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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.7x - 11.8x | 11.3x |
| Selected Fwd EBIT Multiple | 9.3x - 10.2x | 9.8x |
| Fair Value | R$63.05 - R$97.17 | R$80.11 |
| Upside | 17.4% - 80.9% | 49.1% |
| Benchmarks | Ticker | Full Ticker |
| Mesa Air Group, Inc. | MESA | NasdaqCM:MESA |
| United Airlines Holdings, Inc. | UAL | NasdaqGS:UAL |
| Alaska Air Group, Inc. | ALK | NYSE:ALK |
| SkyWest, Inc. | SKYW | NasdaqGS:SKYW |
| JetBlue Airways Corporation | JBLU | NasdaqGS:JBLU |
| American Airlines Group Inc. | AALL34 | BOVESPA:AALL34 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MESA | UAL | ALK | SKYW | JBLU | AALL34 | ||
| NasdaqCM:MESA | NasdaqGS:UAL | NYSE:ALK | NasdaqGS:SKYW | NasdaqGS:JBLU | BOVESPA:AALL34 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 3.1% | -3.7% | -1.7% | NM- | -2.8% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 50.2% | 0.5% | 8.7% | 361.1% | -181.8% | -16.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -2.6% | -11.2% | -6.4% | 2.6% | -16.8% | -12.7% | |
| Prior Fiscal Year | -3.3% | 9.8% | 7.8% | 3.6% | -0.3% | 7.7% | |
| Latest Fiscal Year | -7.5% | 9.3% | 7.6% | 13.9% | -1.0% | 6.2% | |
| Latest Twelve Months | -3.0% | 9.3% | 7.6% | 13.9% | -1.0% | 6.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.79x | 0.64x | 0.80x | 1.46x | 0.69x | 0.66x | |
| EV / LTM EBITDA | 11.9x | 4.5x | 6.6x | 5.9x | 13.1x | 6.3x | |
| EV / LTM EBIT | -26.1x | 6.9x | 10.6x | 10.5x | -69.0x | 10.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -69.0x | 6.9x | 10.6x | ||||
| Historical EV / LTM EBIT | -6.3x | 8.0x | 2589.5x | ||||
| Selected EV / LTM EBIT | 10.7x | 11.3x | 11.8x | ||||
| (x) LTM EBIT | 3,370 | 3,370 | 3,370 | ||||
| (=) Implied Enterprise Value | 36,101 | 38,001 | 39,901 | ||||
| (-) Non-shareholder Claims * | (29,411) | (29,411) | (29,411) | ||||
| (=) Equity Value | 6,690 | 8,590 | 10,490 | ||||
| (/) Shares Outstanding | 657.6 | 657.6 | 657.6 | ||||
| Implied Value Range | 10.17 | 13.06 | 15.95 | ||||
| FX Rate: USD/BRL | 0.2 | 0.2 | 0.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 59.39 | 76.25 | 93.12 | 53.72 | |||
| Upside / (Downside) | 10.5% | 41.9% | 73.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MESA | UAL | ALK | SKYW | JBLU | AALL34 | |
| Enterprise Value | 376 | 36,769 | 9,389 | 5,141 | 6,413 | 35,462 | |
| (+) Cash & Short Term Investments | 22 | 14,475 | 2,475 | 802 | 3,610 | 7,618 | |
| (+) Investments & Other | 0 | 1,267 | 0 | 54 | 510 | 515 | |
| (-) Debt | (369) | (33,633) | (6,393) | (2,760) | (9,142) | (37,544) | |
| (-) 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 | 29 | 18,878 | 5,471 | 3,236 | 1,391 | 6,051 | |
| (/) Shares Outstanding | 41.3 | 327.3 | 123.1 | 40.3 | 353.0 | 657.6 | |
| Implied Stock Price | 0.71 | 57.67 | 44.45 | 80.23 | 3.94 | 9.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.17 | |
| Implied Stock Price (Trading Cur) | 0.71 | 57.67 | 44.45 | 80.23 | 3.94 | 53.72 | |
| Trading Currency | USD | USD | USD | USD | USD | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.17 | |