GETRAK
Valuation
Report:
MA-0139/21
August 31st,
2021
Index | Executive Summary | Important Notes | Evaluated information | Evaluation Methodology | Conclusion | Attachments
Meden Consultoria
23 1º de Março street- 2nd floor
Rio de Janeiro
ZIP Code: 20010-000
Tel. (21) 2507-3552
COMPANHIA DE LOCAÇÃO DAS AMERICAS S.A. ("Unidas"),
Address: 1782 Raja Gabaglia Avenue, 12th floor
Belo Horizonte - MG
August 31, 2021
Dear Mrs Juliana Gavineli,
Meden Consultoria Empresarial Ltda. ("Meden"), a company registered with the CNPJ/MF under No. 27.936.447/0001-23, below presents the valuation report of Nexcorp Serviços e Telecomunicacoes SA ("Getrak") for management purposes in accordance with the Commercial Proposal MA-0139/21.
We appreciate the opportunity to advise you and we are at your disposal for any clarification.
LUCAS | Assinado de forma | ||
digital por LUCAS | Assinado de forma | ||
PASQUALINI DE PASQUALINI DE | FELLIPE FRANCO digital por FELLIPE | ||
LIMA:14093607 | LIMA:14093607761 | ROSMAN:11141 ROSMAN:11141150700FRANCO | |
761 | Dados: 2021.08.31 | 150700 | Dados: 2021.08.31 |
19:19:21 -03'00' | 19:18:51 -03'00' | ||
Lucas Pasqualini de Lima - Partner | Fellipe Franco Rosman - Partner |
August 2021 | 1
Index | Executive Summary | Important Notes | Evaluated information | Evaluation Methodology | Conclusion | Attachments
Index
Index .......................................................................................................................... | 2 |
Executive Summary ..................................................................................................... | 3 |
Important Notes.......................................................................................................... | 4 |
Evaluated information ................................................................................................. | 5 |
Evaluation Methodology .............................................................................................. | 7 |
Conclusion ............................................................................................................... | 15 |
Annexes ................................................................................................................... | 16 |
August 2021 | 2
Index | Executive Summary | Important Notes | Evaluated information | Evaluation Methodology | Conclusion | Attachments
Executive Summary
Meden Consultoria Empresarial Ltda., registered in the National Registry of Legal Entities of the Ministry of Finance (CNPJ/MF) under No. 27.936.447/0001-23 was appointed by Unidas to prepare Getrak's economic and financial evaluation for management purposes, as of March 31, 2021.
This evaluation report used the discounted cash flow methodology to assess Getrak's value.
In this process, the following information and documents made available to Meden were used:
Getrak historical financial information;
Audited Financial Statements of Getrak;
Spreadsheets of analytical control of revenues;
Market Study prepared by Unidas on Getrak's market segment;
Public data on the sector of operation of the evaluated company; and
Other information made available, including verbally through meetings and technical discussions with the Company's Management.
Projection Horizon
Getrak's evaluatio was carried out considering a projected cash flow for 09 (nine) years and 9 (nine) months. After that period, the value of the company in perpetuity was considered, considering a nominal growth rate equivalent to 3.3% p.a.
The projected values were discounted at present value, considering a nominal discount rate of 18,8%p.a., as shown in Attachment 1 of this report.
Final Value Found
Summing up the information described concluded the experts that the value of Getrak, as of March 31, 2021, is as table below:
ECONOMIC VALUE OF GETRAK (BRL) | |||
DISCOUNT RATE (a.a.) | 17.8% | 18.8% | 19.8% |
DISCOUNTED CASH FLOW VALUE | 83,742,109 | 80,603,628 | 77,646,396 |
DISCOUNTED PERPETUITY VALUE | 59,137,991 | 51,381,139 | 44,855,719 |
OPERATIONAL VALUE OF GETRAK | 142,880,101 | 131,984,768 | 122,502,115 |
NET DEBT | (2,167,469) | (2,167,469) | (2,167,469) |
ECONOMIC VALUE OF GETRAK | 140,712,632 | 129,817,299 | 120,334,646 |
August 2021 | 3
Index | Executive Summary | Important Notes | Evaluated information | Evaluation Methodology | Conclusion | Attachments
Important Notes
Reading the following information is essential for understanding the limitations of liability of this report:
The projections presented in this document are the result of technical discussions involving all parties, and it is important to emphasize that Meden is not responsible and does not provide guarantees as to their effectiveness.
Meden declares it has no conflict of interest or knowledge of the existence of material circumstances that compromise our independent position in relation to this work. Notably, we emphasize that our fees are in no way tied to our conclusion.
We declare that we are not aware of any action taken by Unidas with the intention of directing, limiting or hindering our work, including with regard to the practice of acts that may have compromised our access to information relevant to our conclusion.
This report does not represent, under any circumstances, advice or recommendation on the part of Meden, and the decision regarding the use of the information contained herein is the sole and exclusive responsibility of the person who accesses it. Thus, both Meden, as well as its partners and professionals, are exempt from liability for any loss
arising from the execution of the transaction in which this report is inserted;
We emphasize that the scope of this work does not include an audit of the financial statements, therefore, we are not issuing an opinion on them.
This report is not intended for unrestricted circulation, as it has been developed for the exclusive use of Unidas, it must not be presented or distributed to third parties without the prior written approval of Meden.
We reserve the right to review the calculations included in this report and to revise our opinion if we become later aware of information not available at the time this report was issued.
We assume, unless otherwise communicated, that there are no liens or encumbrances affecting the companies object of our assessment.
The internal approval process of this Report included the methodological and calculation review by the leadership of the team involved in the work, including the partners responsible for the evaluation.
August 2021 | 4
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Companhia de Locação das Américas published this content on 01 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 September 2021 12:51:02 UTC.