COMP <GO>

UGP vs NJR // EV/EBITDA & P/E VALUATION

Ultrapar Participacoes S.A. (Each representing one Common Share) (NYSE) VS. NewJersey Resources Corporation (NYSE) • 15-METRIC TALLY: UGP 1 — NJR 2

■ METRIC PARITY

UGP — Ultrapar Participacoes S.A. (Each representing one Common Share) ROARABLE D • RQD 50/100

LAST: $5.97 (-2.45%) • MKT CAP: $6.64B

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

valuation

—

NJR — NewJersey Resources Corporation ROARABLE B- • RQD 70/100

LAST: $53.11 (+0.64%) • MKT CAP: $5.39B

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

valuation

10.6x

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

INSTITUTIONAL METRIC	UGP	NJR	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	16.30%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	10.6x	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	8.65%	—	TIE	/fcf-yield <GO>
Operating Margin	—	37.70%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	24.80%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	9.90%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	3.34%	-3.34	NJR	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	—	7/9	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	21.1	56.8	-35.76	NJR	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	15.0x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$6.64B	$5.39B	$1.25B	UGP	/market-cap <GO>

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

FISCAL YEAR	UGP REV	NJR REV	UGP GROSS %	NJR GROSS %	UGP FCF	NJR FCF
FY 2025	—	$1.35B	—	—	—	$466.3M
FY 2024	—	$1.23B	—	—	—	$427.4M
FY 2023	—	$1.11B	—	—	—	$479.0M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

UGP // BETA —

NJR // BETA —