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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Earnings | 2.245 B - 4.148 B | 3.142 B |
| Discount Rate | 9.8% - 7.8% | 8.8% |
| Fair Value | R$6.78 - R$21.78 | R$13.11 |
| Upside | -37.9% - 99.2% | 20.0% |
| Estimate Adjusted EBIT Margin | |||||||
| Fiscal Year Ending | LTM | ||||||
| Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | Dec-24 | ||
| (BRL in millions) | FY-4 | FY-3 | FY-2 | FY-1 | FY | LTM | |
| Revenue | 18,633 | 23,984 | 20,535 | 21,479 | 22,651 | 22,651 | |
| Adjusted EBITDA Build-up | |||||||
| EBT, Incl. Unusual Items | 5,120 | 5,119 | 943 | 2,490 | 2,907 | 2,907 | |
| (+) Net Interest Expense | (410) | (403) | (379) | (541) | (755) | (755) | |
| (+) Other Non Operating Exp. | (650) | 364 | 1,949 | 1,415 | 1,566 | 1,566 | |
| (+) D&A | 958 | 1,033 | 1,168 | 1,305 | 1,388 | 1,388 | |
| (+) Non-recurring Items | (43) | 23 | 64 | 64 | |||
| Adjusted EBITDA | 5,018 | 6,113 | 3,639 | 4,692 | 5,171 | 5,171 | |
| (-) D&A | (958) | (1,033) | (1,168) | (1,305) | (1,388) | (1,388) | |
| Adjusted EBIT | 4,060 | 5,080 | 2,470 | 3,387 | 3,783 | 3,783 | |
| % of Revenue | 21.8% | 21.2% | 12.0% | 15.8% | 16.7% | 16.7% | |
| Low | Median | High | |||||
| Adjusted EBIT Margin | 12.0% | 16.7% | 21.8% | ||||
| Equity Waterfall | |||||||
| Model | |||||||
| (BRL in millions) | Low | Mid | High | Market | |||
| Enterprise Value | 23,031 | 35,908 | 53,525 | 31,465 | |||
| (+) Cash & Short Term Investments | 4,163 | 4,163 | 4,163 | 4,163 | |||
| (+) Investments & Other | 4,137 | 4,137 | 4,137 | 4,137 | |||
| (-) Debt | (17,575) | (17,575) | (17,575) | (17,575) | |||
| (-) Other Liabilities | 38 | 38 | 38 | 38 | |||
| (-) Preferred Stock | 0 | 0 | 0 | 0 | |||
| (-) Other | 0 | 0 | 0 | 0 | |||
| Value of Common Equity | 13,794 | 26,670 | 44,287 | 22,228 | |||
| (/) Shares Outstanding | 2,033.7 | 2,033.7 | 2,033.7 | 2,033.7 | |||
| Implied Stock Price (BRL) | 6.78 | 13.11 | 21.78 | 10.93 | |||
| FX Rate: BRL/BRL | 1.00 | 1.00 | 1.00 | 1.00 | |||
| Implied Stock Price (BRL) | 6.78 | 13.11 | 21.78 | 10.93 | |||
| Upside / (Downside) | -37.95% | 19.98% | 99.24% | ||||
| Stock Price | 10.93 | ||||||
| Stock Price Close | 10.93 | ||||||
| Restatment Type | Original | ||||||
| Reporting Currency | BRL | ||||||
| Trading Currency | BRL | ||||||
| FX Rate: BRL/BRL | 1.00 | ||||||
| Market Cap | 29,675.7 | ||||||
| Shares Outstanding | 2,980.2 | ||||||
| Share Exchange Ratio | 0.7 | ||||||
| Liquid Long-term Investments | 0 | ||||||