Profarma Distribuidora de Produtos Farmacêuticos S.A. (PFRM3.SA)

Industry: Medical - Distribution 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
PDCO	12	Patterson Companie	6,511	19.68	15.93	9.80	8.94	17.44	13.46
600056.SS	13	China Meheco Group	4,818	30.71	36.29	16.92	19.28	17.43	28.11
CVET	14	Covetrus, Inc.	4,649	-	-	19.05	19.05	241.69	966.75
3151.T	15	Vital KSK Holdings	3,869	8.41	7.26	3.77	3.64	12.59	6.38
603368.SS	16	Guangxi LiuYao Gro	2,973	9.46	9.36	11.13	11.04	11.13	13.77
API.AX	17	Australian Pharmac	2,654	-	-	-	-	10.03	10.03
0RRB.L	18	DocMorris AG	2,596	-	-	-	-	1.21	5.32
PFRM3.SA	19	Profarma Distribui	2,043	8.38	6.91	4.69	4.19	4.15	5.48
EPMT.JK	20	PT Enseval Putera	1,923	8.22	7.70	4.92	4.67	5.42	5.45
600739.SS	21	Liaoning Cheng Da	1,578	21.68	27.19	200.18	320.63	-	40.58
GRDN	22	Guardian Pharmacy	1,390	40.50	40.50	19.80	19.80	24.87	27.72
2289.HK	23	Charmacy Pharmaceu	1,238	6.94	6.48	4.08	3.50	9.36	8.72
ARJO-B.ST	24	Arjo AB (publ)	1,202	20.50	21.13	6.68	6.54	21.08	17.60
PBH	25	Prestige Consumer	1,111	15.23	14.62	8.37	8.25	9.38	8.84
002589.SZ	26	Realcan Pharmaceut	1,037	-	-	29.64	34.39	34.21	1,593.27
7081.KL	27	Pharmaniaga Berhad	964	2.47	2.47	4.89	4.89	14.26	5.01

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.46	9.36	8.37	8.25	11.86	10.03
Full Range Median Multiple	15.23	14.62	9.80	8.94	13.42	13.46
Industry Multiple	16.71	17.17	26.09	35.74	30.72	183.40
Market Implied Multiple	8.59	7.08	4.75	4.24	4.20	5.55
Company (PFRM3.SA) Multiple	8.38	6.91	4.69	4.19	4.15	5.48
(*) Net Income / EBITDA / Revenue	21	25	77	87	88	66
Winsorized Enterprise Value	N/A	N/A	648	715	1,038	665
Full Range Median Enterprise Value	N/A	N/A	758	776	1,175	892
(-) Net Debt	188	188	188	188	188	188
Winsorized Equity Value	198	238	460	527	851	477
Full Range Median Equity Value	319	371	570	588	988	704
(/) Shares Outstanding	22	22	22	22	22	22
Winsorized Fair Value	$8.92	$10.71	$20.72	$23.75	$38.30	$21.48
Full Range Median Fair Value	$14.37	$16.73	$25.69	$26.48	$44.47	$31.72
Current Price	$8.10	$8.10	$8.10	$8.10	$8.10	$8.10
Upside / Downside	10.12%	32.27%	155.84%	193.24%	372.82%	165.13%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$6.24	$7.50	$14.51	$16.63	$26.81	$15.03
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY