| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| GEPA4 | ELET5 | NEOE3 | CPFE3 | CPLE5 | | CIG | |
| BOVESPA:GEPA4 | BOVESPA:ELET5 | BOVESPA:NEOE3 | BOVESPA:CPFE3 | BOVESPA:CPLE5 | | NYSE:CIG | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 1.1% | 6.2% | 11.5% | 7.3% | 7.4% | | 9.3% | |
| 3Y CAGR | -1.4% | 5.1% | 4.3% | 2.8% | -1.9% | | 5.8% | |
| Latest Twelve Months | -10.8% | 8.1% | 10.5% | 7.3% | 5.5% | | 8.1% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 43.4% | 40.2% | 19.4% | 21.5% | 17.8% | | 16.6% | |
| Prior Fiscal Year | 36.9% | 30.5% | 19.3% | 27.2% | 15.8% | | 17.8% | |
| Latest Fiscal Year | 39.4% | 31.6% | 20.4% | 25.0% | 16.7% | | 20.3% | |
| Latest Twelve Months | 34.9% | 31.6% | 20.4% | 25.0% | 16.7% | | 20.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 2.55x | 2.28x | 1.40x | 1.69x | 1.73x | | 1.03x | |
| EV / LTM EBIT | 7.3x | 7.2x | 6.9x | 6.7x | 10.4x | | 5.0x | |
| Price / LTM Sales | 2.33x | 1.87x | 0.52x | 1.02x | 1.33x | | 0.85x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.40x | 1.73x | 2.55x | | | | | |
| Historical EV / LTM Revenue | 0.83x | 0.85x | 1.03x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.05x | 1.10x | 1.16x | | | | | |
| (x) LTM Revenue | 39,820 | 39,820 | 39,820 | | | | | |
| (=) Implied Enterprise Value | 41,721 | 43,917 | 46,113 | | | | | |
| (-) Non-shareholder Claims * | (7,102) | (7,102) | (7,102) | | | | | |
| (=) Equity Value | 34,619 | 36,815 | 39,011 | | | | | |
| (/) Shares Outstanding | 3,176.8 | 3,176.8 | 3,176.8 | | | | | |
| Implied Value Range | 10.90 | 11.59 | 12.28 | | | | | |
| FX Rate: BRL/USD | 5.8 | 5.8 | 5.8 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 1.89 | 2.01 | 2.13 | | 1.81 | | | |
| Upside / (Downside) | 4.5% | 11.1% | 17.8% | | | | | |