MULT3 - Multiplan

Multiplan has interesting key features:

• Needs low investments to keep going on. Of the total invested in 2011 less than 6% was directed to maintenance;
• Nice return projected on new investments: 15.6%. I think that ROE is lower because older assets are updated  to reflect market value increases;
• Assets are cash and properties, that don't depreciate like machinery (in fact, are protected of inflation). Net income is also adjusted by inflation

FFO (Net Income + Depreciation), that's very similar to CFO, is nearly 400 millions (6.4% of market value).
I think it's not at an adequate price right now, but it's a company I wish to have if market offers this opportunity.

LAME4 - Lojas Americanas

Very brief analysis of LAME:

I gave it up because it's not cheap, its debt level is high for its expansion plan, needs lot of capital to increase (receivables)...

CGRA4 - Grazziotin

CGRA reached a nice valuation. It generated an average of 36 million in cash per year in 2009/2010 and invested just 15 millions (investment for expansion included). So FCF is about 20 millions, a yield of 7%.
Grazziotin also have nearly 100 millions in reforestation, lands, buildings and benefactories, more 70 millions in cash. And receivables.

P/E: 8.40
P/BV: 1.0
Yield: 7.0%