Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings 18.28 16.95 15.42 14.53
Price to Sales 5.32 4.61 4.73 4.86
Book Value Per Common Share 76.98 71.06 65.74 68.48
Price to Book 2.23 1.87 2.14 2.01
Price to Operating Cash Flow 15.47 14.21 16.73 14.22
Price to Free Cash Flow 16.31 14.96 17.77 15.62
Enterprise Value to EBITDA
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31
Price to Earnings 55.47 56.13 58.01 71.73 70.88 62.32 57.00
Price to Sales 1375.04 1586.91 833.24 20.59 19.71 867.50 859.20
Book Value Per Common Share 76.98 76.74
Price to Book 2.23 2.19
Price to Operating Cash Flow 64.62 56.27 62.00 63.18 78.92
Price to Free Cash Flow 66.51 58.76 65.11 69.48 88.64
Enterprise Value to EBITDA 293950.11 300826.40 305831.21 292267.77 316367.30

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY 19.64 -14.13 -3.39
Revenue YoY 11.78 -3.57 5.04
EBITDA YoY
Net Profit YoY 19.48 -14.57 -3.63
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31
Earning YoY -1.68 14.18 9.21 0.84 8.72 4.81
Revenue YoY 11.76 -42.10 -97.82 -2.28 5353.41 12.63
EBITDA YoY -0.92 12.11 23.07
Net Profit YoY -2.00 14.14 9.13 1.08 8.56 4.36

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share
Quick Ratio
Current Ratio
Debt to Equity 6.88 7.59 8.22 7.61
Long-Term Debt to Equity
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31
Cash Per Common Share 64.50 71.15 72.77 96.47 121.68
Quick Ratio
Current Ratio
Debt to Equity 6.41 6.69 6.73 6.88 6.99 7.50 8.11
Long-Term Debt to Equity

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA 1.54 1.29 1.51 1.61
ROE 12.17 11.07 13.87 13.86
Gross Margin
Operating Margin
EBITDA Margin
Net Profit Margin 29.09 27.21 30.71 33.48
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31
ROA 0.48 0.48 0.43 0.39 0.39 0.36 0.34
ROE 3.54 3.72 3.30 3.11 3.08 3.03 3.12
Gross Margin -49.89 11.59 85.35 -30.35 34.81
Operating Margin 4528.05 5108.94 2691.62 2909.35 2614.99
EBITDA Margin 4676.74 5275.29 2724.56 2967.87 2716.15
Net Profit Margin 2482.00 2830.53 1435.87 28.72 27.77 1394.77 1505.27

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 51.18 54.41 51.64 48.27
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31
Dividend Yield 0.00 0.00 0.00 0.00 0.00
Dividend Payout Ratio 41.68 65.26 44.94 49.45 51.61

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 9,805,350.00 9,836,453.00 9,854,993.00 9,560,254.00
      Cash and Short-Term Investments 0 0 0 0
            Cash and Cash Equivalents 160,566.00 218,268.00 189,728.00 219,180.00
            Short-Term Investments 996,624.00 1,332,842.00 1,733,696.00 1,754,140.00
      Net Receivables 66,109.00 63,265.00 54,341.00 43,945.00
      Inventory 0 0 0 0
      Other Current Assets 0 0 0 0
      Property, Plant, Equipment Net 86,934.00 92,232.00 100,991.00 104,892.00
      Goodwill 159,595.00 159,595.00 159,595.00 159,595.00
      Intangible Assets 17,355.00 19,308.00 21,767.00 22,726.00
      Long-Term Investments 1,143,678.00 1,459,440.00 1,881,755.00 1,874,119.00
      Non-Current Deferred Assets 0 0 0 0
      Other Non-Current Assets 0 0 0 0
Liabilities 8,561,502.00 8,691,160.00 8,785,767.00 8,449,495.00
      Payables and Expenses 7,859.00 6,860.00 3,486.00 3,116.00
            Account Payables 7,859.00 6,860.00 3,486.00 3,116.00
            Current Accrued Liabilities 0 0 0 0
      Short-Term Debt 0 220,000.00 0 25,000.00
      Other Current Liabilities 0 0 0 0
      Long-Term Debt 206,156.00 205,752.00 207,958.00 202,549.00
      Other Non-Current Liabilities 0 0 0 0
Equity 1,243,848.00 1,145,293.00 1,069,226.00 1,110,759.00
   Shareholders Equity 1,243,848.00 1,145,293.00 1,069,226.00 1,110,759.00
      Capital Stock 463,706.00 463,280.00 462,404.00 461,800.00
      Share Premium 0 0 0 0
      Retained Earnings 977,599.00 903,877.00 847,235.00 776,294.00
      Treasury Shares 151,282.00 155,673.00 138,019.00 142,490.00
      Accumulated Other Comprehensive Income -46,175.00 -66,191.00 -102,394.00 15,155.00
   Minority Interest 0 0 0 0
Debt 206,156.00 425,752.00 207,958.00 227,549.00
Net Debt 29,085.00 190,879.00 0 0
Common Shares Outstanding 16,158.98 16,116.48 16,263.58 16,219.56
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 520,607.00 465,747.00 482,994.00 459,837.00
Interest Income 522,965.00 471,670.00 378,247.00 345,853.00
Interest Expense 124,946.00 98,557.00 31,188.00 15,960.00
Non-Interest Expense 318,124.00 306,916.00 292,491.00 277,720.00
   Selling, General and Administrative Expenses 202,088.00 194,612.00 184,537.00 179,178.00
EBT 184,725.00 153,604.00 180,459.00 188,235.00
Income Tax 33,305.00 26,870.00 32,108.00 34,290.00
Net Income Including Non-Controlling Interests 151,420.00 126,734.00 148,351.00 153,945.00
Net Income 151,420.00 126,734.00 148,351.00 153,945.00
Deprecation and Amortization 12,192.00 14,015.00 13,819.00 13,267.00
EPS 0.01 0.01 0.01 0.01
Diluted EPS 0.01 0.01 0.01 0.01
Average Shares Outstanding Basic 16,143.71 16,163.50 16,246.01 16,291.02
Average Shares Outstanding Diluted 16,244.80 16,250.02 16,365.31 16,425.21
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 178,848.00 151,137.00 136,642.00 157,332.00
   Operating Net Income 151,420.00 126,734.00 148,351.00 153,945.00
   Deprecation and Amortization 12,192.00 14,015.00 13,819.00 13,267.00
   Deferred Income Tax -409.00 -703.00 611.00 -3,131.00
   Share Based Compensation 7,669.00 8,010.00 7,199.00 8,021.00
   Change in Working Capital 11,452.00 -3,546.00 -17,257.00 2,052.00
   Other Operating Activities -3,476.00 6,627.00 -16,081.00 -16,822.00
Investing Cash Flow -19,148.00 63,524.00 -405,472.00 -412,141.00
   Capital Expenditure 0 0 0 0
   Net Purchase/Sale of PPE -9,183.00 -7,589.00 -7,937.00 -14,093.00
   Net Purchase/Sale of Investments Net 318,765.00 416,110.00 -150,341.00 -728,986.00
   Net Purchase/Sale of Business 0 0 0 0
   Other Investing Activities 0 0 0 330,938.00
Financing Cash Flow -217,402.00 -186,121.00 239,378.00 103,515.00
   Net Issuance/Repayment of Debt -237,750.00 100,840.00 -11,444.00 -135,944.00
   Net Issuance/Repurchase of Equity 0 -23,017.00 0 -16,048.00
   Dividends Paid -77,496.00 -68,951.00 -76,604.00 -74,306.00
   Other Financing Activities 97,844.00 -194,993.00 327,426.00 329,813.00
Net Change in Cash -57,702.00 28,540.00 -29,452.00 -151,294.00
   Cash at Beginning of Period 218,268.00 189,728.00 219,180.00 370,474.00
   Cash at End of Period 160,566.00 218,268.00 189,728.00 219,180.00
Free Cash Flow 169,665.00 143,548.00 128,705.00 143,239.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31
Assets 9,862,068.00 9,949,578.00 9,886,612.00 9,805,350.00 9,903,049.00 9,881,077.00 9,856,981.00
   Deposits 8,329,924.00 8,237,766.00 8,201,695.00 0 0 8,306,032.00 8,294,444.00
      Cash and Short-Term Investments 1,036,619.00 1,147,629.00 1,175,853.00 0 0 1,554,868.00 1,976,359.00
            Cash and Cash Equivalents 218,906.00 193,119.00 237,614.00 160,566.00 201,683.00 306,081.00 261,919.00
            Short-Term Investments 817,713.00 954,510.00 938,239.00 996,624.00 1,129,875.00 1,248,787.00 1,714,440.00
      Net Receivables 15,928,952.00 15,872,762.00 15,714,092.00 66,109.00 65,170.00 15,002,978.00 14,135,013.00
      Inventory 0 0 0 0 0 0 0
      Other Current Assets 0 0 0 0 0 0 0
      Property, Plant, Equipment Net 78,068.00 80,351.00 82,661.00 86,934.00 87,108.00 89,604.00 98,373.00
      Goodwill 159,595.00 159,595.00 159,595.00 159,595.00 159,595.00 159,595.00 159,595.00
      Intangible Assets 2,642.00 2,890.00 3,163.00 17,355.00 17,788.00 4,332.00 5,648.00
      Long-Term Investments 0 0 0 1,143,678.00 1,274,941.00 0 0
      Non-Current Deferred Assets 0 0 0 0 0 0 0
      Other Non-Current Assets 0 0 0 0 0 0 0
Liabilities 8,530,247.00 8,655,098.00 8,607,570.00 8,561,502.00 8,663,636.00 8,719,098.00 8,774,828.00
      Payables and Expenses 0 0 0 7,859.00 6,350.00 0 0
            Account Payables 0 0 0 7,859.00 6,350.00 0 0
            Current Accrued Liabilities 0 0 0 0 0 0 0
      Short-Term Debt 78,126.00 95,670.00 80,977.00 0 117,442.00 105,859.00 172,058.00
      Other Current Liabilities 0 0 0 0 0 0 0
      Long-Term Debt 0 0 0 206,156.00 206,804.00 0 0
      Other Non-Current Liabilities 0 0 0 0 0 0 0
Equity 1,331,821.00 1,294,480.00 1,279,042.00 1,243,848.00 1,239,413.00 1,161,979.00 1,082,153.00
   Shareholders Equity 0 0 0 1,243,848.00 1,239,413.00 0 0
      Capital Stock 463,032.00 461,266.00 459,529.00 463,706.00 462,129.00 459,532.00 459,431.00
      Share Premium 0 0 0 0 0 0 0
      Retained Earnings 1,062,557.00 1,032,793.00 1,002,110.00 977,599.00 964,008.00 921,101.00 862,518.00
      Treasury Shares -168,072.00 -168,072.00 -147,938.00 151,282.00 152,040.00 -152,259.00 -149,763.00
      Accumulated Other Comprehensive Income -25,696.00 -31,507.00 -34,659.00 -46,175.00 -34,684.00 -66,395.00 -90,033.00
   Minority Interest 0 0 0 0 0 0 0
Investments 9,846,621.00 10,088,273.00 9,968,061.00 0 0 10,204,499.00 10,694,677.00
Debt 95,406.00 303,101.00 288,417.00 206,156.00 324,246.00 311,640.00 379,494.00
Net Debt 0 0 0 29,085.00 105,281.00 0 0
Common Shares Outstanding 0 0 0 16,158.98 16,151.64 0 0
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31
Revenues 1,900.00 1,700.00 2,936.00 134,509.00 137,644.00 2,524.00 2,241.00
Cost Of Revenue 2,848.00 1,503.00 430.00 0 0 3,290.00 1,461.00
Interest Income 144,092.00 139,253.00 135,353.00 133,613.00 133,808.00 128,760.00 114,297.00
Interest Expense 27,935.00 27,505.00 27,823.00 30,168.00 32,694.00 31,017.00 18,703.00
Net Interest 111,017.00 108,991.00 104,377.00 0 0 95,623.00 92,198.00
Non-Interest Income 30,574.00 32,186.00 25,746.00 0 0 26,200.00 24,387.00
Non-Interest Expense -79,463.00 -78,977.00 -78,164.00 80,953.00 85,394.00 -77,228.00 -76,503.00
Provisions for Credit Losses -4,030.00 -2,853.00 -756.00 0 0 2,180.00 183.00
Gross Profit -948.00 197.00 2,506.00 0 0 -766.00 780.00
   Selling, General and Administrative Expenses 26,462.00 25,588.00 25,771.00 50,932.00 51,636.00 23,301.00 23,494.00
EBT 58,098.00 59,347.00 51,203.00 47,333.00 46,648.00 42,415.00 39,899.00
Income Tax 10,940.00 11,228.00 9,046.00 8,703.00 8,431.00 7,211.00 6,166.00
Net Income Including Non-Controlling Interests 0 0 0 38,630.00 38,217.00 0 0
Net Income 47,158.00 48,119.00 42,157.00 38,630.00 38,217.00 35,204.00 33,733.00
EBIT 86,033.00 86,852.00 79,026.00 0 0 73,432.00 58,602.00
Deprecation and Amortization 2,825.00 2,828.00 967.00 3,078.00 2,976.00 1,477.00 2,267.00
EBITDA 88,858.00 89,680.00 79,993.00 0 0 74,909.00 60,869.00
EPS 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
Average Shares Outstanding Basic 16,071.35 16,129.95 16,159.34 16,156.83 16,151.64 16,116.84 16,242.35
Average Shares Outstanding Diluted 16,173.27 16,215.57 16,238.70 16,283.70 16,264.39 16,191.07 16,324.82
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-03-31
Operating Cash Flow 0 0 37,860.00 49,225.00 43,758.00 34,654.00 24,402.00
   Operating Net Income 47,158.00 48,119.00 42,157.00 38,630.00 38,217.00 -35,204.00 33,733.00
   Deprecation and Amortization 2,825.00 2,828.00 967.00 3,078.00 2,976.00 1,477.00 2,267.00
   Deferred Income Tax 0 0 0 0 0 0 0
   Share Based Compensation 0 0 2,007.00 2,800.00 1,627.00 1,953.00 2,336.00
   Change in Working Capital 0 0 -10,528.00 5,515.00 5,393.00 -7,831.00 -15,501.00
   Other Operating Activities 0 0 3,257.00 -798.00 -4,455.00 74,259.00 1,567.00
Investing Cash Flow 0 0 10,993.00 33,021.00 -11,359.00 32,404.00 78,668.00
   Capital Expenditure 0.00 0.00 -1,076.00 0 0 -3,142.00 -2,674.00
   Net Purchase/Sale of PPE 0 0 -1,076.00 -2,091.00 -2,088.00 -3,142.00 -2,674.00
   Net Purchase/Sale of Investments Net 0 0 84,155.00 111,894.00 58,896.00 82,834.00 32,086.00
   Net Purchase/Sale of Business 0 0 0 0 0 0 0
   Net Loan & Lease Activity 0 0 0 0
   Other Investing Activities 0 0 -5,336.00 -76,782.00 -68,167.00 5,035.00 1,722.00
Financing Cash Flow 0 0 28,195.00 -123,363.00 -92,181.00 20,755.00 -30,879.00
   Net Issuance/Repayment of Debt 0 0 -9,455.00 -27,010.00 22,964.00 -222,323.00 -55,284.00
   Net Issuance/Repurchase of Equity 0 0 0 0 0 0 15,308.00
   Dividends Paid 0 0 -17,571.00 -25,208.00 -17,175.00 -17,408.00 -17,409.00
   Other Financing Activities 0 0 55,221.00 -71,145.00 -97,970.00 260,486.00 26,506.00
Net Change in Cash 0 0 77,048.00 -41,117.00 -59,782.00 87,813.00 72,191.00
   Cash at Beginning of Period 0 0 160,566.00 201,683.00 261,465.00 218,268.00 189,728.00
   Cash at End of Period 218,906.00 193,119.00 237,614.00 160,566.00 201,683.00 306,081.00 261,919.00
Free Cash Flow 0 0 36,784.00 47,134.00 41,670.00 31,512.00 21,728.00