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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.5x - 10.5x | 10.0x |
| Selected Fwd EBIT Multiple | 7.3x - 8.0x | 7.6x |
| Fair Value | R$4.69 - R$6.35 | R$5.52 |
| Upside | 0.8% - 36.6% | 18.7% |
| Benchmarks | Ticker | Full Ticker |
| BRF S.A. | BRFS3 | BOVESPA:BRFS3 |
| M. Dias Branco S.A. Indústria e Comércio de Alimentos | MDIA3 | BOVESPA:MDIA3 |
| BrasilAgro - Companhia Brasileira de Propriedades Agrícolas | AGRO3 | BOVESPA:AGRO3 |
| Excelsior Alimentos S.A. | BAUH4 | BOVESPA:BAUH4 |
| Três Tentos Agroindustrial S/A | TTEN3 | BOVESPA:TTEN3 |
| Camil Alimentos S.A. | CAML3 | BOVESPA:CAML3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BRFS3 | MDIA3 | AGRO3 | BAUH4 | TTEN3 | CAML3 | ||
| BOVESPA:BRFS3 | BOVESPA:MDIA3 | BOVESPA:AGRO3 | BOVESPA:BAUH4 | BOVESPA:TTEN3 | BOVESPA:CAML3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 24.6% | 11.6% | -4.6% | 3.3% | 53.3% | 15.0% | |
| 3Y CAGR | 33.2% | 26.9% | NM- | 101.9% | 52.1% | -1.9% | |
| Latest Twelve Months | 256.6% | -31.5% | 254.1% | 29.6% | 131.5% | -18.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.0% | 8.3% | 18.3% | 6.0% | 7.8% | 6.2% | |
| Prior Fiscal Year | 1.1% | 10.4% | 16.8% | 5.1% | 4.9% | 5.6% | |
| Latest Fiscal Year | 11.0% | 9.7% | 14.2% | 7.6% | 9.7% | 4.9% | |
| Latest Twelve Months | 11.7% | 8.4% | 28.1% | 8.2% | 8.8% | 4.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.66x | 1.01x | 2.68x | 1.55x | 0.53x | 0.45x | |
| EV / LTM EBITDA | 4.4x | 8.9x | 8.6x | 16.7x | 5.6x | 7.0x | |
| EV / LTM EBIT | 5.7x | 12.6x | 9.6x | 19.9x | 6.1x | 9.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.7x | 9.6x | 19.9x | ||||
| Historical EV / LTM EBIT | 8.0x | 9.5x | 12.1x | ||||
| Selected EV / LTM EBIT | 9.5x | 10.0x | 10.5x | ||||
| (x) LTM EBIT | 578 | 578 | 578 | ||||
| (=) Implied Enterprise Value | 5,513 | 5,804 | 6,094 | ||||
| (-) Non-shareholder Claims * | (3,793) | (3,793) | (3,793) | ||||
| (=) Equity Value | 1,720 | 2,010 | 2,300 | ||||
| (/) Shares Outstanding | 341.1 | 341.1 | 341.1 | ||||
| Implied Value Range | 5.04 | 5.89 | 6.74 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.04 | 5.89 | 6.74 | 4.65 | |||
| Upside / (Downside) | 8.5% | 26.8% | 45.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BRFS3 | MDIA3 | AGRO3 | BAUH4 | TTEN3 | CAML3 | |
| Enterprise Value | 42,259 | 9,864 | 3,297 | 396 | 7,291 | 5,379 | |
| (+) Cash & Short Term Investments | 12,982 | 2,154 | 64 | 59 | 1,655 | 1,624 | |
| (+) Investments & Other | 910 | 32 | 3 | 0 | 5 | 89 | |
| (-) Debt | (24,055) | (2,229) | (1,339) | (1) | (2,233) | (5,507) | |
| (-) Other Liabilities | (1,332) | 0 | 0 | 0 | (9) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 30,764 | 9,822 | 2,025 | 454 | 6,709 | 1,586 | |
| (/) Shares Outstanding | 1,599.8 | 335.2 | 99.6 | 5.2 | 499.2 | 341.1 | |
| Implied Stock Price | 19.23 | 29.30 | 20.33 | 86.99 | 13.44 | 4.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 19.23 | 29.30 | 20.33 | 86.99 | 13.44 | 4.65 | |
| Trading Currency | BRL | BRL | BRL | BRL | BRL | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |