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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,3x - 7,0x | 6,7x |
| Selected Fwd EBITDA Multiple | 6,4x - 7,1x | 6,7x |
| Fair Value | 126,63R$ - 142,87R$ | 134,75R$ |
| Upside | 16,2% - 31,1% | 23,6% |
| Benchmarks | Ticker | Full Ticker |
| Companhia de Saneamento de Minas Gerais | CSMG3 | BOVESPA:CSMG3 |
| Companhia Catarinense de Águas e Saneamento - CASAN | CASN3 | BOVESPA:CASN3 |
| Barka Desalination Company SAOG | BRDE | MSM:BRDE |
| Afluente Transmissão de Energia Elétrica S.A. | AFLT3 | BOVESPA:AFLT3 |
| Watlington Waterworks Limited | WWW.BH | BER:WWW.BH |
| Companhia de Saneamento Básico do Estado de São Paulo - SABESP | SBSP3 | BOVESPA:SBSP3 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CSMG3 | CASN3 | BRDE | AFLT3 | WWW.BH | SBSP3 | ||
| BOVESPA:CSMG3 | BOVESPA:CASN3 | MSM:BRDE | BOVESPA:AFLT3 | BER:WWW.BH | BOVESPA:SBSP3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.6% | 14.1% | -0.3% | NM- | -5.1% | 19.3% | |
| 3Y CAGR | 19.7% | 23.9% | -0.1% | -24.9% | -4.5% | 42.6% | |
| Latest Twelve Months | 10.8% | 67.9% | 7.8% | 44.5% | 4.3% | 101.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 33.4% | 29.4% | 45.3% | 44.2% | 33.4% | 35.9% | |
| Prior Fiscal Year | 33.4% | 26.4% | 42.2% | 45.0% | 31.7% | 34.7% | |
| Latest Fiscal Year | 34.8% | 37.1% | 43.3% | 51.0% | 29.9% | 49.4% | |
| Latest Twelve Months | 34.8% | 37.1% | 45.0% | 51.0% | 32.3% | 49.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.65x | 7.18x | 4.20x | 5.17x | 2.11x | 2.58x | |
| EV / LTM EBITDA | 4.7x | 19.4x | 9.3x | 10.1x | 6.5x | 5.2x | |
| EV / LTM EBIT | 6.5x | 25.3x | 14.7x | 10.2x | 10.5x | 6.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.7x | 9.3x | 19.4x | ||||
| Historical EV / LTM EBITDA | 5.2x | 7.0x | 8.7x | ||||
| Selected EV / LTM EBITDA | 6.3x | 6.7x | 7.0x | ||||
| (x) LTM EBITDA | 17,860 | 17,860 | 17,860 | ||||
| (=) Implied Enterprise Value | 113,198 | 119,155 | 125,113 | ||||
| (-) Non-shareholder Claims * | (18,891) | (18,891) | (18,891) | ||||
| (=) Equity Value | 94,306 | 100,264 | 106,222 | ||||
| (/) Shares Outstanding | 683.5 | 683.5 | 683.5 | ||||
| Implied Value Range | 137.97 | 146.69 | 155.41 | ||||
| FX Rate: BRL/BRL | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 137.97 | 146.69 | 155.41 | 109.01 | |||
| Upside / (Downside) | 26.6% | 34.6% | 42.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CSMG3 | CASN3 | BRDE | AFLT3 | WWW.BH | SBSP3 | |
| Enterprise Value | 12,960 | 12,030 | 82 | 445 | 26 | 93,401 | |
| (+) Cash & Short Term Investments | 820 | 452 | 2 | 7 | 6 | 5,382 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 985 | |
| (-) Debt | (6,193) | (2,432) | (74) | (31) | (0) | (25,258) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,587 | 10,050 | 10 | 421 | 33 | 74,509 | |
| (/) Shares Outstanding | 379.2 | 1,150.7 | 75.5 | 63.1 | 1.1 | 683.5 | |
| Implied Stock Price | 20.01 | 8.73 | 0.13 | 6.67 | 30.00 | 109.01 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 20.01 | 8.73 | 0.13 | 6.67 | 30.00 | 109.01 | |
| Trading Currency | BRL | BRL | OMR | BRL | BMD | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |