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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.9x - 3.2x | 3.1x |
| Selected Fwd Ps Multiple | 2.7x - 3.0x | 2.9x |
| Fair Value | R$343.58 - R$379.74 | R$361.66 |
| Upside | 4.0% - 14.9% | 9.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Arthur J. Gallagher & Co. | - | NYSE:AJG |
| Aon plc | - | NYSE:AON |
| Marsh & McLennan Companies, Inc. | - | NYSE:MMC |
| Brown & Brown, Inc. | - | NYSE:BRO |
| GoHealth, Inc. | - | NasdaqCM:GOCO |
| Willis Towers Watson Public Limited Company | - | BOVESPA:W1LT34 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| AJG | AON | MMC | BRO | GOCO | W1LT34 | |||
| NYSE:AJG | NYSE:AON | NYSE:MMC | NYSE:BRO | NasdaqCM:GOCO | BOVESPA:W1LT34 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 9.6% | 7.3% | 8.0% | 14.6% | 8.2% | 3.5% | ||
| 3Y CAGR | 11.1% | 8.8% | 7.3% | 15.6% | -9.1% | 3.3% | ||
| Latest Twelve Months | 14.3% | 17.4% | 7.6% | 12.1% | 8.7% | 4.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 12.2% | 17.3% | 14.9% | 19.5% | -30.9% | 17.0% | ||
| Prior Fiscal Year | 10.1% | 19.2% | 16.5% | 20.4% | -9.1% | 11.1% | ||
| Latest Fiscal Year | 13.4% | 16.9% | 16.6% | 20.8% | -0.8% | -1.0% | ||
| Latest Twelve Months | 13.4% | 16.9% | 16.6% | 20.8% | -0.8% | -1.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 23.6x | 20.1x | 19.2x | 24.2x | 9.1x | 14.2x | ||
| Price / LTM Sales | 8.0x | 5.4x | 4.9x | 7.5x | 0.4x | 3.4x | ||
| LTM P/E Ratio | 59.6x | 32.1x | 29.3x | 35.9x | -43.2x | -343.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.4x | 5.4x | 8.0x | |||||
| Historical LTM P/S Ratio | 2.7x | 3.1x | 3.4x | |||||
| Selected Price / Sales Multiple | 2.9x | 3.1x | 3.2x | |||||
| (x) LTM Sales | 9,930 | 9,930 | 9,930 | |||||
| (=) Equity Value | 28,954 | 30,478 | 32,002 | |||||
| (/) Shares Outstanding | 477.5 | 477.5 | 477.5 | |||||
| Implied Value Range | 60.63 | 63.83 | 67.02 | |||||
| FX Rate: USD/BRL | 0.2 | 0.2 | 0.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 349.34 | 367.73 | 386.11 | 330.50 | ||||
| Upside / (Downside) | 5.7% | 11.3% | 16.8% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | AJG | AON | MMC | BRO | GOCO | W1LT34 | |
| Value of Common Equity | 87,144 | 85,223 | 119,045 | 35,235 | 129 | 27,393 | |
| (/) Shares Outstanding | 255.7 | 216.0 | 491.1 | 286.6 | 10.4 | 477.5 | |
| Implied Stock Price | 340.76 | 394.55 | 242.39 | 122.93 | 12.38 | 57.36 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.17 | |
| Implied Stock Price (Trading Cur) | 340.76 | 394.55 | 242.39 | 122.93 | 12.38 | 330.50 | |
| 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 | |