DAC
Valuation Ratios
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Price to Earnings | 3.06 | 2.55 | 1.93 | 1.44 |
| Price to Sales | 1.53 | 1.51 | 1.09 | 2.20 |
| Book Value Per Common Share | 180.37 | 155.33 | 125.82 | 100.79 |
| Price to Book | 0.44 | 0.48 | 0.42 | 0.74 |
| Price to Operating Cash Flow | 2.49 | 2.55 | 1.15 | 3.55 |
| Price to Free Cash Flow | -41.14 | 4.78 | 1.47 | 20.98 |
| Enterprise Value to EBITDA | 22521.59 | 20404.34 | 14942.54 | 12707.90 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Price to Earnings | 12.58 | 12.08 | 12.71 | 13.64 | |
| Price to Sales | 6.31 | 6.03 | 5.78 | 5.89 | 6.55 |
| Book Value Per Common Share | 202.66 | 196.21 | 188.10 | 180.37 | 175.16 |
| Price to Book | 0.44 | 0.44 | 0.41 | 0.44 | 0.50 |
| Price to Operating Cash Flow | 9.75 | 9.72 | 10.93 | 9.71 | 10.65 |
| Price to Free Cash Flow | 21.54 | 11.18 | 30.37 | 19.37 | -20.51 |
| Enterprise Value to EBITDA | 91169.58 | 87088.92 | 87745.82 | 108023.11 | 98800.65 |
Earnings Data
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Earning YoY | -9.80 | 6.19 | -47.25 | |
| Revenue YoY | 4.16 | -1.99 | 44.07 | |
| EBITDA YoY | -4.22 | -1.72 | -41.07 | |
| Net Profit YoY | -12.36 | 3.06 | -46.89 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Earning YoY | 0.00 | 16.29 | -12.88 | ||
| Revenue YoY | -0.54 | 3.49 | -1.89 | 0.78 | |
| EBITDA YoY | -0.52 | 9.77 | 17.36 | -17.08 | |
| Net Profit YoY | -0.19 | 13.68 | 27.34 | -26.48 |
Financial Strength
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Cash Per Common Share | 26.62 | 18.00 | 13.07 | 27.15 |
| Quick Ratio | 3.59 | 2.56 | 1.41 | 1.85 |
| Current Ratio | 3.97 | 2.98 | 1.63 | 1.98 |
| Debt to Equity | 0.27 | 0.21 | 0.33 | 0.74 |
| Long-Term Debt to Equity | 0.22 | 0.16 | 0.24 | 0.58 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Cash Per Common Share | 38.92 | 35.66 | 29.01 | 27.08 | 24.85 |
| Quick Ratio | 4.31 | 4.95 | 3.93 | 3.59 | 3.54 |
| Current Ratio | 4.62 | 5.36 | 4.34 | 3.97 | 3.93 |
| Debt to Equity | 0.24 | 0.26 | 0.27 | 0.27 | 0.26 |
| Long-Term Debt to Equity | 0.19 | 0.22 | 0.22 | 0.22 | 0.21 |
Profitability
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| ROA | 11.63 | 15.74 | 16.45 | 29.03 |
| ROE | 14.75 | 19.11 | 21.84 | 50.42 |
| Gross Margin | 60.74 | 65.86 | 66.94 | 59.81 |
| Operating Margin | 52.39 | 61.30 | 64.39 | 163.56 |
| EBITDA Margin | 66.57 | 72.40 | 72.20 | 176.51 |
| Net Profit Margin | 49.80 | 59.19 | 56.30 | 152.70 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| ROA | 2.83 | 2.90 | 2.59 | 2.08 | 2.89 |
| ROE | 3.52 | 3.64 | 3.30 | 2.64 | 3.63 |
| Gross Margin | 58.84 | 56.55 | 56.63 | 61.22 | 58.78 |
| Operating Margin | 53.38 | 53.64 | 49.41 | 38.88 | 51.14 |
| EBITDA Margin | 69.18 | 69.16 | 65.21 | 54.51 | 66.26 |
| Net Profit Margin | 50.11 | 49.93 | 45.46 | 35.02 | 48.01 |
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 | 12.44 | 10.53 | 10.99 | 2.93 |
| 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 | 11.91 | 11.89 | 13.80 | 18.05 | 12.58 |
Financial Statements
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Assets | 4,343,654.00 | 3,661,136.00 | 3,400,228.00 | 3,627,125.00 |
| Current Assets | 670,967.00 | 501,770.00 | 372,521.00 | 632,492.00 |
| Cash and Short-Term Investments | 514,234.00 | 357,838.00 | 267,668.00 | 552,434.00 |
| Cash and Cash Equivalents | 453,384.00 | 271,809.00 | 267,668.00 | 129,410.00 |
| Short-Term Investments | 60,850.00 | 86,029.00 | 0 | 423,024.00 |
| Net Receivables | 92,537.00 | 73,388.00 | 54,806.00 | 37,912.00 |
| Inventory | 23,881.00 | 24,511.00 | 16,099.00 | 12,579.00 |
| Other Current Assets | 40,315.00 | 46,033.00 | 33,948.00 | 29,567.00 |
| Non-Current Assets | 3,672,687.00 | 3,159,366.00 | 3,027,707.00 | 2,994,633.00 |
| Property, Plant, Equipment Net | 3,556,147.00 | 3,048,457.00 | 2,912,230.00 | 2,941,093.00 |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 270.00 | 0 | 0 |
| Non-Current Deferred Assets | 58,759.00 | 38,012.00 | 25,554.00 | 11,801.00 |
| Other Non-Current Assets | 57,781.00 | 72,627.00 | 89,923.00 | 41,739.00 |
| Liabilities | 918,854.00 | 644,819.00 | 839,814.00 | 1,539,102.00 |
| Current Liabilities | 168,954.00 | 168,160.00 | 228,407.00 | 319,307.00 |
| Payables and Expenses | 52,683.00 | 43,278.00 | 45,867.00 | 45,917.00 |
| Account Payables | 29,039.00 | 22,820.00 | 24,505.00 | 18,925.00 |
| Current Accrued Liabilities | 23,644.00 | 20,458.00 | 21,362.00 | 26,992.00 |
| Short-Term Debt | 35,220.00 | 21,300.00 | 54,969.00 | 181,565.00 |
| Other Current Liabilities | 81,051.00 | 103,582.00 | 127,571.00 | 91,825.00 |
| Non-Current Liabilities | 749,900.00 | 476,659.00 | 611,407.00 | 1,219,795.00 |
| Long-Term Debt | 699,563.00 | 382,874.00 | 446,982.00 | 1,154,429.00 |
| Other Non-Current Liabilities | 50,337.00 | 93,785.00 | 164,425.00 | 65,366.00 |
| Equity | 3,424,800.00 | 3,016,317.00 | 2,560,414.00 | 2,088,023.00 |
| Shareholders Equity | 3,424,800.00 | 3,016,317.00 | 2,560,414.00 | 2,088,023.00 |
| Capital Stock | 190.00 | 194.00 | 203.00 | 207.00 |
| Share Premium | 650,864.00 | 690,190.00 | 748,109.00 | 770,676.00 |
| Retained Earnings | 2,844,176.00 | 2,401,912.00 | 1,886,311.00 | 1,388,595.00 |
| Treasury Shares | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | -70,430.00 | -75,979.00 | -74,209.00 | -71,455.00 |
| Minority Interest | 0 | 0 | 0 | 0 |
| Debt | 734,783.00 | 404,174.00 | 501,951.00 | 1,335,994.00 |
| Net Debt | 281,399.00 | 132,365.00 | 162,272.00 | 984,256.00 |
| Common Shares Outstanding | 18,987.62 | 19,418.70 | 20,349.70 | 20,716.74 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Revenues | 1,014,110.00 | 973,583.00 | 993,344.00 | 689,505.00 |
| Cost Of Revenue | 398,169.00 | 332,414.00 | 328,388.00 | 277,114.00 |
| Interest Income | 12,890.00 | 12,133.00 | 4,591.00 | 12,230.00 |
| Interest Expense | 26,185.00 | 20,463.00 | 62,141.00 | 68,991.00 |
| Non-Interest Expense | 54,228.00 | 43,484.00 | 36,575.00 | 43,951.00 |
| Gross Profit | 615,941.00 | 641,169.00 | 664,956.00 | 412,391.00 |
| Operating Expenses | 83,389.00 | 62,147.00 | 48,745.00 | 54,132.00 |
| Selling, General and Administrative Expenses | 54,228.00 | 43,484.00 | 36,575.00 | 43,951.00 |
| Other Operating Expenses | 29,161.00 | 18,663.00 | 12,170.00 | 10,181.00 |
| Operating Income | 532,552.00 | 579,022.00 | 616,211.00 | 358,259.00 |
| Net Non-Operating Income | 2,241.00 | -812.00 | -6,578.00 | 4,543.00 |
| EBT | 505,073.00 | 576,299.00 | 577,460.00 | 1,058,731.00 |
| Income Tax | 0 | 0 | 18,250.00 | 5,890.00 |
| Net Income Including Non-Controlling Interests | 505,073.00 | 576,299.00 | 559,210.00 | 1,052,841.00 |
| Net Income | 505,073.00 | 576,299.00 | 559,210.00 | 1,052,841.00 |
| EBIT | 531,258.00 | 596,762.00 | 639,601.00 | 1,127,722.00 |
| Deprecation and Amortization | 143,810.00 | 108,065.00 | 77,572.00 | 89,303.00 |
| EBITDA | 675,068.00 | 704,827.00 | 717,173.00 | 1,217,025.00 |
| EPS | 0.03 | 0.03 | 0.03 | 0.05 |
| Diluted EPS | 0.03 | 0.03 | 0.03 | 0.05 |
| Average Shares Outstanding Basic | 19,316.45 | 19,879.16 | 20,481.89 | 20,345.39 |
| Average Shares Outstanding Diluted | 19,384.88 | 19,903.65 | 20,501.02 | 20,583.80 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Operating Cash Flow | 621,750.00 | 576,292.00 | 934,741.00 | 428,111.00 |
| Operating Net Income | 505,073.00 | 576,299.00 | 559,210.00 | 1,052,841.00 |
| Deprecation and Amortization | 143,810.00 | 108,065.00 | 77,572.00 | 89,303.00 |
| Deferred Income Tax | 0 | 0 | 0 | 0 |
| Share Based Compensation | 14,558.00 | 12,680.00 | 5,972.00 | 15,278.00 |
| Change in Working Capital | -46,144.00 | -102,471.00 | 151,958.00 | -31,962.00 |
| Other Operating Activities | 4,453.00 | -18,281.00 | 140,029.00 | -697,349.00 |
| Investing Cash Flow | -650,789.00 | -338,528.00 | 176,572.00 | -143,148.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -649,147.00 | -264,121.00 | -70,066.00 | -355,720.00 |
| Net Purchase/Sale of Investments Net | 0 | 0 | 246,638.00 | 196,350.00 |
| Net Purchase/Sale of Business | -1,642.00 | -74,407.00 | 0 | 0 |
| Other Investing Activities | 0.00 | 0.00 | 0.00 | 16,222.00 |
| Financing Cash Flow | 210,614.00 | -233,623.00 | -973,401.00 | -220,870.00 |
| Net Issuance/Repayment of Debt | 334,030.00 | -100,425.00 | -863,748.00 | -157,213.00 |
| Net Issuance/Repurchase of Equity | -53,332.00 | -70,610.00 | -28,553.00 | 0 |
| Dividends Paid | -62,807.00 | -60,696.00 | -61,483.00 | -30,887.00 |
| Other Financing Activities | -7,277.00 | -1,892.00 | -19,617.00 | -32,770.00 |
| Net Change in Cash | 181,575.00 | 4,141.00 | 137,912.00 | 64,093.00 |
| Cash at Beginning of Period | 271,809.00 | 267,668.00 | 129,756.00 | 65,663.00 |
| Cash at End of Period | 453,384.00 | 271,809.00 | 267,668.00 | 129,756.00 |
| Free Cash Flow | -37,593.00 | 308,257.00 | 735,606.00 | 72,391.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Assets | 4,614,735.00 | 4,521,160.00 | 4,438,855.00 | 4,343,654.00 | 4,253,818.00 |
| Current Assets | 867,310.00 | 807,442.00 | 705,829.00 | 670,967.00 | 629,985.00 |
| Cash and Short-Term Investments | 712,673.00 | 654,083.00 | 543,876.00 | 514,234.00 | 480,759.00 |
| Cash and Cash Equivalents | 596,371.00 | 546,164.00 | 480,543.00 | 453,384.00 | 384,336.00 |
| Short-Term Investments | 116,302.00 | 107,919.00 | 63,333.00 | 60,850.00 | 96,423.00 |
| Net Receivables | 96,563.00 | 91,526.00 | 95,331.00 | 92,537.00 | 87,274.00 |
| Inventory | 20,659.00 | 21,621.00 | 27,053.00 | 23,881.00 | 23,693.00 |
| Other Current Assets | 37,415.00 | 40,212.00 | 39,569.00 | 40,315.00 | 38,259.00 |
| Non-Current Assets | 3,747,425.00 | 3,713,718.00 | 3,733,026.00 | 3,672,687.00 | 3,623,833.00 |
| Property, Plant, Equipment Net | 3,641,933.00 | 3,589,351.00 | 3,605,262.00 | 3,556,147.00 | 3,514,751.00 |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Non-Current Deferred Assets | 60,830.00 | 64,079.00 | 63,578.00 | 58,759.00 | 46,133.00 |
| Other Non-Current Assets | 0 | 0 | 0 | 57,781.00 | 62,949.00 |
| Liabilities | 904,146.00 | 928,607.00 | 945,126.00 | 918,854.00 | 867,378.00 |
| Current Liabilities | 187,876.00 | 150,718.00 | 162,552.00 | 168,954.00 | 160,407.00 |
| Payables and Expenses | 39,601.00 | 46,980.00 | 50,128.00 | 52,683.00 | 41,476.00 |
| Account Payables | 23,364.00 | 23,595.00 | 32,153.00 | 29,039.00 | 24,820.00 |
| Current Accrued Liabilities | 16,237.00 | 23,385.00 | 17,975.00 | 23,644.00 | 16,656.00 |
| Short-Term Debt | 77,288.00 | 37,660.00 | 37,660.00 | 35,220.00 | 31,720.00 |
| Other Current Liabilities | 70,987.00 | 66,078.00 | 74,764.00 | 81,051.00 | 87,211.00 |
| Non-Current Liabilities | 716,270.00 | 777,889.00 | 782,574.00 | 749,900.00 | 706,971.00 |
| Long-Term Debt | 675,242.00 | 723,534.00 | 732,194.00 | 699,563.00 | 647,276.00 |
| Other Non-Current Liabilities | 41,028.00 | 54,355.00 | 50,380.00 | 50,337.00 | 59,695.00 |
| Equity | 3,710,589.00 | 3,592,553.00 | 3,493,729.00 | 3,424,800.00 | 3,386,440.00 |
| Shareholders Equity | 3,710,589.00 | 3,592,553.00 | 3,493,729.00 | 3,424,800.00 | 3,386,440.00 |
| Capital Stock | 183.00 | 183.00 | 186.00 | 190.00 | 193.00 |
| Share Premium | 603,400.00 | 601,653.00 | 619,361.00 | 650,864.00 | 688,649.00 |
| Retained Earnings | 3,173,856.00 | 3,058,770.00 | 2,943,429.00 | 2,844,176.00 | 2,770,070.00 |
| Treasury Shares | 0 | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | -66,850.00 | -68,053.00 | -69,247.00 | -70,430.00 | -72,472.00 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| Debt | 752,530.00 | 761,194.00 | 769,854.00 | 734,783.00 | 678,996.00 |
| Net Debt | 156,159.00 | 215,030.00 | 289,311.00 | 281,399.00 | 294,660.00 |
| Common Shares Outstanding | 18,309.70 | 18,309.65 | 18,574.21 | 18,987.62 | 19,333.33 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|
| Revenues | 260,730.00 | 262,154.00 | 253,307.00 | 258,179.00 | 256,176.00 | 0 |
| Cost Of Revenue | 107,328.00 | 113,893.00 | 109,865.00 | 100,111.00 | 105,591.00 | 0 |
| Interest Income | 3,811.00 | 3,661.00 | 3,605.00 | 3,907.00 | 3,124.00 | 0 |
| Interest Expense | 8,541.00 | 9,711.00 | 10,003.00 | 9,942.00 | 8,013.00 | 0 |
| Non-Interest Expense | 12,589.00 | 11,206.00 | 12,222.00 | 21,709.00 | 10,978.00 | 0 |
| Gross Profit | 153,402.00 | 148,261.00 | 143,442.00 | 158,068.00 | 150,585.00 | 0 |
| Operating Expenses | 23,351.00 | 22,721.00 | 23,192.00 | 30,961.00 | 18,463.00 | 0 |
| Selling, General and Administrative Expenses | 12,589.00 | 11,206.00 | 12,222.00 | 21,709.00 | 10,978.00 | 0 |
| Other Operating Expenses | 10,762.00 | 11,515.00 | 10,970.00 | 9,252.00 | 7,485.00 | 0 |
| Operating Income | 130,051.00 | 125,540.00 | 120,250.00 | 127,107.00 | 132,122.00 | 0 |
| Net Non-Operating Income | -277.00 | -1,424.00 | 558.00 | 2,808.00 | -746.00 | 0 |
| EBT | 130,649.00 | 130,904.00 | 115,147.00 | 90,427.00 | 122,996.00 | 0 |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income Including Non-Controlling Interests | 130,649.00 | 130,904.00 | 115,147.00 | 90,427.00 | 122,996.00 | 0 |
| Net Income | 130,649.00 | 130,904.00 | 115,147.00 | 90,427.00 | 122,996.00 | 0 |
| EBIT | 139,190.00 | 140,615.00 | 125,150.00 | 100,369.00 | 131,009.00 | 0 |
| Deprecation and Amortization | 41,177.00 | 40,698.00 | 40,028.00 | 40,375.00 | 38,726.00 | 0 |
| EBITDA | 180,367.00 | 181,313.00 | 165,178.00 | 140,744.00 | 169,735.00 | 0 |
| EPS | 0.01 | 0.01 | 0.01 | 0 | 0.01 | 0.01 |
| Diluted EPS | 0.01 | 0.01 | 0.01 | 0 | 0.01 | 0.01 |
| Average Shares Outstanding Basic | 18,310.00 | 18,344.00 | 18,750.00 | 0 | 19,345.00 | 19,348.00 |
| Average Shares Outstanding Diluted | 18,384.00 | 18,396.00 | 18,781.00 | 0 | 19,517.00 | 19,520.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Operating Cash Flow | 168,623.00 | 162,779.00 | 133,860.00 | 156,639.00 | 157,544.00 |
| Operating Net Income | 130,649.00 | 130,904.00 | 115,147.00 | 90,427.00 | 122,996.00 |
| Deprecation and Amortization | 41,177.00 | 40,698.00 | 40,028.00 | 40,375.00 | 38,726.00 |
| Deferred Income Tax | 0 | 0 | 0 | 0 | 0 |
| Share Based Compensation | 1,743.00 | 1,723.00 | 1,705.00 | 9,811.00 | 1,594.00 |
| Change in Working Capital | -3,378.00 | 944.00 | -18,686.00 | -6,680.00 | -6,312.00 |
| Other Operating Activities | -1,568.00 | -11,490.00 | -4,334.00 | 22,706.00 | 540.00 |
| Investing Cash Flow | -92,289.00 | -51,601.00 | -84,009.00 | -78,552.00 | -241,021.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -92,289.00 | -21,331.00 | -84,009.00 | -78,135.00 | -239,796.00 |
| Net Purchase/Sale of Investments Net | 0 | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of Business | 0 | 0 | 0 | -417.00 | -1,225.00 |
| Other Investing Activities | 0.00 | 0 | 0 | 0.00 | 0.00 |
| Financing Cash Flow | -26,127.00 | -45,557.00 | -22,692.00 | -9,039.00 | 95,367.00 |
| Net Issuance/Repayment of Debt | -9,415.00 | -9,415.00 | 35,195.00 | 55,070.00 | 111,710.00 |
| Net Issuance/Repurchase of Equity | 0 | -19,438.00 | -33,774.00 | -47,617.00 | -492.00 |
| Dividends Paid | -15,559.00 | -15,559.00 | -15,890.00 | -16,320.00 | -15,476.00 |
| Other Financing Activities | -1,153.00 | -1,145.00 | -8,223.00 | -172.00 | -375.00 |
| Net Change in Cash | 50,207.00 | 65,621.00 | 27,159.00 | 69,048.00 | 11,890.00 |
| Cash at Beginning of Period | 546,164.00 | 480,543.00 | 453,384.00 | 384,336.00 | 372,446.00 |
| Cash at End of Period | 596,371.00 | 546,164.00 | 480,543.00 | 453,384.00 | 384,336.00 |
| Free Cash Flow | 76,334.00 | 141,448.00 | 48,170.00 | 78,504.00 | -81,809.00 |