| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| DAL | ALGT | UAL | AAL | LTM | | S1OU34 | |
| NYSE:DAL | NasdaqGS:ALGT | NasdaqGS:UAL | NasdaqGS:AAL | NYSE:LTM | | BOVESPA:S1OU34 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 5.6% | 6.4% | 5.7% | 3.4% | 5.0% | | 4.1% | |
| 3Y CAGR | 27.3% | 13.7% | 32.3% | 22.0% | 38.0% | | 20.3% | |
| Latest Twelve Months | 6.2% | 0.1% | 6.2% | 2.7% | 10.2% | | 5.3% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -5.1% | 3.2% | -11.2% | -12.7% | -11.2% | | -9.6% | |
| Prior Fiscal Year | 10.9% | 10.0% | 9.8% | 7.7% | 9.3% | | 3.4% | |
| Latest Fiscal Year | 9.8% | 3.7% | 9.3% | 6.2% | 12.0% | | 1.0% | |
| Latest Twelve Months | 9.8% | 3.7% | 9.3% | 6.2% | 12.0% | | 1.0% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.80x | 0.91x | 0.77x | 0.68x | 1.19x | | 0.71x | |
| EV / LTM EBIT | 8.2x | 24.6x | 8.2x | 11.0x | 9.9x | | 68.8x | |
| Price / LTM Sales | 0.51x | 0.39x | 0.45x | 0.14x | 0.76x | | 0.75x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.68x | 0.80x | 1.19x | | | | | |
| Historical EV / LTM Revenue | 0.57x | 0.72x | 2.00x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.91x | 0.95x | 1.00x | | | | | |
| (x) LTM Revenue | 27,483 | 27,483 | 27,483 | | | | | |
| (=) Implied Enterprise Value | 24,929 | 26,241 | 27,553 | | | | | |
| (-) Non-shareholder Claims * | 1,034 | 1,034 | 1,034 | | | | | |
| (=) Equity Value | 25,963 | 27,275 | 28,587 | | | | | |
| (/) Shares Outstanding | 592.7 | 592.7 | 592.7 | | | | | |
| Implied Value Range | 43.81 | 46.02 | 48.24 | | | | | |
| FX Rate: USD/BRL | 0.2 | 0.2 | 0.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 250.07 | 262.70 | 275.34 | | 170.43 | | | |
| Upside / (Downside) | 46.7% | 54.1% | 61.6% | | | | | |