Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings 11.82 81.78 -3.03 -1.44
Price to Sales 0.97 2.33 2.00 1.13
Book Value Per Common Share 4.06 3.90 3.92 6.50
Price to Book 0.96 1.89 1.27 0.32
Price to Operating Cash Flow 12.66 -35.45 14.19 -4.71
Price to Free Cash Flow -2.95 -10.92 -42.62 -3.57
Enterprise Value to EBITDA 20199.14 56015.78 96582.39
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Price to Earnings 26.90 12.20 -31.29 35.45 137.25
Price to Sales 2.67 1.63 2.46 3.69 5.70
Book Value Per Common Share 3.99 4.29 4.07 4.06 3.93
Price to Book 0.67 0.43 0.54 0.96 1.40
Price to Operating Cash Flow 10.28 69.32 3.84 -236.36 28.48
Price to Free Cash Flow 19.39 -61.62 4.69 -5.00 -9.91
Enterprise Value to EBITDA 58941.05 32938.88 60123.88 75527.24 127934.52

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY 266.67
Revenue YoY 30.97 73.86 80.92
EBITDA YoY 42.51
Net Profit YoY 271.49
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Earning YoY -33.33 175.00
Revenue YoY 3.51 23.59 -17.67 8.90
EBITDA YoY -0.61 50.57 -31.07 17.35
Net Profit YoY -20.80 171.13

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 0.25 0.42 0.61 0.26
Quick Ratio 1.14 0.99 0.40 1.26
Current Ratio 1.26 1.14 0.47 1.49
Debt to Equity 2.44 2.13 2.34 2.46
Long-Term Debt to Equity 2.03 1.76 1.51 2.33
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Cash Per Common Share 0.83 0.39 0.70 0.25 0.74
Quick Ratio 1.51 1.13 1.11 1.14 1.31
Current Ratio 1.63 1.28 1.25 1.26 1.41
Debt to Equity 2.09 2.31 2.49 2.44 2.38
Long-Term Debt to Equity 1.73 1.95 2.07 2.03 1.97

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA 2.40 0.72 -9.75 -6.27
ROE 8.27 2.25 -32.61 -21.69
Gross Margin 87.02 84.78 73.75 51.24
Operating Margin 33.82 27.80 -33.57 -36.85
EBITDA Margin 46.80 43.01 -7.32 11.90
Net Profit Margin 8.12 2.86 -65.98 -78.68
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
ROA 0.79 1.05 -0.50 0.77 0.29
ROE 2.44 3.47 -1.73 2.65 0.98
Gross Margin 86.43 86.29 83.43 86.43 86.84
Operating Margin 33.53 35.34 23.68 34.51 31.46
EBITDA Margin 47.09 49.05 40.26 48.08 44.62
Net Profit Margin 10.03 13.11 -7.80 10.00 4.01

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Dividend Yield 0.00
Dividend Payout Ratio 92.94
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Dividend Yield 0.00 0.00 0.00
Dividend Payout Ratio -27.81 17.87 246.39

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 3,419,600.00 3,080,100.00 3,001,700.00 3,080,300.00
   Current Assets 516,600.00 409,900.00 349,900.00 176,200.00
      Cash and Short-Term Investments 61,600.00 102,500.00 108,000.00 34,900.00
            Cash and Cash Equivalents 61,600.00 102,500.00 108,000.00 34,900.00
            Short-Term Investments 0 0 0 0
      Net Receivables 404,200.00 255,900.00 190,900.00 113,100.00
      Inventory 0 0 0 0
      Other Current Assets 50,800.00 51,500.00 51,000.00 28,200.00
   Non-Current Assets 2,903,000.00 2,670,200.00 2,651,800.00 2,904,100.00
      Property, Plant, Equipment Net 2,826,800.00 2,588,300.00 2,598,200.00 2,871,300.00
      Goodwill 0 0 0 0
      Intangible Assets 0 0 0 0
      Long-Term Investments 14,500.00 15,700.00 20,600.00 19,400.00
      Non-Current Deferred Assets 60,800.00 65,100.00 22,100.00 5,100.00
      Other Non-Current Assets 900.00 1,100.00 10,900.00 8,300.00
Liabilities 2,426,300.00 2,096,100.00 2,103,900.00 2,190,400.00
   Current Liabilities 409,600.00 360,400.00 745,600.00 117,900.00
      Payables and Expenses 243,700.00 211,400.00 240,500.00 111,900.00
            Account Payables 81,600.00 35,500.00 47,700.00 34,700.00
            Current Accrued Liabilities 100,000.00 120,100.00 158,700.00 61,600.00
      Short-Term Debt 118,500.00 83,400.00 446,400.00 700.00
      Other Current Liabilities 47,400.00 65,600.00 58,700.00 5,300.00
   Non-Current Liabilities 2,016,700.00 1,735,700.00 1,358,300.00 2,072,500.00
      Long-Term Debt 1,992,500.00 1,618,800.00 1,191,100.00 1,915,900.00
      Other Non-Current Liabilities 24,200.00 116,900.00 167,200.00 156,600.00
Equity 993,300.00 984,000.00 897,800.00 889,900.00
   Shareholders Equity 993,300.00 984,000.00 897,800.00 889,900.00
      Capital Stock 26,500.00 26,500.00 23,000.00 13,800.00
      Share Premium 2,264,500.00 2,325,300.00 2,265,600.00 1,978,000.00
      Retained Earnings -1,276,800.00 -1,358,900.00 -1,381,000.00 -1,088,200.00
      Treasury Shares 20,900.00 8,900.00 9,800.00 13,700.00
      Accumulated Other Comprehensive Income 0 0 0 0
   Minority Interest 0 0 0 0
Debt 2,111,000.00 1,702,200.00 1,637,500.00 1,916,600.00
Net Debt 2,049,000.00 1,599,200.00 1,488,200.00 1,881,000.00
Common Shares Outstanding 244,926.82 252,582.04 228,948.09 136,811.84
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 1,010,600.00 771,600.00 443,800.00 245,300.00
Cost Of Revenue 131,200.00 117,400.00 116,500.00 119,600.00
Interest Income 7,700.00 4,900.00 5,400.00 0
Interest Expense 201,500.00 158,400.00 125,400.00 92,900.00
Non-Interest Expense 49,200.00 45,100.00 36,800.00 34,700.00
Gross Profit 879,400.00 654,200.00 327,300.00 125,700.00
Operating Expenses 505,600.00 404,400.00 301,700.00 215,200.00
   Selling, General and Administrative Expenses 49,200.00 45,100.00 36,800.00 34,700.00
Operating Income 373,800.00 249,800.00 25,600.00 -89,500.00
Net Non-Operating Income 0 0 2,000.00 3,600.00
EBT 140,300.00 56,100.00 -274,400.00 -183,300.00
Income Tax 58,200.00 34,000.00 18,400.00 9,700.00
Net Income Including Non-Controlling Interests 82,100.00 22,100.00 -292,800.00 -193,000.00
Net Income 82,100.00 22,100.00 -292,800.00 -193,000.00
EBIT 341,800.00 214,500.00 -149,000.00 -90,400.00
Deprecation and Amortization 131,200.00 117,400.00 116,500.00 119,600.00
EBITDA 473,000.00 331,900.00 -32,500.00 29,200.00
EPS 0.00 0.00 -0.00 -0.00
Diluted EPS 0.00 0.00 -0.00 -0.00
Average Shares Outstanding Basic 250,891.11 244,270.40 178,404.64 134,726.34
Average Shares Outstanding Diluted 254,464.30 248,150.61 178,404.64 134,726.34
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 77,300.00 -50,700.00 62,500.00 -58,900.00
   Operating Net Income 82,100.00 22,100.00 -292,800.00 -193,000.00
   Deprecation and Amortization 131,200.00 117,400.00 116,500.00 119,600.00
   Deferred Income Tax 700.00 -16,500.00 -2,100.00 -500.00
   Share Based Compensation 9,100.00 5,600.00 2,600.00 900.00
   Change in Working Capital -122,400.00 -156,200.00 71,000.00 18,100.00
   Other Operating Activities -23,400.00 -23,100.00 167,300.00 -4,000.00
Investing Cash Flow -409,400.00 -104,200.00 -82,600.00 40,900.00
   Capital Expenditure 0 0 0 0
   Net Purchase/Sale of PPE -409,400.00 -114,000.00 -82,600.00 -16,200.00
   Net Purchase/Sale of Investments Net 0 0 0 0
   Net Purchase/Sale of Business 0 0 0 10,600.00
   Other Investing Activities 0 0 0.00 46,500.00
Financing Cash Flow 292,000.00 139,000.00 92,600.00 44,800.00
   Net Issuance/Repayment of Debt 385,900.00 80,900.00 -205,500.00 0
   Net Issuance/Repurchase of Equity -19,900.00 57,300.00 298,100.00 44,800.00
   Dividends Paid -76,300.00 0 0 0
   Other Financing Activities 2,300.00 800.00 0.00 0
Net Change in Cash -40,100.00 -15,900.00 72,500.00 26,800.00
   Cash at Beginning of Period 102,600.00 118,500.00 46,000.00 19,200.00
   Cash at End of Period 62,500.00 102,600.00 118,500.00 46,000.00
Free Cash Flow -332,100.00 -164,700.00 -20,800.00 -77,800.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Assets 3,522,000.00 3,351,700.00 3,402,200.00 3,419,600.00 3,343,300.00
   Current Assets 665,400.00 468,300.00 516,900.00 516,600.00 582,600.00
      Cash and Short-Term Investments 227,800.00 92,400.00 170,000.00 61,600.00 185,700.00
            Cash and Cash Equivalents 227,800.00 92,400.00 170,000.00 61,600.00 185,700.00
            Short-Term Investments 0 0 0 0 0
      Net Receivables 390,600.00 323,200.00 287,500.00 404,200.00 354,200.00
      Inventory 0 0 0 0 0
      Other Current Assets 47,000.00 52,700.00 59,400.00 50,800.00 42,700.00
   Non-Current Assets 2,856,600.00 2,883,400.00 2,885,300.00 2,903,000.00 2,760,700.00
      Property, Plant, Equipment Net 2,772,900.00 2,795,300.00 2,810,000.00 2,826,800.00 2,699,300.00
      Goodwill 0 0 0 0 0
      Intangible Assets 0 0 0 0 0
      Long-Term Investments 12,200.00 12,500.00 12,700.00 14,500.00 17,000.00
      Non-Current Deferred Assets 69,500.00 73,200.00 58,400.00 60,800.00 44,400.00
      Other Non-Current Assets 2,000.00 2,400.00 4,200.00 900.00 0.00
Liabilities 2,381,900.00 2,339,100.00 2,427,300.00 2,426,300.00 2,355,100.00
   Current Liabilities 409,200.00 367,100.00 412,400.00 409,600.00 413,000.00
      Payables and Expenses 236,700.00 185,900.00 233,800.00 243,700.00 271,100.00
            Account Payables 58,400.00 63,800.00 60,800.00 81,600.00 59,000.00
            Current Accrued Liabilities 149,200.00 96,300.00 139,500.00 100,000.00 157,400.00
      Short-Term Debt 118,300.00 118,400.00 118,400.00 118,500.00 109,900.00
      Other Current Liabilities 54,200.00 62,800.00 60,200.00 47,400.00 32,000.00
   Non-Current Liabilities 1,972,700.00 1,972,000.00 2,014,900.00 2,016,700.00 1,942,100.00
      Long-Term Debt 1,937,600.00 1,933,400.00 1,996,600.00 1,992,500.00 1,889,100.00
      Other Non-Current Liabilities 35,100.00 38,600.00 18,300.00 24,200.00 53,000.00
Equity 1,140,100.00 1,012,600.00 974,900.00 993,300.00 988,200.00
   Shareholders Equity 1,140,100.00 1,012,600.00 974,900.00 993,300.00 988,200.00
      Capital Stock 29,500.00 24,500.00 24,500.00 26,500.00 26,500.00
      Share Premium 2,360,900.00 2,266,700.00 2,263,800.00 2,264,500.00 2,273,800.00
      Retained Earnings -1,230,800.00 -1,258,600.00 -1,293,700.00 -1,276,800.00 -1,303,100.00
      Treasury Shares 19,500.00 20,000.00 19,700.00 20,900.00 9,000.00
      Accumulated Other Comprehensive Income 0 0 0 0 0
   Minority Interest 0 0 0 0 0
Debt 2,055,900.00 2,051,800.00 2,115,000.00 2,111,000.00 1,999,000.00
Net Debt 1,827,900.00 1,959,100.00 1,944,700.00 2,049,000.00 1,812,800.00
Common Shares Outstanding 285,872.80 236,224.87 239,308.56 244,926.82 251,175.37
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Revenues 277,100.00 267,700.00 216,600.00 263,100.00 241,600.00
Cost Of Revenue 37,600.00 36,700.00 35,900.00 35,700.00 31,800.00
Interest Income 1,800.00 1,200.00 1,300.00 1,600.00 2,000.00
Interest Expense 53,800.00 54,700.00 55,600.00 54,900.00 50,800.00
Non-Interest Expense 12,800.00 12,300.00 11,100.00 12,200.00 12,000.00
Gross Profit 239,500.00 231,000.00 180,700.00 227,400.00 209,800.00
Operating Expenses 141,300.00 134,500.00 120,900.00 126,200.00 126,300.00
   Selling, General and Administrative Expenses 12,800.00 12,300.00 11,100.00 12,200.00 12,000.00
Operating Income 98,200.00 96,500.00 59,800.00 101,200.00 83,500.00
EBT 39,100.00 39,900.00 -4,300.00 35,900.00 25,200.00
Income Tax 11,300.00 4,800.00 12,600.00 9,600.00 15,500.00
Net Income Including Non-Controlling Interests 27,800.00 35,100.00 -16,900.00 26,300.00 9,700.00
Net Income 27,800.00 35,100.00 -16,900.00 26,300.00 9,700.00
EBIT 92,900.00 94,600.00 51,300.00 90,800.00 76,000.00
Deprecation and Amortization 37,600.00 36,700.00 35,900.00 35,700.00 31,800.00
EBITDA 130,500.00 131,300.00 87,200.00 126,500.00 107,800.00
EPS 0.00 0.00 -0.00 0.00 0.00
Diluted EPS 0.00 0.00 -0.00 0.00 0.00
Average Shares Outstanding Basic 275,460.33 238,907.13 243,386.19 248,704.90 250,974.77
Average Shares Outstanding Diluted 311,607.78 273,877.73 243,386.19 285,325.45 254,890.90
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Operating Cash Flow 72,100.00 6,300.00 138,700.00 -4,100.00 48,400.00
   Operating Net Income 27,800.00 35,100.00 -16,900.00 26,300.00 9,700.00
   Deprecation and Amortization 37,600.00 36,700.00 35,900.00 35,700.00 31,800.00
   Deferred Income Tax 900.00 -5,500.00 -500.00 8,100.00 3,000.00
   Share Based Compensation 2,500.00 2,600.00 3,400.00 3,000.00 2,500.00
   Change in Working Capital 1,200.00 -67,400.00 104,600.00 -76,700.00 -7,600.00
   Other Operating Activities 2,100.00 4,800.00 12,200.00 -500.00 9,000.00
Investing Cash Flow -33,900.00 -13,400.00 -25,100.00 -189,900.00 -187,400.00
   Capital Expenditure 0 0 0 0 0
   Net Purchase/Sale of PPE -33,900.00 -13,400.00 -25,100.00 -189,900.00 -187,400.00
   Net Purchase/Sale of Investments Net 0 0 0 0 0
   Net Purchase/Sale of Business 0 0 0 0 0
   Other Investing Activities 0.00 0.00 0.00 0.00 0.00
Financing Cash Flow 97,200.00 -70,700.00 -4,900.00 69,900.00 131,100.00
   Net Issuance/Repayment of Debt 0 -70,700.00 0 94,100.00 154,400.00
   Net Issuance/Repurchase of Equity 96,900.00 0 -200.00 -19,900.00 0
   Dividends Paid 0 0 -4,700.00 -4,700.00 -23,900.00
   Other Financing Activities 300.00 0.00 0.00 400.00 600.00
Net Change in Cash 135,400.00 -77,800.00 108,700.00 -124,100.00 -7,900.00
   Cash at Beginning of Period 93,400.00 171,200.00 62,500.00 186,600.00 194,500.00
   Cash at End of Period 228,800.00 93,400.00 171,200.00 62,500.00 186,600.00
Free Cash Flow 38,200.00 -7,100.00 113,600.00 -194,000.00 -139,000.00