Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings 11.01 14.29 13.37 13.60
Price to Sales 48.39 61.42 70.40 4.02
Book Value Per Common Share 17.84 17.15 16.07 19.13
Price to Book 1.04 1.31 1.42 1.37
Price to Operating Cash Flow 8.59 10.19 10.21 11.82
Price to Free Cash Flow 9.12 10.93 11.28 12.49
Enterprise Value to EBITDA 21465.24 39432.60 54742.87
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31
Price to Earnings 47.17 47.35 49.07 48.02 53.66 53.45 55.41
Price to Sales 10.50 10.07 214.27 11.23 217.11 185.43 213.49
Book Value Per Common Share 18.93 18.46 18.20 17.84 17.99 17.01 17.15 16.50 16.07 17.57
Price to Book 1.05 1.03 1.11 1.04 1.09 1.10 1.31 1.30 1.42 1.39
Price to Operating Cash Flow 26.93 34.17 194.96 45.56 49.92 34.50 67.53
Price to Free Cash Flow 27.98 36.23 296.32 46.63 57.38 35.53 81.95
Enterprise Value to EBITDA 153067.40 154473.82 234474.58 347115.98

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY 7.64 -8.19 -10.94
Revenue YoY 5.39 10.92 -95.10
EBITDA YoY 53.71 34.25
Net Profit YoY 7.50 -9.28 -12.19
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31
Earning YoY 5.00 -2.44 0.00 17.14 -12.50 -9.09
Revenue YoY 0.54 1905.63 -94.62 1931.79 -25.83 -0.50
EBITDA YoY 32.41 27.90
Net Profit YoY 7.09 -3.58 -0.29 18.94 -15.14 -9.31

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 8.27 3.73 3.56
Quick Ratio
Current Ratio
Debt to Equity 8.48 8.59 8.84 6.72
Long-Term Debt to Equity
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31
Cash Per Common Share 7.48 8.18 3.05 3.72 3.39 3.55 7.31
Quick Ratio
Current Ratio
Debt to Equity 8.06 8.12 8.26 8.48 8.63 8.64 8.59 8.51 8.84 7.44
Long-Term Debt to Equity

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA 0.99 0.96 1.08 1.30
ROE 9.43 9.20 10.68 10.06
Gross Margin 62.59 96.66 -44.55
Operating Margin 2214.11 1487.14 1188.62
EBITDA Margin 2279.36 1562.82 1291.21
Net Profit Margin 442.44 433.77 530.34 29.61
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31
ROA 0.24 0.23 0.24 0.24 0.21 0.26 0.30
ROE 2.21 2.12 2.23 2.28 2.03 2.45 2.50
Gross Margin 83.61 27.62 80.19 50.11
Operating Margin 1349.86 1346.97 732.70 549.78
EBITDA Margin 1413.26 1418.51 794.60 618.14
Net Profit Margin 22.38 21.01 437.01 23.57 402.58 351.89 386.06

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Dividend Yield 0.00
Dividend Payout Ratio 52.70
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31
Dividend Yield 0.00 0.00 0.00
Dividend Payout Ratio 60.13 64.39 61.48

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 2,610,653.00 2,515,584.00 2,454,307.00 2,327,648.00
   Deposits 2,093,909.00 2,014,806.00 1,997,593.00 0
      Cash and Short-Term Investments 126,174.00 56,878.00 55,048.00 0
            Cash and Cash Equivalents 126,174.00 56,878.00 55,048.00 104,948.00
            Short-Term Investments 0 0 0 517,679.00
      Net Receivables 8,735.00 9,140.00 8,653.00 7,235.00
      Inventory 0 0 0 0
      Other Current Assets 0 0 0 0
      Property, Plant, Equipment Net 24,489.00 25,202.00 25,707.00 20,683.00
      Goodwill 52,505.00 52,505.00 52,505.00 52,505.00
      Intangible Assets 2,080.00 2,469.00 2,877.00 3,316.00
      Long-Term Investments 0 0 0 517,679.00
      Non-Current Deferred Assets 19,098.00 17,441.00 20,884.00 0
      Other Non-Current Assets 0 0 0 0
Liabilities 2,335,369.00 2,253,203.00 2,204,982.00 2,026,243.00
      Payables and Expenses 0 0 0 23,628.00
            Account Payables 0 0 0 23,628.00
            Current Accrued Liabilities 0 0 0 0
      Short-Term Debt 2,488.00 33,874.00 80,062.00 0
      Other Current Liabilities 0 0 0 0
      Long-Term Debt 0 0 0 75,752.00
      Other Non-Current Liabilities 0 0 0 0
Equity 275,284.00 262,381.00 249,325.00 301,405.00
   Shareholders Equity 275,284.00 262,381.00 249,325.00 301,405.00
      Capital Stock 16,030.00 16,030.00 16,030.00 16,030.00
      Share Premium 143,565.00 144,388.00 143,950.00 144,453.00
      Retained Earnings 165,778.00 157,028.00 151,743.00 142,612.00
      Treasury Shares -13,328.00 -16,628.00 -12,520.00 6,716.00
      Accumulated Other Comprehensive Income -36,761.00 -38,437.00 -49,878.00 5,026.00
   Minority Interest 0 0 0 0
Investments 185,197.00 199,046.00 270,087.00 0
Debt 42,218.00 73,422.00 119,434.00 75,752.00
Net Debt 0 16,544.00 64,386.00 0
Common Shares Outstanding 15,433.49 15,295.14 15,518.82 15,759.09
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 5,867.00 5,567.00 5,019.00 102,387.00
Cost Of Revenue 2,195.00 186.00 7,255.00 0
Interest Income 128,078.00 113,504.00 92,647.00 84,501.00
Interest Expense 48,963.00 33,104.00 9,519.00 6,562.00
Net Interest 79,115.00 80,400.00 83,128.00 0
Non-Interest Income 29,209.00 24,417.00 24,432.00 0
Non-Interest Expense 74,258.00 -74,148.00 -67,955.00 61,039.00
Provisions for Credit Losses 2,195.00 186.00 7,255.00 0
Gross Profit 3,672.00 5,381.00 -2,236.00 0
   Selling, General and Administrative Expenses 105,276.00 59,631.00 56,177.00 37,603.00
EBT 80,939.00 49,685.00 50,138.00 37,687.00
Income Tax 5,913.00 6,335.00 5,732.00 7,133.00
Net Income Including Non-Controlling Interests 0 0 0 30,554.00
Net Income 25,958.00 24,148.00 26,618.00 30,313.00
EBIT 129,902.00 82,789.00 59,657.00 0
Deprecation and Amortization 3,828.00 4,213.00 5,149.00 2,130.00
EBITDA 133,730.00 87,002.00 64,806.00 0
EPS 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 15,262.50 15,241.86 15,455.43 15,765.64
Average Shares Outstanding Diluted 15,262.50 15,241.86 15,458.53 15,771.95
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 33,035.00 33,548.00 34,599.00 34,844.00
   Operating Net Income 25,958.00 24,148.00 26,618.00 30,554.00
   Deprecation and Amortization 3,828.00 4,213.00 5,149.00 2,130.00
   Deferred Income Tax -1,504.00 836.00 -400.00 -1,381.00
   Share Based Compensation 0 0 0 1,214.00
   Change in Working Capital 4,978.00 2,761.00 -4,121.00 -109.00
   Other Operating Activities -225.00 1,590.00 7,353.00 2,436.00
Investing Cash Flow -20,938.00 -53,202.00 -234,688.00 -103,895.00
   Capital Expenditure -1,906.00 -2,265.00 -3,288.00 0
   Net Purchase/Sale of PPE -1,906.00 -2,265.00 -3,288.00 -1,237.00
   Net Purchase/Sale of Investments Net 13,433.00 89,837.00 -50,989.00 -180,214.00
   Net Purchase/Sale of Business 0 0 0 0
   Net Loan & Lease Activity -48,697.00 -107,356.00 -178,203.00 0
   Other Investing Activities 18,138.00 -31,153.00 1,080.00 77,556.00
Financing Cash Flow 58,699.00 24,734.00 151,939.00 68,882.00
   Net Issuance/Repayment of Debt -4,249.00 29,853.00 112,804.00 -13,149.00
   Net Issuance/Repurchase of Equity 0 0 160.00 -7,374.00
   Dividends Paid 15,530.00 15,569.00 15,865.00 -15,976.00
   Other Financing Activities 47,418.00 -20,688.00 23,110.00 105,381.00
Net Change in Cash 70,796.00 5,080.00 -48,150.00 -169.00
   Cash at Beginning of Period 52,778.00 47,698.00 95,848.00 96,017.00
   Cash at End of Period 123,574.00 52,778.00 47,698.00 95,848.00
Free Cash Flow 31,129.00 31,283.00 31,311.00 32,980.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31
Assets 2,664,033.00 2,610,875.00 2,609,228.00 2,610,653.00 2,670,822.00 2,521,537.00 2,515,584.00 2,429,872.00 2,454,307.00 2,330,371.00
   Deposits 0 0 2,102,141.00 2,093,909.00 0 1,995,903.00 2,014,806.00 1,916,040.00 1,997,593.00 1,960,952.00
      Cash and Short-Term Investments 0 0 114,738.00 126,174.00 0 46,448.00 56,878.00 52,212.00 55,048.00 114,346.00
            Cash and Cash Equivalents 123,090.00 99,619.00 114,738.00 126,174.00 184,213.00 46,448.00 56,878.00 52,212.00 55,048.00 114,346.00
            Short-Term Investments 210,119.00 243,646.00 0 0 408,422.00 0 0 0 0 0
      Net Receivables 9,656.00 8,719.00 9,281.00 8,735.00 9,419.00 9,465.00 9,140.00 8,805.00 8,653.00 21,778.00
      Inventory 0 0 0 0 0 0 0 0 0 0
      Other Current Assets 0 0 0 0 0 0 0 0 0 0
      Property, Plant, Equipment Net 21,055.00 21,195.00 21,304.00 24,489.00 21,537.00 21,852.00 25,202.00 21,277.00 25,707.00 21,169.00
      Goodwill 52,505.00 52,505.00 52,505.00 52,505.00 52,505.00 52,505.00 52,505.00 52,505.00 52,505.00 52,505.00
      Intangible Assets 1,762.00 1,868.00 1,974.00 2,080.00 2,177.00 2,372.00 2,469.00 2,775.00 2,877.00 3,206.00
      Long-Term Investments 210,119.00 243,646.00 0 0 408,422.00 0 0 0 0 0
      Non-Current Deferred Assets 0 0 17,194.00 19,098.00 0 17,703.00 17,441.00 18,914.00 20,884.00 11,818.00
      Other Non-Current Assets 0 0 0 0 0 0 0 0 0 0
Liabilities 2,370,074.00 2,324,518.00 2,327,397.00 2,335,369.00 2,393,517.00 2,259,881.00 2,253,203.00 2,174,304.00 2,204,982.00 2,054,163.00
      Payables and Expenses 0 0 0 0 0 0 0 0 0 0
            Account Payables 0 0 0 0 0 0 0 0 0 0
            Current Accrued Liabilities 0 0 0 0 0 0 0 0 0 0
      Short-Term Debt 0 0 571.00 2,488.00 19,138.00 48,831.00 33,874.00 93,396.00 80,062.00 2,357.00
      Other Current Liabilities 0 0 0 0 0 0 0 0 0 0
      Long-Term Debt 172,765.00 183,717.00 0 0 205,163.00 0 0 0 0 0
      Other Non-Current Liabilities 0 0 0 0 0 0 0 0 0 0
Equity 293,959.00 286,357.00 281,831.00 275,284.00 277,305.00 261,656.00 262,381.00 255,568.00 249,325.00 276,208.00
   Shareholders Equity 293,959.00 286,357.00 281,831.00 275,284.00 277,305.00 261,656.00 262,381.00 255,568.00 249,325.00 276,208.00
      Capital Stock 16,030.00 16,030.00 16,030.00 16,030.00 16,030.00 16,030.00 16,030.00 16,030.00 16,030.00 16,030.00
      Share Premium 143,352.00 142,982.00 142,968.00 143,565.00 143,206.00 143,016.00 144,388.00 143,395.00 143,950.00 142,991.00
      Retained Earnings 171,733.00 169,521.00 167,741.00 165,778.00 161,920.00 158,051.00 157,028.00 151,990.00 151,743.00 145,073.00
      Treasury Shares 11,130.00 11,502.00 -12,218.00 -13,328.00 13,787.00 -14,735.00 -16,628.00 -13,050.00 -12,520.00 -7,708.00
      Accumulated Other Comprehensive Income -26,026.00 -30,674.00 -32,690.00 -36,761.00 -30,064.00 -40,706.00 -38,437.00 -42,797.00 -49,878.00 -20,178.00
   Minority Interest 0 0 0 0 0 0 0 0 0 0
Investments 0 0 184,886.00 185,197.00 0 195,157.00 199,046.00 254,618.00 270,087.00 532,913.00
Debt 172,765.00 183,717.00 40,348.00 42,218.00 224,301.00 88,424.00 73,422.00 132,811.00 119,434.00 50,105.00
Net Debt 49,675.00 84,098.00 0 0 40,088.00 41,976.00 16,544.00 80,599.00 64,386.00 0
Common Shares Outstanding 15,531.70 15,514.94 15,482.85 15,433.49 15,414.13 15,378.07 15,295.14 15,485.03 15,518.82 15,718.72
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31
Revenues 29,038.00 28,881.00 1,440.00 26,779.00 1,318.00 1,777.00 1,786.00
Cost Of Revenue 0 0 236.00 0 954.00 352.00 891.00
Interest Income 33,650.00 32,454.00 31,709.00 33,087.00 30,336.00 26,139.00 21,773.00
Interest Expense 11,387.00 11,312.00 11,734.00 12,931.00 11,295.00 5,358.00 1,441.00
Net Interest 0 0 19,975.00 0 19,041.00 20,781.00 20,332.00
Non-Interest Income 0 0 7,008.00 0 6,675.00 5,616.00 5,823.00
Non-Interest Expense 17,978.00 18,828.00 19,043.00 17,759.00 -18,304.00 -19,087.00 -16,886.00
Provisions for Credit Losses 0 0 236.00 0 954.00 -352.00 891.00
Gross Profit 0 0 1,204.00 0 364.00 1,425.00 895.00
   Selling, General and Administrative Expenses 11,293.00 11,067.00 27,565.00 10,875.00 15,522.00 15,702.00 14,130.00
EBT 8,015.00 7,532.00 7,704.00 7,813.00 6,458.00 7,662.00 8,378.00
Income Tax 1,464.00 1,415.00 1,411.00 1,448.00 1,152.00 1,409.00 1,483.00
Net Income Including Non-Controlling Interests 6,551.00 6,117.00 0 6,365.00 0 0 0
Net Income 6,498.00 6,068.00 6,293.00 6,311.00 5,306.00 6,253.00 6,895.00
EBIT 0 0 19,438.00 0 17,753.00 13,020.00 9,819.00
Deprecation and Amortization 561.00 562.00 913.00 578.00 943.00 1,100.00 1,221.00
EBITDA 0 0 20,351.00 0 18,696.00 14,120.00 11,040.00
EPS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 15,398.26 15,359.00 15,338.53 15,267.12 15,230.58 15,409.68 15,645.47
Average Shares Outstanding Diluted 15,398.26 15,359.00 15,338.53 15,267.12 15,230.58 15,410.62 15,649.17
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31
Operating Cash Flow 11,328.00 8,513.00 1,583.00 6,598.00 5,729.00 9,549.00 5,648.00
   Operating Net Income 6,551.00 6,117.00 6,293.00 6,365.00 5,306.00 6,253.00 6,895.00
   Deprecation and Amortization 561.00 562.00 913.00 578.00 943.00 1,100.00 1,221.00
   Deferred Income Tax -723.00 -723.00 759.00 -1,182.00 339.00 526.00 770.00
   Share Based Compensation 337.00 331.00 0 383.00 0 0 0
   Change in Working Capital 53.00 2,050.00 -7,519.00 752.00 -1,563.00 2,131.00 -2,626.00
   Other Operating Activities 4,549.00 176.00 1,137.00 -298.00 704.00 -461.00 -612.00
Investing Cash Flow -29,115.00 -16,543.00 -4,166.00 22,049.00 -18,623.00 26,506.00 -18,120.00
   Capital Expenditure 0 0 -542.00 0 -744.00 -276.00 -993.00
   Net Purchase/Sale of PPE -426.00 -485.00 -542.00 -150.00 -744.00 -276.00 -993.00
   Net Purchase/Sale of Investments Net -3,628.00 4,670.00 -1,233.00 7,056.00 7,478.00 31,752.00 -44,128.00
   Net Purchase/Sale of Business 0 0 0 0 0 0 0
   Net Loan & Lease Activity -48,697.00 -107,356.00 -178,203.00 0
   Other Investing Activities -25,061.00 -20,728.00 714.00 15,143.00 -300.00 -302.00 1,187.00
Financing Cash Flow 42,008.00 -6,839.00 -8,853.00 56,154.00 2,464.00 -37,641.00 21,870.00
   Net Issuance/Repayment of Debt -10,044.00 -10,567.00 -12,945.00 -16,476.00 25,454.00 49,711.00 -6,826.00
   Net Issuance/Repurchase of Equity 0 0 0 -60.00 0 0 141.00
   Dividends Paid -3,907.00 -3,907.00 3,932.00 -3,880.00 3,876.00 3,951.00 4,017.00
   Other Financing Activities 55,959.00 7,635.00 160.00 76,570.00 -26,866.00 -91,303.00 24,538.00
Net Change in Cash 24,221.00 -14,869.00 -11,436.00 84,801.00 -10,430.00 -1,586.00 9,398.00
   Cash at Beginning of Period 97,269.00 112,138.00 123,574.00 96,562.00 52,778.00 47,698.00 95,848.00
   Cash at End of Period 121,490.00 97,269.00 112,138.00 181,363.00 42,348.00 46,112.00 105,246.00
Free Cash Flow 10,902.00 8,028.00 1,041.00 6,448.00 4,985.00 9,273.00 4,655.00