Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings 46.61 31.38
Price to Sales 5.12 8.48
Book Value Per Common Share 9.96 9.91 7.92 5.76
Price to Book 1.73 1.93
Price to Operating Cash Flow 10.57 14.80
Price to Free Cash Flow 10.57 14.80
Enterprise Value to EBITDA 69869.97 89211.37
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Price to Earnings 173.11 30.31 20.20 140.83
Price to Sales 28.13 23.38 17.49 17.90 18.28
Book Value Per Common Share 12.54 11.19 10.99 9.96 10.22
Price to Book 2.49 2.03 1.47 1.73 1.65
Price to Operating Cash Flow 54.65 57.10 44.01 57.54 30.12
Price to Free Cash Flow -8.97 -7.65 44.01 2.86 -13.29
Enterprise Value to EBITDA 304360.23 284532.98 101072.13 374671.01 211155.21

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY -39.34 144.00 108.33
Revenue YoY 52.71 35.89 87.56
EBITDA YoY 15.63 69.76 89.53
Net Profit YoY -37.67 186.57 120.64
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Earning YoY -76.00 -6.25 71.43
Revenue YoY 19.31 5.79 -3.89 4.30
EBITDA YoY 40.92 -49.68 248.93 -42.44
Net Profit YoY 1523.14 -98.56 1732.00 -63.81

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 3.28 3.54 2.38 3.26
Quick Ratio 0.77 0.84 0.83 1.82
Current Ratio 1.20 1.14 1.10 2.06
Debt to Equity 2.85 2.23 2.37 2.74
Long-Term Debt to Equity 2.44 1.82 2.00 2.48
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Cash Per Common Share 5.45 4.03 3.79 3.27 1.54
Quick Ratio 0.65 0.61 1.15 0.77 0.32
Current Ratio 0.88 0.70 1.31 1.20 0.53
Debt to Equity 2.97 3.14 2.70 2.85 2.47
Long-Term Debt to Equity 2.31 2.52 2.37 2.44 1.86

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA 0.80 1.53 0.70 0.40
ROE 3.07 4.94 2.36 1.48
Gross Margin 52.46 54.59 56.96 59.77
Operating Margin 46.09 71.73 55.59 56.77
EBITDA Margin 73.39 96.93 77.59 76.78
Net Profit Margin 11.09 27.16 12.88 10.95
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
ROA 0.28 0.02 1.61 0.09 0.28
ROE 1.12 0.08 5.94 0.36 0.96
Gross Margin 71.59 74.30 75.73 48.27 79.77
Operating Margin 69.23 50.47 142.73 20.72 61.86
EBITDA Margin 97.48 82.53 173.51 47.79 86.61
Net Profit Margin 15.90 1.17 86.06 4.51 13.01

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Dividend Yield
Dividend Payout Ratio
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 5,546,885.00 4,633,921.00 3,533,367.00 2,835,340.00
   Current Assets 707,945.00 664,645.00 423,704.00 413,311.00
      Cash and Short-Term Investments 387,427.00 409,113.00 231,818.00 305,297.00
            Cash and Cash Equivalents 387,427.00 403,805.00 193,869.00 265,933.00
            Short-Term Investments 0 5,308.00 37,949.00 39,364.00
      Net Receivables 70,017.00 79,429.00 88,034.00 59,884.00
      Inventory 0 0 0 0
      Other Current Assets 250,501.00 176,103.00 103,852.00 48,130.00
   Non-Current Assets 4,838,940.00 3,969,276.00 3,109,663.00 2,422,029.00
      Property, Plant, Equipment Net 3,910,133.00 3,068,717.00 2,317,249.00 1,594,079.00
      Goodwill 148,799.00 148,128.00 148,128.00 148,128.00
      Intangible Assets 142,643.00 139,833.00 131,589.00 98,931.00
      Long-Term Investments 69,216.00 64,850.00 42,918.00 28,682.00
      Non-Current Deferred Assets 368,378.00 281,051.00 216,777.00 214,429.00
      Other Non-Current Assets 199,771.00 266,697.00 253,002.00 337,780.00
Liabilities 4,105,951.00 3,197,964.00 2,483,333.00 2,077,959.00
   Current Liabilities 592,040.00 583,292.00 385,349.00 201,066.00
      Payables and Expenses 223,638.00 166,721.00 80,994.00 73,475.00
            Account Payables 161,991.00 105,574.00 34,638.00 27,417.00
            Current Accrued Liabilities 35,705.00 36,829.00 32,621.00 37,911.00
      Short-Term Debt 267,448.00 360,082.00 187,309.00 85,422.00
      Other Current Liabilities 100,954.00 56,489.00 117,046.00 42,169.00
   Non-Current Liabilities 3,513,911.00 2,614,672.00 2,097,984.00 1,876,893.00
      Long-Term Debt 2,850,726.00 2,339,476.00 1,973,643.00 1,734,293.00
      Other Non-Current Liabilities 663,185.00 275,196.00 124,341.00 142,600.00
Equity 1,440,934.00 1,435,957.00 1,050,034.00 757,381.00
   Shareholders Equity 1,180,526.00 1,168,759.00 804,094.00 532,638.00
      Capital Stock 3,308.00 3,293.00 2,827.00 2,549.00
      Share Premium 1,028,532.00 1,028,532.00 762,516.00 556,161.00
      Retained Earnings 107,919.00 63,710.00 -7,214.00 -31,963.00
      Treasury Shares 0 0 0 0
      Accumulated Other Comprehensive Income 25,273.00 57,730.00 30,469.00 -4,514.00
   Minority Interest 260,408.00 267,198.00 245,940.00 224,743.00
Debt 3,118,174.00 2,699,558.00 2,160,952.00 1,819,715.00
Net Debt 2,508,566.00 2,167,086.00 1,867,460.00 1,448,136.00
Common Shares Outstanding 118,566.62 117,963.31 101,582.90 92,510.66
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 398,795.00 261,142.00 192,172.00 102,461.00
Cost Of Revenue 189,585.00 118,590.00 82,706.00 41,223.00
Interest Income 15,855.00 22,122.00 20,386.00 25,797.00
Interest Expense 99,011.00 60,847.00 55,775.00 30,799.00
Non-Interest Expense 38,847.00 31,356.00 27,034.00 14,515.00
Gross Profit 209,210.00 142,552.00 109,466.00 61,238.00
Operating Expenses 50,448.00 37,703.00 32,621.00 20,285.00
   Selling, General and Administrative Expenses 38,847.00 31,356.00 27,034.00 14,515.00
   Research and Development Expenses 11,601.00 6,347.00 5,587.00 4,716.00
   Other Operating Expenses 0 0 -13,767.00 -808.74
Operating Income 158,762.00 104,849.00 76,845.00 40,953.00
Net Non-Operating Income 7,060.00 9,763.00 1,765.00 778.00
EBT 84,780.00 126,469.00 51,056.00 27,369.00
Income Tax 18,275.00 28,428.00 12,943.00 5,694.00
Net Income Including Non-Controlling Interests 66,505.00 98,041.00 38,113.00 21,675.00
Net Income Non-Controlling Interests -22,296.00 -27,117.00 -13,364.00 -10,458.00
Net Income 44,209.00 70,924.00 24,749.00 11,217.00
EBIT 183,791.00 187,316.00 106,831.00 58,168.00
Deprecation and Amortization 108,889.00 65,796.00 42,267.00 20,500.00
EBITDA 292,680.00 253,112.00 149,098.00 78,668.00
EPS 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 118,293.56 115,721.35 97,335.87 93,749.22
Average Shares Outstanding Diluted 123,312.57 123,861.29 99,978.13 98,108.67
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 193,072.00 149,620.00 90,376.00 52,023.00
   Operating Net Income 66,505.00 98,041.00 38,113.00 21,675.00
   Deprecation and Amortization 108,889.00 65,796.00 42,267.00 20,500.00
   Deferred Income Tax -7,548.00 -24,001.00 12,974.00 5,694.00
   Share Based Compensation 8,360.00 4,970.00 8,673.00 3,980.00
   Change in Working Capital 3,409.00 15,774.00 -21,763.00 -12,475.00
   Other Operating Activities 13,457.00 -10,960.00 10,112.00 12,649.00
Investing Cash Flow -941,367.00 -798,065.00 -820,000.00 -644,638.00
   Capital Expenditure 0 0 0 0
   Net Purchase/Sale of PPE 0 0 -639,074.00 -471,039.90
   Net Purchase/Sale of Investments Net -14,719.00 26,919.00 -12,705.00 -23,724.00
   Net Purchase/Sale of Business -30,906.00 -12,703.00 -60,950.00 -157,679.00
   Other Investing Activities 0 0 -107,271.00 7,804.90
Financing Cash Flow 745,987.00 855,305.00 684,741.00 752,314.00
   Net Issuance/Repayment of Debt 383,129.00 482,672.00 474,585.00 541,784.00
   Net Issuance/Repurchase of Equity 0 266,451.00 204,875.00 175,079.00
   Dividends Paid 0 0 0 0
   Other Financing Activities 362,858.00 106,182.00 5,281.00 35,451.00
Net Change in Cash -2,308.00 206,860.00 -44,883.00 159,699.00
   Cash at Beginning of Period 403,805.00 193,869.00 265,933.00 99,330.00
   Cash at End of Period 387,427.00 403,805.00 193,869.00 265,933.00
Free Cash Flow 193,072.00 149,620.00 90,376.00 52,023.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Assets 7,775,506.00 6,823,695.00 5,884,371.00 5,546,885.00 5,144,699.00
   Current Assets 1,143,204.00 711,889.00 677,227.00 707,945.00 483,709.00
      Cash and Short-Term Investments 681,782.00 481,152.00 449,935.00 387,427.00 182,714.00
            Cash and Cash Equivalents 679,827.00 480,459.00 449,530.00 387,427.00 178,170.00
            Short-Term Investments 1,955.00 693.00 405.00 0 4,544.00
      Net Receivables 159,559.00 144,573.00 144,600.00 70,017.00 111,399.00
      Inventory 0 0 0 0 0
      Other Current Assets 301,863.00 86,164.00 82,692.00 250,501.00 189,596.00
   Non-Current Assets 6,632,302.00 6,111,806.00 5,207,144.00 4,838,940.00 4,660,990.00
      Property, Plant, Equipment Net 5,465,473.00 4,965,067.00 4,171,760.00 3,910,133.00 3,780,981.00
      Goodwill 0 0 0 148,799.00 0
      Intangible Assets 0 0 0 142,643.00 0
      Long-Term Investments 185,171.00 198,177.00 187,761.00 69,216.00 133,440.00
      Non-Current Deferred Assets 489,251.00 457,571.00 400,203.00 368,378.00 300,910.00
      Other Non-Current Assets 0 0 0 199,771.00 0
Liabilities 5,817,247.00 5,175,252.00 4,293,142.00 4,105,951.00 3,663,676.00
   Current Liabilities 1,293,437.00 1,019,639.00 516,373.00 592,040.00 907,318.00
      Payables and Expenses 479,485.00 465,448.00 269,693.00 223,638.00 176,176.00
            Account Payables 130,009.00 126,956.00 167,765.00 161,991.00 70,539.00
            Current Accrued Liabilities 0 0 0 35,705.00 0
      Short-Term Debt 788,323.00 541,256.00 240,903.00 267,448.00 718,573.00
      Other Current Liabilities 25,629.00 12,935.00 5,777.00 100,954.00 12,569.00
   Non-Current Liabilities 4,523,810.00 4,155,613.00 3,776,769.00 3,513,911.00 2,756,358.00
      Long-Term Debt 3,731,596.00 3,469,290.00 3,095,407.00 2,850,726.00 2,434,955.00
      Other Non-Current Liabilities 792,214.00 686,323.00 681,362.00 663,185.00 321,403.00
Equity 1,958,259.00 1,648,443.00 1,591,229.00 1,440,934.00 1,481,023.00
   Shareholders Equity 1,653,337.00 1,342,262.00 1,309,201.00 1,180,526.00 1,210,536.00
      Capital Stock 3,693.00 3,344.00 3,323.00 3,308.00 3,307.00
      Share Premium 1,318,884.00 1,028,526.00 1,028,528.00 1,028,532.00 1,028,532.00
      Retained Earnings 225,760.00 203,734.00 202,377.00 107,919.00 102,763.00
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income 79,917.00 81,575.00 49,890.00 25,273.00 60,440.00
   Minority Interest 304,922.00 306,181.00 282,028.00 260,408.00 270,487.00
Debt 4,519,919.00 4,010,546.00 3,336,310.00 3,118,174.00 3,153,528.00
Net Debt 3,603,037.00 3,297,991.00 2,666,630.00 2,508,566.00 2,785,427.00
Common Shares Outstanding 131,896.98 119,950.24 119,095.89 118,566.62 118,465.49
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30
Revenues 138,536.00 116,117.00 109,758.00 114,205.00 109,495.00 0
Cost Of Revenue 39,355.00 29,846.00 26,638.00 59,075.00 22,155.00 0
Interest Income 28,126.00 1,471.00 6,695.00 -2,444.00 3,234.00 0
Interest Expense 54,171.00 52,083.00 30,203.00 13,175.00 36,525.00 0
Non-Interest Expense 15,632.00 11,490.00 11,846.00 10,650.00 8,012.00 0
Gross Profit 99,181.00 86,271.00 83,120.00 55,130.00 87,340.00 0
Operating Expenses 31,157.00 32,762.00 28,088.00 14,359.00 34,877.00 0
   Selling, General and Administrative Expenses 15,632.00 11,490.00 11,846.00 10,650.00 8,012.00 0
   Research and Development Expenses 2,904.00 2,905.00 2,564.00 3,709.00 3,350.00 0
Operating Income 68,024.00 53,509.00 55,032.00 40,771.00 52,463.00 0
Net Non-Operating Income 3,411.00 3,479.00 -1,105.00 -18,510.00 13,329.00 0
EBT 41,734.00 6,524.00 126,454.00 10,493.00 31,213.00 0
Income Tax 9,477.00 955.00 24,651.00 2,121.00 7,024.00 0
Net Income Including Non-Controlling Interests 32,257.00 5,569.00 101,803.00 8,372.00 24,189.00 0
Net Income Non-Controlling Interests -10,231.00 -4,212.00 -7,345.00 -3,216.00 -9,942.00 0
Net Income 22,026.00 1,357.00 94,458.00 5,156.00 14,247.00 0
EBIT 95,905.00 58,607.00 156,657.00 23,668.00 67,738.00 0
Deprecation and Amortization 39,142.00 37,228.00 33,789.00 30,912.00 27,091.00 0
EBITDA 135,047.00 95,835.00 190,446.00 54,580.00 94,829.00 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 125,060.94 119,421.25 118,783.54 0 118,465.22 117,825.46
Average Shares Outstanding Diluted 134,366.87 129,204.40 125,316.18 0 123,305.88 125,866.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Operating Cash Flow 71,309.00 47,536.00 43,613.00 35,532.00 66,471.00
   Operating Net Income 32,257.00 5,569.00 101,803.00 8,372.00 24,189.00
   Deprecation and Amortization 39,142.00 37,228.00 33,789.00 30,912.00 27,091.00
   Deferred Income Tax -13,610.00 -17,906.00 24,651.00 -23,702.00 3,448.00
   Share Based Compensation 2,053.00 1,284.00 1,710.00 2,333.00 1,942.00
   Change in Working Capital -520.00 -1,832.00 -4,826.00 7,426.00 -2,741.00
   Other Operating Activities 11,987.00 23,193.00 -113,514.00 10,191.00 12,542.00
Investing Cash Flow -726,436.00 -424,456.00 -198,565.00 -173,235.00 -253,166.00
   Capital Expenditure 0 0 0 0 0
   Net Purchase/Sale of PPE -505,647.00 -402,160.00 0 0 -217,168.00
   Net Purchase/Sale of Investments Net -2,010.00 -207.00 -3,040.00 -2,515.00 -864.00
   Net Purchase/Sale of Business 4,814.00 -3,205.00 28,776.00 -13,360.00 -5,307.00
   Other Investing Activities -223,593.00 -18,884.00 0 0 -29,827.00
Financing Cash Flow 846,025.00 389,137.00 220,279.00 356,258.00 151,681.00
   Net Issuance/Repayment of Debt 437,357.00 415,104.00 249,127.00 5,971.00 128,290.00
   Net Issuance/Repurchase of Equity 290,698.00 0 0 0 0
   Dividends Paid 0 0 0 0 0
   Other Financing Activities 117,970.00 0 0 350,287.00 23,391.00
Net Change in Cash 190,898.00 12,217.00 65,327.00 218,555.00 -35,014.00
   Cash at Beginning of Period 480,459.00 449,530.00 387,427.00 178,170.00 208,791.00
   Cash at End of Period 679,827.00 480,459.00 449,530.00 387,427.00 178,170.00
Free Cash Flow -434,338.00 -354,624.00 43,613.00 714,501.00 -150,697.00