| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| GMAT3 | PNVL3 | CRFB3 | ASAI3 | DMVF3 | | PGMN3 | |
| BOVESPA:GMAT3 | BOVESPA:PNVL3 | BOVESPA:CRFB3 | BOVESPA:ASAI3 | BOVESPA:DMVF3 | | BOVESPA:PGMN3 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 31.9% | 12.9% | 14.0% | 21.3% | 13.8% | | 14.5% | |
| 3Y CAGR | 26.4% | 16.5% | 14.1% | 20.8% | 23.7% | | 18.9% | |
| Latest Twelve Months | 19.8% | 11.4% | 5.3% | 11.0% | 23.5% | | 12.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 6.3% | 3.5% | 5.0% | 5.5% | 1.6% | | 4.4% | |
| Prior Fiscal Year | 6.3% | 3.5% | 3.5% | 4.8% | 2.9% | | 3.6% | |
| Latest Fiscal Year | 6.5% | 3.6% | 3.9% | 5.1% | 2.9% | | 4.5% | |
| Latest Twelve Months | 6.5% | 3.7% | 3.9% | 5.1% | 2.9% | | 4.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.59x | 0.47x | 0.23x | 0.41x | 0.28x | | 0.40x | |
| EV / LTM EBIT | 9.0x | 12.6x | 5.9x | 7.9x | 9.6x | | 8.9x | |
| Price / LTM Sales | 0.50x | 0.27x | 0.14x | 0.15x | 0.13x | | 0.15x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.23x | 0.41x | 0.59x | | | | | |
| Historical EV / LTM Revenue | 0.40x | 0.59x | 0.85x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.45x | 0.47x | 0.50x | | | | | |
| (x) LTM Revenue | 12,642 | 12,642 | 12,642 | | | | | |
| (=) Implied Enterprise Value | 5,700 | 6,000 | 6,300 | | | | | |
| (-) Non-shareholder Claims * | (3,283) | (3,283) | (3,283) | | | | | |
| (=) Equity Value | 2,417 | 2,717 | 3,017 | | | | | |
| (/) Shares Outstanding | 574.9 | 574.9 | 574.9 | | | | | |
| Implied Value Range | 4.20 | 4.73 | 5.25 | | | | | |
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 4.20 | 4.73 | 5.25 | | 3.19 | | | |
| Upside / (Downside) | 31.8% | 48.2% | 64.5% | | | | | |