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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15.1x - 16.7x | 15.9x |
| Selected Fwd EBITDA Multiple | 13.9x - 15.4x | 14.7x |
| Fair Value | R$518.98 - R$585.70 | R$552.34 |
| Upside | -18.8% - -8.4% | -13.6% |
| Benchmarks | Ticker | Full Ticker |
| Arthur J. Gallagher & Co. | AJG | NYSE:AJG |
| Brown & Brown, Inc. | BRO | NYSE:BRO |
| Goosehead Insurance, Inc | GSHD | NasdaqGS:GSHD |
| The Baldwin Insurance Group, Inc. | BWIN | NasdaqGS:BWIN |
| Tian Ruixiang Holdings Ltd | TIRX | NasdaqCM:TIRX |
| Marsh & McLennan Companies, Inc. | M1MC34 | BOVESPA:M1MC34 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AJG | BRO | GSHD | BWIN | TIRX | M1MC34 | ||
| NYSE:AJG | NYSE:BRO | NasdaqGS:GSHD | NasdaqGS:BWIN | NasdaqCM:TIRX | BOVESPA:M1MC34 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 26.2% | 17.9% | 35.9% | 58.2% | NM- | 15.0% | |
| 3Y CAGR | 24.0% | 16.5% | 78.2% | 35.4% | NM- | 9.5% | |
| Latest Twelve Months | 20.5% | 16.3% | 68.3% | 20.5% | 5.6% | 8.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 27.8% | 32.6% | 13.9% | 11.2% | -174.2% | 27.9% | |
| Prior Fiscal Year | 31.1% | 32.5% | 17.2% | 11.0% | -242.3% | 28.9% | |
| Latest Fiscal Year | 33.2% | 33.9% | 22.8% | 11.6% | -88.4% | 29.5% | |
| Latest Twelve Months | 33.1% | 34.3% | 23.6% | 11.6% | -88.4% | 29.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.25x | 7.22x | 8.59x | 3.40x | -3.88x | 5.31x | |
| EV / LTM EBITDA | 21.9x | 21.0x | 36.4x | 29.2x | 4.4x | 17.9x | |
| EV / LTM EBIT | 28.2x | 24.4x | 42.7x | 76.8x | 4.2x | 20.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.4x | 21.9x | 36.4x | ||||
| Historical EV / LTM EBITDA | 15.6x | 16.7x | 18.8x | ||||
| Selected EV / LTM EBITDA | 15.1x | 15.9x | 16.7x | ||||
| (x) LTM EBITDA | 7,418 | 7,418 | 7,418 | ||||
| (=) Implied Enterprise Value | 112,370 | 118,284 | 124,199 | ||||
| (-) Non-shareholder Claims * | (20,547) | (20,547) | (20,547) | ||||
| (=) Equity Value | 91,823 | 97,737 | 103,652 | ||||
| (/) Shares Outstanding | 1,012.0 | 1,012.0 | 1,012.0 | ||||
| Implied Value Range | 90.73 | 96.58 | 102.42 | ||||
| FX Rate: USD/BRL | 0.2 | 0.2 | 0.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 513.09 | 546.14 | 579.18 | 639.36 | |||
| Upside / (Downside) | -19.7% | -14.6% | -9.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AJG | BRO | GSHD | BWIN | TIRX | M1MC34 | |
| Enterprise Value | 81,545 | 35,079 | 2,791 | 4,716 | (13) | 134,968 | |
| (+) Cash & Short Term Investments | 16,692 | 669 | 70 | 148 | 28 | 1,604 | |
| (+) Investments & Other | 0 | 0 | 0 | 2 | 0 | 471 | |
| (-) Debt | (13,414) | (4,038) | (352) | (1,498) | (1) | (22,419) | |
| (-) Other Liabilities | (34) | (20) | 57 | (426) | (0) | (203) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 84,790 | 31,690 | 2,565 | 2,942 | 15 | 114,421 | |
| (/) Shares Outstanding | 256.1 | 286.6 | 25.1 | 70.2 | 10.2 | 1,012.0 | |
| Implied Stock Price | 331.08 | 110.57 | 102.38 | 41.89 | 1.45 | 113.06 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.18 | |
| Implied Stock Price (Trading Cur) | 331.08 | 110.57 | 102.38 | 41.89 | 1.45 | 639.36 | |
| Trading Currency | USD | USD | USD | USD | USD | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.18 | |