ISA Energía Brasil S.A. (ISAE4.SA)

Industry: Independent Power Producers 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
MSNG.ME	22	PJSC Mosenergo	2,266	-	-	5.40	6.26	-	-
2082.SR	23	ACWA POWER Company	1,916	108.48	108.48	52.61	52.61	121.86	89.98
OGKB.ME	24	Public Joint-Stock	1,869	3.33	2.73	2.15	2.02	3.95	2.82
JSWENERGY.BO	25	JSW Energy Limited	1,765	45.81	40.32	20.36	16.73	17.93	16.22
BGRIM-R.BK	26	B.Grimm Power Publ	1,764	18.14	18.21	9.39	9.12	16.51	17.74
JE	27	Just Energy Group	1,726	0.73	0.70	-	-	-	1.25
UPRO.ME	28	Public Joint-Stock	1,644	3.14	2.71	2.11	1.85	3.30	3.96
ISAE4.SA	29	ISA Energía Brasi	1,616	5.56	5.56	7.68	7.68	6.57	9.02
ADANITRANS.NS	30	Adani Transmission	1,530	68.44	68.25	13.85	12.04	22.22	16.76
TGKB.ME	31	Public Joint-Stock	1,353	-	-	1.61	1.41	1.59	1.49
TRPL4.SA	32	CTEEP - Companhia	1,292	4.84	4.36	5.80	5.06	9.42	11.06
ECGF.F	33	Electricity Genera	1,264	6.07	6.33	6.74	6.79	36.96	40.68
XIFR	34	XPLR Infrastructur	1,231	-	-	100.70	161.21	302.10	-
000690.SZ	35	Guangdong Baolihua	1,214	10.76	12.31	8.34	9.65	10.54	13.31
OPCE.TA	36	OPC Energy Ltd.	878	53.12	34.58	14.64	11.18	13.12	15.21
RPOWER.BO	37	Reliance Power Lim	851	61.28	61.28	11.49	11.95	20.30	12.54

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.41	9.32	7.54	7.95	13.12	12.54
Full Range Median Multiple	14.45	15.26	8.87	9.38	16.51	13.31
Industry Multiple	32.01	30.02	18.23	21.99	44.60	18.69
Market Implied Multiple	5.84	5.84	7.89	7.89	6.75	9.27
Company (ISAE4.SA) Multiple	5.56	5.56	7.68	7.68	6.57	9.02
(*) Net Income / EBITDA / Revenue	530	530	716	716	837	610
Winsorized Enterprise Value	N/A	N/A	5,399	5,694	10,985	7,646
Full Range Median Enterprise Value	N/A	N/A	6,347	6,717	13,825	8,115
(-) Net Debt	2,554	2,554	2,554	2,554	2,554	2,554
Winsorized Equity Value	4,457	4,940	2,845	3,140	8,432	5,092
Full Range Median Equity Value	7,655	8,086	3,793	4,163	11,271	5,562
(/) Shares Outstanding	119	119	119	119	119	119
Winsorized Fair Value	$37.35	$41.39	$23.84	$26.31	$70.65	$42.67
Full Range Median Fair Value	$64.15	$67.76	$31.79	$34.88	$94.45	$46.60
Current Price	$25.94	$25.94	$25.94	$25.94	$25.94	$25.94
Upside / Downside	43.99%	59.57%	-8.09%	1.43%	172.37%	64.49%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$26.15	$28.97	$16.69	$18.42	$49.46	$29.87
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	BUY	BUY