Company Valuation: Multiplan Empreendimentos Imobiliarios S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 11,091 12,829 16,547 10,936 13,314 15,272 - -
Change - 15.67% 28.97% -33.91% 21.75% 14.7% - -
Enterprise Value (EV) 1 13,336 12,829 18,632 15,210 17,983 19,137 18,819 18,397
Change - -3.8% 45.23% -18.37% 18.23% 6.42% -1.66% -2.25%
P/E 24.8x 16.9x 16.4x 9.06x 11.8x 11.8x 11.7x 9.44x
PBR 1.64x - 2.46x 1.82x 2.12x 2.15x 1.99x 1.81x
PEG - 0.2x 0.5x 0.3x -11.07x 0.8x 15.63x 0.4x
Capitalization / Revenue 8.61x 7.14x 8.15x 4.3x 4.86x 5.3x 5.51x 5.24x
EV / Revenue 10.4x 7.14x 9.18x 5.98x 6.57x 6.64x 6.79x 6.31x
EV / EBITDA 16.4x 18.1x 12.4x 8.23x 8.98x 8.95x 8.85x 8.05x
EV / EBIT 21.8x 12x 13.7x 8.9x 9.64x 8.81x 9.61x 8.8x
EV / FCF 85.8x - 20x 18.5x 14.2x 20.8x 10.2x 9.72x
FCF Yield 1.17% - 5.01% 5.4% 7.05% 4.81% 9.76% 10.3%
Dividend per Share 2 0.4989 - - - - 1.154 1.634 2.228
Rate of return 2.67% - - - - 3.71% 5.25% 7.16%
EPS 2 0.7563 1.3 1.733 2.326 2.301 2.629 2.648 3.294
Distribution rate 66% - - - - 43.9% 61.7% 67.6%
Net sales 1 1,288 1,798 2,030 2,545 2,739 2,883 2,772 2,914
EBITDA 1 812.6 708.3 1,506 1,848 2,003 2,139 2,126 2,287
EBIT 1 611.5 1,069 1,358 1,710 1,866 2,172 1,957 2,091
Net income 1 453.1 769.3 1,020 1,341 1,141 1,321 1,288 1,521
Net Debt 1 2,245 - 2,086 4,275 4,668 3,865 3,548 3,125
Reference price 2 18.72 21.90 28.42 21.08 27.25 31.10 31.10 31.10
Nbr of stocks (in thousands) 592,477 585,816 582,219 518,764 488,602 491,047 - -
Announcement Date 2/10/22 2/9/23 2/8/24 2/6/25 2/5/26 - - -
1BRL in Million2BRL
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.83x6.64x8.95x3.71% 2.94B
12.7x14.62x15.19x5.44% 12.4B
17.03x13.45x16.5x1.46% 8.24B
48.73x15.37x25.35x0.14% 7.36B
24.39x11.76x16.42x1.5% 3.81B
14.91x6.15x8.33x12.1% 2.79B
9.31x6.16x10.24x2.04% 2.14B
Average 19.84x 10.59x 14.43x 3.77% 5.67B
Weighted average by Cap. 21.32x 12.60x 16.25x 3.41%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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