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
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