Multiplan "More rabbits out of the tax credits hat?" (Buy) Costa

Research evidence excerpt

Multiplan "More rabbits out of the tax credits hat?" (Buy) Costa

rom To % ch Cons.

company will accrue credits at the 9.25% PIS/COFINS rate (R$92.5k) over a 24- 12/26E 2.16 2.31 7 2.24

month period. For the ~R$253mn balance reported in 2Q, this amount already 12/27E 3.15 3.03 -4 2.70

reflects the accumulated eligible Capex base (which we estimate at ~R$2.7bn) built 12/28E 3.49 3.40 -3 3.07

by the company over the last 2 decades through 2026. Looking ahead, part of the

Capex deployed over the last 24 months, as well as future expansions and Tainan Costa

refurbishments through 2026, should continue to contribute on a quarterly basis to Analyst

tainan.costa@ubs.com

tax reduction. Overall, we estimate an additional ~R$30mn in 2026 and ~R$20mn in

+55-11-2767 6091

2027 as positive tax impacts (1-2% of FFO gains), not fully incorporated into UBSe.

Ana Julia Zerkowski

Still our top pick, now with a faster pace of deleveraging Associate Analyst

ana-julia.zerkowski@ubs.com

We continue to have a positive view on the entire sector. In a inflationary scenario, +55-11-2767 6303

the companies are protected given their rental contracts tied to inflation (LTM IGP-

M turned positive at +0.6% in April). For MULT, the name continues as our top pick as

we believe it is the best choice to capture malls dynamics in 2026-27: interest rates

cut cycle, consumption resiliency, Tax Reform and benefits in terms of tax rate from

retroactive IoC. Additionally, we highlight that post all transactions and credit

benefits, MULT is expected to end 2026 with a ND/EBITDA of 1.8x and 1.5x in 2027 -

in our view, this could open room for higher payout ratio, especially considering a

potential electoral scenario in which MULT does not want to prioritize growth. The