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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.6x - 1.7x | 1.6x |
| Selected Fwd Revenue Multiple | 1.5x - 1.6x | 1.5x |
| Fair Value | R$6.91 - R$8.33 | R$7.62 |
| Upside | 4.0% - 25.3% | 14.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Companhia de Eletricidade do Estado da Bahia - COELBA | CEEB3 | BOVESPA:CEEB3 |
| CPFL Energia S.A. | CPFE3 | BOVESPA:CPFE3 |
| Companhia Energética de Minas Gerais - CEMIG | CMIG3 | BOVESPA:CMIG3 |
| Companhia Paranaense de Energia - COPEL | CPLE3 | BOVESPA:CPLE3 |
| Alupar Investimento S.A. | ALUP3 | BOVESPA:ALUP3 |
| Rede Energia Participações S.A. | REDE3 | BOVESPA:REDE3 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| CEEB3 | CPFE3 | CMIG3 | CPLE3 | ALUP3 | REDE3 | |||
| BOVESPA:CEEB3 | BOVESPA:CPFE3 | BOVESPA:CMIG3 | BOVESPA:CPLE3 | BOVESPA:ALUP3 | BOVESPA:REDE3 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 10.1% | 7.3% | 9.3% | 7.4% | -2.7% | 9.8% | ||
| 3Y CAGR | 5.0% | 2.8% | 5.8% | -1.9% | -8.6% | 5.2% | ||
| Latest Twelve Months | 9.0% | 7.3% | 8.1% | 5.5% | 20.9% | 10.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 21.1% | 21.5% | 16.6% | 17.8% | 66.2% | 21.3% | ||
| Prior Fiscal Year | 24.9% | 27.2% | 17.8% | 15.8% | 70.0% | 26.4% | ||
| Latest Fiscal Year | 24.1% | 25.0% | 20.3% | 16.7% | 68.6% | 19.2% | ||
| Latest Twelve Months | 24.1% | 25.0% | 20.3% | 16.7% | 68.6% | 19.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.54x | 1.70x | 1.01x | 1.73x | 5.65x | 1.56x | ||
| EV / LTM EBIT | 6.4x | 6.8x | 4.9x | 10.4x | 8.2x | 8.1x | ||
| Price / LTM Sales | 0.63x | 1.04x | 0.83x | 1.33x | 2.32x | 0.78x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.01x | 1.70x | 5.65x | |||||
| Historical EV / LTM Revenue | 1.43x | 1.57x | 2.91x | |||||
| Selected EV / LTM Revenue | 1.56x | 1.65x | 1.73x | |||||
| (x) LTM Revenue | 17,885 | 17,885 | 17,885 | |||||
| (=) Implied Enterprise Value | 27,981 | 29,454 | 30,927 | |||||
| (-) Non-shareholder Claims * | (13,840) | (13,840) | (13,840) | |||||
| (=) Equity Value | 14,141 | 15,614 | 17,087 | |||||
| (/) Shares Outstanding | 2,110.3 | 2,110.3 | 2,110.3 | |||||
| Implied Value Range | 6.70 | 7.40 | 8.10 | |||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 6.70 | 7.40 | 8.10 | 6.65 | ||||
| Upside / (Downside) | 0.8% | 11.3% | 21.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CEEB3 | CPFE3 | CMIG3 | CPLE3 | ALUP3 | REDE3 | |
| Enterprise Value | 25,388 | 72,706 | 41,998 | 37,579 | 22,460 | 27,874 | |
| (+) Cash & Short Term Investments | 1,554 | 3,547 | 2,256 | 4,163 | 2,510 | 3,745 | |
| (+) Investments & Other | 58 | 726 | 3,356 | 4,137 | 399 | 665 | |
| (-) Debt | (16,619) | (31,555) | (12,709) | (17,575) | (12,730) | (16,069) | |
| (-) Other Liabilities | 0 | (1,063) | (5) | 38 | (3,483) | (2,181) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,381 | 44,362 | 34,896 | 28,342 | 9,156 | 14,034 | |
| (/) Shares Outstanding | 262.1 | 1,152.3 | 2,445.4 | 2,980.2 | 924.8 | 2,110.3 | |
| Implied Stock Price | 39.61 | 38.50 | 14.27 | 9.51 | 9.90 | 6.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 39.61 | 38.50 | 14.27 | 9.51 | 9.90 | 6.65 | |
| 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 | |