Regional fiber optic operator
Telecom · Level 3 fund quota
Fair value measurement of regional fiber-optic operator for a fund controlled by foreign private equity.
Context
The challenge combined revenue modeling by geography, expansion capex intensity and churn assumptions in an Anatel-regulated market: all defended in Portuguese and English before the fiduciary administrator, fund auditor and foreign investor.
CBG Approach
- DCF/FCFF triangulated with comparable transaction multiples
- Region-segmented assumptions for churn, ARPU and capex
- Sensitivity on critical drivers: penetration and WACC
- Bilingual PT/EN report for defense across distinct jurisdictions
Mandate
Fund · Foreign PE
Methodology
FCFF + multiples
Standards
CPC 46 · IFRS 13 · IVS 200
Deliverable
Fair value of Level 3 quota
Urban mobility concession
Infrastructure · Level 3 fund quota
Fair value measurement of Level 3 fund quota in an urban-rail concession, in offshore fund structure with foreign auditor.
Context
The underlying asset, a Brazilian rail-transport concession, required modeling in a regulated environment, CAPM/WACC triangulation and defensible assumptions in a sensitive sector cycle. Report issued in English, in technical standard adequate for simultaneous review by Brazilian and foreign auditors.
CBG Approach
- DCF FCFE with bottom-up rate · adjusted CAPM
- Triangulation via comparable multiples in mobility concessions
- Sensitivity on critical drivers: tariff, demand and regulatory cost
- Report and working papers in English, foreign-auditor standard
Mandate
Offshore fund
Methodology
Income · FCFE
Standards
CPC 46 · IFRS 13 · IVS 200
Deliverable
International Level 3 fair value
Lifestyle hospitality platform
Hospitality cross-border
Cross-border valuation of an integrated lifestyle hospitality platform, with operational assets outside Brazil.
Context
The engagement required fluency in lifestyle hospitality market standards (RevPAR, ADR, GOPPAR), methodological reconciliation between IVS 410 and the RICS Red Book Global, cap rate calibration by geography and segment, and defensible operational assumptions in a non-Brazilian regulatory and tax environment.
CBG Approach
- Income approach with asset-by-asset DCF and international lifestyle benchmarks
- Cap rates by components · country risk, maturity and operational segment
- IVS 410 / RICS Red Book Global reconciliation under a single standard
- Bilingual ES/EN delivery with working papers in international standard
Mandate
Foreign client
Methodology
Income + cap rate by component
Standards
IVS 410 · IFRS 13 · RICS
Deliverable
Fair value of lifestyle portfolio
Listed food retail chain
Retail · fixed-asset impairment
Impairment testing of fixed assets at one of Brazil's largest listed food retailers.
Context
Identification of CGUs by store and regional cluster, recoverability calculation via value in use (VIU) against net book value, and preparation of documentation capable of withstanding review by an independent auditor.
CBG Approach
- CGU identification by store and regional cluster under CPC 01 (R1)
- VIU via DCF discounted at retail-specific cost of capital
- Recoverability vs. net book value with sensitivity
- Complete documentation for external audit and DFP disclosures
Mandate
Listed company B3
Methodology
VIU · DCF per CGU
Standards
CPC 01 (R1) · IAS 36
Deliverable
Recoverability report
Listed real-estate fund
BTS · built-to-suit portfolio
Fair value of a built-to-suit property portfolio under listed real-estate fund auditor scrutiny.
Context
The atypical contracts required an approach that integrated contractual risk, remaining term, tenant credit quality and physical characteristics of each asset, in technical standard defensible before the fund administrator and auditor.
CBG Approach
- Income method with cap rate by asset class
- Adjustment for contractual risk and tenant credit quality
- NBR 14653 reconciliation with CPC 28 / IAS 40
- Working papers ready for fund auditor and administrator
Mandate
Listed FII · B3
Methodology
Income method
Standards
NBR 14653 · CPC 28 · IAS 40
Deliverable
BTS portfolio fair value
Listed auto dealership chain
Automotive · goodwill impairment
Recoverability of goodwill and deferred assets at a B3-listed network of automotive dealerships.
Context
CGUs defined by automaker brand and geography, with deferred assets evaluated under the future-benefits criterion, in an environment of pressured margins and an industry transition cycle, under public-company auditor scrutiny.
CBG Approach
- CGU definition by automaker brand and geographic cluster
- Full sensitivity on WACC and perpetuity rate
- Deferred assets tested under future-benefits criterion (CPC 04)
- Cross-review by partner for technical defensibility
Mandate
Listed company · B3
Methodology
Impairment + future benefits
Standards
CPC 01 · CPC 04 · IAS 36 · IAS 38
Deliverable
Impairment + deferred report