Senior Solution HOLD

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1 TMT RESEARCH ANALYSTS Yannick Bergamo Pedro Zabeu Daniel Utsch Senior Solution HOLD INITIATING COVERAGE M&A driven strategy: balanced risk-reward We are initiating Senior Solution with a HOLD recommendation and 2013 year end BRL target price, based on a two stage DCF model. One of the leading software and services companies for the financial industry. Senior Solution provides software for banks, insurance companies, asset managers, as well as services related to software development projects, IT personnel outsourcing and consulting, all directed towards financial institutions. Company x Ibovespa Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 IBOVESPA SNSL3M Many growth opportunities ahead. The Brazilian software and IT services market is growing fast, and is expected to grow above world average for the coming years. The financial industry is an important player in this market, leveraging the opportunities for the company. Consolidation is also an important driver, as the market is still very fragmented. Cautious after the last results. Net revenue drop was dragged by the consulting and services segment. As the client concentration level is still high, and after the lack of organic client growth in 2012, we would like to see more good results and a successful incorporation of Drive before we consider a growth rate in line with the IT market and the company s past. Company Data Ticker SNSL3M Current Price (2 Ago 13, R$) Target Price (Dec13, R$) Market Cap (R$ million) Net Debt (R$ million) (38.6) Enterprise Value (R$ million) 92,5 ADTV (R$ thousand) 54.7 Estimates and Valuation P&L Consolidated (R$ Million) E 2014E 2015E Net Revenues EBITDA Adj EBITDA Margin 14.5% 11.9% 14.5% 15.2% Net Income Adj Multiples (x) E 2014E 2015E P/E 36.0x 28.2x 21.2x 19.2x EV/EBITDA 13.8x 13.2x 9.8x 8.6x Important disclosures are contained on page 19 of this research report

2 TABLE OF CONTENTS Perspectives for Senior Solution 3 Valuation 7 Market Highlights 10 Peers 11 Clients 13 Company Overview 14 Shareholder Structure 16 Management 17 Corporate governance 18 BANCO FATOR 2

3 Perspectives for Senior Solution Equity Research Senior Solution s revenue comes from four segments: software, services, outsourcing and consulting. Each line is detailed below, along with our assumptions that are incorporated into our model. Software Software is the main revenue source. It accounted for 33% and 33.5% of net revenue in 2012 and 2011, respectively. Mainly, it consists of recurring revenue due to monthly license fee payments, which might depend on the number of users allowed to use the system, the quantity of portfolios managed, the number of modules, etc. It also includes payments for support and maintenance according to the contracted service level agreement (SLA). Banks spend heavily in software. In 2012, a third of Senior Solution s clients were banks, a segment that has historically invested heavily in IT and is expected to keep it up in their search for more efficiency. Hardware is still responsible for the largest spending amount, but, according to CIAB Febraban data, software is increasing its share on spending and has been growing during these last years at above 20% rates. IT Spending by Banks BRL Billion % % 23% % Hardware Software Telecom Other Software y/y Source: CIAB Febraban Recent results suggest a conservative view. Despite the great increase in software spending by banks, the high growth of the software industry in general, and the historical growth presented by the company, we are cautious towards the Company sustaining a growth rate around 20% given their last posted results. As recurring revenue, with annual readjustment according to inflation, we would like to see a couple of good results before we consider a higher growth scenario for the coming years. BANCO FATOR 3

4 Software Gross Revenue BRL MM 20.4 Drive E 2014E 2015E 2016E Source: Company, Banco Fator estimates Services Synergies with software. The drivers for the services line are almost the same as the software one and is the second most relevant revenue line, accounting for 29% and 25% of net revenue in 2012 and 2011, respectively. Offered as a by project model, it is divided in two components depending on whether the contracted project is related to Senior Solution s software or not. In the first case, its revenue consists of setup, integration and customization; in the second, not related to the company s software, it includes software development planning, requirement analysis and, eventually, the development of new customized software. Services Gross Revenue BRL MM Drive E 2014E 2015E 2016E Source: Company, Banco Fator estimates BANCO FATOR 4

5 Client concentration took its toll. The company s client concentration level makes it hard to assume a high growth scenario, and the first quarter presented a sample of the potential problem. Therefore we foresee a lower growth scenario when compared to the software segment. Client concentration % of net revenue 39.6% 41.3% 38.9% 54.6% 26.4% 28.4% Larger 3 Larger 5 Source: Company Outsourcing Another source of recurring revenue. This segment consists in the allocation of IT professionals in the client s site, where they are managed by the client and are responsible for system analysis, maintenance and development. This revenue is considered recurrent since it is generated by contracts that last longer than a year. Outsourcing Gross Revenue Drive BRL MM E 2014E 2015E 2016E Source: Company, Banco Fator estimates BANCO FATOR 5

6 Bank s search for efficiency is a driver. We see this revenue line as promising given the outsourcing trend adopted by the financial sector, as shown in the Figure below. The IT outsourcing market had a BRL 12 million size in 2012, being 46.5% attributable to the financial industry needs, moreover, according to IDC, this market is expected to grow between 10% and 11% until Third party services expenses CAGR % 12.3% 13.8% 12.0% 5.3% Banco do Brasil Itau Bradesco Santander Big Banks compounded Source: Companies Consulting Different drivers. Finally, the consulting revenue comes from financial industry consulting projects, which includes: idealization of new financial services businesses, strategy, IT processes and human resources, among others. Consulting Gross Revenue BRL MM E 2014E 2015E 2016E Source: Company, Banco Fator estimates Irregular results, needs diversification. This revenue line has presented a great amount of variation on a quarter by quarter basis, with the last two results being very below average. Since this line comes primarily from Controlbanc s acquisition, it is probably still too dependent on consulting with regards to the creation of new financial institutions, which is something that we do not see BANCO FATOR 6

7 significantly growing in the future given the already occurred consolidation in the Brazilian financial system. Since the company is diversifying the business scope, we expect at least a slow growth in the future. National Financial System Institutions 1,876 1,871 1,868 1,819 1,782 1,761 1, Source: Central Bank of Brazil Valuation Our valuation is based on a DCFF model, with 14.1% weighted average cost of capital and a 5.5% nominal growth in perpetuity. With these assumptions we reach a 2013 year end BRL target price. Our main assumptions include a 10.1% CAGR from 2013 to 2016 in the Software and Outsourcing revenue lines, 8.6% in Services and 4.6% in Consulting. This combined results in a 10.4% Net Revenue CAGR. Net Revenue Evolution BRL MM Drive E 2014E 2015E 2016E Source: Company, Banco Fator estimates BANCO FATOR 7

8 To make comparison easier, we present a pro forma income statement for 2013, which includes the result from Drive for the whole year. This has no impact on valuation, since we only considered the cash flow for the last 5 months of 2013, period in which Drive should be already contributing to the company s result. We also incorporated the special dividends paid by the company in the services cost and general and administrative expenses, which the company plans to conclude by the end of To make comparison easier, we present historical data with the same adjustment. Income Statement (BRL million) 2011 (1) 2012 (1) 2013E (2) 2014E 2015E 2016E Gross Revenue Software Services Consulting Outsourcing Net Revenue COGS (25.1) (28.8) (38.0) (40.5) (43.8) (48.6) Services (24.0) (26.6) (34.8) (37.1) (40.2) (44.6) R&D (1.1) (2.2) (3.2) (3.3) (3.6) (4.0) Gross Profit Operating Expenses (10.8) (11.5) (14.5) (16.2) (17.3) (18.7) Marketing expenses (0.2) (0.2) (0.2) (0.2) (0.2) (0.2) G&A (9.5) (10.6) (13.7) (15.2) (16.2) (17.5) Other (0.0) (0.0) D&A (1.1) (0.8) (0.6) (0.8) (0.9) (0.9) EBIT Financial Result (1.1) EBT Income tax (0.7) (2.5) (2.8) (3.7) (4.1) (4.8) Net Income Minority Interest 0.6 (0.1) Controlling shareholders (1) Special dividends were incorporated for ease of comparison. (2) Pro-forma with Drive included for the whole year Source: Company, Banco Fator estimates Balance Sheet (BRL million) E 2014E 2015E 2016E Cash & Equivalents Accounts receivable PP&E Intangible Other Total Assets Debt Suppliers Acquisition Payable Other Total shareholders equity Minority interest Controlling shareholders equity Total Liabilities and shareholders equity Source: Company, Banco Fator estimates BANCO FATOR 8

9 Valuation (R$ million) Present Value 68.5 Terminal Value 40.6 EV Net debt (2013/03/31) (38.6) Minority Interest 0.3 Equity Value Shares (million) Fair Value per Share Target Price - Dec/ Ratios E 2014E 2015E 2016E ROE 32.6% 9.2% 11.3% 11.4% 12.5% ROIC 27.5% 42.6% 25.6% 25.7% 27.7% Dividend yield - 0.9% 1.2% 1.3% 3.1% ND/EBITDA -0.3x -3.9x -3.4x -3.4x -3.2x Multiples E 2014E 2015E 2016E P/E 36.0x 28.2x 21.2x 19.2x 16.3x EV/EBITDA 13.8x 13.2x 9.8x 8.6x 7.2x Source: Company, Banco Fator estimates As a software and services oriented company, we think there is room for cost and expenses improvement, through gains in efficiency and fixed cost dilution. We incorporated in our model a return to last year EBITDA margin by 2014, and a trend of slight improvement in the future. Adjusted EBITDA margin evolution 16.3% 14.5% 14.5% 15.2% 11.9% 10.2% (without Drive) 10.6% E 2014E 2015E 2016E Source: Company, Banco Fator estimates Global Comparables Company USD MM EV/EBITDA P/E EBITDA Margin (%) EV Mkt Cap 2013E 2014E 2013E 2014E Fidelity National Information Services 17, , x 8.9x 15.9x 14.3x 30.0% 30.1% Temenos Group AG 2, , x 12.6x 22.8x 19.3x 24.0% 18.7% Fiserv Inc. 16, , x 9.6x 16.2x 14.6x 31.5% 31.0% Silverlake Axis Ltd 1, , x 16.5x 20.9x 17.8x 47.3% 50.7% Oracle Financial Services Software Limited* 3, , x 12.4x 20.7x 18.1x 35.1% 35.3% Mean 13.5x 12.0x 19.3x 16.8x 33.6% 33.2% Median 14.1x 12.4x 20.7x 17.8x 31.5% 31.0% Linx x 14.8x 23.6x 19.6x 25.9% 24.1% TOTVS 2, , x 12.3x 21.1x 18.1x 26.7% 24.1% Mean 16.0x 13.5x 22.3x 18.8x 26.3% 24.1% *201X corresponds to fiscal year ending in 201X+1/3 Source: Bloomberg (2013/08/01) BANCO FATOR 9

10 Market Highlights The Brazilian IT sector is in a high growth stage, and is expected to continue. According to ABES and Brasscom data, total spending reached USD 123 billion in 2012, a real 10.8% growth over 2011, against a 5.9% world growth. This value corresponds to approximately 5% of the GDP, and is expected to reach 8% by 2022 which, in current terms, would represent a USD 253 billion value: a real 7.5% CAGR. IT Spending segmentation 44% 5% 8% Software Software Related Services 14% Hardware IT In-House 29% BPO Source: ABES Software and Software Related Services are growing even faster. If we look at the Brazilian Software and Software related services there was, according to ABES, a USD 27.2 billion market in 2012 and a 21% CAGR since Software and Software Related Services market 26.8% 23.9% 12.6% USD billion 2.4% % 22.0% % % Software Software Related Services Growth y/y Source: ABES BANCO FATOR 10

11 Company s consolidation strategy is sound. According to Observatório SOFTEX estimates, in 2009, of all software and software related companies in Brazil, 96% had less than 20 employees, resulting in a very fragmented market. As such, we see the company s consolidation strategy, through a mix of acquisitions and organic growth as sound, as a source of potential upside. Financial sector spends heavily on IT, but market is not mature yet. Looking at software user segmentation, according to ABES, the financial sector was responsible, in 2011, for 25% of all software consumption. Despite a perceived maturity in IT for the financial industry in Brazil, we still see room for growth. In fact, according to Gartner IT Key metrics, in 2011 Banking and Financial Services spent on average 6.5% of their revenue in IT, while a study conducted by PwC showed that this percentage, in Brazil, lies between 3.1% and 4%. Peers Many small players. As we already mentioned, the Brazilian software market is, in general, still very fragmented. This scenario is positive for the company and its consolidation strategy, but makes comparable analysis difficult. According to our research, we think that the most relevant purely Brazilian competitors, in terms of revenue, are TOTVS financial services, through the acquisitions of YMF, Tools and Total Banco, with a BRL 65 million compound gross revenue in 2012 (a 30.5% drop from 2011), and Matera Systems, with a BRL 40 million gross revenue in 2012, although this company isn t only focused on the financial industry. Below we present a list of some companies that perform similar activities. We note that some might be a target for Senior Solution in the near future. Brazilian peers TOTVS is software, services and technology company, whose software solutions include enterprise resource planning software, customer relationship management software, and supply chain management software. The company gained presence in the financial sector after acquiring YMF, Tools and Total Banco. MATERA Systems is a global IT service provider, offering offshore software development & maintenance services (Java Technology) and remote database administration (Oracle). Products include MATERA Banco, which is a complete solution to the Financial Services industry, targeting Commercial Banks, Investment Banks and Loan Companies. Gesplan operational area is the technological product development (software) complementary to management systems (ERPs) focused on the financial planning process, business performance management and cash management (cash and treasury management). BANCO FATOR 11

12 Attps is a company specialized in tailor made projects, infrastructure and outsourcing. The group includes Finansys Softwares Financeiros, which is a company focused on developing IT solutions for the financial sector. Mintter provides banking technology solutions and services. Its solutions include Foreign Exchange and Trade Finance, Offshore Banking, SPB-Brazilian Payment System and Commercial Loans. CRK acts as a Solution Provider for the Brazilian Financial Market, and its portfolio includes back-office, middle-office and front-office solutions. The company's goal is to attend the needs of the treasury management market. Its solutions include BM&F contracts, NDF, options, fixed income and swap contracts management. Source: Companies Global competition shouldn t be a threat. On the international side we selected some listed companies focused on technology solutions for the financial sector. We think that, given the specificities of the national financial system, outside competition poses limited risks to Senior Solution. Also, the current lack of a player with a complete solution should limit foreign access through acquisition. International peers Temenos Group provides integrated software for the banking sector. The Company develops, distributes, implements, and supports its process-oriented, real-time enterprise software designed for the management of administrative tasks at banks and financial services companies. Temenos operates offices in Europe, North America, Asia, and the Middle East. Silverlake Axis provides customized software solutions for the banking industry. The Company also provides network planning and integration services to install and implement the customized software. Oracle Financial Services Software provides comprehensive information technology solutions to the financial services industry worldwide. The Company provides transaction processing and accounting software for banks, investment managers and mutual funds. Oracle Financial also provides internet delivery of financial services as well as business intelligence and analytical applications. Fidelity National Information Services is a payment services provider. The Company provides credit and debit card processing, electronic banking services, check risk management, check cashing, and merchant card processing services to financial institutions and merchants. BANCO FATOR 12

13 Fiserv provides integrated information management and electronic commerce systems and services. The Company's solutions include transaction processing, electronic bill payment and presentment, business process outsourcing, document distribution services, and software and systems solutions. Source: Bloomberg Clients Senior Solution s clients include many of the largest Brazilian private banks, some of the largest pension funds and insurance companies, other asset managers as well as the financial branches from nonfinancial companies. Main clients BANKS ASSET MANAGERS INSURANCE COMPANIES FINANCIAL SERVICES & OTHERS Source: Company As already mentioned, client concentration is a relevant issue for the company. As an example Banco Itaú represented 15.5% of the company s net revenue in 2012 (26.5% if Itaú BBA is included), with Deutsche Bank in second with 12.4%. Drive s acquisition presents some improvement on the client concentration side. According to the company, the pro-forma combination of both in 2012 resulted in a lower revenue participation by the 5 larger clients, going from 54.6% to 46.7%, due to the small client overlap between both companies. However, we still see some risk in the process, since Drive itself has a very large concentration, with 70.3% of all revenue coming from its 5 largest clients. BANCO FATOR 13

14 Acquisitions track record Company Overview Senior Solution was founded in 1996 by Mr. Bernardo Francisco Pereira Gomes and Mr. Antonio Luciano de Camargo Filho, and started as a service oriented company, focused in software development projects. A year later, the founders decided that the company should move towards a product oriented business. After managing to get a BNDES financing in 2002, the company developed the first modules of what would be their first product, SBS (Senior Banking Solution), which was completed and released in In 2005 both BNDESPAR and FMIEE Stratus GC became Senior Solution s shareholders as strategic investors. In the following years the company started its consolidation strategy by acquiring 6 companies that are listed below, the last being Drive, in the beginning of Since the beginning, the rationale for each acquisition was always a combination of consolidation and new product inclusion that would allow the company to reach new niches of the financial vertical, paving the way for the one stop shop model, which the company aims to achieve. Target Date Revenue at time Product & Description Consolidation New Segment 2005 BRL 4.3 MM (2004) 2006 BRL 1.8 MM (2006) 2007 BRL 5.5 MM (2006) 2007 BRL 6 MM (2006) SIAN. Treasury and investments solutions. Single sign-on. Internet banking solutions. E-Seg. Insurance and private retirement plan solutions Profit, e-funds. Solution for Collective investment scheme 2010 BRL 7MM (2009) Consulting for financial institutions, including strategy, processes and bank creation Source: Company 2013 BRL 15 MM (2012) Drive AMNET. Solution for Collective investment scheme The company is listed on the Bovespa Mais segment since May 2012, but the Initial Public Offer was only realized on March The offer generated a BRL 62.2 million volume, of which 39.7 million as primary offering and 22.5 million as secondary. According to the company, out of the total capital raised, 70% will be allocated to continue its acquisition strategy (with Drive being a part of it), 20% to working capital needs and 10% to R&D for new software and services products. BANCO FATOR 14

15 IPO resources allocation Working Capital R&D 6% 12% Secondary Offering 36% Capital Raised 43% 3% Acquisitions Deductions and expenses Source: Company Timeline From services to product development SBS release Acquisitions Foundation BNDES Financing Strategic investors IPO Source: Company BANCO FATOR 15

16 Shareholder Structure The company s shareholder structure, as of March 31, 2013, is presented below. Out of the original investors, i.e. those who were already shareholders before the IPO, the founders Antonio Camargo and Bernardo Gomes are still present, after reducing their participation from 17% to 11% each; strategic investors BNDESpar and Stratus also remained, after both having reduced their participation from, respectively, 21% to 11.6% and 16% to 8.8%. Shareholder structure Kondor Others 31.8% 11.6% 7.8% Una Capital 6.4% Leblon 8.8% Stratus 11.6% 11.0% BNDESpar 11.0% Antonio Camargo Original Investors Bernardo Gomes Source: Company Main Institutional shareholders BNDESPAR is a business corporation, which has been established as an integral subsidiary of the BNDES. It carries out capitalization operations of undertakings controlled by private groups, while abiding by the BNDES plans and policies. Source: Companies Founded in 1999, the Stratus Group is a Brazilian private equity firm focused on investments in the mid-market. The Group specializes in investment situations that are related to growth, sector consolidation and shareholder successions. Leblon Equities is an asset management firm 100% focused on Brazilian Equities (public and private), founded in September 2008 by executives with up to 20 years of experience in the Brazilian equities market. Leblon Equities adopts a long-term value oriented investment philosophy, based on a deep bottom-up fundamental research. Founded in 2006, Kondor Invest is an independent asset management firm. The company's philosophy is based on obtaining consistent long term gains, with rigorous analysis and risk control. BANCO FATOR 16

17 Management Name Role Short biography The management team is experienced, with members coming from both technical and management background. Bernardo Francisco Pereira Gomes CEO Mr. Gomes graduated in Electrical Engineering from Escola Politécnica da USP - Universidade de São Paulo and in Business Administration from Universidade Presbiteriana Mackenzie. He worked as project manager at Lloyds Bank until 1996, consolidating his experience in the IT and financial industry. He conducted his first downsizing project at Lloyds in 1993 and took part in structuring the operating desk system at JPMorgan in 1996; he was also an advisor for CETIP in 1997 and Mr. Gomes was one of the company s founders in 1996 and currently serves as Chief Executive Officer. Antonio Luciano Camargo Filho COO Mr. Camargo Filho graduated in Business Administration from PUC-SP - Pontifícia Universidade Católica de São Paulo, and in Marketing from ESPM - Escola Superior de Propaganda & Marketing. He worked as System Analyst at Bunge Group and as Project Manager at Ergondata until He took part in LLoyds downsizing projects in 1993 and in structuring the operating desk at ABN Amro in Mr. Camargo Filho was one of the company s founders in 1996 and currently serves a member of the Board and Chief Operating Officer. Paulo de Tarso Pescatori Dutra CTO Mr. Dutra graduated in Mathematics from UNESP - Universidade Estadual Paulista Julio de Mesquita Filho, has an M.S. in Computer Science from USP - Universidade de São Paulo and is an MBA Executive Management candidate at BBS - Brazilian Business School. He worked as project and client services coordinator at Wild West Software, was System Manager at Banco Garantia and a Netage partner and CEO. Mr Dutra joined Senior Solution in 2005 and currently serves as Chief Technology Officer. Fabrini de Carvalho Fontes CFO Mr. Fontes graduated in Accounting from USP - Universidade de São Paulo, has an MBE from FGV - Fundação Getúlio Vargas, and is currently a Master candidate in Business Strategy at Insper. He worked as an auditor and consultant at Deloitte Touche Tohmatsu, where he was responsible for projects in many areas, including due diligence assessment in M&A. Mr. Fontes joined the company in 2010 as a Controller with an important role in investor relations. He currently serves as Chief Financial Officer. Thiago Almeida Ribeiro da Rocha IRO Mr. Rocha graduated in Business Administration from USP - Universidade de São Paulo, and has a Master of Business Administration with emphasis on finance from the same institution. He started his career in business development at BM&FBOVESPA, where he took part in the creation of BOVESPA MAIS, worked at business prospecting and public offerings. He then worked in the Growth/Buyout area at Grupo Stratus, working in investment and divestiture projects in the funds managed by the firm, as well as monitoring invested companies, including Senior Solution. Mr. Rocha joined the company in 2012, and was responsible for public listing and IPO. He currently serves as Investors Relations Officer. Source: Company BANCO FATOR 17

18 Corporate governance The company is listed on the Bovespa Mais segment of the BM&F Bovespa stock exchange, and already fulfills many of the Novo Mercado requirements, the segment with highest corporate governance requirements. The board is composed by the 5 members below, one of which is independent, thus satisfying the Novo Mercado requirement; an above 25% Free-float and the existence of only common stock are also already fulfilled. Name Role Short biography Alberto Costa Sousa Camões Chairman Mr. Camões graduated in Aeronautical Engineering from ITA - Instituto Tecnológico da Aeronáutica, and has an MBA from INSEAD in France. He started his career as a field Engineer at Schlumberger; was Project Manager of McKinsey&Co in Brazil, Mexico and United States of America; responsible for the M&A department at Banco Pactual; Partner of the private fund Newbridge Latin America, affiliated to the Texas Pacific Group. Mr. Camões is a founding partner and executive director of Stratus Group, where he held several management positions in the companies in which the firm invested in. He currently is Chairman and CEO of the car rental company Maestro Locadora de Veículos. Mr. Camões serves as chairman of the board of Senior Solution since Alberto Gaidys Junior Director Mr. Gaidys Junior graduated in Industrial Engineering and Law both from USP - University of São Paulo, and with post-graduate courses in Business School from FGV - Fundação Getúlio Vargas and in Economy and Mathematics from USP. He worked at Duratex and in the emerging market department of Chase Manhattan Bank, was responsible for the treasury of Deutesche Bank and BankBoston in Brazil and for the Latam Products and Services area of UBS Pactual Wealth Management. He is a founding partner at the investment firm iquant Investimentos. Mr. Gaidys Junior serves as Member of the Board since 2005, and is a shareholder of FMIEE Stratus GC. Antonio Luciano Camargo Filho Director and COO Mr. Camargo Filho graduated in Business Administration from PUC-SP - Pontifícia Universidade Católica de São Paulo, and in Marketing from ESPM - Escola Superior de Propaganda & Marketing. He worked as System Analyst at Bunge Group and as Project Manager at Ergondata until He took part in LLoyds downsizing projects in 1993 and in structuring the operating desk at ABN Amro in Mr. Camargo Filho was one of the company s founders in 1996 and currently serves a member of the Board and Chief Operating Officer. Augusto Frederico Caetano Schaffer Director Mr. Schaffer graduated in Mechanical Engineering from UERJ - State University of Rio de Janeiro, has a postgraduate degree in Economics and Finance Engineering from UFF - Universidade Federal Fluminense, and has a Master of Business Administration from FGV. Since 1997 he held management positions in companies like Volkswagen, Light, Votorantim Metais and Graham Packaging, and board positions at Estácio Participações. In 2008, he started working at BNDES, where he currently serves as Manager in the Equity Interest Management department, responsible for tracking BNDESPAR investments in private technology and communications companies. He holds a title as Certified Counselor from IBGC - Brazilian Institute of Corporate Governance. Mr. Schaffer serves as Member of the Boards since April Flavio Cesar Maia Luz Source: Company Independent Director Mr. Luz graduated in Civil Engineering from the Escola Politécnica da USP - Universidade de São Paulo, with post-graduation in Business Administration and Applied Economics from FGV - Fundação Getúlio Vargas, as well as extension courses from institutions like Harvard Business School, Stanford University, California University and Wharton Business School. Mr Luz was the Executive Vice President of Duratex, Vice President of the Board and CEO of Eletropaulo and Financial and Corporate Vice-President of Cofra Latin America (C&A Group). He held various positions on boards of directors, audit committees and advisory boards, having a certificate from IBGC. Currently, he is Managing Partner of consulting firm Doing Business. Mr. Luz serves as an Independent Member of the Board since BANCO FATOR 18

19 Disclosures Assessment Method Used to Calculate the Target Price for Senior Solution s Shares: discounted cash flow at an average rate of 14.1% p.a. and a 5.5% p.a. growth in perpetuity. Risk Assessment: Political, regulatory risks and the risk of not complying with the aggressive growth strategies. Monitoring Senior Solution s shares (SNSL3M) by the current investment analyst started on 8/5/13. Histórico das Recomendações: Date Recommendation Target Price (R$/stock) 8/5/13 HOLD Historical Price, Target Price and Banco Fator Performance Recommendation for Senior Solution stock Mar-13 Mar-13 Apr-13 Apr-13 Apr-13 May-13 May-13 May-13 Jun-13 Jun-13 Jun-13 Jul-13 Jul Aug-13 Price Target Price Banco Fator Recommendations - Criteria and Distribution Distribution Recommendation Criteria Quantity Percentage Buy Hold Shares with expected return above the required return (cost of equity) are eligible to be classified as BUY recommendation Shares with expected return up to 15% below the required return or up to15% above the required return are eligible to be classified as HOLD recommendation Sell Shares with expected return below the required return are eligible to be classified as SELL recommendation Under Revision Total Fator jointed the agreement between APIMEC (Association of Analysts and Investment Professionals of Capital Markets) and BM&FBovespa (Brazilian stock exchange). According to this agreement, Fator was hired by BMF&FBovespa with Apimec as an intermediary to release an issuer paid research on Senior Solution in order to promote the visibility of the Bovespa Mais Corporate Governance Segment. Important U.S. Disclosures The security analyst(s) of the Equity Research Department of Fator S/A Corretora de Valores who prepared this report certify that: (I) The views expressed in the research report accurately reflect the personal views of the security analyst(s) about the security/securities and/or company that are the subject of this report; and (II) No part of the compensation of the security analyst(s) was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report. Fator Securities LLC, Member FINRA/SIPC, is a U.S. entity and a subsidiary of the Fator group of companies in Brazil. U.S persons seeking further information in regard to the products or services offered in this institutional sales material must contact Fator Securities LLC in New York at (646) Fator S/A Corretora de Valores and/or the entities which belong to the same financial group as or are affiliated with Fator S/A Corretora de Valores beneficially own 5% or more of a class of common equity securities of the following companies: Mangels S/A, General Shopping Brasil S/A; Cia Ferro Ligas Bahia Ferbasa; Jereissati Participações S/A; Tuper S/A, Eletrometrô S/A, Companhia Energética do Ceará-Coelce, Minerva S.A; Sonae Sierra Brasil S/A, Cia. Paulista de Securitização, Iochpe-Maxion S/A. Within the past 12 months, Fator S/A Corretora de Valores and/or the entities which belong to the same financial group as Fator S/A Corretora de Valores have managed or co-managed a public offering of the following securities: RB Capital Companhia de Securitização, Santander Agências FII, Subestação Eletrometrô, Concessionária Rodovias Tietê S/A, Brasil Agrosec, JHSF Rio Bravo Fazenda Boa Vista Capital Protegido FII, Polo Capital Securitizadora S/A, VIC Malls & Shoppings FII, FII BTG Pactual Fundo de Fundos, FII General Shopping Ativo e Renda, Iguatemi Shopping Centers S/A, Domo Fundo de Investimento Imobiliário, FII BTG Pactual Malls. Within the past 12 months, Fator S/A Corretora de Valores and/or the entities which belong to the same financial group as Fator S/A Corretora de Valores have received compensation for investment banking services from the following: EMAE Empresa Metropolitana de Águas e Energia S/A, Subestação Eletrometrô, Log-in Logística Intermodal. In the next three months, Fator S/A Corretora de Valores and/or the entities which belong to the same financial group as Fator S/A Corretora de Valores expect to receive or intend to seek compensation for investment banking services from the following: EMAE Empresa Metropolitana de Águas e Energia S/A, Subestação Eletrometrô, Log-in Logística Intermodal. This report is distributed with the unique aim of providing information. This material shall not constitute an offer to sell or the solicitation of any offer to buy (may only be made at the time qualified participants are in receipt of the requisite documentation, e.g., confidential private offering memorandum describing the offering, related subscription agreement, etc.). Securities shall not be offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful or until all applicable regulatory or legal requirements of such jurisdictions have been satisfied. This material is not intended for general public use or distribution and is intended for distribution only to institutional investors. While reasonable care has been undertaken to ensure that the information contained herein is not untrue or misleading, the information contained herein does not represent any guarantee by Fator S/A Corretora de Valores as to the accuracy of the information provided or the quality of this information and should not be construed as such. The opinions contained in this report are based on personal judgments and estimates and are, therefore, subject to revision. Past performances are not indicative of future results. FATOR S/A CORRETORA DE VALORES 19

20 Contacts BANCO FATOR - CORRETORA Rogelio González - CEO Paulo Gala - Strategist Rodrigo G. Moliterno - COO EQUITY RESEARCH Daniel Utsch - Head Financial Institutions and Insurance Companies Pedro Zabeu Food, Retail, Textile & Footwear and Education Guilherme Moura Brasil Taís Novaes Building Material Telecom, Media and Technology (TMT) Giulia Abramovay Yannick Bergamo Daniel Utsch Pedro Zabeu Homebuilders Commodities Renato Maruichi Yannick Bergamo Alessandra Bruna Moratti Malls and Real Estate Brokerage Tales Silva Financial Service Daniel Utsch Yannick Bergamo Healthcare Auto Parts and Capital Goods Pedro Zabeu Gustavo Perez Caio Moreira Daniel Utsch Logistics, Infrastructure and Food Service Gabriel De Gaetano EQUITY SALES Marcelo Junqueira (Brasil) Rodrígo Campos (Internacional) BOVESPA INSTITUCIONAL Trading Desk São Paulo Trading Desk Rio de Janeiro Frederico F. Lukaisus - Head Renato R. Ornelas - Head Eduardo Borges de S. Nobrega Daniel Mendes Luiz Fernando Corino da Fonseca Lucas Paiva de Carvalho Daniel Negrisolo (Buzina) Ricardo Guerra Lucas Neri de Almeida Derivatives Felipe Ribeiro do Valle Stock Loans Roberto Cristiano Carlos Correa de Moraes Calsavara Marcos Ribeiro Nogueira Ramos Fixed Income Ana Luisa Almeida Roger Ono - Head Andre Alirio Eduardo Badari BM&F Wagner Imperatore Nogueira Alessandro Demarchi Angelo Marcio Tamanaha Commodities João Junqueira Luiz Delfante RETAIL / PRIVATE Retail Private Alfredo Sequeira Filho - Head Demetrius Borges Angela Cristiane Di Nieri Thiago Sanches Gomes Pedro Garcia Luis Fernando Giosa de Arruda Richard Goncalves Felipe Pereira Nascimento Eduardo Whitaker Penteado Retail RJ Luiz Henrique Lacerda Martins BANCO FATOR - CORRETORA OFFICES SÃO PAULO RIO DE JANEIRO R. Dr. Renato Paes de Barros, andar Av. Presidente Antonio Carlos, 51-8 andar Itaim Bibi - São Paulo - SP - cep: Rio de Janeiro - RJ - cep: Telefone: +55(11) Telefone: +55(21) Fax: +55(11) Fax: +55(21) FATOR SECURITIES LLC Fator Securities LLC is a wholly owned subsidiary in the Fator Group. U.S Mark Webb Persons seeking further information should contact the U.S Affiliate Tom Stires David Crummy Fator Securities LLC Rowena Dasgupta MEMBER: FINRA/SIPC 500 Fith Ave., Suite 1520 New York, NY 10110

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