Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings 29.78 -24.89 -45.13 -12.20
Price to Sales 0.99 0.96 1.12 2.82
Book Value Per Common Share 8.39 8.47 8.98 8.92
Price to Book 0.82 0.79 0.80 1.09
Price to Operating Cash Flow 4.36 4.62 4.48 15.44
Price to Free Cash Flow 4.36 4.62 4.48 15.44
Enterprise Value to EBITDA 28660.36 34046.88 34999.12 126253.89
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2023-03-31 2022-03-31 2021-03-31
Price to Earnings -49.91 -254.50 -135.25 685.00 -171.50 -140.00 -83.00 -29.88
Price to Sales 3.28 2.84 3.17 4.20 4.11 4.04 7.36 18.31
Book Value Per Common Share 8.05 8.23 8.20 8.39 8.40 8.80 8.89 8.85
Price to Book 0.68 0.62 0.66 0.82 0.82 0.80 1.12 1.15
Price to Operating Cash Flow 12.69 11.22 22.61 22.57 13.07 23.03 40.97 -334.21
Price to Free Cash Flow 12.69 11.22 22.61 22.57 13.07
Enterprise Value to EBITDA 129328.38 90666.70 103693.32 163236.59 138024.99 135879.43 275031.58 2027221.72

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY
Revenue YoY -0.59 8.94 86.69
EBITDA YoY 22.04 -3.70 168.29
Net Profit YoY
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2023-03-31 2022-03-31 2021-03-31
Earning YoY
Revenue YoY -8.19 4.57 6.68 -2.19 -3.06 28.56 145.22
EBITDA YoY -24.39 4.34 28.68 -15.58 -2.64 42.94 628.33
Net Profit YoY

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 0.38 0.36 0.49 0.62
Quick Ratio 0.20 0.21 0.24 1.44
Current Ratio 0.25 0.49 0.38 2.30
Debt to Equity 1.09 1.10 1.07 1.05
Long-Term Debt to Equity 0.87 0.90 0.87 1.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2023-03-31 2022-03-31 2021-03-31
Cash Per Common Share 0.39 0.37 0.45 0.38 0.49 0.58 0.79 0.26
Quick Ratio 0.59 0.70 0.82 0.20 0.70
Current Ratio 1.09 0.96 1.09 0.25 1.12
Debt to Equity 1.19 1.16 1.12 1.09 1.07 1.10 1.04 1.22
Long-Term Debt to Equity 1.11 1.09 1.05 0.87 0.99

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA 0.87 -0.95 -0.56 -3.70
ROE 1.82 -2.00 -1.16 -7.56
Gross Margin 35.48 35.05 35.29 29.69
Operating Margin 15.41 8.35 10.42 -6.56
EBITDA Margin 35.42 28.85 32.64 22.72
Net Profit Margin 3.44 -3.80 -2.51 -23.13
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2023-03-31 2022-03-31 2021-03-31
ROA -0.40 -0.06 -0.16 0.02 -0.15 -0.17 -0.27 -1.41
ROE -0.87 -0.13 -0.34 0.05 -0.31 -0.36 -0.55 -3.13
Gross Margin 30.56 35.41 35.57 33.63 33.89 42.54 41.78 32.18
Operating Margin 4.84 12.36 11.56 5.23 9.73 10.13 1.74 -37.99
EBITDA Margin 26.08 31.67 31.75 26.32 30.49 30.36 27.31 9.19
Net Profit Margin -6.38 -0.89 -2.54 0.39 -2.42 -2.87 -5.93 -54.21

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 221.46 -163.54 -167.69 -18.54
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2023-03-31 2022-03-31 2021-03-31
Dividend Yield 0.00 0.00 0.00 0.00 0.00
Dividend Payout Ratio -126.09 -843.45 -311.36 2150.88 -338.65

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 2,896,230.00 2,939,248.00 3,022,270.00 2,264,902.00
   Current Assets 74,307.00 139,906.00 115,336.00 126,249.00
      Cash and Short-Term Investments 40,637.00 37,837.00 51,255.00 64,485.00
            Cash and Cash Equivalents 40,637.00 37,837.00 51,255.00 64,485.00
            Short-Term Investments 0 0 0 0
      Net Receivables 19,784.00 21,348.00 21,015.00 14,476.00
      Inventory 0 0 0 0
      Other Current Assets 13,886.00 80,721.00 43,066.00 47,288.00
   Non-Current Assets 2,821,923.00 2,799,342.00 2,906,934.00 2,138,653.00
      Property, Plant, Equipment Net 33,309.00 34,814.00 35,023.00 26,942.00
      Real Estate 2,721,690.00 2,698,472.00 2,801,902.00 2,082,639.00
      Goodwill 0 0 0 0
      Intangible Assets 32,267.00 39,954.00 39,954.00 10,834.00
      Long-Term Investments 0 0 0 0
      Non-Current Deferred Assets 17,755.00 6,878.00 7,516.00 11,159.00
      Other Non-Current Assets 16,902.00 19,224.00 22,539.00 7,079.00
Liabilities 1,511,184.00 1,542,552.00 1,564,101.00 1,157,710.00
   Current Liabilities 299,603.00 286,042.00 301,821.00 54,958.00
      Payables and Expenses 82,756.00 79,741.00 86,821.00 54,958.00
            Account Payables 7,450.00 4,827.00 5,517.00 4,462.00
            Current Accrued Liabilities 48,738.00 48,324.00 52,332.00 33,048.00
      Short-Term Debt 210,000.00 200,000.00 215,000.00 343,500.00
      Other Current Liabilities 6,847.00 6,301.00 0.00 -343,500.00
   Non-Current Liabilities 1,211,581.00 1,256,510.00 1,262,280.00 1,102,752.00
      Long-Term Debt 1,211,581.00 1,256,510.00 1,262,280.00 1,087,029.00
      Other Non-Current Liabilities 0.00 0.00 0.00 15,723.00
Equity 1,385,046.00 1,396,696.00 1,458,169.00 1,107,192.00
   Shareholders Equity 909,545.00 911,195.00 959,813.00 948,073.00
      Capital Stock 1,188.00 1,180.00 1,173.00 1,167.00
      Share Premium 1,246,225.00 1,238,896.00 1,232,302.00 1,225,184.00
      Retained Earnings -347,041.00 -339,848.00 -288,200.00 -262,639.00
      Treasury Shares 0 0 0 0
      Accumulated Other Comprehensive Income 9,173.00 10,967.00 14,538.00 -15,639.00
   Minority Interest 475,501.00 485,501.00 498,356.00 159,119.00
Debt 1,421,581.00 1,456,510.00 1,477,280.00 1,087,029.00
Net Debt 1,356,073.00 1,392,831.00 1,400,541.00 1,005,312.00
Common Shares Outstanding 108,435.66 107,593.37 106,901.58 106,337.72
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 731,783.00 736,127.00 675,695.00 361,926.00
Cost Of Revenue 472,145.00 478,105.00 437,234.00 254,471.00
Interest Income 1,906.00 1,688.00 1,544.00 6,855.00
Interest Expense 82,632.00 86,798.00 65,581.00 43,368.00
Non-Interest Expense 31,891.00 32,530.00 30,765.00 29,428.00
Gross Profit 259,638.00 258,022.00 238,461.00 107,455.00
Operating Expenses 178,327.00 182,224.00 179,825.00 132,751.00
   Selling, General and Administrative Expenses 31,891.00 32,530.00 30,765.00 29,428.00
Operating Income 81,311.00 75,798.00 58,636.00 -25,296.00
Net Non-Operating Income 4,384.00 1,005.00 1,083.00 2,668.00
EBT 30,148.00 -25,318.00 4,828.00 -67,111.00
Income Tax -8,743.00 2,798.00 3,611.00 1,473.00
Net Income Including Non-Controlling Interests 38,891.00 -28,116.00 1,217.00 -68,584.00
Net Income Non-Controlling Interests 4,751.00 18,627.00 249.00 3,011.00
Net Income 25,141.00 -27,990.00 -16,929.00 -83,714.00
EBIT 112,780.00 61,480.00 70,409.00 -23,743.00
Deprecation and Amortization 146,436.00 150,924.00 150,160.00 105,955.00
EBITDA 259,216.00 212,404.00 220,569.00 82,212.00
EPS 0.00 -0.00 -0.00 -0.00
Diluted EPS 0.00 -0.00 -0.00 -0.00
Average Shares Outstanding Basic 105,927.00 105,548.00 105,142.00 104,471.00
Average Shares Outstanding Diluted 132,365.00 105,548.00 105,142.00 104,471.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 166,323.00 153,641.00 169,615.00 66,051.00
   Operating Net Income 38,891.00 -28,116.00 1,217.00 -68,584.00
   Deprecation and Amortization 146,436.00 150,924.00 150,160.00 105,955.00
   Deferred Income Tax 762.00 84.00 -59.00 -19.00
   Share Based Compensation 8,132.00 7,742.00 8,446.00 10,681.00
   Change in Working Capital 2,073.00 672.00 13,491.00 12,586.00
   Other Operating Activities -29,971.00 22,335.00 -3,640.00 5,432.00
Investing Cash Flow -71,499.00 -101,958.00 -290,513.00 -74,244.00
   Capital Expenditure 0 0 0 0
   Net Purchase/Sale of PPE 0 0 0 0
   Net Purchase/Sale of Investments Net 0 0 0 0
   Net Purchase/Sale of Business 0 0 0 0
   Other Investing Activities -71,499.00 -101,958.00 -290,513.00 -74,244.00
Financing Cash Flow -94,234.00 -65,723.00 85,762.00 66,241.00
   Net Issuance/Repayment of Debt -34,675.00 -17,284.00 -398.00 -20,165.00
   Net Issuance/Repurchase of Equity -939.00 -1,801.00 -2,456.00 18,923.00
   Dividends Paid -55,676.00 -45,776.00 -28,389.00 -15,521.00
   Other Financing Activities -2,944.00 -862.00 117,005.00 83,004.00
Net Change in Cash 590.00 -14,040.00 -35,136.00 58,048.00
   Cash at Beginning of Period 47,768.00 61,808.00 96,944.00 38,896.00
   Cash at End of Period 48,358.00 47,768.00 61,808.00 96,944.00
Free Cash Flow 166,323.00 153,641.00 169,615.00 66,051.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2023-03-31 2022-03-31 2021-03-31
Assets 2,848,480.00 2,868,170.00 2,897,459.00 2,896,230.00 2,837,283.00 3,028,257.00 3,106,599.00 2,221,105.00
   Current Assets 112,294.00 84,975.00 95,577.00 74,307.00 115,029.00 0 0 0
      Cash and Short-Term Investments 41,135.00 39,490.00 48,194.00 40,637.00 51,698.00 60,678.00 82,397.00 27,356.00
            Cash and Cash Equivalents 41,135.00 39,490.00 48,194.00 40,637.00 51,698.00 60,678.00 82,397.00 27,356.00
            Short-Term Investments 0 0 0 0 0 0 0 0
      Net Receivables 19,022.00 22,554.00 23,568.00 19,784.00 20,724.00 24,070.00 28,202.00 37,883.00
      Inventory 0 0 0 0 0 0 0 0
      Other Current Assets 52,137.00 22,931.00 23,815.00 13,886.00 42,607.00 0 0 0
   Non-Current Assets 2,736,186.00 2,783,195.00 2,801,882.00 2,821,923.00 2,722,254.00 0 0 0
      Property, Plant, Equipment Net 32,482.00 32,933.00 32,887.00 33,309.00 33,454.00 35,697.00 31,841.00 28,032.00
      Real Estate 2,644,907.00 2,690,192.00 2,705,821.00 2,721,690.00 2,642,608.00 0 1,500.00 1,500.00
      Goodwill 0 0 0 0 0 0 0 0
      Intangible Assets 32,267.00 32,267.00 32,267.00 32,267.00 32,267.00 33,805.00 35,966.00 0
      Long-Term Investments 0 0 0 0 0 0 0 0
      Non-Current Deferred Assets 10,335.00 10,468.00 10,632.00 17,755.00 6,237.00 0 0 0
      Other Non-Current Assets 16,195.00 17,335.00 20,275.00 16,902.00 7,688.00 0 0 0
Liabilities 1,548,964.00 1,538,989.00 1,529,622.00 1,511,184.00 1,463,783.00 1,585,391.00 1,584,984.00 1,220,495.00
   Current Liabilities 102,766.00 88,427.00 87,348.00 299,603.00 102,809.00 0 0 0
      Payables and Expenses 102,766.00 88,427.00 87,348.00 82,756.00 102,809.00 0 0 0
            Account Payables 9,859.00 7,285.00 8,760.00 7,450.00 6,130.00 0 0 0
            Current Accrued Liabilities 92,907.00 81,142.00 78,588.00 48,738.00 96,679.00 0 0 0
      Short-Term Debt 0 0 0 210,000.00 0 0 0 0
      Other Current Liabilities 0 0 0 6,847.00 0 0 0 0
   Non-Current Liabilities 1,446,198.00 1,450,562.00 1,442,274.00 1,211,581.00 1,360,974.00 0 0 0
      Long-Term Debt 1,446,198.00 1,450,562.00 1,442,274.00 1,211,581.00 1,360,974.00 0 0 0
      Other Non-Current Liabilities 0.00 0.00 0.00 0.00 0.00 0 0 0
Equity 1,299,516.00 1,329,181.00 1,367,837.00 1,385,046.00 1,373,500.00 1,442,866.00 1,521,615.00 1,000,610.00
   Shareholders Equity 875,794.00 895,146.00 920,439.00 909,545.00 911,436.00 946,219.00 951,346.00 938,783.00
      Capital Stock 1,192.00 1,192.00 1,226.00 1,188.00 1,189.00 1,115.00 1,109.00 1,125.00
      Share Premium 1,262,451.00 1,260,433.00 1,273,164.00 1,246,225.00 1,244,335.00 1,232,457.00 1,230,094.00 1,176,150.00
      Retained Earnings -390,885.00 -370,879.00 -360,404.00 -347,041.00 -339,047.00 -297,687.00 -275,018.00 -213,999.00
      Treasury Shares 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income 3,036.00 4,400.00 6,453.00 9,173.00 4,959.00 10,270.00 -4,903.00 -24,523.00
   Minority Interest 423,722.00 434,035.00 447,398.00 475,501.00 462,064.00 446,428.00 0 0
Investments 0 0 0 0 0 24,070.00 28,202.00 14,715.00
Debt 1,446,198.00 1,450,562.00 1,442,274.00 1,421,581.00 1,360,974.00 1,493,432.00 1,503,944.00 1,158,337.00
Net Debt 1,380,642.00 1,386,309.00 1,369,496.00 1,356,073.00 1,284,397.00 1,432,754.00 1,421,547.00 1,130,981.00
Common Shares Outstanding 108,803.42 108,811.51 112,221.77 108,435.66 108,453.27 107,469.86 106,960.86 106,118.71
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2023-03-31 2022-03-31 2021-03-31
Revenues 177,117.00 192,917.00 184,478.00 172,931.00 176,807.00 182,383.00 141,869.00 57,854.00
Cost Of Revenue 122,998.00 124,614.00 118,851.00 114,770.00 116,883.00 104,794.00 82,596.00 39,235.00
Interest Income 259.00 301.00 276.00 433.00 450.00 0 0 0
Interest Expense 20,676.00 20,628.00 19,956.00 19,792.00 20,428.00 20,909.00 13,439.00 10,788.00
Non-Interest Expense 7,845.00 8,280.00 8,571.00 7,403.00 7,473.00 0 0 0
Gross Profit 54,119.00 68,303.00 65,627.00 58,161.00 59,924.00 77,589.00 59,273.00 18,619.00
Operating Expenses 45,479.00 45,539.00 45,801.00 43,874.00 44,181.00 59,387.00 58,549.00 43,829.00
   Selling, General and Administrative Expenses 7,845.00 8,280.00 8,571.00 7,403.00 7,473.00 8,005.00 9,137.00 5,678.00
   Other Operating Expenses 0 0 0 0 0 51,382.00 49,412.00 38,151.00
Operating Income 8,640.00 22,764.00 19,826.00 14,287.00 15,743.00 18,202.00 724.00 -25,210.00
Net Non-Operating Income -278.00 858.00 1,230.00 571.00 999.00 -20,644.00 -11,697.00 -7,556.00
EBT -12,112.00 3,215.00 1,377.00 -10,751.00 -3,224.00 -2,442.00 -10,973.00 -32,766.00
Income Tax -352.00 1,178.00 754.00 -11,667.00 332.00 472.00 2,000.00 105.00
Net Income Including Non-Controlling Interests -11,760.00 2,037.00 623.00 916.00 -3,556.00 -6,597.00 -25,800.00 -97,107.00
Net Income Non-Controlling Interests 5,083.00 976.00 -680.00 4,389.00 3,908.00 1,369.00 17,391.00 65,742.00
Net Income -11,301.00 -1,726.00 -4,684.00 680.00 -4,272.00 -5,228.00 -8,409.00 -31,365.00
EBIT 8,564.00 23,843.00 21,333.00 9,041.00 17,204.00 18,467.00 2,466.00 -21,978.00
Deprecation and Amortization 37,634.00 37,259.00 37,230.00 36,471.00 36,708.00 36,908.00 36,274.00 27,297.00
EBITDA 46,198.00 61,102.00 58,563.00 45,512.00 53,912.00 55,375.00 38,740.00 5,319.00
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 105,889.00 107,633.00 108,008.00 106,033.00 106,033.00 105,312.00 104,896.00 104,278.00
Average Shares Outstanding Diluted 105,889.00 107,633.00 108,008.00 107,027.00 106,033.00 105,312.00 104,896.00 104,278.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2023-03-31 2022-03-31 2021-03-31
Operating Cash Flow 45,802.00 48,836.00 25,850.00 32,185.00 55,663.00 32,006.00 25,505.00 -3,167.00
   Operating Net Income -11,760.00 2,037.00 623.00 916.00 -3,556.00 -1,970.00 -8,973.00 -32,871.00
   Deprecation and Amortization 37,634.00 37,259.00 37,230.00 36,471.00 36,708.00 36,908.00 36,274.00 27,297.00
   Deferred Income Tax -532.00 843.00 325.00 0 0 0 0 0
   Share Based Compensation 2,049.00 2,789.00 1,916.00 1,795.00 1,854.00 1,468.00 3,698.00 1,569.00
   Change in Working Capital 16,138.00 3,851.00 -16,076.00 -3,890.00 18,903.00 -5,778.00 -6,853.00 -678.00
   Other Operating Activities 2,273.00 2,057.00 1,832.00 0 0 1,378.00 1,359.00 1,516.00
Investing Cash Flow -22,687.00 -22,230.00 -16,872.00 -105,188.00 -16,969.00 -25,408.00 -284,818.00 -6,243.00
   Capital Expenditure 0 0 0 0 0 0.00 0.00 0.00
   Net Purchase/Sale of PPE 0 0 0 0 0 0 0 0
   Net Purchase/Sale of Investments Net 0 0 0 0 0 -1,320.00 -1,915.00 -2,664.00
   Net Purchase/Sale of Business 0 0 0 0 0 0 0 0
   Other Investing Activities -22,687.00 -22,230.00 -16,872.00 -105,188.00 -16,969.00 -24,088.00 -282,903.00 -3,579.00
Financing Cash Flow -23,934.00 -34,714.00 -1,004.00 62,324.00 -32,296.00 3,425.00 277,602.00 17,902.00
   Net Issuance/Repayment of Debt -1,219.00 7,343.00 19,352.00 59,463.00 -10,641.00 14,308.00 80,118.00 53,015.00
   Net Issuance/Repurchase of Equity -31.00 -15,402.00 -1,586.00 0 0 0 0 0
   Dividends Paid -14,249.00 -14,558.00 -14,584.00 -14,626.00 -14,467.00 9,529.00 0 0
   Other Financing Activities -8,435.00 -12,097.00 -4,186.00 17,487.00 -7,188.00 -20,412.00 197,484.00 -35,113.00
Net Change in Cash -819.00 -8,108.00 7,974.00 -10,679.00 6,398.00 10,023.00 18,289.00 8,492.00
   Cash at Beginning of Period 48,224.00 56,332.00 48,358.00 59,037.00 52,639.00 61,808.00 96,944.00 38,896.00
   Cash at End of Period 47,405.00 48,224.00 56,332.00 48,358.00 59,037.00 71,831.00 115,233.00 47,388.00
Free Cash Flow 45,802.00 48,836.00 25,850.00 32,185.00 55,663.00 0 0 0