Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings -101.80 -23.93 -49.44
Price to Sales 5.55 5.62 7.43
Book Value Per Common Share 12.29 13.13 14.43 15.26 15.65
Price to Book 1.24 1.11 1.23
Price to Operating Cash Flow 14.10 15.13 21.25
Price to Free Cash Flow 14.13 15.20 21.77
Enterprise Value to EBITDA 111402.00 193203.49 181615.74
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 2021-12-31 2021-03-31 2020-12-31
Price to Earnings -12.04 -397.50 -348.00 -586.33 -348.00 -446.50
Price to Sales 23.92 22.83 24.92 25.33 20.56 28.05
Book Value Per Common Share 10.31 11.87 12.06 12.29 12.48 12.91 13.13 14.21 14.43 15.16 15.26 15.36 15.65
Price to Book 1.64 1.34 1.44 1.24 1.41 1.08 1.11 1.26 1.23
Price to Operating Cash Flow 93.36 47.49 94.72 74.85 57.66 96.12
Price to Free Cash Flow 93.36 47.49 94.77 74.85 57.69 97.44
Enterprise Value to EBITDA 475330.65 547382.05 515007.65 397873.85 633608.73

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY
Revenue YoY 6.15 8.85 23.78 -42.49
EBITDA YoY 81.72 -22.60 12.17 -46.01
Net Profit YoY
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 2021-12-31 2021-03-31 2020-12-31
Earning YoY
Revenue YoY 0.01 0.99 0.72 2.59 6.64 16.75 -31.35
EBITDA YoY 5.24 -6.78 -2.37 24.53 22.85 -47.89
Net Profit YoY

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 0.07 0.07 0.10 2.76 0.09
Quick Ratio
Current Ratio
Debt to Equity 0.71 0.65 0.48 0.42 0.82
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 2021-12-31 2021-03-31 2020-12-31
Cash Per Common Share 0.08 0.05 0.07 0.07 0.06 0.05 0.07 0.08 0.10 1.60 2.71 0.04 0.09
Quick Ratio 0.08 0.07 0.08
Current Ratio 0.09 0.08 0.09
Debt to Equity 0.86 0.73 0.72 0.71 0.69 0.65 0.65 0.49 0.48 0.42 0.42 0.83 0.82
Long-Term Debt to Equity 0.58 0.51 0.48

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA -0.71 -2.79 -1.65 0.87 -0.65
ROE -1.21 -4.59 -2.44 1.24 -1.19
Gross Margin 63.34 64.97 64.66 64.07 61.61
Operating Margin 10.22 -9.89 -2.83 -11.28 7.35
EBITDA Margin 49.88 29.14 40.98 45.22 48.16
Net Profit Margin -5.42 -23.24 -14.74 9.69 -5.33
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 2021-12-31 2021-03-31 2020-12-31
ROA -7.33 -0.20 -0.26 -0.16 -0.19 -0.20 -0.41 -0.05
ROE -13.59 -0.35 -0.44 -0.28 -0.32 -0.29 -0.58 -0.09
Gross Margin 57.49 59.87 64.23 59.88 63.51 65.02 64.12 61.66
Operating Margin -183.33 9.55 7.78 10.79 9.82 5.71 -4.34 12.89
EBITDA Margin -145.05 47.49 45.57 49.24 51.74 44.30 42.10 55.46
Net Profit Margin -199.02 -5.88 -7.60 -4.99 -6.13 -6.53 -16.16 -1.65

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Dividend Yield
Dividend Payout Ratio
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 2021-12-31 2021-03-31 2020-12-31
Dividend Yield 0.00 0.00 0.00
Dividend Payout Ratio -12.88 -436.32 -521.85

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Assets 1,845,762.00 1,900,028.00 1,872,606.00 1,875,994.00 2,409,818.00
      Cash and Short-Term Investments 6,144.00 5,984.00 8,389.00 233,600.00 7,700.00
            Cash and Cash Equivalents 6,144.00 5,984.00 8,389.00 233,600.00 7,700.00
            Short-Term Investments 0 0 0 0 0
      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 383,808.00 384,097.00 375,771.00 327,223.00 551,578.00
      Real Estate 5,560,573.00 5,623,186.00 5,507,931.00 4,797,198.00 6,938,860.00
      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 0 0 0 0 0
      Other Non-Current Assets 0 0 0 0 0
Liabilities 763,684.00 745,678.00 608,820.00 558,932.00 1,088,709.00
      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 0 0 0 0 0
      Other Current Liabilities 0 0 0 0 0
      Long-Term Debt 0 0 0 0 0
      Other Non-Current Liabilities 0 0 0 0 0
Equity 1,082,078.00 1,154,350.00 1,263,786.00 1,317,062.00 1,321,109.00
   Shareholders Equity 1,081,797.00 1,154,060.00 1,263,488.00 1,316,755.00 1,320,787.00
      Capital Stock 880.00 879.00 875.00 863.00 844.00
      Share Premium 1,740,078.00 1,735,530.00 1,729,854.00 1,697,477.00 1,649,366.00
      Retained Earnings 0 0 0 0 0
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income -13,066.00 -12,958.00 -14,233.00 -19,091.00 -30,563.00
   Minority Interest 281.00 290.00 298.00 307.00 322.00
Investments 1,796,014.00 1,847,073.00 1,820,678.00 1,592,841.00 2,272,218.00
Debt 522,953.00 522,345.00 497,359.00 496,946.00 945,370.00
Net Debt 516,809.00 516,361.00 488,970.00 263,346.00 937,670.00
Common Shares Outstanding 88,029.00 87,867.00 87,534.00 86,261.00 84,409.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 241,935.00 227,911.00 209,380.00 169,151.00 294,118.00
Cost Of Revenue 88,701.00 79,830.00 74,001.00 60,782.00 112,909.00
Gross Profit 153,234.00 148,081.00 135,379.00 108,369.00 181,209.00
Operating Expenses 129,765.00 171,144.00 137,102.00 112,962.00 158,990.00
   Selling, General and Administrative Expenses 24,969.00 25,887.00 28,258.00 27,538.00 23,951.00
   Other Operating Expenses 104,796.00 145,257.00 108,844.00 85,424.00 135,039.00
Operating Income 23,469.00 -23,063.00 -1,723.00 -4,593.00 22,219.00
Net Non-Operating Income -36,572.00 -29,914.00 -29,145.00 -48,547.00 -37,899.00
Interest Expense 37,835.00 30,429.00 24,940.00 34,063.00 37,305.00
EBT -13,103.00 -52,977.00 -30,868.00 -53,140.00 -15,680.00
Income Tax 0.00 0.00 0.00 0.00 0.00
Net Income Including Non-Controlling Interests 0 0 0 0 -15,680.00
Net Income Non-Controlling Interests 0 0 0 0 0.00
Net Income -13,103.00 -52,977.00 -30,868.00 16,384.00 -15,680.00
EBIT 24,732.00 -22,548.00 -5,928.00 -19,077.00 21,625.00
Deprecation and Amortization 95,935.00 88,950.00 91,722.00 95,560.00 120,030.00
EBITDA 120,667.00 66,402.00 85,794.00 76,483.00 141,655.00
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 87,920.00 87,735.00 87,388.00 84,544.00 82,348.00
Average Shares Outstanding Diluted 87,920.00 87,735.00 87,388.00 84,544.00 82,348.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow 95,243.00 84,669.00 73,211.00 89,156.00 112,991.00
   Operating Net Income -13,103.00 -52,977.00 -30,868.00 16,384.00 -15,680.00
   Deprecation and Amortization 95,935.00 88,950.00 91,722.00 95,560.00 120,030.00
   Deferred Income Tax 0 0 0 0 0
   Share Based Compensation 5,218.00 5,538.00 7,988.00 8,553.00 7,874.00
   Change in Working Capital -1,129.00 -7,807.00 -7,083.00 -10,300.00 -23,052.00
   Other Operating Activities 8,322.00 50,965.00 11,452.00 -21,041.00 23,819.00
Investing Cash Flow -43,740.00 -146,221.00 -241,163.00 702,170.00 65,760.00
   Capital Expenditure -212.00 -408.00 -1,743.00 -49.00 -222.00
   Net Purchase/Sale of PPE -212.00 -408.00 -1,743.00 -49.00 -222.00
   Net Purchase/Sale of Investments Net 0 0 0 0 0
   Net Purchase/Sale of Business 0 0 0 0 0
   Other Investing Activities -43,316.00 -145,405.00 -237,677.00 702,268.00 66,204.00
Financing Cash Flow -51,432.00 60,238.00 -56,416.00 -565,396.00 -185,199.00
   Net Issuance/Repayment of Debt 19,000.00 102,000.00 55,000.00 -353,894.00 818,000.00
   Net Issuance/Repurchase of Equity 0 497.00 1,030.00 1,744.00 50,476.00
   Dividends Paid 63,636.00 64,335.00 59,363.00 90,728.00 99,080.00
   Other Financing Activities -134,068.00 -106,594.00 -171,809.00 -303,974.00 -1,152,755.00
Net Change in Cash 71.00 -1,314.00 -224,368.00 225,930.00 -6,448.00
   Cash at Beginning of Period 8,538.00 9,852.00 234,220.00 8,290.00 14,751.00
   Cash at End of Period 8,609.00 8,538.00 9,852.00 234,220.00 8,303.00
Free Cash Flow 95,031.00 84,261.00 71,468.00 89,107.00 112,769.00
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 2021-12-31 2021-03-31 2020-12-31
Assets 1,686,859.00 1,810,204.00 1,827,579.00 1,845,762.00 1,853,159.00 1,876,539.00 1,900,028.00 1,854,999.00 1,872,606.00 1,876,724.00 1,875,994.00 2,380,036.00 2,409,818.00
   Current Assets 22,694.00 19,343.00 0 0 19,874.00 0 0 0 0 0 0 0 0
      Cash and Short-Term Investments 7,088.00 4,786.00 6,396.00 6,144.00 4,840.00 4,199.00 5,984.00 7,044.00 8,389.00 139,711.00 233,600.00 3,017.00 7,700.00
            Cash and Cash Equivalents 7,088.00 4,786.00 6,396.00 6,144.00 4,840.00 4,199.00 5,984.00 7,044.00 8,389.00 139,711.00 233,600.00 3,017.00 7,700.00
            Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
      Net Receivables 13,313.00 12,250.00 0 0 12,676.00 0 0 0 0 0 0 0 0
      Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Current Assets 2,293.00 2,307.00 0 0 2,358.00 0 0 0 0 0 0 0 0
   Non-Current Assets 1,664,165.00 1,790,861.00 0 0 1,833,285.00 0 0 0 0 0 0 0 0
      Property, Plant, Equipment Net 0 0 383,808.00 383,808.00 0 383,808.00 384,097.00 373,171.00 375,771.00 343,746.00 327,223.00 551,578.00 551,578.00
      Real Estate 1,642,289.00 1,766,410.00 5,530,960.00 5,560,573.00 1,805,851.00 5,596,990.00 5,623,186.00 5,484,338.00 5,507,931.00 5,067,901.00 4,797,198.00 6,911,926.00 6,938,860.00
      Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0
      Intangible Assets 0 0 0 0 0 0 0 0 0 0 0 0 0
      Long-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0
      Non-Current Deferred Assets 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Non-Current Assets 21,876.00 24,451.00 0 0 27,434.00 0 0 0 0 0 0 0 0
Liabilities 777,680.00 763,734.00 764,378.00 763,684.00 754,186.00 740,135.00 745,678.00 608,684.00 608,820.00 551,481.00 558,932.00 1,081,134.00 1,088,709.00
   Current Liabilities 248,360.00 234,256.00 0 0 225,002.00 0 0 0 0 0 0 0 0
      Payables and Expenses 57,599.00 54,177.00 0 0 52,201.00 0 0 0 0 0 0 0 0
            Account Payables 41,656.00 38,230.00 0 0 36,295.00 0 0 0 0 0 0 0 0
            Current Accrued Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0
      Short-Term Debt 186,000.00 175,000.00 0 0 168,000.00 0 0 0 0 0 0 0 0
      Other Current Liabilities 4,761.00 5,079.00 0 0 4,801.00 0 0 0 0 0 0 0 0
   Non-Current Liabilities 529,320.00 529,478.00 0 0 529,184.00 0 0 0 0 0 0 0 0
      Long-Term Debt 523,329.00 523,196.00 0 0 522,914.00 0 0 0 0 0 0 0 0
      Other Non-Current Liabilities 5,991.00 6,282.00 0 0 6,270.00 0 0 0 0 0 0 0 0
Equity 909,179.00 1,046,470.00 1,063,201.00 1,082,078.00 1,098,973.00 1,136,404.00 1,154,350.00 1,246,315.00 1,263,786.00 1,325,243.00 1,317,062.00 1,298,902.00 1,321,109.00
   Shareholders Equity 908,905.00 1,046,193.00 1,062,922.00 1,081,797.00 1,098,690.00 1,136,116.00 1,154,060.00 1,246,019.00 1,263,488.00 1,324,938.00 1,316,755.00 1,298,584.00 1,320,787.00
      Capital Stock 882.00 882.00 882.00 880.00 880.00 880.00 879.00 877.00 875.00 874.00 863.00 846.00 844.00
      Share Premium 1,744,621.00 1,743,161.00 1,741,220.00 1,740,078.00 1,739,319.00 1,736,524.00 1,735,530.00 1,731,701.00 1,729,854.00 1,725,828.00 1,697,477.00 1,651,680.00 1,649,366.00
      Retained Earnings -825,659.00 -686,226.00 0 0 -627,186.00 0 0 0 0 0 0 0 0
      Treasury Shares 0 0 0 0 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income -10,939.00 -11,624.00 -12,467.00 -13,066.00 -14,323.00 -12,365.00 -12,958.00 -14,056.00 -14,233.00 -16,656.00 -19,091.00 -28,473.00 -30,563.00
   Minority Interest 274.00 277.00 279.00 281.00 283.00 288.00 290.00 296.00 298.00 305.00 307.00 318.00 322.00
Investments 0 0 1,778,889.00 1,796,014.00 0 1,830,779.00 1,847,073.00 1,805,975.00 1,820,678.00 1,682,866.00 1,592,841.00 2,249,831.00 2,272,218.00
Debt 709,329.00 698,196.00 523,061.00 522,953.00 690,914.00 522,539.00 522,345.00 521,761.00 497,359.00 497,093.00 496,946.00 945,634.00 945,370.00
Net Debt 702,241.00 693,410.00 516,665.00 516,809.00 686,074.00 518,340.00 516,361.00 514,717.00 488,970.00 357,382.00 263,346.00 942,617.00 937,670.00
Common Shares Outstanding 88,161.16 88,162.00 88,157.00 88,029.00 88,010.00 88,003.00 87,867.00 87,709.00 87,534.00 87,414.00 86,261.00 84,564.00 84,409.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Revenues 62,103.00 62,099.00 61,493.00 61,055.00 59,513.00 55,809.00 47,804.00 69,633.00
Cost Of Revenue 26,402.00 24,918.00 21,994.00 24,493.00 21,719.00 19,521.00 17,152.00 26,694.00
Interest Expense 9,661.00 9,498.00 9,460.00 9,557.00 9,494.00 6,831.00 5,650.00 10,123.00
Non-Interest Expense 14,064.00 7,689.00 0 6,354.00 0 0 0 0
Gross Profit 35,701.00 37,181.00 39,499.00 36,562.00 37,794.00 36,288.00 30,652.00 42,939.00
Operating Expenses 37,835.00 31,249.00 34,714.00 29,828.00 33,357.00 33,046.00 33,112.00 35,247.00
   Selling, General and Administrative Expenses 14,064.00 7,689.00 9,229.00 6,354.00 6,196.00 6,841.00 6,939.00 5,604.00
   Other Operating Expenses 0 0 25,485.00 0 27,161.00 26,205.00 26,173.00 29,643.00
Operating Income -2,134.00 5,932.00 4,785.00 6,734.00 4,437.00 3,242.00 -2,460.00 7,692.00
Net Non-Operating Income 0 0 -9,460.00 0 -8,084.00 -6,885.00 -5,264.00 -8,839.00
EBT -123,514.00 -3,566.00 -4,675.00 -2,970.00 -3,647.00 -3,643.00 -7,724.00 -1,147.00
Income Tax 0 0 0.00 0 0.00 0.00 0.00 0.00
Net Income Including Non-Controlling Interests -123,514.00 -3,566.00 0 -2,970.00 0 0 0 0
Net Income -123,597.00 -3,654.00 -4,675.00 -3,048.00 -3,647.00 -3,643.00 -7,724.00 -1,147.00
EBIT -113,853.00 5,932.00 4,785.00 6,587.00 5,847.00 3,188.00 -2,074.00 8,976.00
Deprecation and Amortization 23,771.00 23,560.00 23,239.00 23,474.00 24,943.00 21,536.00 22,200.00 29,643.00
EBITDA -90,082.00 29,492.00 28,024.00 30,061.00 30,790.00 24,724.00 20,126.00 38,619.00
EPS -0.00 -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 -0.00
Average Shares Outstanding Basic 88,109.00 89,150.00 88,064.00 87,930.00 87,885.00 87,649.00 87,214.00 84,413.00
Average Shares Outstanding Diluted 88,109.00 89,150.00 88,064.00 87,930.00 87,885.00 87,649.00 87,214.00 84,413.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31 2021-03-31
Operating Cash Flow 15,912.00 29,848.00 16,175.00 20,666.00 21,216.00 16,289.00 8,651.00 37,239.00
   Operating Net Income -123,514.00 -3,566.00 -4,675.00 -2,970.00 -3,647.00 -3,643.00 -7,724.00 -1,147.00
   Deprecation and Amortization 23,771.00 23,560.00 23,239.00 23,474.00 24,943.00 21,536.00 22,200.00 29,643.00
   Deferred Income Tax 0 0 0 0 0 0 0 0
   Share Based Compensation 1,641.00 1,741.00 1,372.00 1,579.00 1,090.00 1,188.00 2,082.00 1,664.00
   Change in Working Capital 3.00 6,002.00 -5,815.00 -4,213.00 -2,269.00 -4,597.00 -9,318.00 4,924.00
   Other Operating Activities 114,011.00 2,111.00 2,054.00 2,796.00 1,099.00 1,805.00 1,411.00 2,155.00
Investing Cash Flow -8,685.00 -8,753.00 -5,698.00 -11,938.00 -9,760.00 -5,791.00 -114,533.00 -8,200.00
   Capital Expenditure 0 0 -10.00 0 -5.00 -222.00 -32.00 -7.00
   Net Purchase/Sale of PPE 0 0 -10.00 0 -5.00 -222.00 -32.00 -7.00
   Net Purchase/Sale of Investments Net 0 0 0 0 0 0 0 0
   Net Purchase/Sale of Business 0 0 0 0 0 0 0 0
   Other Investing Activities -8,685.00 -8,753.00 -5,678.00 -11,938.00 -9,750.00 -5,347.00 -114,469.00 -8,186.00
Financing Cash Flow -4,939.00 -22,954.00 -10,134.00 -9,422.00 -13,091.00 -11,819.00 12,009.00 -33,749.00
   Net Issuance/Repayment of Debt 11,000.00 -7,000.00 6,000.00 12,000.00 3,000.00 -20,000.00 0 18,000.00
   Net Issuance/Repurchase of Equity 0 0 0 0 0 248.00 264.00 987.00
   Dividends Paid -15,924.00 -15,943.00 15,898.00 -15,906.00 15,911.00 14,917.00 14,615.00 25,398.00
   Other Financing Activities -15.00 -11.00 -32,032.00 -5,516.00 -32,002.00 -6,984.00 -2,870.00 -78,134.00
Net Change in Cash 2,288.00 -1,859.00 343.00 -694.00 -1,635.00 -1,321.00 -93,873.00 -4,710.00
   Cash at Beginning of Period 7,093.00 8,952.00 8,609.00 7,892.00 8,538.00 9,852.00 234,220.00 8,303.00
   Cash at End of Period 9,381.00 7,093.00 8,952.00 7,198.00 6,903.00 8,531.00 140,347.00 3,593.00
Free Cash Flow 15,912.00 29,848.00 16,165.00 20,666.00 21,211.00 16,067.00 8,619.00 37,232.00