Pet Retail Market and Valuation Outlook

Appendix 42 六 131 42. Our Valuation vs. Market Price R$ 16 B R$ 14 B R$ 12 B Revenue Growth Comparison Implied Valuation Our Projections Implied Valuation Assumptions: Requires 15% IRR until 2030. 10.4% WACC on Perpetuity 6.5x Sales/Capital on reinvestments 30% Terminal ROIC -400 bps of EBIT dillution Market Estimates Our Estimates R$ 10 B R$ 8 B R$ 6 B R$ 4 B R$ 2 B R$ 0 B 17' 18' 19' 20' 21E 22E 23E 24E 25E 26E 27E 28E 29E 30E Source: Team 7 11% Market Share (25E) 15.5% Market Share (25E) 14% Share of Growth (25E) 25% Share of Growth (25E)

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