PICS PicS N.V.
$8.88
Stable Earnings Power 40%
P/Adj-EPS × Normalized Multiple
Strong · Conviction

Undervalued

Trading 82.5% below fair value

You pay $8.88
Bear $42.48
Fair $50.74
Bull $59.00
Bear $42.48 +378.4% $1.57 × 27x P/E
Fair $50.74 +471.4% $1.57 × 32x P/E
Bull $59.00 +564.5% $1.57 × 38x P/E

Adjust Assumptions

32.2x
1.57$

Key Value Driver

Normalized P/E multiple (32x base case)

Implied Market Multiple 5.6x

Summary

Applying a 32x P/E to adjusted EPS of $1.57, the base-case value is $50.74 per share.

Warnings

ℹ Financial statements were converted from BRL into USD using USDBRL at 0.1869 USD per BRL.

Key Risks

  • Growth DCF inappropriate — terminal value assumptions dominate
  • EV/EBITDA misleading for regulated businesses where capex is mandated
  • Regulatory risk is a fat tail not visible in normal multiples