Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings 11.16 10.53 8.41 9.43 10.16
Price to Sales 147.60 164.45 229.78 218.36 54.24
Book Value Per Common Share 22.63 21.90 20.73 22.34 20.43
Price to Book 1.21 1.29 1.44 1.41 1.24
Price to Operating Cash Flow 11.60 8.41 7.94 6.04 12.15
Price to Free Cash Flow 12.30 9.05 8.22 6.47 13.68
Enterprise Value to EBITDA 25354.91 30942.79 48973.09 58084.75 51457.83
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 32.02 34.81 38.63 38.14 44.80 35.47 33.80 35.60
Price to Sales 11.87 12.50 1404.55 14.07 2088.14 239.28 274.70 941.61
Book Value Per Common Share 24.48 23.69 23.19 22.63 23.03 21.80 21.90 20.63 20.73 21.19 22.34 20.78 20.43
Price to Book 1.07 1.07 1.07 1.21 1.14 1.13 1.29 1.25 1.44 1.42 1.41 1.41 1.24
Price to Operating Cash Flow 22.58 38.23 125.61 29.60 -181.58 56.16 41.99 16.69
Price to Free Cash Flow 23.12 38.94 330.48 29.94 -149.15 62.70 46.13 20.13
Enterprise Value to EBITDA 90841.29 97320.72 131623.71 228841.23 211960.73

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY -8.58 -24.72 6.91 33.20
Revenue YoY 8.53 32.51 -9.18 -69.16
EBITDA YoY 18.89 49.89 13.57 10.00
Net Profit YoY -8.38 -24.29 7.50 33.69
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 12.33 14.06 -7.25 25.45 -24.66 -17.98 8.54
Revenue YoY 8.86 11457.44 -99.05 15687.69 -89.03 -1.00 255.19
EBITDA YoY 29.38 50.32 -4.20
Net Profit YoY 12.64 13.93 -6.52 25.74 -24.46 -17.87 8.78

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 4.50 3.22 2.42 8.01 7.59
Quick Ratio
Current Ratio
Debt to Equity 11.50 11.12 10.97 9.29 9.55
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 2.65 4.46 2.43 3.19 2.76 2.39 3.70 7.94 11.45 7.52
Quick Ratio
Current Ratio
Debt to Equity 10.65 11.05 11.27 11.50 11.24 11.27 11.12 11.31 10.97 9.91 9.29 9.68 9.55
Long-Term Debt to Equity

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA 0.86 1.00 1.42 1.44 1.15
ROE 10.71 12.14 17.03 14.76 12.13
Gross Margin 36.33 29.52 -22.89 57.91 93.08
Operating Margin 5737.60 5228.88 4512.29 3487.95 974.16
EBITDA Margin 5875.83 5363.86 4742.06 3792.03 1063.03
Net Profit Margin 1320.56 1564.28 2738.06 2313.07 533.51
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 0.28 0.25 0.22 0.24 0.20 0.28 0.38 0.37
ROE 3.31 3.04 2.73 2.95 2.48 3.49 4.15 3.91
Gross Margin -103.08 23.85 53.59 84.71 55.19
Operating Margin 15115.38 21061.54 1779.16 1141.60 4110.39
EBITDA Margin 15626.15 21679.23 1838.23 1210.61 4488.43
Net Profit Margin 37.02 35.78 3629.23 36.89 4631.54 672.66 810.78 2647.48

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 45.68 51.42 52.98

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Assets 3,157,010.00 2,946,698.00 2,739,178.00 2,527,099.00 2,361,236.00
   Deposits 2,725,251.00 2,599,662.00 2,378,877.00 2,123,297.00 1,844,611.00
      Cash and Short-Term Investments 49,736.00 35,430.00 26,421.00 87,312.00 82,363.00
            Cash and Cash Equivalents 49,736.00 35,430.00 26,421.00 87,312.00 82,363.00
            Short-Term Investments 0 0 0 0 0
      Net Receivables 13,976.00 11,894.00 3,822,454.00 3,302,842.00 2,930,314.00
      Inventory 0 0 0 0 0
      Other Current Assets 0 0 0 0 0
      Property, Plant, Equipment Net 565.00 652.00 737.00 29,771.00 27,762.00
      Real Estate 208.00 0 0 0 908.00
      Goodwill 30,646.00 30,646.00 30,646.00 30,646.00 30,646.00
      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 2,904,517.00 2,703,619.00 2,510,255.00 2,281,442.00 2,137,510.00
      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 51,278.00 69,652.00 103,399.00 81,252.00 206,940.00
      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 252,493.00 243,079.00 228,923.00 245,657.00 223,726.00
   Shareholders Equity 252,493.00 243,079.00 228,923.00 245,657.00 223,726.00
      Capital Stock 112.00 111.00 110.00 110.00 110.00
      Share Premium 71,832.00 70,071.00 68,435.00 66,830.00 65,285.00
      Retained Earnings 222,823.00 211,925.00 204,343.00 180,417.00 158,359.00
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income -42,227.00 -38,972.00 -43,901.00 -1,613.00 105.00
   Minority Interest 0 0 0 0 0
Investments 644,384.00 667,288.00 1,914,674.00 2,338,255.00 2,155,750.00
Debt 146,278.00 69,652.00 103,483.00 136,342.00 262,038.00
Net Debt 96,542.00 34,222.00 77,062.00 49,030.00 179,675.00
Common Shares Outstanding 11,155.53 11,098.06 11,045.19 10,998.76 10,950.29
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 2,048.00 1,887.00 1,424.00 1,568.00 5,085.00
Cost Of Revenue 1,304.00 1,330.00 1,750.00 660.00 352.00
Interest Income 167,674.00 147,557.00 109,950.00 91,895.00 95,083.00
Interest Expense 84,922.00 62,967.00 16,869.00 10,778.00 17,286.00
Net Interest 63,910.00 65,207.00 76,166.00 66,303.00 59,833.00
Non-Interest Income 16,355.00 15,437.00 16,874.00 19,383.00 18,119.00
Non-Interest Expense -47,156.00 -43,758.00 -43,904.00 -42,148.00 -39,652.00
Provisions for Credit Losses 1,304.00 1,330.00 1,750.00 0 0
Gross Profit 744.00 557.00 -326.00 908.00 4,733.00
   Selling, General and Administrative Expenses 3,373.00 3,319.00 3,052.00 2,841.00 2,762.00
EBT 32,584.00 35,702.00 47,386.00 43,913.00 32,250.00
Income Tax 5,539.00 6,184.00 8,396.00 7,644.00 5,121.00
Net Income 27,045.00 29,518.00 38,990.00 36,269.00 27,129.00
EBIT 117,506.00 98,669.00 64,255.00 54,691.00 49,536.00
Deprecation and Amortization 2,831.00 2,547.00 3,272.00 4,768.00 4,519.00
EBITDA 120,337.00 101,216.00 67,527.00 59,459.00 54,055.00
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 11,051.83 10,998.04 10,931.33 10,903.84 10,858.61
Average Shares Outstanding Diluted 11,138.83 11,081.89 11,030.66 10,987.18 10,932.82
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow 26,047.00 36,919.00 41,213.00 56,693.00 22,698.00
   Operating Net Income 27,045.00 29,518.00 38,990.00 36,269.00 27,129.00
   Deprecation and Amortization 2,831.00 2,547.00 3,272.00 4,768.00 4,519.00
   Deferred Income Tax 20.00 -1,360.00 -127.00 999.00 -262.00
   Share Based Compensation 895.00 820.00 809.00 856.00 652.00
   Change in Working Capital -6,337.00 3,944.00 -4,020.00 9,272.00 -8,390.00
   Other Operating Activities 1,593.00 1,450.00 2,289.00 4,529.00 -950.00
Investing Cash Flow -217,420.00 -199,808.00 -247,580.00 -201,749.00 -250,071.00
   Capital Expenditure -1,475.00 -2,635.00 -1,404.00 -3,757.00 -2,540.00
   Net Purchase/Sale of PPE -1,471.00 -2,632.00 -1,366.00 -3,754.00 -2,473.00
   Net Purchase/Sale of Investments Net 18,638.00 17,198.00 -43,057.00 -21,403.00 -36,900.00
   Net Purchase/Sale of Business 0 0 0 0 -6,060.00
   Other Investing Activities -233,112.00 -211,739.00 -201,753.00 -172,835.00 -202,098.00
Financing Cash Flow 187,067.00 172,103.00 208,461.00 139,478.00 239,152.00
   Net Issuance/Repayment of Debt 76,626.00 -33,831.00 -32,859.00 -125,696.00 77,083.00
   Net Issuance/Repurchase of Equity 1,079.00 1,067.00 1,073.00 942.00 826.00
   Dividends Paid 15,803.00 15,418.00 14,779.00 13,948.00 13,329.00
   Other Financing Activities 93,559.00 189,449.00 225,468.00 250,284.00 147,914.00
Net Change in Cash -4,306.00 9,214.00 2,094.00 -5,578.00 11,779.00
   Cash at Beginning of Period 31,942.00 22,728.00 20,634.00 26,212.00 14,433.00
   Cash at End of Period 27,636.00 31,942.00 22,728.00 20,634.00 26,212.00
Free Cash Flow 24,572.00 34,284.00 39,809.00 52,936.00 20,158.00
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 3,198,478.00 3,199,510.00 3,187,372.00 3,157,010.00 3,142,563.00 2,978,170.00 2,946,698.00 2,811,820.00 2,739,178.00 2,548,607.00 2,527,099.00 2,436,868.00 2,361,236.00
   Deposits 0 0 2,711,335.00 2,725,251.00 0 2,548,988.00 2,599,662.00 2,466,701.00 2,378,877.00 2,158,539.00 2,123,297.00 1,953,557.00 1,844,611.00
      Cash and Short-Term Investments 0 0 29,370.00 49,736.00 0 26,786.00 35,430.00 30,231.00 26,421.00 40,478.00 87,312.00 124,631.00 82,363.00
            Cash and Cash Equivalents 38,831.00 30,613.00 29,370.00 49,736.00 52,335.00 26,786.00 35,430.00 30,231.00 26,421.00 40,478.00 87,312.00 124,631.00 82,363.00
            Short-Term Investments 11.00 278,248.00 0 0 285,021.00 0 0 0 0 0 0 0 0
      Net Receivables 16,256.00 19,386.00 17,923.00 13,976.00 14,600.00 15,970.00 11,894.00 3,954,378.00 3,822,454.00 3,392,901.00 3,302,842.00 3,011,203.00 2,930,314.00
      Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Current Assets 0 0 0 0 0 0 0 0 0 0 0 0 0
      Property, Plant, Equipment Net 27,919.00 28,198.00 0 565.00 27,449.00 0 652.00 0 737.00 29,456.00 29,771.00 29,985.00 27,762.00
      Real Estate 0 0 0 208.00 0 0 0 0 0 0 0 0 908.00
      Goodwill 30,646.00 30,646.00 30,646.00 30,646.00 30,646.00 30,646.00 30,646.00 30,646.00 30,646.00 30,646.00 30,646.00 30,646.00 30,646.00
      Intangible Assets 0 0 0 0 0 0 0 0 0 0 0 0 0
      Long-Term Investments 636,045.00 646,121.00 0 0 662,656.00 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 0 0 0 0 0 0 0 0 0 0 0 0 0
Liabilities 2,923,912.00 2,934,018.00 2,927,691.00 2,904,517.00 2,885,780.00 2,735,546.00 2,703,619.00 2,583,359.00 2,510,255.00 2,314,961.00 2,281,442.00 2,208,684.00 2,137,510.00
      Payables and Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0
            Account Payables 0 0 0 0 0 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 0 101,170.00 115,444.00 51,278.00 0 84,779.00 69,652.00 83,800.00 103,399.00 78,623.00 81,252.00 174,552.00 206,940.00
      Other Current Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0
      Long-Term Debt 95,500.00 95,000.00 0 0 95,000.00 0 0 0 0 0 0 0 0
      Other Non-Current Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0
Equity 274,566.00 265,492.00 259,681.00 252,493.00 256,783.00 242,624.00 243,079.00 228,461.00 228,923.00 233,646.00 245,657.00 228,184.00 223,726.00
   Shareholders Equity 274,566.00 265,492.00 259,681.00 252,493.00 256,783.00 242,624.00 243,079.00 228,461.00 228,923.00 233,646.00 245,657.00 228,184.00 223,726.00
      Capital Stock 112.00 112.00 112.00 112.00 111.00 111.00 111.00 111.00 110.00 110.00 110.00 110.00 110.00
      Share Premium 73,276.00 72,795.00 72,355.00 71,832.00 71,389.00 70,506.00 70,071.00 68,830.00 68,435.00 67,246.00 66,830.00 65,755.00 65,285.00
      Retained Earnings 234,435.00 229,511.00 225,592.00 222,823.00 219,559.00 213,839.00 211,925.00 202,036.00 204,343.00 186,324.00 180,417.00 163,659.00 158,359.00
      Treasury Shares 0 0 0 0 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income -33,257.00 -36,926.00 -38,907.00 -42,227.00 -34,276.00 -42,384.00 -38,972.00 -43,002.00 -43,901.00 -20,166.00 -1,613.00 -1,272.00 105.00
   Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 253,247.00 644,384.00 0 261,840.00 667,288.00 1,982,847.00 1,914,674.00 2,020,363.00 2,338,255.00 2,196,661.00 2,155,750.00
Debt 95,500.00 196,170.00 185,444.00 146,278.00 95,000.00 154,779.00 69,652.00 83,881.00 103,483.00 133,712.00 136,342.00 229,648.00 262,038.00
Net Debt 56,669.00 165,557.00 156,074.00 96,542.00 42,665.00 127,993.00 34,222.00 53,650.00 77,062.00 93,234.00 49,030.00 105,017.00 179,675.00
Common Shares Outstanding 11,214.45 11,205.86 11,196.88 11,155.53 11,148.07 11,130.93 11,098.06 11,074.18 11,045.19 11,024.09 10,998.76 10,983.26 10,950.29
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 24,533.00 22,537.00 195.00 20,524.00 130.00 1,185.00 1,197.00 337.00
Cost Of Revenue 0 0 396.00 0 99.00 550.00 183.00 151.00
Interest Income 41,005.00 39,825.00 43,438.00 38,287.00 39,694.00 33,663.00 24,444.00 22,775.00
Interest Expense 20,947.00 21,416.00 20,910.00 21,885.00 20,108.00 11,439.00 1,913.00 3,080.00
Net Interest 0 0 17,799.00 0 14,880.00 17,475.00 18,620.00 15,873.00
Non-Interest Income 0 0 4,002.00 0 3,640.00 3,569.00 4,232.00 5,298.00
Non-Interest Expense 12,747.00 12,193.00 -12,844.00 11,993.00 -11,761.00 -10,850.00 -10,650.00 -9,874.00
Provisions for Credit Losses 0 0 396.00 0 99.00 550.00 0 0
Gross Profit 0 0 -201.00 0 31.00 635.00 1,014.00 186.00
   Selling, General and Administrative Expenses 7,372.00 6,977.00 877.00 6,762.00 866.00 868.00 829.00 753.00
EBT 11,079.00 9,853.00 8,565.00 9,162.00 7,272.00 9,644.00 11,752.00 10,772.00
Income Tax 1,997.00 1,790.00 1,488.00 1,591.00 1,251.00 1,673.00 2,047.00 1,850.00
Net Income Including Non-Controlling Interests 9,082.00 8,063.00 0 7,571.00 0 0 0 0
Net Income 9,082.00 8,063.00 7,077.00 7,571.00 6,021.00 7,971.00 9,705.00 8,922.00
EBIT 0 0 29,475.00 0 27,380.00 21,083.00 13,665.00 13,852.00
Deprecation and Amortization 554.00 537.00 996.00 569.00 803.00 700.00 826.00 1,274.00
EBITDA 0 0 30,471.00 0 28,183.00 21,783.00 14,491.00 15,126.00
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 11,093.63 11,084.33 11,074.84 10,972.46 11,033.86 10,948.51 10,931.86 10,888.13
Average Shares Outstanding Diluted 11,211.93 11,203.09 11,182.93 11,133.82 11,119.82 11,066.25 11,026.71 10,973.81
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 12,901.00 7,367.00 2,180.00 9,757.00 -1,497.00 5,047.00 7,832.00 19,044.00
   Operating Net Income 9,082.00 8,063.00 7,077.00 7,571.00 6,021.00 7,971.00 9,705.00 8,922.00
   Deprecation and Amortization 554.00 537.00 996.00 569.00 803.00 700.00 826.00 1,274.00
   Deferred Income Tax -147.00 -132.00 310.00 11.00 319.00 -1,453.00 246.00 670.00
   Share Based Compensation 254.00 212.00 298.00 230.00 231.00 184.00 217.00 288.00
   Change in Working Capital 2,337.00 -2,281.00 -6,845.00 1,544.00 -8,367.00 -3,181.00 -4,045.00 5,248.00
   Other Operating Activities 821.00 968.00 344.00 -168.00 -504.00 826.00 883.00 2,642.00
Investing Cash Flow 6,265.00 -7,251.00 -24,683.00 -43,688.00 -37,109.00 -64,741.00 -35,436.00 -98,353.00
   Capital Expenditure -299.00 -135.00 -1,352.00 -111.00 -326.00 -526.00 -703.00 -3,257.00
   Net Purchase/Sale of PPE -21.00 21.00 -1,330.00 0 -326.00 -526.00 -703.00 -3,257.00
   Net Purchase/Sale of Investments Net 14,683.00 4,893.00 -152.00 -504.00 6,854.00 3,054.00 -23,080.00 -6,890.00
   Net Purchase/Sale of Business 0 0 0 0 0 0 0 0
   Other Investing Activities -8,098.00 -12,030.00 -21,849.00 -43,073.00 -43,311.00 -66,743.00 -10,950.00 -84,949.00
Financing Cash Flow -14,920.00 812.00 21,299.00 41,251.00 30,539.00 64,424.00 29,021.00 73,126.00
   Net Issuance/Repayment of Debt -43,202.00 10,726.00 39,166.00 -79,593.00 85,127.00 -19,602.00 -2,630.00 -32,390.00
   Net Issuance/Repurchase of Equity 218.00 230.00 502.00 217.00 415.00 449.00 469.00 400.00
   Dividends Paid -4,149.00 -4,146.00 3,899.00 -4,011.00 3,907.00 3,773.00 3,520.00 3,394.00
   Other Financing Activities 32,213.00 -5,998.00 -22,268.00 124,638.00 -58,910.00 79,804.00 27,662.00 101,722.00
Net Change in Cash 4,246.00 928.00 -1,204.00 7,320.00 -8,067.00 4,730.00 1,417.00 -6,183.00
   Cash at Beginning of Period 27,360.00 26,432.00 27,636.00 27,816.00 31,942.00 22,728.00 20,634.00 26,212.00
   Cash at End of Period 31,606.00 27,360.00 26,432.00 35,136.00 23,875.00 27,458.00 22,051.00 20,029.00
Free Cash Flow 12,602.00 7,232.00 828.00 9,646.00 -1,823.00 4,521.00 7,129.00 15,787.00