Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings 16.04 12.92 20.28 40.25
Price to Sales 1.07 0.89 1.39 2.14
Book Value Per Common Share 5.65 5.42 5.36 5.40
Price to Book 2.13 1.79 2.99 3.87
Price to Operating Cash Flow 7.89 6.90 13.89 23.51
Price to Free Cash Flow 8.36 7.41 16.07 26.30
Enterprise Value to EBITDA 71928.35 60230.40 98763.55 148304.25
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Price to Earnings 102.05 95.60 68.37 54.68 69.53
Price to Sales 6.20 6.19 4.33 4.14 4.06
Book Value Per Common Share 5.62 5.68 5.49 5.65 5.69
Price to Book 3.63 3.37 2.37 2.13 2.08
Price to Operating Cash Flow 51.53 149.38 42.81 22.97 74.95
Price to Free Cash Flow 54.92 171.02 45.95 23.88 87.49
Enterprise Value to EBITDA 454907.65 439441.80 303424.21 265931.84 285396.14

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY 0.00 -5.06 51.92
Revenue YoY 3.26 -5.60 18.00
EBITDA YoY 3.96 -0.82 15.00
Net Profit YoY -0.40 -8.50 35.96
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Earning YoY 0.00 5.26 -13.64 29.41
Revenue YoY 6.60 2.92 3.33 -0.27
EBITDA YoY 3.12 1.63 -5.36 9.23
Net Profit YoY -0.55 4.64 -10.77 25.99

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 2.45 2.27 1.83 1.91
Quick Ratio 1.59 1.77 1.57 1.85
Current Ratio 1.62 1.81 1.60 1.89
Debt to Equity 0.79 0.80 0.83 0.77
Long-Term Debt to Equity 0.23 0.31 0.26 0.29
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Cash Per Common Share 2.10 1.83 2.14 2.45 2.03
Quick Ratio 1.48 1.61 1.51 1.59 1.76
Current Ratio 1.48 1.61 1.51 1.62 1.76
Debt to Equity 0.86 0.79 0.82 0.79 0.73
Long-Term Debt to Equity 0.22 0.25 0.21 0.23 0.24

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA 6.83 7.09 8.01 6.11
ROE 12.25 12.73 14.65 10.80
Gross Margin 28.56 28.59 27.41 27.69
Operating Margin 11.10 10.92 10.56 10.29
EBITDA Margin 14.86 14.76 14.05 14.42
Net Profit Margin 6.68 6.92 7.14 6.20
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
ROA 1.76 1.83 1.77 1.97 1.60
ROE 3.28 3.28 3.23 3.53 2.77
Gross Margin 27.35 27.94 27.58 29.88 27.76
Operating Margin 10.59 10.32 10.69 11.80 10.54
EBITDA Margin 13.63 14.09 14.27 15.58 14.22
Net Profit Margin 6.10 6.54 6.43 7.45 5.90

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 27.16 83.17 61.38 73.17
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Dividend Yield 0.00 0.00 0.00
Dividend Payout Ratio 161.91 122.25 118.80

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 540,331.00 522,406.00 505,141.00 487,277.00
   Current Assets 276,199.00 256,625.00 249,098.00 246,774.00
      Cash and Short-Term Investments 120,400.00 111,454.00 89,620.00 93,676.00
            Cash and Cash Equivalents 112,779.00 105,943.00 83,062.00 88,090.00
            Short-Term Investments 7,621.00 5,511.00 6,558.00 5,586.00
      Net Receivables 149,783.00 139,565.00 155,216.00 148,520.00
      Inventory 0 0 0 0
      Other Current Assets 6,016.00 5,606.00 4,262.00 4,578.00
   Non-Current Assets 264,132.00 265,781.00 256,043.00 240,503.00
      Property, Plant, Equipment Net 32,174.00 33,706.00 35,874.00 29,152.00
      Goodwill 172,515.00 166,065.00 158,699.00 146,803.00
      Intangible Assets 45,287.00 50,658.00 52,057.00 51,390.00
      Long-Term Investments 0 0 0 0
      Non-Current Deferred Assets 4,895.00 6,729.00 3,618.00 7,993.00
      Other Non-Current Assets 9,261.00 8,623.00 5,795.00 5,165.00
Liabilities 239,262.00 231,462.00 228,830.00 211,721.00
   Current Liabilities 170,305.00 141,699.00 156,053.00 130,780.00
      Payables and Expenses 98,549.00 69,907.00 74,440.00 69,802.00
            Account Payables 28,753.00 28,415.00 27,598.00 24,711.00
            Current Accrued Liabilities 58,209.00 41,492.00 46,842.00 45,091.00
      Short-Term Debt 28,005.00 33,347.00 25,346.00 20,375.00
      Other Current Liabilities 43,751.00 38,445.00 56,267.00 40,603.00
   Non-Current Liabilities 68,957.00 89,763.00 72,777.00 80,941.00
      Long-Term Debt 58,147.00 75,368.00 54,694.00 42,062.00
      Other Non-Current Liabilities 10,810.00 14,395.00 18,083.00 38,879.00
Equity 301,069.00 290,944.00 276,311.00 275,556.00
   Shareholders Equity 277,190.00 265,981.00 262,927.00 265,136.00
      Capital Stock 1,166.00 1,166.00 1,166.00 1,165.00
      Share Premium 180,336.00 182,607.00 182,031.00 184,047.00
      Retained Earnings 107,802.00 92,522.00 86,289.00 70,660.00
      Treasury Shares 0 0 0 0
      Accumulated Other Comprehensive Income -12,114.00 -10,314.00 -6,559.00 9,264.00
   Minority Interest 23,879.00 24,963.00 13,384.00 10,420.00
Debt 86,152.00 108,715.00 80,040.00 62,437.00
Common Shares Outstanding 49,099.31 49,099.31 49,093.06 49,073.06
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 552,520.00 535,052.00 566,792.00 480,325.00
Cost Of Revenue 394,693.00 382,065.00 411,437.00 347,331.00
Interest Income 3,163.00 4,901.00 1,392.00 113.00
Interest Expense 6,737.00 6,003.00 2,434.00 3,802.00
Non-Interest Expense 84,109.00 85,311.00 84,409.00 69,369.00
Gross Profit 157,827.00 152,987.00 155,355.00 132,994.00
Operating Expenses 97,419.00 95,639.00 94,499.00 78,364.00
   Selling, General and Administrative Expenses 84,109.00 85,311.00 84,409.00 69,369.00
   Research and Development Expenses 13,310.00 10,328.00 10,090.00 8,995.00
Operating Income 60,408.00 57,348.00 60,856.00 54,630.00
EBT 54,619.00 52,436.00 57,417.00 45,617.00
Income Tax 11,328.00 9,934.00 11,138.00 10,278.00
Net Income Including Non-Controlling Interests 43,291.00 42,502.00 46,279.00 35,339.00
Net Income Non-Controlling Interests -6,408.00 -5,471.00 -5,809.00 -5,572.00
Net Income 36,883.00 37,031.00 40,470.00 29,767.00
EBIT 61,356.00 58,439.00 59,851.00 49,419.00
Deprecation and Amortization 20,762.00 20,553.00 19,795.00 19,837.00
EBITDA 82,118.00 78,992.00 79,646.00 69,256.00
EPS 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 49,099.31 49,096.00 49,089.00 49,055.00
Average Shares Outstanding Diluted 49,099.31 49,098.00 49,138.00 49,100.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 74,833.00 68,992.00 56,615.00 43,674.00
   Operating Net Income 43,291.00 42,502.00 46,279.00 35,339.00
   Deprecation and Amortization 20,762.00 20,553.00 19,795.00 19,837.00
   Deferred Income Tax -1,564.00 -3,238.00 -3,904.00 -3,080.00
   Share Based Compensation 1,607.00 3,798.00 2,079.00 956.00
   Change in Working Capital 12,437.00 10,287.00 -5,852.00 -8,989.00
   Other Operating Activities -1,700.00 -4,910.00 -1,782.00 -389.00
Investing Cash Flow -22,612.00 -27,616.00 -34,458.00 -22,197.00
   Capital Expenditure -2,650.00 -3,183.00 -3,059.00 -3,193.00
   Net Purchase/Sale of PPE -1,490.00 -1,564.00 -4,381.00 -1,439.00
   Net Purchase/Sale of Investments Net 1,067.00 2,867.00 1,991.00 -5,390.00
   Net Purchase/Sale of Business -19,539.00 -26,645.00 -26,540.00 -12,175.00
   Other Investing Activities 0.00 909.00 -2,469.00 0.00
Financing Cash Flow -45,145.00 -17,293.00 -18,276.00 -21,266.00
   Net Issuance/Repayment of Debt -27,121.00 22,781.00 11,588.00 5,217.00
   Net Issuance/Repurchase of Equity 0 0 0 0
   Dividends Paid -10,016.00 -30,798.00 -24,841.00 -21,780.00
   Other Financing Activities 0 0 0 -4,703.00
Net Change in Cash 7,076.00 24,083.00 3,881.00 211.00
   Cash at Beginning of Period 105,943.00 83,062.00 88,090.00 88,127.00
   Cash at End of Period 112,779.00 105,943.00 83,062.00 88,090.00
Free Cash Flow 70,648.00 64,191.00 48,956.00 39,042.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Assets 559,806.00 541,652.00 534,110.00 540,331.00 526,293.00
   Current Assets 285,177.00 265,752.00 270,211.00 276,199.00 261,916.00
      Cash and Short-Term Investments 103,305.00 89,957.00 105,015.00 120,400.00 99,681.00
            Cash and Cash Equivalents 103,303.00 89,957.00 104,584.00 112,779.00 98,942.00
            Short-Term Investments 2.00 0 431.00 7,621.00 739.00
      Net Receivables 181,872.00 175,795.00 165,196.00 149,783.00 162,235.00
      Inventory 0 0 0 0 0
      Other Current Assets 0.00 0.00 0.00 6,016.00 0.00
   Non-Current Assets 274,629.00 275,900.00 263,899.00 264,132.00 264,377.00
      Property, Plant, Equipment Net 32,468.00 33,793.00 31,682.00 32,174.00 31,972.00
      Goodwill 0 0 0 172,515.00 0
      Intangible Assets 0 0 0 45,287.00 0
      Long-Term Investments 0 0 0 0 0
      Non-Current Deferred Assets 5,538.00 5,735.00 5,300.00 4,895.00 5,539.00
      Other Non-Current Assets 0 0 0 9,261.00 0
Liabilities 258,979.00 239,355.00 241,069.00 239,262.00 221,740.00
   Current Liabilities 192,765.00 165,296.00 178,514.00 170,305.00 149,103.00
      Payables and Expenses 108,385.00 81,331.00 99,526.00 98,549.00 76,814.00
            Account Payables 34,594.00 25,358.00 30,060.00 28,753.00 27,808.00
            Current Accrued Liabilities 59,258.00 55,973.00 53,411.00 58,209.00 49,006.00
      Short-Term Debt 39,105.00 33,068.00 28,704.00 28,005.00 31,387.00
      Other Current Liabilities 45,275.00 50,897.00 50,284.00 43,751.00 40,902.00
   Non-Current Liabilities 66,214.00 74,059.00 62,555.00 68,957.00 72,637.00
      Long-Term Debt 56,780.00 64,899.00 53,417.00 58,147.00 60,951.00
      Other Non-Current Liabilities 9,434.00 9,160.00 9,138.00 10,810.00 11,686.00
Equity 300,827.00 302,297.00 293,041.00 301,069.00 304,553.00
   Shareholders Equity 276,037.00 278,837.00 269,412.00 277,190.00 279,414.00
      Capital Stock 0 0 0 1,166.00 0
      Share Premium 0 0 0 180,336.00 0
      Retained Earnings 0 0 0 107,802.00 0
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income 0 0 0 -12,114.00 0
   Minority Interest 24,790.00 23,460.00 23,629.00 23,879.00 25,139.00
Debt 95,885.00 97,967.00 82,121.00 86,152.00 92,338.00
Common Shares Outstanding 49,099.31 49,099.31 49,099.31 49,099.31 49,099.31
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Revenues 161,656.00 151,642.00 147,336.00 142,582.00 142,968.00
Cost Of Revenue 117,449.00 109,268.00 106,705.00 99,978.00 103,287.00
Interest Expense 1,698.00 725.00 1,065.00 2,494.00 1,364.00
Non-Interest Expense 23,920.00 23,305.00 21,641.00 22,096.00 21,577.00
Gross Profit 44,207.00 42,374.00 40,631.00 42,604.00 39,681.00
Operating Expenses 27,092.00 26,730.00 24,888.00 26,733.00 24,610.00
   Selling, General and Administrative Expenses 23,920.00 23,305.00 21,641.00 22,096.00 21,577.00
   Research and Development Expenses 3,172.00 3,425.00 3,247.00 4,637.00 3,033.00
Operating Income 17,115.00 15,644.00 15,743.00 15,871.00 15,071.00
EBT 15,417.00 14,919.00 14,678.00 14,325.00 13,707.00
Income Tax 3,464.00 3,324.00 2,912.00 2,286.00 3,273.00
Net Income Including Non-Controlling Interests 11,953.00 11,595.00 11,640.00 12,307.00 10,315.00
Net Income Non-Controlling Interests -2,090.00 -1,511.00 -2,162.00 -1,685.00 -1,884.00
Net Income 9,863.00 9,918.00 9,478.00 10,622.00 8,431.00
EBIT 17,115.00 15,644.00 15,743.00 16,819.00 15,071.00
Deprecation and Amortization 4,914.00 5,719.00 5,277.00 5,392.00 5,264.00
EBITDA 22,029.00 21,363.00 21,020.00 22,211.00 20,335.00
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 49,099.00 49,099.00 49,099.00 49,099.00 49,099.00
Average Shares Outstanding Diluted 49,099.00 49,099.00 49,099.00 49,099.00 49,099.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Operating Cash Flow 19,446.00 6,284.00 14,899.00 25,713.00 7,741.00
   Operating Net Income 11,842.00 11,540.00 11,640.00 12,307.00 10,315.00
   Deprecation and Amortization 4,914.00 5,719.00 5,277.00 5,392.00 5,264.00
   Deferred Income Tax 1,164.00 -529.00 -900.00 401.00 -406.00
   Share Based Compensation 53.00 102.00 -65.00 337.00 75.00
   Change in Working Capital 1,288.00 -9,350.00 -428.00 8,349.00 -7,580.00
   Other Operating Activities 185.00 -1,198.00 -625.00 -1,073.00 73.00
Investing Cash Flow -479.00 -3,035.00 -4,662.00 -697.00 -3,694.00
   Capital Expenditure -707.00 -491.00 -496.00 -443.00 -724.00
   Net Purchase/Sale of PPE -493.00 -303.00 -477.00 -532.00 -340.00
   Net Purchase/Sale of Investments Net 721.00 -434.00 -54.00 420.00 -644.00
   Net Purchase/Sale of Business 0 -1,807.00 -3,635.00 -142.00 -1,986.00
   Other Investing Activities 0.00 0.00 0.00 0.00 0.00
Financing Cash Flow -6,097.00 -23,612.00 -18,475.00 -11,412.00 -14,116.00
   Net Issuance/Repayment of Debt -3,934.00 7,985.00 -3,342.00 -8,510.00 -1,344.00
   Net Issuance/Repurchase of Equity 0 0 0 0 0
   Dividends Paid 3.00 -16,058.00 -11,587.00 0 -10,016.00
   Other Financing Activities -2,166.00 -15,539.00 -3,546.00 -2,902.00 -2,756.00
Net Change in Cash 12,870.00 -20,363.00 -8,238.00 13,605.00 -10,070.00
   Cash at Beginning of Period 89,957.00 104,584.00 112,779.00 98,942.00 107,642.00
   Cash at End of Period 103,303.00 89,957.00 104,584.00 112,779.00 98,942.00
Free Cash Flow 18,246.00 5,490.00 13,879.00 24,735.00 6,635.00