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    LCAM3   BRLCAMACNOR3

COMPANHIA DE LOCAÇÃO DAS AMÉRICAS

(LCAM3)
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Companhia de Locação das Americas : Dados Econômico-Financeiros

09/01/2021 | 08:52am EST

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

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

Disclaimer

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.


© Publicnow 2021
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Sales 2021 6 624 M 1 163 M 1 163 M
Net income 2021 938 M 165 M 165 M
Net Debt 2021 6 647 M 1 167 M 1 167 M
P/E ratio 2021 12,3x
Yield 2021 2,34%
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EV / Sales 2021 2,85x
EV / Sales 2022 2,25x
Nbr of Employees 4 675
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Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 24,19 BRL
Average target price 31,47 BRL
Spread / Average Target 30,1%
EPS Revisions
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Luis Fernando Memória Porto Chairman
Marco Tulio de Carvalho Oliveira Chief Financial Officer & Investor Relations
João Antonio Martins Mendes Head-Information Technology
Dirley Pingnatti Ricci COO, Director & Customer Relationship Officer
Luciano Antonio de Oliveira Santos Head-Legal, Compliance & Internal Auditor
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