Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings 3.00 -5.51 5.69 3.04
Price to Sales 2.39 1.88 3.10 5.80
Book Value Per Common Share 30.69 22.80 29.66 33.29
Price to Book 1.11 1.07 1.11 1.58
Price to Operating Cash Flow 6.76 4.69 2.31 11.76
Price to Free Cash Flow -23.71 -23.47 3.63 3260.87
Enterprise Value to EBITDA 65393.99 57236.06 92292.68 28595.97
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Price to Earnings 100.38 415.50 145.35 34.47
Price to Sales 9.47 10.60 9.53 11.18 6.25
Book Value Per Common Share 28.71 26.63 30.72 30.69 22.38
Price to Book 1.57 1.56 1.04 1.11 1.25
Price to Operating Cash Flow 25.09 109.34 28.13 34.21 11.76
Price to Free Cash Flow 35.34 -346.25 35.60 48.92 -23.91
Enterprise Value to EBITDA 184034.21 481529.12 213797.73 105979.26

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY -66.42
Revenue YoY 8.60 20.53 17.67
EBITDA YoY 21.40 16.46 -80.52
Net Profit YoY -66.39
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Earning YoY 350.00 -54.55 -61.97
Revenue YoY 35.20 7.10 14.87 -32.78
EBITDA YoY 184.44 -42.31
Net Profit YoY 400.00 -58.33 -97.24 910.87

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 21.98 17.10 16.97 8.81
Quick Ratio 6.83 2.96 5.15 1.23
Current Ratio 6.91 3.05 5.50 1.30
Debt to Equity 0.58 0.98 0.64 0.77
Long-Term Debt to Equity 0.52 0.81 0.56 0.57
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Cash Per Common Share 22.70 20.60 20.52 22.11 14.56
Quick Ratio 4.54 4.22 5.34 6.83 3.61
Current Ratio 4.66 4.33 5.45 6.91 3.78
Debt to Equity 0.60 0.67 0.58 0.58 0.93
Long-Term Debt to Equity 0.49 0.57 0.50 0.52 0.81

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA 14.19 -5.74 8.29 23.04
ROE 22.47 -11.40 13.62 40.80
Gross Margin 19.14 17.27 17.40 20.16
Operating Margin 23.82 19.29 22.62 190.99
EBITDA Margin 36.26 32.44 33.57 202.80
Net Profit Margin 79.55 -34.11 54.47 190.72
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
ROA 0.53 0.12 0.29 10.32 1.05
ROE 0.85 0.19 0.45 16.34 2.02
Gross Margin 26.04 14.80 14.75 13.05 23.63
Operating Margin 41.13 14.29 32.24 -69.06 47.26
EBITDA Margin 48.30 22.96 42.62 -55.60 57.81
Net Profit Margin 9.43 2.55 6.56 272.86 18.14

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 33.56 -63.72 236.98 10.77
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Dividend Yield 0.00 0.00
Dividend Payout Ratio 32.00 5060.00

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 4,213,241.00 4,108,440.00 3,772,060.00 4,038,414.00
   Current Assets 1,262,685.00 1,096,041.00 1,061,715.00 581,593.00
      Cash and Short-Term Investments 1,158,470.00 912,635.00 915,613.00 474,773.00
            Cash and Cash Equivalents 1,015,851.00 696,838.00 535,171.00 474,544.00
            Short-Term Investments 142,619.00 215,797.00 380,442.00 229.00
      Net Receivables 90,908.00 150,807.00 78,560.00 76,719.00
      Inventory 0 0 1,928.00 1,706.00
      Other Current Assets 0 0 65,614.00 28,395.00
   Non-Current Assets 2,950,556.00 3,012,399.00 2,710,345.00 3,456,821.00
      Property, Plant, Equipment Net 1,331,674.00 1,889,340.00 1,349,205.00 1,223,703.00
      Goodwill 60,582.00 192,282.00 117,158.00 118,757.00
      Intangible Assets 11,227.00 129,002.00 103,637.00 105,525.00
      Long-Term Investments 1,458,625.00 703,156.00 1,079,417.00 1,899,454.00
      Non-Current Deferred Assets 9,309.00 29,995.00 16,068.00 66,975.00
      Other Non-Current Assets 79,139.00 68,624.00 44,860.00 42,407.00
Liabilities 1,553,700.00 2,038,216.00 1,476,142.00 1,758,128.00
   Current Liabilities 182,843.00 358,799.00 192,978.00 447,285.00
      Payables and Expenses 76,637.00 167,325.00 119,577.00 348,553.00
            Account Payables 58,293.00 70,661.00 95,036.00 136,505.00
            Current Accrued Liabilities 11,035.00 13,240.00 15,305.00 16,692.00
      Short-Term Debt 88,535.00 174,590.00 56,736.00 57,302.00
      Other Current Liabilities 17,671.00 16,884.00 16,665.00 41,430.00
   Non-Current Liabilities 1,370,857.00 1,679,417.00 1,283,164.00 1,310,843.00
      Long-Term Debt 1,191,607.00 1,416,949.00 1,143,966.00 1,186,754.00
      Other Non-Current Liabilities 179,250.00 262,468.00 139,198.00 124,089.00
Equity 2,659,541.00 2,070,224.00 2,295,918.00 2,280,286.00
   Shareholders Equity 1,607,905.00 1,203,309.00 1,598,485.00 1,793,688.00
      Capital Stock 50,134.00 50,134.00 50,134.00 602,450.00
      Share Premium 0 0 0 0
      Retained Earnings 1,491,197.00 1,087,041.00 1,504,592.00 1,139,775.00
      Treasury Shares 0 0 0 0
      Accumulated Other Comprehensive Income 66,574.00 66,134.00 43,759.00 51,463.00
   Minority Interest 1,051,636.00 866,915.00 697,433.00 486,598.00
Debt 1,280,142.00 1,591,539.00 1,200,702.00 1,244,056.00
Net Debt 251,248.00 833,195.00 627,900.00 735,570.00
Common Shares Outstanding 52,396.00 52,765.85 53,887.15 53,879.12
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 751,304.00 691,796.00 573,957.00 487,763.00
Cost Of Revenue 607,517.00 572,337.00 474,114.00 389,414.00
Interest Income 32,024.00 36,754.00 12,108.00 167.00
Interest Expense 85,661.00 52,306.00 47,542.00 51,924.00
Non-Interest Expense 84,145.00 73,979.00 92,096.00 67,764.00
Gross Profit 143,787.00 119,459.00 99,843.00 98,349.00
Operating Expenses 96,282.00 76,896.00 97,018.00 75,056.00
   Selling, General and Administrative Expenses 84,145.00 73,979.00 92,096.00 67,764.00
   Research and Development Expenses 0 15,607.00 15,186.00 1,566.00
   Other Operating Expenses 333.00 -7,819.00 -2,918.00 81.00
Operating Income 47,505.00 42,563.00 2,825.00 23,293.00
EBT 93,324.00 81,157.00 82,263.00 879,642.00
Income Tax 40,552.00 25,199.00 37,980.00 4,325.00
Net Income Including Non-Controlling Interests 634,087.00 -210,948.00 349,659.00 875,317.00
Net Income Non-Controlling Interests -36,414.00 -25,030.00 -37,007.00 54,956.00
Net Income 597,673.00 -235,978.00 312,652.00 930,273.00
EBIT 178,985.00 133,463.00 129,805.00 931,566.00
Deprecation and Amortization 93,437.00 90,939.00 62,876.00 57,640.00
EBITDA 272,422.00 224,402.00 192,681.00 989,206.00
EPS 0.01 -0.00 0.01 0.02
Diluted EPS 0.01 -0.00 0.01 0.02
Average Shares Outstanding Basic 52,713.00 53,360.00 53,965.52 53,879.00
Average Shares Outstanding Diluted 52,713.00 53,360.00 53,965.52 53,879.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 265,081.00 276,788.00 771,381.00 240,529.00
   Operating Net Income 634,087.00 -210,948.00 349,659.00 875,317.00
   Deprecation and Amortization 93,437.00 90,939.00 62,876.00 57,640.00
   Deferred Income Tax 40,552.00 25,199.00 37,980.00 4,325.00
   Share Based Compensation 9,697.00 -1,547.00 18,855.00 18,369.00
   Change in Working Capital -12,271.00 -12,446.00 -38,919.00 -1,600.00
   Other Operating Activities -500,421.00 385,591.00 340,930.00 -713,522.00
Investing Cash Flow 135,852.00 -432,236.00 -203,438.00 -205,451.00
   Capital Expenditure 0 0 0 0
   Net Purchase/Sale of PPE -340,667.00 -332,117.00 -281,286.00 -234,840.00
   Net Purchase/Sale of Investments Net 81,697.00 195,726.00 -374,115.00 604,304.00
   Net Purchase/Sale of Business 338,156.00 -332,727.00 460,617.00 -600,648.00
   Other Investing Activities 56,666.00 36,882.00 -8,654.00 25,733.00
Financing Cash Flow -84,085.00 324,579.00 -493,676.00 146,580.00
   Net Issuance/Repayment of Debt -1,960.00 266,357.00 43,724.00 -31,960.00
   Net Issuance/Repurchase of Equity -10,715.00 -28,130.00 0 0
   Dividends Paid -200,551.00 -150,362.00 -740,922.00 -100,209.00
   Other Financing Activities 129,141.00 236,714.00 203,522.00 278,749.00
Net Change in Cash 316,848.00 169,131.00 74,267.00 181,658.00
   Cash at Beginning of Period 696,838.00 535,171.00 474,544.00 286,184.00
   Cash at End of Period 1,015,851.00 696,838.00 535,171.00 474,544.00
Free Cash Flow -75,586.00 -55,329.00 490,095.00 866.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Assets 4,688,000.00 4,336,000.00 4,203,000.00 4,213,241.00 4,111,000.00
   Current Assets 1,426,000.00 1,181,000.00 1,220,000.00 1,262,685.00 911,000.00
      Cash and Short-Term Investments 1,261,000.00 1,030,000.00 1,119,000.00 1,158,470.00 773,000.00
            Cash and Cash Equivalents 1,149,000.00 915,000.00 987,000.00 1,015,851.00 615,000.00
            Short-Term Investments 112,000.00 115,000.00 132,000.00 142,619.00 158,000.00
      Net Receivables 127,000.00 121,000.00 77,000.00 90,908.00 97,000.00
      Inventory 0 0 0 0 0
      Other Current Assets 38,000.00 30,000.00 24,000.00 13,307.00 41,000.00
   Non-Current Assets 3,262,000.00 3,155,000.00 2,983,000.00 2,950,556.00 3,200,000.00
      Property, Plant, Equipment Net 1,481,000.00 1,432,000.00 1,296,000.00 1,331,674.00 2,108,000.00
      Goodwill 0 0 0 60,582.00 0
      Intangible Assets 0 0 0 11,227.00 0
      Long-Term Investments 1,624,000.00 1,569,000.00 1,537,000.00 1,458,625.00 693,000.00
      Non-Current Deferred Assets 3,000.00 2,000.00 3,000.00 9,309.00 9,000.00
      Other Non-Current Assets 0 0 0 79,139.00 0
Liabilities 1,750,000.00 1,740,000.00 1,544,000.00 1,553,700.00 1,978,000.00
   Current Liabilities 306,000.00 273,000.00 224,000.00 182,843.00 241,000.00
      Payables and Expenses 203,000.00 169,000.00 132,000.00 76,637.00 129,000.00
            Account Payables 203,000.00 169,000.00 132,000.00 58,293.00 129,000.00
            Current Accrued Liabilities 0 0 0 11,035.00 0
      Short-Term Debt 103,000.00 104,000.00 92,000.00 88,535.00 110,000.00
      Other Current Liabilities 0.00 0.00 0.00 17,671.00 2,000.00
   Non-Current Liabilities 1,444,000.00 1,467,000.00 1,320,000.00 1,370,857.00 1,737,000.00
      Long-Term Debt 1,272,000.00 1,311,000.00 1,167,000.00 1,191,607.00 1,421,000.00
      Other Non-Current Liabilities 172,000.00 156,000.00 153,000.00 179,250.00 316,000.00
Equity 2,938,000.00 2,596,000.00 2,659,000.00 2,659,541.00 2,133,000.00
   Shareholders Equity 1,497,000.00 1,389,000.00 1,602,000.00 1,607,905.00 1,164,000.00
      Capital Stock 50,000.00 50,000.00 50,000.00 50,134.00 50,000.00
      Share Premium 0 0 0 0 0
      Retained Earnings 1,365,000.00 1,265,000.00 1,493,000.00 1,491,197.00 1,051,000.00
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income 82,000.00 74,000.00 59,000.00 66,574.00 63,000.00
   Minority Interest 1,441,000.00 1,207,000.00 1,057,000.00 1,051,636.00 969,000.00
Debt 1,375,000.00 1,415,000.00 1,259,000.00 1,280,142.00 1,531,000.00
Net Debt 215,000.00 489,000.00 260,000.00 251,248.00 855,000.00
Common Shares Outstanding 52,150.24 52,150.24 52,150.24 52,396.00 52,000.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30
Revenues 265,000.00 196,000.00 183,000.00 159,304.00 237,000.00 0
Cost Of Revenue 196,000.00 167,000.00 156,000.00 138,517.00 181,000.00 0
Interest Income 14,000.00 9,000.00 12,000.00 -5,976.00 18,000.00 0
Interest Expense 27,000.00 21,000.00 23,000.00 -18,339.00 52,000.00 0
Non-Interest Expense 45,000.00 31,000.00 18,000.00 17,145.00 25,000.00 0
Gross Profit 69,000.00 29,000.00 27,000.00 20,787.00 56,000.00 0
Operating Expenses 35,000.00 31,000.00 18,000.00 26,282.00 19,000.00 0
   Selling, General and Administrative Expenses 45,000.00 31,000.00 18,000.00 17,145.00 25,000.00 0
   Other Operating Expenses -10,000.00 0 0 -2,667.00 -6,000.00 -1,000.00
Operating Income 34,000.00 -2,000.00 9,000.00 -5,495.00 37,000.00 0
EBT 82,000.00 7,000.00 36,000.00 -91,676.00 60,000.00 0
Income Tax 15,000.00 1,000.00 9,000.00 26,552.00 6,000.00 0
Net Income Including Non-Controlling Interests 67,000.00 6,000.00 27,000.00 463,087.00 54,000.00 0
Net Income Non-Controlling Interests -42,000.00 -1,000.00 -15,000.00 -28,414.00 -11,000.00 0
Net Income 25,000.00 5,000.00 12,000.00 434,673.00 43,000.00 0
EBIT 109,000.00 28,000.00 59,000.00 -110,015.00 112,000.00 0
Deprecation and Amortization 19,000.00 17,000.00 19,000.00 21,437.00 25,000.00 0
EBITDA 128,000.00 45,000.00 78,000.00 -88,578.00 137,000.00 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 55,555.56 50,000.00 54,545.46 0 53,086.42 52,582.16
Average Shares Outstanding Diluted 55,555.56 50,000.00 54,545.46 0 53,086.42 52,582.16
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Operating Cash Flow 100,000.00 19,000.00 62,000.00 52,081.00 126,000.00
   Operating Net Income 67,000.00 6,000.00 27,000.00 463,087.00 54,000.00
   Deprecation and Amortization 19,000.00 17,000.00 19,000.00 21,437.00 25,000.00
   Deferred Income Tax 15,000.00 1,000.00 9,000.00 26,552.00 6,000.00
   Share Based Compensation 24,000.00 11,000.00 0 2,697.00 4,000.00
   Change in Working Capital 2,000.00 -21,000.00 15,000.00 -5,271.00 -3,000.00
   Other Operating Activities -27,000.00 5,000.00 -8,000.00 -456,421.00 40,000.00
Investing Cash Flow -39,000.00 -26,000.00 -65,000.00 240,852.00 -142,000.00
   Capital Expenditure 0 0 0 0 0
   Net Purchase/Sale of PPE -29,000.00 -25,000.00 -13,000.00 -15,667.00 -188,000.00
   Net Purchase/Sale of Investments Net 3,000.00 24,000.00 14,000.00 13,697.00 12,000.00
   Net Purchase/Sale of Business -25,000.00 -33,000.00 -77,000.00 235,156.00 0
   Other Investing Activities 12,000.00 8,000.00 11,000.00 7,666.00 34,000.00
Financing Cash Flow 164,000.00 -77,000.00 -22,000.00 105,915.00 44,000.00
   Net Issuance/Repayment of Debt -74,000.00 32,000.00 -1,000.00 84,040.00 -33,000.00
   Net Issuance/Repurchase of Equity -143,000.00 143,000.00 -10,000.00 -8,715.00 -2,000.00
   Dividends Paid -8,000.00 -253,000.00 0 449.00 0
   Other Financing Activities 389,000.00 1,000.00 -11,000.00 30,141.00 79,000.00
Net Change in Cash 225,000.00 -84,000.00 -25,000.00 398,848.00 28,000.00
   Cash at Beginning of Period 915,000.00 987,000.00 1,016,000.00 615,000.00 586,000.00
   Cash at End of Period 1,149,000.00 915,000.00 987,000.00 1,015,851.00 615,000.00
Free Cash Flow 71,000.00 -6,000.00 49,000.00 36,414.00 -62,000.00