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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 43.7x - 48.2x | 46.0x |
| Selected Fwd P/E Multiple | 15.1x - 16.6x | 15.9x |
| Fair Value | R$207.20 - R$229.01 | R$218.11 |
| Upside | 21.6% - 34.4% | 28.0% |
| Benchmarks | - | Full Ticker |
| Delta Air Lines, Inc. | - | NYSE:DAL |
| Allegiant Travel Company | - | NasdaqGS:ALGT |
| United Airlines Holdings, Inc. | - | NasdaqGS:UAL |
| American Airlines Group Inc. | - | NasdaqGS:AAL |
| LATAM Airlines Group S.A. | - | NYSE:LTM |
| Southwest Airlines Co. | - | BOVESPA:S1OU34 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| DAL | ALGT | UAL | AAL | LTM | S1OU34 | |||
| NYSE:DAL | NasdaqGS:ALGT | NasdaqGS:UAL | NasdaqGS:AAL | NYSE:LTM | BOVESPA:S1OU34 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -6.2% | NM- | 0.9% | -12.9% | 38.7% | -27.4% | ||
| 3Y CAGR | 131.1% | NM- | NM- | NM- | NM- | -21.9% | ||
| Latest Twelve Months | -25.0% | -312.4% | 20.3% | 2.9% | 67.9% | 0.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -10.0% | 0.1% | -8.2% | -10.0% | -33.8% | -3.2% | ||
| Prior Fiscal Year | 7.9% | 4.5% | 4.9% | 1.6% | 5.0% | 1.8% | ||
| Latest Fiscal Year | 5.6% | -9.6% | 5.5% | 1.6% | 7.6% | 1.7% | ||
| Latest Twelve Months | 5.6% | -9.6% | 5.5% | 1.6% | 7.6% | 1.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 5.6x | 8.5x | 5.1x | 6.5x | 6.4x | 11.3x | ||
| Price / LTM Sales | 0.5x | 0.4x | 0.4x | 0.1x | 0.7x | 0.7x | ||
| LTM P/E Ratio | 8.1x | -3.9x | 7.3x | 8.3x | 9.8x | 42.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -3.9x | 8.1x | 9.8x | |||||
| Historical LTM P/E Ratio | -16.6x | 34.6x | 25357.8x | |||||
| Selected P/E Multiple | 43.7x | 46.0x | 48.2x | |||||
| (x) LTM Net Income | 465 | 465 | 465 | |||||
| (=) Equity Value | 20,298 | 21,367 | 22,435 | |||||
| (/) Shares Outstanding | 592.7 | 592.7 | 592.7 | |||||
| Implied Value Range | 34.25 | 36.05 | 37.85 | |||||
| FX Rate: USD/BRL | 0.2 | 0.2 | 0.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 197.33 | 207.71 | 218.10 | 170.43 | ||||
| Upside / (Downside) | 15.8% | 21.9% | 28.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | DAL | ALGT | UAL | AAL | LTM | S1OU34 | |
| Value of Common Equity | 28,129 | 944 | 22,989 | 7,036 | 9,210 | 17,532 | |
| (/) Shares Outstanding | 641.6 | 17.7 | 327.3 | 657.6 | 294.9 | 592.7 | |
| Implied Stock Price | 43.84 | 53.22 | 70.23 | 10.70 | 31.23 | 29.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.17 | |
| Implied Stock Price (Trading Cur) | 43.84 | 53.22 | 70.23 | 10.70 | 31.23 | 170.43 | |
| Trading Currency | USD | USD | USD | USD | USD | BRL | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.17 | |