Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings 6.32 3.62 19.14 6.07 6.24
Price to Sales 0.92 0.50 1.74 0.69 0.55
Book Value Per Common Share 39.59 34.14 6.92 25.43 24.41
Price to Book 1.12 0.61 2.61 0.78 0.62
Price to Operating Cash Flow 0.55 0.48 1.83 0.32 0.15
Price to Free Cash Flow 0.55 0.48 1.87 0.32 0.15
Enterprise Value to EBITDA 5980.99 3295.15 23965.20 9068.50 7806.10
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31
Price to Earnings 116.63 108.65 84.92 76.15 17.13
Price to Sales 11.34 9.86 7.83 6.33 2.49
Book Value Per Common Share 11.47 10.93 10.33 9.52 34.86
Price to Book 6.00 5.07 4.01 3.66 0.80
Price to Operating Cash Flow 6.85 3.41 7.00 4.23 1.78
Price to Free Cash Flow 6.87 3.42 7.04 4.24 1.79
Enterprise Value to EBITDA 124060.11 113272.05 88995.69 75068.73 15707.54

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY 22.20 505.29 -71.10 34.02
Revenue YoY 19.47 3.53 54.46 22.36
EBITDA YoY 20.96 112.46 50.70 32.20
Net Profit YoY 25.83 57.89 23.38 57.95
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31
Earning YoY 15.69 4.62 6.56 -71.93
Revenue YoY 9.52 6.88 -3.55 99.09
EBITDA YoY 14.40 6.51 0.30 6.20
Net Profit YoY 17.41 5.16 15.76 5.14

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 94.72 88.61 8.54 72.47 64.60
Quick Ratio 0.49
Current Ratio 1.09
Debt to Equity 8.05 8.13 8.91 9.67 9.63
Long-Term Debt to Equity 0.78
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31
Cash Per Common Share 11.50 10.67 8.01 8.26 100.61
Quick Ratio 0.58 0.53 0.57 0.54
Current Ratio 1.15 1.11 1.13 1.12
Debt to Equity 9.28 8.80 8.02 8.28 8.02
Long-Term Debt to Equity 1.46 1.17 0.98 1.07

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA 0.50 0.47 0.33 0.28 0.20
ROE 4.55 4.27 3.27 3.01 2.17
Gross Margin 81.44
Operating Margin 152.09 149.88 71.95 74.10 68.40
EBITDA Margin 153.94 152.05 74.09 75.94 70.29
Net Profit Margin 14.56 13.82 9.06 11.35 8.79
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31
ROA 0.13 0.12 0.14 0.12 0.13
ROE 1.35 1.21 1.22 1.15 1.19
Gross Margin 90.83 88.70 88.10 89.10
Operating Margin 90.46 86.47 86.71 83.30 156.19
EBITDA Margin 91.35 87.44 87.75 84.38 158.19
Net Profit Margin 9.73 9.07 9.22 7.68 14.55

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Dividend Yield 0.00 0.00 0.00 0.00 0.00
Dividend Payout Ratio 82.52 85.67 10.53 109.09 128.72
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31
Dividend Yield 0.00 0.00 0.00 0.00 0.00
Dividend Payout Ratio 13.69 15.63 12.68 14.67 64.00

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Assets 150,142,000.00 128,423,000.00 115,143,000.00 109,113,000.00 95,679,000.00
   Current Assets 0 0 103,043,000.00 0 0
      Cash and Short-Term Investments 10,240,000.00 9,301,000.00 3,436,000.00 6,824,000.00 5,164,000.00
            Cash and Cash Equivalents 10,208,000.00 9,257,000.00 3,436,000.00 6,775,000.00 5,084,000.00
            Short-Term Investments 32,000.00 44,000.00 0 49,000.00 80,000.00
      Net Receivables 2,642,000.00 2,018,000.00 42,570,000.00 3,898,000.00 1,358,000.00
      Inventory 0 0 0 0 0
      Other Current Assets 0 0 57,037,000.00 0 0
   Non-Current Assets 0 0 12,100,000.00 0 0
      Property, Plant, Equipment Net 212,000.00 281,000.00 0 226,000.00 198,000.00
      Goodwill 0 0 0 0 0
      Intangible Assets 48,000.00 -45,000.00 0 46,000.00 37,000.00
      Long-Term Investments 172,000.00 142,000.00 11,174,000.00 123,000.00 11,000.00
      Non-Current Deferred Assets 0 0 0 0 0
      Other Non-Current Assets 0 0 0 0 0
Liabilities 133,545,000.00 114,356,000.00 103,528,000.00 98,891,000.00 86,676,000.00
   Current Liabilities 0 0 94,442,000.00 0 0
      Payables and Expenses 0 0 94,424,000.00 0 0
            Account Payables 0 0 94,017,000.00 0 0
            Current Accrued Liabilities 0 0 193,000.00 0 0
      Short-Term Debt 14,000.00 17,000.00 18,000.00 27,000.00 118,000.00
      Other Current Liabilities 0 0 0.00 0 0
   Non-Current Liabilities 0 0 9,086,000.00 0 0
      Long-Term Debt 0 0 8,940,000.00 0 0
      Other Non-Current Liabilities 0 0 146,000.00 0 0
Equity 16,597,000.00 14,067,000.00 11,615,000.00 10,222,000.00 9,003,000.00
   Shareholders Equity 4,280,000.00 3,584,000.00 2,848,000.00 2,395,000.00 1,951,000.00
      Capital Stock 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
      Share Premium 1,816,000.00 1,726,000.00 1,581,000.00 1,442,000.00 1,244,000.00
      Retained Earnings 2,515,000.00 1,852,000.00 1,294,000.00 953,000.00 683,000.00
      Treasury Shares -7,000.00 -3,000.00 6,000.00 -5,000.00 -3,000.00
      Accumulated Other Comprehensive Income -45,000.00 8,000.00 -22,000.00 4,000.00 26,000.00
   Minority Interest 12,317,000.00 10,483,000.00 8,767,000.00 7,827,000.00 7,052,000.00
Investments 11,944,000.00 11,339,000.00 0 8,292,000.00 5,748,000.00
Debt 14,000.00 17,000.00 18,000.00 27,000.00 118,000.00
Net Debt 0 0 5,522,000.00 0 0
Common Shares Outstanding 0 0 411,551.31 0 0
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 5,185,000.00 4,340,000.00 4,192,000.00 2,714,000.00 2,218,000.00
Cost Of Revenue 0 0 778,000.00 0 0
Interest Income 7,339,000.00 6,230,000.00 0 1,372,000.00 1,133,000.00
Interest Expense 4,191,000.00 3,436,000.00 1,018,000.00 224,000.00 261,000.00
Net Interest 3,148,000.00 2,794,000.00 0 1,148,000.00 872,000.00
Non-Interest Income 2,037,000.00 1,546,000.00 0 1,566,000.00 1,346,000.00
Non-Interest Expense -1,490,000.00 -1,271,000.00 0 -927,000.00 -962,000.00
Gross Profit 0 0 3,414,000.00 0 0
Operating Expenses 0 0 288,000.00 0 0
   Selling, General and Administrative Expenses 353,000.00 41,000.00 198,000.00 33,000.00 26,000.00
Operating Income 0 0 3,126,000.00 0 0
Net Non-Operating Income 0 0 -7,000.00 0 0
EBT 3,695,000.00 3,069,000.00 1,998,000.00 1,787,000.00 1,256,000.00
Income Tax 434,000.00 399,000.00 156,000.00 226,000.00 116,000.00
Net Income Including Non-Controlling Interests -1,897,000.00 -1,612,000.00 1,842,000.00 -1,020,000.00 -789,000.00
Net Income Non-Controlling Interests 2,652,000.00 2,212,000.00 -1,462,000.00 1,328,000.00 984,000.00
Net Income 755,000.00 600,000.00 380,000.00 308,000.00 195,000.00
EBIT 7,886,000.00 6,505,000.00 3,016,000.00 2,011,000.00 1,517,000.00
Deprecation and Amortization 96,000.00 94,000.00 84,000.00 50,000.00 42,000.00
EBITDA 7,982,000.00 6,599,000.00 3,106,000.00 2,061,000.00 1,559,000.00
EPS 0.01 0.01 0.00 0.00 0.00
Diluted EPS 0.01 0.01 0.00 0.00 0.00
Average Shares Outstanding Basic 108,112.20 104,965.05 402,116.40 94,167.57 79,939.29
Average Shares Outstanding Diluted 109,002.94 105,846.88 405,333.33 95,009.88 80,638.91
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow 8,724,000.00 4,544,000.00 3,968,000.00 5,896,000.00 8,068,000.00
   Operating Net Income 3,407,000.00 2,812,000.00 1,842,000.00 1,636,000.00 1,179,000.00
   Deprecation and Amortization 96,000.00 94,000.00 84,000.00 50,000.00 42,000.00
   Deferred Income Tax -2,000.00 30,000.00 20,000.00 23,000.00 9,000.00
   Share Based Compensation 112,000.00 100,000.00 92,000.00 80,000.00 65,000.00
   Change in Working Capital -1,217,000.00 1,124,000.00 1,915,000.00 -2,202,000.00 683,000.00
   Other Operating Activities 6,328,000.00 384,000.00 15,000.00 6,309,000.00 6,090,000.00
Investing Cash Flow -44,000.00 -52,000.00 -67,000.00 -188,000.00 -50,000.00
   Capital Expenditure -49,000.00 -49,000.00 0 -77,000.00 -50,000.00
   Net Purchase/Sale of PPE -49,000.00 -49,000.00 -69,000.00 -77,000.00 -50,000.00
   Net Purchase/Sale of Investments Net 5,000.00 -3,000.00 -5,000.00 -111,000.00 -5,000.00
   Net Purchase/Sale of Business 0 0 0 0 0
   Other Investing Activities 49,000.00 49,000.00 7,000.00 77,000.00 55,000.00
Financing Cash Flow -833,000.00 -624,000.00 -470,000.00 -523,000.00 -229,000.00
   Net Issuance/Repayment of Debt -3,000.00 -1,000.00 -9,000.00 -92,000.00 102,000.00
   Net Issuance/Repurchase of Equity 56,000.00 34,000.00 3,000.00 26,000.00 18,000.00
   Dividends Paid -623,000.00 -514,000.00 -40,000.00 -336,000.00 -251,000.00
   Other Financing Activities -263,000.00 -143,000.00 -424,000.00 -121,000.00 -98,000.00
Net Change in Cash 7,640,000.00 3,990,000.00 3,431,000.00 5,088,000.00 7,913,000.00
   Cash at Beginning of Period 32,593,000.00 28,603,000.00 25,283,000.00 20,195,000.00 12,282,000.00
   Cash at End of Period 40,233,000.00 32,593,000.00 28,603,000.00 25,283,000.00 20,195,000.00
Free Cash Flow 8,675,000.00 4,495,000.00 3,899,000.00 5,819,000.00 8,018,000.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2021-12-31 2020-12-31
Assets 200,222,000.00 181,475,000.00 157,670,000.00 150,142,000.00 148,526,000.00 132,238,000.00 128,423,000.00 109,113,000.00 95,679,000.00
   Current Assets 175,551,000.00 156,670,000.00 138,932,000.00 0 128,658,000.00 0 0 0 0
      Cash and Short-Term Investments 5,128,000.00 4,688,000.00 3,500,000.00 10,240,000.00 3,595,000.00 10,772,000.00 9,301,000.00 6,824,000.00 5,164,000.00
            Cash and Cash Equivalents 5,128,000.00 4,688,000.00 3,500,000.00 10,208,000.00 3,595,000.00 10,737,000.00 9,257,000.00 6,775,000.00 5,084,000.00
            Short-Term Investments 0 0 0 32,000.00 0 35,000.00 44,000.00 49,000.00 80,000.00
      Net Receivables 82,849,000.00 69,874,000.00 66,795,000.00 2,642,000.00 58,639,000.00 2,121,000.00 2,018,000.00 3,898,000.00 1,358,000.00
      Inventory 0 0 0 0 0 0 0 0 0
      Other Current Assets 87,574,000.00 82,108,000.00 68,637,000.00 0 66,424,000.00 0 0 0 0
   Non-Current Assets 24,671,000.00 24,805,000.00 18,738,000.00 0 19,868,000.00 0 0 0 0
      Property, Plant, Equipment Net 0 0 0 212,000.00 0 111,000.00 281,000.00 226,000.00 198,000.00
      Goodwill 0 0 0 0 0 0 0 0 0
      Intangible Assets 0 0 0 48,000.00 0 0 -45,000.00 46,000.00 37,000.00
      Long-Term Investments 23,120,000.00 23,451,000.00 17,557,000.00 172,000.00 18,533,000.00 132,000.00 142,000.00 123,000.00 11,000.00
      Non-Current Deferred Assets 0 0 0 0 0 0 0 0 0
      Other Non-Current Assets 1,551,000.00 1,354,000.00 1,181,000.00 0 1,335,000.00 0 0 0 0
Liabilities 180,742,000.00 162,957,000.00 140,187,000.00 133,545,000.00 132,521,000.00 117,579,000.00 114,356,000.00 98,891,000.00 86,676,000.00
   Current Liabilities 152,318,000.00 141,234,000.00 123,041,000.00 0 115,322,000.00 0 0 0 0
      Payables and Expenses 152,308,000.00 141,226,000.00 123,029,000.00 0 115,289,000.00 0 0 0 0
            Account Payables 151,776,000.00 140,763,000.00 122,537,000.00 0 114,777,000.00 0 0 0 0
            Current Accrued Liabilities 317,000.00 283,000.00 297,000.00 0 327,000.00 0 0 0 0
      Short-Term Debt 10,000.00 8,000.00 12,000.00 14,000.00 33,000.00 14,000.00 17,000.00 27,000.00 118,000.00
      Other Current Liabilities 0.00 0.00 0.00 0 0.00 0 0 0 0
   Non-Current Liabilities 28,424,000.00 21,723,000.00 17,146,000.00 0 17,199,000.00 0 0 0 0
      Long-Term Debt 894,000.00 0 0 0 0 0 0 0 0
      Other Non-Current Liabilities 27,530,000.00 0 0 0 0 0 0 0 0
Equity 19,480,000.00 18,518,000.00 17,483,000.00 16,597,000.00 16,005,000.00 14,659,000.00 14,067,000.00 10,222,000.00 9,003,000.00
   Shareholders Equity 5,106,000.00 4,825,000.00 4,502,000.00 4,280,000.00 4,145,000.00 3,732,000.00 3,584,000.00 2,395,000.00 1,951,000.00
      Capital Stock 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
      Share Premium 1,943,000.00 1,886,000.00 1,828,000.00 1,816,000.00 1,804,000.00 1,736,000.00 1,726,000.00 1,442,000.00 1,244,000.00
      Retained Earnings 3,117,000.00 2,890,000.00 2,701,000.00 2,515,000.00 2,325,000.00 2,016,000.00 1,852,000.00 953,000.00 683,000.00
      Treasury Shares 7,000.00 14,000.00 11,000.00 -7,000.00 4,000.00 -3,000.00 -3,000.00 -5,000.00 -3,000.00
      Accumulated Other Comprehensive Income 52,000.00 62,000.00 -17,000.00 -45,000.00 19,000.00 -18,000.00 8,000.00 4,000.00 26,000.00
   Minority Interest 14,374,000.00 13,693,000.00 12,981,000.00 12,317,000.00 11,860,000.00 10,927,000.00 10,483,000.00 7,827,000.00 7,052,000.00
Investments 0 0 0 11,944,000.00 0 13,036,000.00 11,339,000.00 8,292,000.00 5,748,000.00
Debt 904,000.00 8,000.00 12,000.00 14,000.00 33,000.00 14,000.00 17,000.00 27,000.00 118,000.00
Common Shares Outstanding 445,331.61 441,362.64 435,769.70 0 435,469.19 0 0 0 0
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31
Revenues 2,704,000.00 2,469,000.00 2,310,000.00 2,395,000.00 1,203,000.00
Cost Of Revenue 248,000.00 279,000.00 275,000.00 261,000.00 0
Interest Income 0 0 0 0 1,760,000.00
Interest Expense 1,134,000.00 1,031,000.00 948,000.00 1,086,000.00 1,013,000.00
Net Interest 0 0 0 0 747,000.00
Non-Interest Income 0 0 0 0 456,000.00
Non-Interest Expense 73,000.00 72,000.00 72,000.00 162,000.00 -337,000.00
Gross Profit 2,456,000.00 2,190,000.00 2,035,000.00 2,134,000.00 0
Operating Expenses 97,000.00 96,000.00 96,000.00 188,000.00 0
   Selling, General and Administrative Expenses 73,000.00 72,000.00 72,000.00 162,000.00 10,000.00
Operating Income 2,359,000.00 2,094,000.00 1,939,000.00 1,946,000.00 0
Net Non-Operating Income 81,000.00 47,000.00 45,000.00 31,000.00 0
EBT 1,312,000.00 1,104,000.00 1,055,000.00 909,000.00 866,000.00
Income Tax 126,000.00 98,000.00 91,000.00 75,000.00 71,000.00
Net Income Including Non-Controlling Interests 1,186,000.00 1,006,000.00 964,000.00 834,000.00 -445,000.00
Net Income Non-Controlling Interests -923,000.00 -782,000.00 -751,000.00 -650,000.00 620,000.00
Net Income 263,000.00 224,000.00 213,000.00 184,000.00 175,000.00
EBIT 2,446,000.00 2,135,000.00 2,003,000.00 1,995,000.00 1,879,000.00
Deprecation and Amortization 24,000.00 23,000.00 22,000.00 25,000.00 24,000.00
EBITDA 2,470,000.00 2,159,000.00 2,027,000.00 2,021,000.00 1,903,000.00
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 445,762.71 439,215.69 436,923.08 434,972.68 107,070.83
Average Shares Outstanding Diluted 445,762.71 439,215.69 439,175.26 439,779.01 108,149.44
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31
Operating Cash Flow 4,479,000.00 7,139,000.00 2,584,000.00 3,582,000.00 1,683,000.00
   Operating Net Income 1,186,000.00 1,006,000.00 964,000.00 834,000.00 795,000.00
   Deprecation and Amortization 24,000.00 23,000.00 22,000.00 25,000.00 24,000.00
   Deferred Income Tax 20,000.00 9,000.00 -1,000.00 1,000.00 -1,000.00
   Share Based Compensation 31,000.00 28,000.00 31,000.00 26,000.00 28,000.00
   Change in Working Capital 3,255,000.00 6,080,000.00 1,575,000.00 2,696,000.00 253,000.00
   Other Operating Activities -37,000.00 -7,000.00 -7,000.00 0.00 584,000.00
Investing Cash Flow -44,000.00 -42,000.00 -26,000.00 -35,000.00 -13,000.00
   Capital Expenditure 0 0 0 0 -12,000.00
   Net Purchase/Sale of PPE -15,000.00 -14,000.00 -16,000.00 -11,000.00 -12,000.00
   Net Purchase/Sale of Investments Net -29,000.00 -28,000.00 -10,000.00 -24,000.00 -1,000.00
   Net Purchase/Sale of Business 0 0 0 0 0
   Other Investing Activities 0.00 0.00 0.00 0.00 12,000.00
Financing Cash Flow -230,000.00 -331,000.00 -225,000.00 -177,000.00 -137,000.00
   Net Issuance/Repayment of Debt 2,000.00 -4,000.00 -2,000.00 22,000.00 -3,000.00
   Net Issuance/Repurchase of Equity 0 0 0 0 0
   Dividends Paid -36,000.00 -35,000.00 -27,000.00 -27,000.00 -112,000.00
   Other Financing Activities -196,000.00 0 0 -172,000.00 -22,000.00
Net Change in Cash 4,205,000.00 6,766,000.00 2,333,000.00 3,370,000.00 1,431,000.00
   Cash at Beginning of Period 49,745,000.00 42,673,000.00 40,233,000.00 35,288,000.00 32,593,000.00
   Cash at End of Period 53,912,000.00 49,745,000.00 42,673,000.00 38,811,000.00 34,024,000.00
Free Cash Flow 4,464,000.00 7,125,000.00 2,568,000.00 3,571,000.00 1,671,000.00