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Largest Public Companies in Brazil

Benchmark revenue and EBITDA valuation multiples for public comps like
Petrobras, Itaú, Vale, Nubank and Banco Bradesco.

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Petrobras	Oil & Gas+1	$8	+10%	$106B	$164B	1.8x	3.8x
Itaú	Commercial Banking+1	$9	+74%	$96B	$151B	4.6x	—
Vale	Metals & Mining	$17	+75%	$73B	$88B	2.3x	5.6x
Nubank	Neobanking+1	$15	+47%	$73B	$70B	4.2x	—
Banco Bradesco	Commercial Banking	$6	+152%	$60B	$104B	4.0x	—
Ambev	Alcohol	$3	+32%	$48B	$45B	2.6x	8.0x
WEG SA	Machinery+3	$9	+10%	$40B	$39B	4.9x	22.2x
Itaúsa	Asset Management	$3	+53%	$31B	$31B	9.9x	—
Banco do Brasil	Commercial Banking	$5	-4%	$29B	$36B	1.2x	—
Telefônica Brasil	Telecom Service Providers	$8	+70%	$26B	$28B	2.4x	5.8x
Sabesp	Utilities	$29	+54%	$20B	$25B	5.6x	9.5x
GOL Airlines	Airlines	$2	+3004%	$20B	$24B	—	—
JBS	Food & Beverages	$17	+111%	$18B	$37B	0.4x	5.6x
HSI Renda Imobiliária	Buildings & Property	$19	0%	$17B	$17B	—	—
B3 Bolsa do Brasil	Stock Exchanges	$3	+47%	$17B	$17B	8.5x	12.3x
Rede D'Or São Luiz	Hospitals & Clinics	$8	+43%	$17B	$18B	1.6x	8.9x
Transinc FII	Asset Management	$15	+5%	$17B	$17B	—	—
Suzano	Paper & Forest Products	$11	+10%	$14B	$28B	2.9x	6.7x
BB Seguros	Insurance Brokers+1	$7	-14%	$13B	$13B	6.5x	3.7x
TIM Brasil	Telecom Infrastructure+1	$5	+52%	$12B	$14B	2.8x	5.5x
CPFL Energia	Utilities	$10	+34%	$11B	$16B	2.0x	6.7x
Localiza	Leasing & Rental Services	$10	+54%	$10B	$17B	2.1x	6.3x
XP Investimentos	Investment Brokerage+4	$20	+43%	$10B	$16B	4.4x	13.0x
Caixa Seguridade	Insurance Brokers+1	$3	+19%	$10B	$10B	9.0x	10.6x
Equatorial Energia	Utilities	$8	+32%	$10B	$19B	2.4x	8.4x
PRIO	Energy Production+1	$10	+37%	$8B	$12B	4.0x	6.7x
Copel	Utilities+1	$3	+264%	$8B	$12B	2.4x	10.3x
Droga Raia	Pharmacies	$5	+34%	$8B	$10B	1.1x	14.5x
Eneva	Energy Production+1	$4	+81%	$8B	$12B	3.8x	9.6x
Neoenergia	Energy Production+1	$6	+57%	$8B	$17B	—	7.7x
Gerdau	Metals & Mining	$4	+39%	$8B	$10B	0.7x	4.8x
Engie Brasil	Energy Production+1	$6	+22%	$7B	$12B	5.0x	9.2x
CEMIG	Energy Production+1	$2	+11%	$7B	$9B	1.3x	7.0x
Vibra Energia	Specialty Stores	$6	+80%	$7B	$10B	0.3x	8.5x
Valaris	Energy Services+1	$96	+144%	$7B	$7B	3.1x	11.7x
Porto	Insurance Carriers	$10	+31%	$6B	$6B	0.8x	8.3x
Motiva	Road Infrastructure	$3	+43%	$6B	$12B	4.0x	6.0x
Brookfield Infrastructure	Energy Infrastructure+1	$50	+37%	$6B	$19B	5.1x	5.7x
CSN Mineração	Metals & Mining	$1	-12%	$6B	$5B	1.5x	4.1x
Rumo	Railways	$3	-5%	$5B	$9B	3.3x	5.8x
Grupo Ultra	Utilities+2	$5	+51%	$5B	$8B	0.3x	6.1x
Cosan	Energy Services+1	$1	-15%	$5B	$14B	1.2x	3.6x
StoneCo	Payment Service Providers+2	$17	+63%	$4B	$6B	2.3x	3.9x
TOTVS	ERP Software+2	$7	+13%	$4B	$4B	3.6x	13.9x
COPASA	Utilities	$10	+177%	$4B	$5B	3.3x	8.4x
ISA Energia	Energy Infrastructure	$6	+19%	$4B	$6B	7.1x	8.9x
Banco Inter	Commercial Banking+1	$8	+50%	$4B	$6B	3.7x	—
Multiplan	Real Estate Services	$7	+56%	$3B	$4B	8.5x	11.7x
Comgás	Utilities	$24	-4%	$3B	$4B	—	—
PagSeguro	Money Transfer+1	$11	+41%	$3B	$11B	2.8x	13.2x
ALLOS	Real Estate Services	$6	+70%	$3B	$4B	6.8x	9.4x
Rede Energia	Energy Production+1	$1	-2%	$3B	$6B	—	—
MRS Logística	Railways	$9	+57%	$3B	$4B	—	—
Renner	Specialty Stores	$3	+25%	$3B	$3B	1.1x	5.8x
Hypera	Biopharmaceuticals	$4	+20%	$3B	$4B	2.8x	9.7x
Equatorial Energia Pará	Utilities+1	$1	+6%	$3B	$4B	—	—
Sanepar	Waste & Environmental Services	$2	+70%	$3B	$3B	2.1x	4.8x
Grupo GPS	BPO Services	$4	+57%	$3B	$3B	0.9x	8.7x
Naturgy Brasil	Energy Services+1	$10	--	$3B	$3B	—	—
Grupo Mateus	Department Stores	$1	-16%	$3B	$4B	0.5x	6.6x
COELBA	Utilities	$9	+23%	$2B	$6B	—	—
Assaí Atacadista	Department Stores+1	$2	+23%	$2B	$6B	0.4x	6.4x
Smart Fit	Lifestyle & Recreation	$4	0%	$2B	$4B	2.8x	8.7x
Auren Energia	Energy Production+2	$2	+59%	$2B	$6B	2.5x	9.5x
Metalúrgica Gerdau	Metals & Mining	$2	+37%	$2B	$4B	16.5x	16.6x
Cury Construtora	Real Estate Development	$7	+59%	$2B	$2B	2.1x	8.8x
Natura Cosmeticos	Health & Beauty	$2	--	$2B	$3B	0.7x	6.0x
Banco do Nordeste	Commercial Banking	$23	+20%	$2B	$8B	—	—
Establishment Labs	Medical Devices	$76	+87%	$2B	$2B	10.8x	(292.2x)
Energisa Mato Grosso	Energy Production+1	$10	-36%	$2B	$3B	—	—
Cyrela Brazil	Real Estate Development	$6	+29%	$2B	$3B	1.6x	6.6x
Companhia Siderúrgica Nacional	Metals & Mining	$2	-11%	$2B	$9B	1.0x	4.1x
CASAN	Utilities	$2	--	$2B	$2B	—	—
Arcos Dorados	Restaurants & Nightlife	$9	+10%	$2B	$4B	0.8x	7.2x
Alpargatas	Clothing & Accessories+1	$3	+115%	$2B	$2B	2.1x	10.4x
Pluxee	Loyalty & Coupons+1	$13	-41%	$2B	$435M	0.3x	0.8x
Bradespar	Asset Management	$5	+35%	$2B	$2B	7.7x	8.9x
Fleury	Medical Imaging & Diagnostics+1	$3	+44%	$2B	$2B	1.5x	5.7x
Usiminas	Metals & Mining	$1	+25%	$2B	$2B	0.3x	4.3x
3tentos	Agriculture	$3	+20%	$2B	$2B	0.6x	9.8x
Brava Energia	Energy Production+1	$4	-19%	$2B	$4B	1.9x	4.4x
Elektro Eletricidade	Utilities	$8	-16%	$2B	$3B	—	—
Mercantil do Brasil	Commercial Banking	$15	+140%	$2B	$3B	—	—
Direcional	Real Estate Development	$3	+56%	$2B	$2B	1.9x	7.6x
Marcopolo	Automakers	$1	+31%	$2B	$2B	1.0x	6.1x
SLC Agricola	Agriculture	$3	0%	$2B	$3B	2.1x	6.8x
OdontoPrev	Hospitals & Clinics	$3	+40%	$2B	$1B	3.1x	9.8x
M. Dias Branco	Food & Beverages	$4	+3%	$1B	$1B	0.7x	6.4x
Sigma Lithium	Metals & Mining	$13	+25%	$1B	$2B	9.3x	37.6x
Magalu	Specialty Stores	$2	-3%	$1B	$3B	0.4x	5.1x
BCO Estado do Rio Grande	Commercial Banking	$3	+60%	$1B	$3B	2.0x	—
Unipar	Chemicals	$13	+24%	$1B	$2B	1.8x	7.6x
EcoRodovias	Road Infrastructure	$2	+98%	$1B	$5B	3.8x	5.1x
Vivara	Clothing & Accessories+1	$6	+57%	$1B	$2B	2.7x	9.4x
Braskem	Chemicals	$2	-20%	$1B	$12B	0.9x	15.8x
Cogna Educação	Education & Training	$1	+84%	$1B	$2B	1.7x	5.1x
Orizon	Waste & Environmental Services	$13	+65%	$1B	$1B	6.9x	14.5x
JHSF	Real Estate Development	$2	+135%	$1B	$2B	4.8x	10.8x
Whirlpool Brazil	Home Appliances	$1	+10%	$1B	$1B	—	—
Companhia Brasileira de Aluminio	Metals & Mining	$2	+111%	$1B	$2B	1.1x	6.5x