | ||||
| (/) Shares Outstanding | 3,176.8 | 3,176.8 | 3,176.8 | ||||
| Implied Value Range | 12.31 | 13.07 | 13.84 | ||||
| FX Rate: BRL/USD | 5.7 | 5.7 | 5.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.16 | 2.29 | 2.43 | 1.76 | |||
| Upside / (Downside) | 22.7% | 30.3% | 37.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GEPA4 | ELET5 | NEOE3 | CPFE3 | CPLE5 | CIG | |
| Enterprise Value | 3,343 | 76,385 | 68,778 | 71,784 | 31,465 | 38,972 | |
| (+) Cash & Short Term Investments | 474 | 30,113 | 7,826 | 3,547 | 4,163 | 2,256 | |
| (+) Investments & Other | 0 | 32,120 | 2,396 | 726 | 4,137 | 3,356 | |
| (-) Debt | (747) | (79,414) | (53,536) | (31,555) | (17,575) | (12,709) | |
| (-) Other Liabilities | 0 | (137) | (109) | (1,063) | 38 | (5) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3,069 | 59,068 | 25,355 | 43,440 | 22,228 | 31,870 | |
| (/) Shares Outstanding | 94.4 | 787.6 | 1,213.2 | 1,152.3 | 2,033.7 | 3,176.8 | |
| Implied Stock Price | 32.50 | 75.00 | 20.90 | 37.70 | 10.93 | 10.03 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 5.70 | |
| Implied Stock Price (Trading Cur) | 32.50 | 75.00 | 20.90 | 37.70 | 10.93 | 1.76 | |
| Trading Currency | BRL | BRL | BRL | BRL | BRL | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 5.70 | |