Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings 11.75 9.56 16.50 13.33
Price to Sales 2.74 2.24 2.84 2.18
Book Value Per Common Share 29.18 26.43 23.31 23.38
Price to Book 1.26 1.11 1.39 1.13
Price to Operating Cash Flow 9.77 9.13 5.94 3.64
Price to Free Cash Flow 11.31 10.47 6.38 3.81
Enterprise Value to EBITDA
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Price to Earnings 44.94 44.72 36.32 45.83
Price to Sales 11.25 11.06 10.38 10.82 10.41
Book Value Per Common Share 31.67 30.85 30.05 29.18 28.52
Price to Book 1.32 1.28 1.20 1.26 1.24
Price to Operating Cash Flow 33.08 20.57 28.00 55.35 46.90
Price to Free Cash Flow 35.99 21.80 31.42 69.18 56.91
Enterprise Value to EBITDA

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY 1.30 56.35 -0.51
Revenue YoY 1.29 15.46 -4.99
EBITDA YoY
Net Profit YoY 1.26 56.40 0.05
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Earning YoY 5.68 -11.11 -8.33
Revenue YoY 4.46 2.92 2.61 0.03
EBITDA YoY
Net Profit YoY 6.02 -10.76 28.79 -0.21

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share
Quick Ratio
Current Ratio
Debt to Equity 7.73 8.61 10.41 9.80
Long-Term Debt to Equity
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Cash Per Common Share
Quick Ratio
Current Ratio
Debt to Equity 7.00 7.34 7.70 7.73 7.74
Long-Term Debt to Equity

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA 1.22 1.21 0.74 0.78
ROE 10.68 11.66 8.44 8.46
Gross Margin
Operating Margin
EBITDA Margin
Net Profit Margin 23.36 23.37 17.25 16.38
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
ROA 0.37 0.34 0.38 0.30 0.31
ROE 2.95 2.86 3.29 2.64 2.71
Gross Margin
Operating Margin
EBITDA Margin
Net Profit Margin 25.15 24.78 28.58 22.77 22.83

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Dividend Yield 0.00 0.00 0.00 0.00
Dividend Payout Ratio 28.17 24.69 33.49 31.32
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Dividend Yield 0.00 0.00 0.00 0.00 0.00
Dividend Payout Ratio 27.83 27.21 24.27 29.79 29.71

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 4,324,932.00 4,304,477.00 4,519,223.00 4,263,849.00
      Cash and Short-Term Investments 0 0 0 0
            Cash and Cash Equivalents 70,543.00 83,118.00 72,114.00 65,313.00
            Short-Term Investments 425,918.00 337,902.00 413,294.00 654,611.00
      Net Receivables 0 0 0 0
      Inventory 0 0 0 0
      Other Current Assets 0 0 0 0
      Property, Plant, Equipment Net 81,952.00 81,266.00 82,138.00 83,412.00
      Goodwill 0 0 0 0
      Intangible Assets 0 0 0 0
      Long-Term Investments 972,899.00 966,374.00 1,074,048.00 995,073.00
      Non-Current Deferred Assets 0 0 0 0
      Other Non-Current Assets 0 0 0 0
Liabilities 3,829,615.00 3,856,445.00 4,123,185.00 3,868,925.00
      Payables and Expenses 0 0 0 0
            Account Payables 0 0 0 0
            Current Accrued Liabilities 0 0 0 0
      Short-Term Debt 2,064.00 8,384.00 50,211.00 34,557.00
      Other Current Liabilities 0 0 0 0
      Long-Term Debt 53,681.00 53,202.00 53,400.00 53,771.00
      Other Non-Current Liabilities 0 0 0 0
Equity 495,317.00 448,032.00 396,038.00 394,924.00
   Shareholders Equity 495,317.00 448,032.00 396,038.00 394,924.00
      Capital Stock 170.00 170.00 170.00 169.00
      Share Premium 37,684.00 36,326.00 37,331.00 34,423.00
      Retained Earnings 463,949.00 426,275.00 387,009.00 364,788.00
      Treasury Shares 0 0 0 0
      Accumulated Other Comprehensive Income -6,486.00 -22,146.00 -37,229.00 -16,214.00
   Minority Interest 0 0 0 0
Debt 55,745.00 61,586.00 103,611.00 88,328.00
Net Debt 0 0 31,497.00 23,015.00
Common Shares Outstanding 16,974.51 16,950.22 16,986.78 16,892.06
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 226,503.00 223,614.00 193,669.00 203,837.00
Interest Income 194,657.00 181,068.00 131,910.00 106,351.00
Interest Expense 35,719.00 22,080.00 6,888.00 3,490.00
Non-Interest Expense 156,904.00 150,039.00 145,100.00 155,939.00
   Selling, General and Administrative Expenses 105,294.00 100,041.00 96,414.00 111,234.00
EBT 65,568.00 63,861.00 41,075.00 49,451.00
Income Tax 13,924.00 13,040.00 7,798.00 9,835.00
Net Income Including Non-Controlling Interests 51,644.00 50,821.00 33,277.00 39,616.00
Net Income Non-Controlling Interests 1,271.00 1,437.00 135.00 -6,220.00
Net Income 52,915.00 52,258.00 33,412.00 33,396.00
Deprecation and Amortization 7,831.00 8,078.00 7,756.00 7,714.00
EPS 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 16,943.00 16,987.00 16,951.00 16,863.00
Average Shares Outstanding Diluted 16,969.00 17,023.00 16,985.00 16,893.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 63,573.00 54,782.00 92,692.00 122,170.00
   Operating Net Income 52,915.00 52,258.00 33,412.00 33,396.00
   Deprecation and Amortization 7,831.00 8,078.00 7,756.00 7,714.00
   Deferred Income Tax -1,032.00 -483.00 -3,870.00 -4,157.00
   Share Based Compensation 1,802.00 1,237.00 1,630.00 843.00
   Change in Working Capital 339.00 -5,402.00 93.00 2,874.00
   Other Operating Activities 1,718.00 -906.00 53,671.00 81,500.00
Investing Cash Flow 68,352.00 -68,541.00 -765,825.00 -453,966.00
   Capital Expenditure 0 0 0 0
   Net Purchase/Sale of PPE -8,688.00 -7,046.00 -6,322.00 -5,193.00
   Net Purchase/Sale of Investments Net -4,282.00 116,580.00 -131,828.00 -518,022.00
   Net Purchase/Sale of Business 0 0 2,867.00 2,657.00
   Other Investing Activities 81,322.00 -178,075.00 -630,542.00 66,592.00
Financing Cash Flow -52,138.00 -274,824.00 238,429.00 438,601.00
   Net Issuance/Repayment of Debt -6,558.00 -21,651.00 21,865.00 -47,270.00
   Net Issuance/Repurchase of Equity -2,330.00 -3,710.00 0 0
   Dividends Paid -14,906.00 -12,905.00 -11,191.00 -10,459.00
   Other Financing Activities -28,344.00 -236,558.00 227,755.00 496,330.00
Net Change in Cash 79,787.00 -288,583.00 -434,704.00 106,805.00
   Cash at Beginning of Period 312,067.00 600,650.00 1,035,354.00 928,549.00
   Cash at End of Period 391,854.00 312,067.00 600,650.00 1,035,354.00
Free Cash Flow 54,885.00 47,736.00 86,370.00 116,977.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Assets 4,323,774.00 4,391,753.00 4,461,233.00 4,324,932.00 4,225,316.00
      Cash and Short-Term Investments 0 0 0 0 0
            Cash and Cash Equivalents 68,397.00 78,485.00 78,521.00 70,543.00 83,431.00
            Short-Term Investments 431,722.00 451,157.00 464,540.00 425,918.00 336,187.00
      Net Receivables 0 0 0 0 0
      Inventory 0 0 0 0 0
      Other Current Assets 0 0 0 0 0
      Property, Plant, Equipment Net 79,748.00 79,906.00 80,043.00 81,952.00 81,876.00
      Goodwill 0 0 0 0 0
      Intangible Assets 0 0 0 0 0
      Long-Term Investments 984,137.00 999,298.00 980,715.00 972,899.00 904,643.00
      Non-Current Deferred Assets 0 0 0 0 0
      Other Non-Current Assets 0 0 0 0 0
Liabilities 3,783,139.00 3,865,330.00 3,948,658.00 3,829,615.00 3,742,000.00
      Payables and Expenses 0 0 0 0 0
            Account Payables 0 0 0 0 0
            Current Accrued Liabilities 0 0 0 0 0
      Short-Term Debt 40,244.00 34,541.00 37,200.00 2,064.00 37,268.00
      Other Current Liabilities 0 0 0 0 0
      Long-Term Debt 43,262.00 43,262.00 53,681.00 53,681.00 53,681.00
      Other Non-Current Liabilities 0 0 0 0 0
Equity 540,635.00 526,423.00 512,575.00 495,317.00 483,316.00
   Shareholders Equity 540,635.00 526,423.00 512,575.00 495,317.00 483,316.00
      Capital Stock 171.00 171.00 171.00 170.00 169.00
      Share Premium 40,067.00 39,527.00 38,576.00 37,684.00 36,070.00
      Retained Earnings 499,176.00 487,665.00 476,715.00 463,949.00 454,342.00
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income 1,221.00 -940.00 -2,887.00 -6,486.00 -14,082.00
   Minority Interest 0 0 0 0 0
Debt 83,506.00 77,803.00 90,881.00 55,745.00 90,949.00
Net Debt 15,109.00 0 12,360.00 0 7,518.00
Common Shares Outstanding 17,068.65 17,066.40 17,054.79 16,974.51 16,944.37
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30
Revenues 63,413.00 60,707.00 58,985.00 57,482.00 57,464.00 0
Interest Income 51,431.00 51,459.00 49,782.00 49,743.00 49,328.00 0
Interest Expense 7,874.00 8,275.00 8,235.00 8,640.00 9,117.00 0
Non-Interest Expense 40,441.00 40,047.00 36,232.00 39,401.00 40,661.00 0
   Selling, General and Administrative Expenses 26,646.00 27,176.00 26,945.00 27,216.00 26,772.00 0
EBT 21,091.00 20,040.00 21,985.00 17,380.00 15,597.00 0
Income Tax 5,141.00 4,996.00 5,127.00 4,219.00 2,980.00 0
Net Income Including Non-Controlling Interests 15,950.00 15,044.00 16,858.00 13,161.00 12,617.00 0
Net Income Non-Controlling Interests 0 0 0 -71.00 501.00 0
Net Income 15,950.00 15,044.00 16,858.00 13,090.00 13,118.00 0
Deprecation and Amortization 1,899.00 1,906.00 1,850.00 1,913.00 1,788.00 0
EPS 0.00 0.00 0.00 0 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0 0.00 0.00
Average Shares Outstanding Basic 17,068.00 17,056.00 17,027.00 0 16,943.00 16,931.00
Average Shares Outstanding Diluted 17,114.00 17,088.00 17,044.00 0 16,979.00 16,960.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Operating Cash Flow 21,563.00 32,624.00 21,867.00 11,239.00 12,750.00
   Operating Net Income 15,950.00 15,044.00 16,858.00 13,090.00 13,118.00
   Deprecation and Amortization 1,899.00 1,906.00 1,850.00 1,913.00 1,788.00
   Deferred Income Tax 1,038.00 1,512.00 -121.00 -2,432.00 2,746.00
   Share Based Compensation 448.00 526.00 399.00 663.00 424.00
   Change in Working Capital 694.00 10,533.00 921.00 -6,252.00 1,801.00
   Other Operating Activities 1,534.00 3,103.00 1,960.00 4,257.00 -7,127.00
Investing Cash Flow 59,520.00 11,886.00 -6,070.00 -45,499.00 6,484.00
   Capital Expenditure 0 0 0 0 0
   Net Purchase/Sale of PPE -1,745.00 -1,840.00 -2,382.00 -2,246.00 -2,244.00
   Net Purchase/Sale of Investments Net 17,726.00 -15,415.00 -3,233.00 -73,603.00 918.00
   Net Purchase/Sale of Business 0 0 0 0 0
   Other Investing Activities 43,539.00 29,141.00 -455.00 30,350.00 7,810.00
Financing Cash Flow -88,586.00 -95,671.00 116,912.00 80,904.00 -22,003.00
   Net Issuance/Repayment of Debt 5,703.00 -12,964.00 8,896.00 -8,964.00 11,283.00
   Net Issuance/Repurchase of Equity 91.00 424.00 195.00 -634.00 98.00
   Dividends Paid -4,439.00 -4,094.00 -4,092.00 -3,899.00 -3,897.00
   Other Financing Activities -89,941.00 -79,037.00 111,913.00 94,401.00 -29,487.00
Net Change in Cash -7,503.00 -51,161.00 132,709.00 46,644.00 -2,769.00
   Cash at Beginning of Period 473,402.00 524,563.00 391,854.00 345,210.00 347,979.00
   Cash at End of Period 465,899.00 473,402.00 524,563.00 391,854.00 345,210.00
Free Cash Flow 19,818.00 30,784.00 19,485.00 8,993.00 10,506.00