| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| HBOR3 | MDNE3 | LPSB3 | JHSF3 | LAVV3 | | MELK3 | |
| BOVESPA:HBOR3 | BOVESPA:MDNE3 | BOVESPA:LPSB3 | BOVESPA:JHSF3 | BOVESPA:LAVV3 | | BOVESPA:MELK3 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -0.3% | 30.9% | 10.8% | 20.4% | 51.5% | | 12.8% | |
| 3Y CAGR | 10.2% | 36.3% | 3.0% | -7.1% | 36.5% | | 10.1% | |
| Latest Twelve Months | -0.4% | 36.4% | 0.5% | 0.9% | 71.5% | | -13.1% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 7.1% | 11.0% | 18.3% | 42.2% | 23.9% | | 8.7% | |
| Prior Fiscal Year | 11.3% | 16.9% | 11.7% | 34.0% | 20.7% | | 8.9% | |
| Latest Fiscal Year | 14.9% | 17.2% | 21.1% | 38.1% | 21.5% | | 6.3% | |
| Latest Twelve Months | 14.9% | 17.2% | 22.6% | 38.1% | 21.5% | | 6.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.93x | 0.83x | 0.69x | 3.62x | 0.92x | | 0.64x | |
| EV / LTM EBIT | 12.9x | 4.8x | 3.1x | 9.9x | 4.3x | | 10.2x | |
| Price / LTM Sales | 0.19x | 0.78x | 1.08x | 1.81x | 1.20x | | 0.65x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.69x | 0.92x | 3.62x | | | | | |
| Historical EV / LTM Revenue | 0.48x | 0.64x | 1.80x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.77x | 0.81x | 0.85x | | | | | |
| (x) LTM Revenue | 1,029 | 1,029 | 1,029 | | | | | |
| (=) Implied Enterprise Value | 796 | 837 | 879 | | | | | |
| (-) Non-shareholder Claims * | 8 | 8 | 8 | | | | | |
| (=) Equity Value | 803 | 845 | 887 | | | | | |
| (/) Shares Outstanding | 204.3 | 204.3 | 204.3 | | | | | |
| Implied Value Range | 3.93 | 4.14 | 4.34 | | | | | |
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 3.93 | 4.14 | 4.34 | | 3.26 | | | |
| Upside / (Downside) | 20.6% | 26.9% | 33.2% | | | | | |