Tronox Pigmentos do Brasil Valuation

Q: What is the Fair Price of CRPG5 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

CRPG5 (R$22.01) is trading above our estimate of [[fair value]] (R$2.39)

Is CRPG5 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CRPG5 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CRPG5 (R$22.01) is trading above our estimate of fair value (R$2.39)

Significantly Below Fair Value: CRPG5 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CRPG5?

Key metric: As CRPG5 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for CRPG5. This is calculated by dividing CRPG5's market cap by their current revenue.
What is CRPG5's PS Ratio?
PS Ratio	1.1x
Sales	R$602.28m
Market Cap	R$704.91m

CRPG5 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1x
Enterprise Value/EBITDA	-17.9x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does CRPG5's PS Ratio compare to its peers?

The above table shows the PS ratio for CRPG5 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	0.5x
DEXP3 Dexxos Participações	0.5x	12.8%	R$934.8m
VITT3 Vittia	1x	13.5%	R$792.9m
PATI4 Panatlântica	0.4x	n/a	R$651.3m
FHER3 Fertilizantes Heringer	0.04x	n/a	R$191.7m
CRPG5 Tronox Pigmentos do Brasil	1.1x	n/a	R$704.9m

Price-To-Sales vs Peers: CRPG5 is expensive based on its Price-To-Sales Ratio (1.1x) compared to the peer average (0.5x).

Price to Sales Ratio vs Industry

How does CRPG5's PS Ratio compare vs other companies in the South American Chemicals Industry?

2 Companies	Price / Sales	Estimated Growth	Market Cap

2 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: CRPG5 is good value based on its Price-To-Sales Ratio (1.1x) compared to the Global Chemicals industry average (1.4x).

Price to Sales Ratio vs Fair Ratio

What is CRPG5's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CRPG5 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.1x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate CRPG5's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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