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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  MRV Engenharia e Participacoes    MRVE3   BRMRVEACNOR2

MRV ENGENHARIA E PARTICIPACOES

(MRVE3)
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Notice to the Market - Additional Information regarding the Opportunity assessment: Acquisition of AHS' primary equity

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09/13/2019 | 07:07pm EDT

Additional Information regarding the Opportunity assessment: Acquisition of AHS' primary equity

Operation Inputs

Operation inputs

Vacancy

4%

* Considering the total number of apartments

Average Rent (US$)

1.482

Land Cost (% of the property value) (a)

9%

Construction Cost (% of the property value) (a)

67%

Permit Period (Months)

18

Construction Period (Months)

14

Lease-Up Period (Months)

8

Operation to Sale (Months)

4

Net other income (Property management)

1,5%

* Percentage of the operating income

OPEX

39,6%

* Percentage of the operating income

Construction Loan Inputs

Interest rate (Annual)

4,50%

Bank Fees

0,50%

* Over the principal (Paid once at each new loan)

LTC

73%

* Principal / Total cost (Land + Construction)

Permanent Loan Inputs

Interest rate (Annual)

3,80%

Bank Fees

0,65%

* Over the principal (Paid once at each new loan)

Loan Term (Months)

360

LTV

70%

* Limited by 70% of the property value

Amortization period (Months)

120

Valuation

Cap Rate

5,25%

(a) Property Value = NOI/Cap Rate

Cash Flow: Property Sale Model

Quarterly Cumulative Cash Flow

% Property Value

1

6

7

2

4

  • 5

Quarter

  • Q1 to Q5: Period between land acquisition and construction start
    2 Q5 to Q8: Construction expenditure financed with equity
    3 Q8 to Q12: Construction expenditure financed with debt
    4 Q12: Operation start
    5 Q15: Operational Stability Achieved
  • Q16: Operational Stability Achieved and property sale Income
  • Q16 Onward: 0,033% of the property value (property managment).

Cash Flow: Permanent Loan Model

Quarterly Cumulative Cash Flow

Sale Value

7

%

1

2

6

4

  • 5

Quarter

  • Q1 to Q5: Period between land acquisition and construction start
    2 Q5 to Q8: Construction expenditure financed with equity
    3 Q8 to Q12: Construction expenditure financed with debt
    4 Q12: Operation start
    5 Q15: Operational Stability Achieved
    6 Q16: Permanent Loan Refinance
    7 Q51: First debt rollover
    8 Q95: Second debt rollover
  • Q135: Third debt rollover

9

8

Units Ramp up

Operation, administration (k units)

Capital Infusion (U$M)

Construction (K units/year)

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

MRV Engenharia e Participações SA published this content on 13 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2019 23:06:05 UTC

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Financials (BRL)
Sales 2019 6 258 M
EBIT 2019 853 M
Net income 2019 781 M
Debt 2019 692 M
Yield 2019 6,04%
P/E ratio 2019 10,4x
P/E ratio 2020 9,78x
EV / Sales2019 1,39x
EV / Sales2020 1,33x
Capitalization 7 998 M
Chart MRV ENGENHARIA E PARTICIPACOES
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Technical analysis trends MRV ENGENHARIA E PARTICIPA
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 19,80  BRL
Last Close Price 18,10  BRL
Spread / Highest target 43,6%
Spread / Average Target 9,42%
Spread / Lowest Target -22,7%
EPS Revisions
Managers
NameTitle
Rafael Nazareth Menin Teixeira de Souza Co-Chief Executive Officer & Director
Eduardo Fischer Teixeira de Souza Co-Chief Executive Officer
Rubens Menin Teixeira de Souza Chairman
Leonardo Guimarães Corrêa Chief Financial & Investor Relations Officer
Marcos Alberto Cabaleiro Fernandez Vice Chairman
Sector and Competitors
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