SIMPAR Sale of Port Operations Announced for R$750 Million at 8.1x EV/EBITDA 26e - Positive

研报英文原文证据摘录

SIMPAR Sale of Port Operations Announced for R$750 Million at 8.1x EV/EBITDA 26e - Positive

J P M O R G A N Latin America Equity Research

23 July 2026

SIMPAR Neutral

SIMH3.SA, SIMH3 BZ

Sale of Port Operations Announced for R$750 Million at Price (22 Jul 26):R$7.31

8.1x EV/EBITDA 26e - Positive

Latin American Transportation

SIMPAR (SIMH3, N) announced today, before the market open, the divestiture of Guilherme Mendes AC

two port terminals, CS Porto Aratu, to ICTSA Americas, for an equity value of (55-11) 4950-4105

R$750 million (18% of SIMPAR's market cap) and an enterprise value of R$1,750 guilherme.g.mendes@jpmorgan.com

million (4% of SIMPAR's enterprise value). Upon transaction closing, SIMPAR Julia Orsi

will receive R$650 million in cash, subject to regulatory and antitrust approvals, (55-11) 4950 3351

with the remaining R$100 million payable as an earn-out within 18 months. Based julia.orsi@jpmorgan.com

Banco J.P. Morgan S.A.

on the company's EBITDA guidance, the transaction implies a valuation of 8.1x

EV/EBITDA 2026E, a significant premium to SIMH's current trading multiple of

3.6x; additionally, the company reported that the investment yielded a MOIC of

5.8x over a holding period of 3.6 years. We, therefore, view this announcement as

a positive development, reinforcing the company's deleveraging strategy and its

ability to unlock value through non-listed subsidiaries, with net debt at the holding

level expected to decline to approximately R$450 million upon full receipt of

proceeds. Assuming the transaction closes, SIMPAR would be trading at

approximately a 20% holding discount, approaching the 25% level we apply as fair

value in our SOTP valuation.

• About CS Portos. CS Portos operations include the Aratu Terminals ATU12

and ATU18 located in the State of Bahia.