Alupar Investimento S.A. (ALUP11.SA)

Industry: Renewable Utilities Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
NHPC.BO	60	NHPC Limited	1,241	27.34	26.33	18.97	18.40	20.28	26.42
1250.HK	61	Shandong Hi-Speed	1,188	5.75	3.47	4.01	1.74	6.74	4.17
EE	62	Excelerate Energy,	1,185	37.15	37.15	-220.04	-220.04	-240.20	-326.66
HLZ.MC	63	Holaluz-Clidom, S.	1,080	-	-	-	-	-	-
ORA	64	Ormat Technologies	944	43.78	39.26	10.65	9.96	-	48.39
AKSEN.IS	65	Aksa Enerji Üreti	914	23.00	17.52	9.58	6.56	8.72	6.79
FKR.MI	66	Falck Renewables S	834	-	-	30.66	28.12	10.92	31.37
ALUP11.SA	67	Alupar Investiment	789	9.06	8.06	6.92	6.58	9.17	7.88
OX2.ST	68	OX2 AB (publ)	789	34.25	34.25	19.97	19.97	-	29.46
000591.SZ	69	CECEP Solar Energy	762	16.78	16.82	12.80	13.06	14.41	25.49
3868.HK	70	Xinyi Energy Holdi	731	5.47	5.47	3.97	3.97	5.70	5.70
INE.TO	71	Innergex Renewable	722	60.18	60.18	12.35	11.21	30.92	32.73
600032.SS	72	Zhejiang Provincia	696	33.02	30.33	15.64	13.78	16.89	42.43
JNS	73	Janus Capital Grou	673	16.49	16.15	8.25	8.25	10.80	9.60
601016.SS	74	CECEP Wind-power C	657	22.77	21.62	12.43	11.59	38.95	31.05
000537.SZ	75	China Green Electr	656	20.93	25.87	24.40	25.82	31.82	52.99

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	22.77	21.62	12.35	11.21	10.92	26.42
Full Range Median Multiple	23.00	25.87	12.43	11.59	14.41	29.46
Industry Multiple	26.69	25.73	14.13	13.27	17.83	26.66
Market Implied Multiple	9.25	8.22	6.98	6.65	9.25	7.95
Company (ALUP11.SA) Multiple	9.06	8.06	6.92	6.58	9.17	7.88
(*) Net Income / EBITDA / Revenue	211	237	588	618	444	516
Winsorized Enterprise Value	N/A	N/A	7,264	6,923	4,845	13,640
Full Range Median Enterprise Value	N/A	N/A	7,310	7,158	6,393	15,211
(-) Net Debt	2,157	2,157	2,157	2,157	2,157	2,157
Winsorized Equity Value	4,798	5,123	5,107	4,766	2,688	11,483
Full Range Median Equity Value	4,846	6,129	5,153	5,002	4,237	13,054
(/) Shares Outstanding	60	60	60	60	60	60
Winsorized Fair Value	$80.36	$85.81	$85.55	$79.83	$45.03	$192.34
Full Range Median Fair Value	$81.17	$102.66	$86.31	$83.77	$70.96	$218.65
Current Price	$32.64	$32.64	$32.64	$32.64	$32.64	$32.64
Upside / Downside	146.20%	162.91%	162.09%	144.58%	37.96%	489.28%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$56.25	$60.07	$59.88	$55.88	$31.52	$134.64
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	BUY