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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 4.5x - 4.9x | 4.7x |
| Selected Fwd EBIT Multiple | 5.5x - 6.1x | 5.8x |
| Fair Value | R$84.74 - R$101.31 | R$93.02 |
| Upside | 13.0% - 35.1% | 24.0% |
| Benchmarks | Ticker | Full Ticker |
| Elektro Redes S.A. | EKTR4 | BOVESPA:EKTR4 |
| Companhia Energética do Ceará - COELCE | COCE5 | BOVESPA:COCE5 |
| Neoenergia S.A. | NEOE3 | BOVESPA:NEOE3 |
| Ampla Energia e Serviços S.A. | CBEE3 | BOVESPA:CBEE3 |
| Rede Energia Participações S.A. | REDE3 | BOVESPA:REDE3 |
| Centrais Elétricas de Santa Catarina S.A. | CLSC3 | BOVESPA:CLSC3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EKTR4 | COCE5 | NEOE3 | CBEE3 | REDE3 | CLSC3 | ||
| BOVESPA:EKTR4 | BOVESPA:COCE5 | BOVESPA:NEOE3 | BOVESPA:CBEE3 | BOVESPA:REDE3 | BOVESPA:CLSC3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.4% | 16.6% | 17.4% | 9.0% | 15.6% | 24.6% | |
| 3Y CAGR | 13.4% | 10.9% | 5.3% | 24.1% | 5.6% | 24.2% | |
| Latest Twelve Months | 2.7% | -0.9% | 17.6% | 40.2% | -11.3% | 75.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 19.2% | 12.8% | 19.4% | 9.6% | 21.3% | 7.4% | |
| Prior Fiscal Year | 22.9% | 14.6% | 19.3% | 10.0% | 26.4% | 7.4% | |
| Latest Fiscal Year | 22.0% | 14.7% | 20.6% | 12.6% | 21.1% | 12.6% | |
| Latest Twelve Months | 22.0% | 14.7% | 20.6% | 12.6% | 21.1% | 12.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.65x | 0.86x | 1.40x | 0.89x | 1.60x | 0.55x | |
| EV / LTM EBITDA | 6.3x | 3.9x | 5.3x | 4.1x | 6.2x | 3.5x | |
| EV / LTM EBIT | 7.5x | 5.8x | 6.8x | 7.1x | 7.6x | 4.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.8x | 7.1x | 7.6x | ||||
| Historical EV / LTM EBIT | 3.9x | 4.4x | 9.3x | ||||
| Selected EV / LTM EBIT | 4.5x | 4.7x | 4.9x | ||||
| (x) LTM EBIT | 1,348 | 1,348 | 1,348 | ||||
| (=) Implied Enterprise Value | 6,019 | 6,336 | 6,653 | ||||
| (-) Non-shareholder Claims * | (2,806) | (2,806) | (2,806) | ||||
| (=) Equity Value | 3,213 | 3,530 | 3,846 | ||||
| (/) Shares Outstanding | 38.6 | 38.6 | 38.6 | ||||
| Implied Value Range | 83.29 | 91.51 | 99.72 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 83.29 | 91.51 | 99.72 | 75.00 | |||
| Upside / (Downside) | 11.1% | 22.0% | 33.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EKTR4 | COCE5 | NEOE3 | CBEE3 | REDE3 | CLSC3 | |
| Enterprise Value | 16,342 | 7,267 | 68,560 | 7,787 | 28,547 | 5,699 | |
| (+) Cash & Short Term Investments | 765 | 215 | 7,826 | 421 | 3,412 | 1,019 | |
| (+) Investments & Other | 0 | 0 | 2,396 | 0 | 9 | 383 | |
| (-) Debt | (7,324) | (5,535) | (53,536) | (4,864) | (16,069) | (4,209) | |
| (-) Other Liabilities | 0 | 0 | (109) | 0 | (2,181) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,783 | 1,946 | 25,137 | 3,344 | 13,717 | 2,893 | |
| (/) Shares Outstanding | 193.8 | 77.9 | 1,213.2 | 380.0 | 2,110.3 | 38.6 | |
| Implied Stock Price | 50.49 | 25.00 | 20.72 | 8.80 | 6.50 | 75.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 50.49 | 25.00 | 20.72 | 8.80 | 6.50 | 75.00 | |
| 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 | |