| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| JOPA3 | SMTO3 | BRFS3 | MDIA3 | BAUH4 | | CAML3 | |
| BOVESPA:JOPA3 | BOVESPA:SMTO3 | BOVESPA:BRFS3 | BOVESPA:MDIA3 | BOVESPA:BAUH4 | | BOVESPA:CAML3 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 12.7% | 15.4% | 12.9% | 9.6% | 6.5% | | 18.8% | |
| 3Y CAGR | 3.4% | 17.0% | 8.3% | 7.3% | 12.1% | | 14.6% | |
| Latest Twelve Months | 4.4% | 24.9% | 14.5% | -10.9% | 11.1% | | 7.8% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 5.8% | 33.2% | 4.8% | 8.6% | 6.1% | | 6.4% | |
| Prior Fiscal Year | 6.0% | 31.3% | 1.1% | 10.4% | 5.1% | | 4.8% | |
| Latest Fiscal Year | 5.0% | 33.9% | 11.0% | 9.7% | 7.6% | | 5.6% | |
| Latest Twelve Months | 5.0% | 27.0% | 11.0% | 9.7% | 7.6% | | 5.7% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.39x | 1.86x | 0.76x | 0.89x | 1.53x | | 0.47x | |
| EV / LTM EBIT | 7.8x | 6.9x | 7.0x | 9.2x | 20.1x | | 8.2x | |
| Price / LTM Sales | 0.10x | 0.84x | 0.54x | 0.83x | 1.67x | | 0.11x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.39x | 0.89x | 1.86x | | | | | |
| Historical EV / LTM Revenue | 0.59x | 0.60x | 0.92x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.51x | 0.54x | 0.56x | | | | | |
| (x) LTM Revenue | 11,948 | 11,948 | 11,948 | | | | | |
| (=) Implied Enterprise Value | 6,078 | 6,398 | 6,718 | | | | | |
| (-) Non-shareholder Claims * | (4,276) | (4,276) | (4,276) | | | | | |
| (=) Equity Value | 1,801 | 2,121 | 2,441 | | | | | |
| (/) Shares Outstanding | 341.1 | 341.1 | 341.1 | | | | | |
| Implied Value Range | 5.28 | 6.22 | 7.16 | | | | | |
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 5.28 | 6.22 | 7.16 | | 3.97 | | | |
| Upside / (Downside) | 33.0% | 56.7% | 80.3% | | | | | |