Pet Retail Market and Valuation Outlook
Appendix 6
Source: Team 7
六
77
6. Working Capital
Working Capital
[Unit]
17'
18'
19'
20'
21E
22E
23E
24E
25E
26E
27E
28E
29E
30E
Days in the Period
360
360
360
360
360
360
360
360
360
360
360
[days]
360
Net Revenue
[BRL Th.]
597,369
767,907
986,076
1,436,756
COGS
Change in WC
% Net revenue
WC (Operational)
% Net revenue
Receivables
Days of Receivables
% Net revenue
Inventory
Days of Inventory
% Net revenue
Suppliers
Days of Suppliers
% Net revenue
[BRL Th.]
-332,534
-416,039
-509,748
[BRL Th.]
5,278
23,184
-743,249
52,780
1%
2%
4%
[%]
0%
[BRL Th.]
69,459
74,737
97,921
150,701
[%]
12%
10%
10%
10%
[BRL Th.]
66,875
76,163
96,076
160,675
2,147,101
-1,112,222
57,610
3%
208,311
10%
225,658
2,941,575
-1,522,834
70,352
2%
278,663
9%
300,986
[days]
36
35
40
38
37
3,980,090
-2,047,339
97,152
2%
375,815
9%
407,248
37
-2,639,015
114,214
2%
490,029
9%
532,379
37
5,203,013 6,619,740 7,974,370
-3,325,238 -3,966,723
131,640
125,113
2%
2%
621,669 746,782
9%
9%
677,340 815,948
37
37
40
[%]
11%
10%
10%
11%
11%
10%
10%
10%
10%
10%
[BRL Th.]
82,818
97,489
132,657
185,701
276,239
380,709
511,835
659,754
831,310
991,681
[days]
90
84
94
90
89
90
90
90
90
90
[%]
14%
13%
13%
13%
13%
13%
13%
13%
13%
12%
12%
[BRL Th.]
80,234
98,915
130,812
195,675
293,587
403,031
543,268
702,104
886,981
1,060,846
1,246,727
1,444,131
360
9,347,362 10,799,429 12,351,842 13,626,492
-4,649,696 -5,372,004 -6,144,227 -6,778,281
125,349
131,751
140,041
113,340
1%
1%
1%
1%
872,131 1,003,882 1,143,922 1,257,263
9%
9%
9%
9%
956,434 1,105,012 1,263,856 1,394,280
37
37
37
37
10%
10%
10%
10%
1,162,424 1,343,001 1,536,057 1,694,570
90
90
90
90
12%
12%
12%
1,655,991 1,831,588
360
[days]
87
86
92
95
95
95
96
96
96
96
97
97
97
97
[%]
13%
13%
13%
14%
14%
14%
14%
13%
13%
13%
13%
13%
13%
13%
Cash Conversion Cycle
[days]
43
34
36
35
32
32
31
31
31
31
30
30
30
30View entire presentation