COMP <GO>

AZUL vs VLRS // EV/EBITDA & P/E VALUATION

Azul S.A. each representing two (2) (NYSE) VS. Controladora Vuela Compania de Aviacion S.A.B. de C.V. each representing ten (10) Ordinary Participation Certificates (NYSE) • 15-METRIC TALLY: AZUL 1 — VLRS 1

■ METRIC PARITY

AZUL — Azul S.A. each representing two (2) ROARABLE C- • RQD 61/100

LAST: $3.86 (+2.39%) • MKT CAP: $773.6M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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VLRS — Controladora Vuela Compania de Aviacion S.A.B. de C.V. each representing ten (10) Ordinary Participation Certificates ROARABLE C • RQD 62/100

LAST: $6.20 (+1.64%) • MKT CAP: $720.4M

DES <GO> FA <GO> 10-K RED <GO>

valuation

—

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (AZUL VS. VLRS) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	AZUL	VLRS	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	—	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	—	—	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	25.6	57.7	-32.19	VLRS	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$773.6M	$720.4M	$53.2M	AZUL	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	AZUL REV	VLRS REV	AZUL GROSS %	VLRS GROSS %	AZUL FCF	VLRS FCF
INSPECT INDIVIDUAL XBRL MODELS AT AZUL FA <GO> AND VLRS FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

AZUL // BETA —

VLRS // BETA —