Pet Retail Market and Valuation Outlook
Appendix 23
101
| 23. "What if?" Analysis (B)
Transaction's Assumptions 40-60
Valuation
Fair Stock Price Cobasi
Premium
Equity Value Acquired (Cobasi)
Stocks (40%)
208.5
EBITDA 21E
20%
EV/EBITDA 21E
7,575,919
Enterprise Value
Petz
121,830
70x
8,571,336
Net Debt 20' + M&A
83.4
Cash (60%)
Equity Value
125.1
Price per Share (BRL/ share)
Cobasi
186,978
33x
6,171,660
1,342,640 141,606
9,913,976 6,030,054
25.2
208.5
Adjustments NewCo.
132,583
438,338
16,349,358
1,484,246
17,833,604
42
Issued Stocks by Petz (mn)
29,864
Stock Exchange Ratio (Petz/Cobasi)
1.6x
Projected Market Share
Transaction's Assumptions 50-50
Fair Stock Price Cobasi
208.5
35.0% 35.1%
33.7%
Premium
20%
Market Concensus
32.1%
Equity Value Acquired (Cobasi)
7,575,919
30.1%
Stocks (50%)
104.3
27.5%
Cash (50%)
104.3
24.0%
Issued Stocks by Petz (mn)
24,886
20.4%
Stock Exchange Ratio (Petz/Cobasi)
1.6x
16.7%
Transaction's Assumptions 100-0
13.4%
Fair Stock Price Cobasi
208.5
Premium
20%
Equity Value Acquired (Cobasi)
Stocks (100%)
7,575,919
208.5
Cash (0%)
Issued Stocks by Petz (mn)
Stock Exchange Ratio (Petz/Cobasi)
Source: Company's Data; Diário Oficial; Team 7
0.0
49,773
1.6x
21E
22E
23E
24E 25E
26E
27E
28E
29E
30EView entire presentation