Pet Retail Market and Valuation Outlook

Appendix 16 88 | 16: Monte Carlo Analysis [Unit] 21E 22E 23E 24E 25E 26E 27E 28E 29E 30E Gross Revenue Average [%] 34% 34% 34% Std. Dev. [%] 9% 9% 9% 31% 5% 33% 33% 5% 5% 31% 3% 281% 29% 27% Current: BRL 18.2 Target: BRL 25.4 2% 2% 0% 300 Deductions Average [%] -16% -16% Std. Dev. [%] 0% 0% -16% -16% 0% 0% -16% 0% -16% -16% -16% 0% 0% 0% -16% -16% 0% 0% 250 COGS Average [%] -53% -53% Std. Dev. [%] 2% 1% -53% -54% 1% 1% -54% 1% -54% 1% -55% -55% -54% 1% 1% 0% -54% 0% 200 SG&A Average [%] -33% -31% -29% -29% -29% -29% Std. Dev. [%] 3% 3% 1% 1% 1% 1% -29% -30% -30% 0% 0% 0% 0% -30% 150 D&A Average [%] -7% -7% -8% -8% -8% -7% -7% -6% -8% -5% 100 Std. Dev. [%] 3% 3% 4% 4% 4% 5% 6% 5% 5% 5% Recommendation Simulations Results BUY 10,259 68% HOLD 1,595 11% SELL 3146 21% Source: Team 7 Mean Price BRL 30.2 50 BRL 16.4 BRL 20

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