| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| UI | JNPR | CALX | AUDC | FFIV | | CSCO34 | |
| NYSE:UI | NYSE:JNPR | NYSE:CALX | NasdaqGS:AUDC | NasdaqGS:FFIV | | BOVESPA:CSCO34 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 10.7% | 2.7% | 14.4% | 3.9% | 4.7% | | 0.7% | |
| 3Y CAGR | 0.5% | 2.3% | 7.0% | -0.9% | 2.7% | | 2.6% | |
| Latest Twelve Months | 14.6% | -8.8% | -20.0% | -0.9% | 3.0% | | -5.3% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 31.4% | 9.6% | 4.8% | 11.9% | 18.6% | | 26.9% | |
| Prior Fiscal Year | 28.1% | 10.2% | 2.5% | 5.9% | 19.1% | | 27.3% | |
| Latest Fiscal Year | 25.9% | 7.2% | -5.2% | 7.1% | 23.7% | | 24.3% | |
| Latest Twelve Months | 27.8% | 7.2% | -5.2% | 7.1% | 24.6% | | 21.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 8.52x | 2.25x | 2.36x | 0.74x | 4.86x | | 4.37x | |
| EV / LTM EBIT | 30.7x | 31.4x | -45.7x | 10.4x | 19.7x | | 20.3x | |
| Price / LTM Sales | 8.37x | 2.25x | 2.71x | 1.09x | 5.16x | | 4.09x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.74x | 2.36x | 8.52x | | | | | |
| Historical EV / LTM Revenue | 3.46x | 3.70x | 4.55x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 3.33x | 3.51x | 3.68x | | | | | |
| (x) LTM Revenue | 54,176 | 54,176 | 54,176 | | | | | |
| (=) Implied Enterprise Value | 180,524 | 190,025 | 199,526 | | | | | |
| (-) Non-shareholder Claims * | (12,690) | (12,690) | (12,690) | | | | | |
| (=) Equity Value | 167,834 | 177,335 | 186,836 | | | | | |
| (/) Shares Outstanding | 19,691.9 | 19,691.9 | 19,691.9 | | | | | |
| Implied Value Range | 8.52 | 9.01 | 9.49 | | | | | |
| FX Rate: USD/BRL | 0.2 | 0.2 | 0.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 49.50 | 52.30 | 55.10 | | 65.03 | | | |
| Upside / (Downside) | -23.9% | -19.6% | -15.3% | | | | | |