EZTEC Empreendimentos e Participações S.A. (EZTC3.SA)

Industry: Real Estate - Development 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
600094.SS	194	Greattown Holdings	326	-	-	-	-	-	-
APLN.JK	195	PT Agung Podomoro	325	3.75	3.75	5.87	5.02	10.93	4.89
DRM.TO	196	Dream Unlimited Co	322	10.72	15.66	14.09	18.34	33.29	39.66
IRS-WT	197	IRSA Inversiones y	320	0.32	0.17	0.84	0.56	0.49	0.65
900911.SS	198	Shanghai Jinqiao E	317	7.62	8.15	11.74	11.62	60.43	17.74
FRI.AX	199	Finbar Group Limit	316	0.65	0.47	4.70	5.27	6.94	5.37
ORI-R.BK	200	Origin Property Pu	303	7.06	9.76	19.51	22.20	14.98	61.60
EZTC3.SA	201	EZTEC Empreendimen	300	6.60	6.12	7.17	6.48	7.91	10.95
0496.HK	202	Kasen Internationa	299	5.60	6.37	2.79	2.46	4.41	2.96
ILDC.TA	203	Land Development o	298	11.20	11.63	9.19	7.87	9.16	8.21
3366.HK	204	Overseas Chinese T	295	-	-	-	-	-	21.13
5236.KL	205	Matrix Concepts Ho	292	11.63	11.63	9.56	9.56	8.28	9.72
002305.SZ	206	Langold Real Estat	291	-	-	-	-	-	-
2524.TW	207	King's Town Constr	289	6.82	6.31	10.17	9.40	49.92	9.70
AFRE.TA	208	Africa Israel Resi	287	13.71	11.46	12.64	10.83	14.87	15.98
NOBLE-R.BK	209	Noble Development	286	3.15	3.54	9.29	9.87	-	324.17

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.21	6.34	9.24	8.63	9.16	9.70
Full Range Median Multiple	6.94	7.26	9.43	9.48	10.93	9.72
Industry Multiple	6.85	7.41	9.20	9.42	19.43	40.14
Market Implied Multiple	5.64	5.23	6.41	5.79	7.07	9.79
Company (EZTC3.SA) Multiple	6.60	6.12	7.17	6.48	7.91	10.95
(*) Net Income / EBITDA / Revenue	99	106	125	138	113	82
Winsorized Enterprise Value	N/A	N/A	1,152	1,191	1,036	792
Full Range Median Enterprise Value	N/A	N/A	1,176	1,308	1,235	794
(-) Net Debt	244	244	244	244	244	244
Winsorized Equity Value	612	674	908	947	792	547
Full Range Median Equity Value	684	772	932	1,064	991	550
(/) Shares Outstanding	40	40	40	40	40	40
Winsorized Fair Value	$15.47	$17.03	$22.96	$23.95	$20.01	$13.84
Full Range Median Fair Value	$17.29	$19.51	$23.55	$26.90	$25.05	$13.90
Current Price	$14.04	$14.04	$14.04	$14.04	$14.04	$14.04
Upside / Downside	10.19%	21.32%	63.54%	70.59%	42.55%	-1.42%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$10.83	$11.92	$16.07	$16.77	$14.01	$9.69
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	Don’t Buy	Don’t Buy