Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings 17.16 19.88 27.27 26.21
Price to Sales 1.48 1.87 2.31 2.78
Book Value Per Common Share 1.27 1.51 2.19 2.02
Price to Book 12.81 12.92 10.36 11.80
Price to Operating Cash Flow 9.37 11.81 18.61 15.27
Price to Free Cash Flow 12.77 15.67 27.74 19.72
Enterprise Value to EBITDA 59954.61 72484.83 96142.77 108317.42
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Price to Earnings 39.83 39.38 73.15 70.87 70.08
Price to Sales 3.18 3.91 5.61 5.79 6.28
Book Value Per Common Share 0.57 0.59 0.67 1.27 1.28
Price to Book 15.96 19.36 22.00 12.81 13.69
Price to Operating Cash Flow 13.52 36.17 34.37 48.41 25.22
Price to Free Cash Flow 16.76 55.90 43.34 124.90 28.88
Enterprise Value to EBITDA 125986.75 147780.50 225442.61 239304.20 251495.19

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY -3.06 18.07 -8.79
Revenue YoY 2.98 4.11 10.46
EBITDA YoY 0.40 10.05 5.54
Net Profit YoY -4.93 15.26 -11.49
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Earning YoY -20.69 45.00 -13.04 -8.00
Revenue YoY -2.03 7.16 -8.85 1.33
EBITDA YoY -6.42 16.35 -8.46 -1.86
Net Profit YoY -19.70 40.47 -17.40 -5.43

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 2.20 2.46 3.49 1.13
Quick Ratio 1.38 1.67 2.22 0.86
Current Ratio 1.85 2.19 2.73 1.39
Debt to Equity 18.41 15.73 10.81 10.69
Long-Term Debt to Equity 16.88 14.50 9.98 9.71
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Cash Per Common Share 1.53 1.47 1.67 2.21 2.37
Quick Ratio 0.53 0.95 1.01 1.38 1.59
Current Ratio 0.81 1.45 1.49 1.85 2.10
Debt to Equity 44.57 42.35 36.77 18.41 18.52
Long-Term Debt to Equity 37.30 38.68 33.44 16.88 17.09

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA 3.86 3.94 3.23 3.93
ROE 74.94 66.00 38.09 45.92
Gross Margin 35.17 35.59 34.40 28.29
Operating Margin 17.64 18.49 17.46 18.44
EBITDA Margin 24.67 25.30 23.94 25.06
Net Profit Margin 8.65 9.37 8.46 10.56
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
ROA 0.89 1.13 0.80 0.94 0.99
ROE 40.53 48.82 30.12 18.31 19.33
Gross Margin 26.59 29.67 28.27 56.62 27.42
Operating Margin 17.25 19.05 16.50 17.69 17.81
EBITDA Margin 25.19 26.37 24.28 24.18 24.97
Net Profit Margin 8.05 9.82 7.49 8.27 8.86

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 105.19 102.35 60.20 47.33
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Dividend Yield 0.00 0.00 0.00 0.00 0.00
Dividend Payout Ratio 60.36 48.65 126.00 107.44 101.12

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 5,034,843.00 5,182,826.00 5,499,344.00 5,101,391.00
   Current Assets 736,140.00 837,653.00 1,058,283.00 592,849.00
      Cash and Short-Term Investments 450,512.00 516,037.00 745,889.00 249,438.00
            Cash and Cash Equivalents 450,512.00 516,037.00 745,889.00 249,438.00
            Short-Term Investments 0 0 0 0
      Net Receivables 99,926.00 121,683.00 116,426.00 119,540.00
      Inventory 6,529.00 6,690.00 7,129.00 5,934.00
      Other Current Assets 179,173.00 193,243.00 188,839.00 217,937.00
   Non-Current Assets 4,298,703.00 4,345,173.00 4,441,061.00 4,508,542.00
      Property, Plant, Equipment Net 1,832,518.00 1,825,631.00 1,884,846.00 1,963,766.00
      Goodwill 771,468.00 773,727.00 773,088.00 775,278.00
      Intangible Assets 1,192,264.00 1,219,129.00 1,248,800.00 1,280,791.00
      Long-Term Investments 317,054.00 348,109.00 363,365.00 349,577.00
      Non-Current Deferred Assets 0 0 0 0
      Other Non-Current Assets 185,399.00 178,577.00 170,962.00 139,130.00
Liabilities 4,775,491.00 4,873,047.00 5,033,624.00 4,664,986.00
   Current Liabilities 397,631.00 381,930.00 387,999.00 426,925.00
      Payables and Expenses 56,952.00 55,504.00 74,155.00 69,305.00
            Account Payables 28,455.00 27,370.00 43,996.00 41,163.00
            Current Accrued Liabilities 0 0 0 0
      Short-Term Debt 150,740.00 98,853.00 95,686.00 87,078.00
      Other Current Liabilities 189,939.00 227,573.00 218,158.00 270,542.00
   Non-Current Liabilities 4,377,860.00 4,491,117.00 4,645,625.00 4,238,061.00
      Long-Term Debt 3,941,826.00 4,040,921.00 4,186,124.00 3,769,331.00
      Other Non-Current Liabilities 436,034.00 450,196.00 459,501.00 468,730.00
Equity 259,352.00 309,779.00 465,720.00 436,405.00
   Shareholders Equity 259,352.00 309,779.00 465,720.00 436,405.00
      Capital Stock 47,042.00 47,042.00 47,042.00 47,042.00
      Share Premium 2,982,102.00 2,960,035.00 2,937,885.00 2,898,633.00
      Retained Earnings 399,700.00 409,863.00 414,749.00 344,198.00
      Treasury Shares 3,094,739.00 3,048,786.00 2,869,780.00 2,805,268.00
      Accumulated Other Comprehensive Income -74,753.00 -58,375.00 -64,176.00 -48,200.00
   Minority Interest 0 0 0 0
Debt 4,092,566.00 4,139,774.00 4,281,810.00 3,856,409.00
Net Debt 2,289,781.00 2,246,027.00 2,105,557.00 2,131,228.00
Common Shares Outstanding 203,834.00 205,397.00 213,101.00 215,849.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 2,246,492.00 2,181,578.00 2,095,505.00 1,896,998.00
Cost Of Revenue 1,456,481.00 1,405,110.00 1,374,748.00 1,360,342.00
Interest Expense 123,881.00 124,061.00 122,319.00 109,185.00
Non-Interest Expense 255,208.00 249,964.00 254,979.00 81,400.00
Gross Profit 790,011.00 776,468.00 720,757.00 536,656.00
Operating Expenses 401,630.00 384,763.00 367,104.00 192,472.00
   Selling, General and Administrative Expenses 255,208.00 249,964.00 254,979.00 81,400.00
   Other Operating Expenses -11,513.00 -13,768.00 -23,683.00 -14,468.00
Operating Income 388,381.00 391,705.00 353,653.00 344,184.00
Net Non-Operating Income 24,924.00 29,570.00 10,403.00 681.00
EBT 272,413.00 279,418.00 243,505.00 240,578.00
Income Tax 78,056.00 74,978.00 66,135.00 40,186.00
Net Income Including Non-Controlling Interests 194,357.00 204,440.00 177,370.00 200,392.00
Net Income 194,357.00 204,440.00 177,370.00 200,392.00
EBIT 396,294.00 403,479.00 365,824.00 349,763.00
Deprecation and Amortization 157,935.00 148,567.00 135,808.00 125,540.00
EBITDA 554,229.00 552,046.00 501,632.00 475,303.00
EPS 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 204,351.00 209,486.00 213,766.00 221,375.00
Average Shares Outstanding Diluted 205,614.00 211,534.00 215,839.00 224,405.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 355,307.00 345,416.00 259,904.00 345,772.00
   Operating Net Income 194,357.00 204,440.00 177,370.00 200,392.00
   Deprecation and Amortization 157,935.00 148,567.00 135,808.00 125,540.00
   Deferred Income Tax -5,529.00 -807.00 4,305.00 -13,781.00
   Share Based Compensation 23,019.00 23,747.00 24,538.00 22,019.00
   Change in Working Capital -21,383.00 -22,881.00 -45,109.00 30,604.00
   Other Operating Activities 6,908.00 -7,650.00 -37,008.00 -19,002.00
Investing Cash Flow -129,305.00 -86,546.00 -77,776.00 -154,669.00
   Capital Expenditure -94,388.00 -85,021.00 -85,544.00 -77,984.00
   Net Purchase/Sale of PPE 0 0 0 0
   Net Purchase/Sale of Investments Net -41,246.00 -7,920.00 -3,605.00 -9,937.00
   Net Purchase/Sale of Business 4,946.00 2,115.00 8,237.00 -67,951.00
   Other Investing Activities 1,383.00 4,280.00 3,136.00 1,203.00
Financing Cash Flow -303,098.00 -504,303.00 288,674.00 -242,742.00
   Net Issuance/Repayment of Debt -49,654.00 -116,290.00 455,938.00 116,016.00
   Net Issuance/Repurchase of Equity -77,375.00 -189,554.00 -51,950.00 -268,531.00
   Dividends Paid -204,443.00 -209,253.00 -106,779.00 -94,846.00
   Other Financing Activities 28,374.00 10,794.00 -8,535.00 4,619.00
Net Change in Cash -77,096.00 -245,433.00 470,802.00 -51,639.00
   Cash at Beginning of Period 588,816.00 831,801.00 366,966.00 418,241.00
   Cash at End of Period 503,608.00 588,816.00 831,801.00 366,966.00
Free Cash Flow 260,919.00 260,395.00 174,360.00 267,788.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Assets 4,976,175.00 4,894,148.00 4,919,482.00 5,034,843.00 5,073,223.00
   Current Assets 640,856.00 600,446.00 644,198.00 736,140.00 783,213.00
      Cash and Short-Term Investments 291,408.00 281,226.00 335,259.00 450,512.00 482,224.00
            Cash and Cash Equivalents 291,408.00 281,226.00 335,259.00 450,512.00 482,224.00
            Short-Term Investments 0 0 0 0 0
      Net Receivables 128,460.00 115,084.00 102,474.00 99,926.00 111,413.00
      Inventory 6,935.00 6,314.00 6,200.00 6,529.00 6,251.00
      Other Current Assets 214,053.00 197,822.00 200,265.00 179,173.00 183,325.00
   Non-Current Assets 4,335,319.00 4,293,702.00 4,275,284.00 4,298,703.00 4,290,010.00
      Property, Plant, Equipment Net 1,886,553.00 1,840,717.00 1,819,614.00 1,832,518.00 1,816,266.00
      Goodwill 774,784.00 772,827.00 771,645.00 771,468.00 773,187.00
      Intangible Assets 1,177,436.00 1,176,105.00 1,184,334.00 1,192,264.00 1,199,413.00
      Long-Term Investments 309,780.00 313,770.00 312,706.00 317,054.00 317,469.00
      Non-Current Deferred Assets 0 0 0 0 0
      Other Non-Current Assets 186,766.00 190,283.00 186,985.00 185,399.00 183,675.00
Liabilities 4,866,982.00 4,781,260.00 4,789,243.00 4,775,491.00 4,813,370.00
   Current Liabilities 793,726.00 415,220.00 433,505.00 397,631.00 373,072.00
      Payables and Expenses 165,576.00 150,430.00 163,801.00 56,952.00 157,781.00
            Account Payables 27,195.00 26,645.00 24,856.00 28,455.00 29,047.00
            Current Accrued Liabilities 138,381.00 123,785.00 138,945.00 0 128,734.00
      Short-Term Debt 502,480.00 154,032.00 151,717.00 150,740.00 101,780.00
      Other Current Liabilities 125,670.00 110,758.00 117,987.00 189,939.00 113,511.00
   Non-Current Liabilities 4,073,256.00 4,366,040.00 4,355,738.00 4,377,860.00 4,440,298.00
      Long-Term Debt 3,615,765.00 3,934,184.00 3,924,396.00 3,941,826.00 3,996,298.00
      Other Non-Current Liabilities 457,491.00 431,856.00 431,342.00 436,034.00 444,000.00
Equity 109,193.00 112,888.00 130,239.00 259,352.00 259,853.00
   Shareholders Equity 109,193.00 112,888.00 130,239.00 259,352.00 259,853.00
      Capital Stock 47,042.00 47,042.00 47,042.00 47,042.00 47,042.00
      Share Premium 2,981,420.00 2,988,265.00 2,984,865.00 2,982,102.00 2,967,927.00
      Retained Earnings 435,290.00 417,765.00 389,481.00 399,700.00 403,259.00
      Treasury Shares 3,287,119.00 3,277,648.00 3,218,308.00 3,094,739.00 3,097,785.00
      Accumulated Other Comprehensive Income -67,440.00 -62,536.00 -72,841.00 -74,753.00 -60,590.00
   Minority Interest 0 0 0 0 0
Debt 4,118,245.00 4,088,216.00 4,076,113.00 4,092,566.00 4,098,078.00
Net Debt 2,432,550.00 2,448,186.00 2,399,594.00 2,289,781.00 2,263,512.00
Common Shares Outstanding 190,311.00 191,345.00 195,846.00 203,834.00 203,089.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Revenues 549,516.00 560,929.00 523,472.00 574,273.00 566,739.00
Cost Of Revenue 403,400.00 394,494.00 375,494.00 249,105.00 411,354.00
Interest Expense 31,543.00 30,945.00 31,477.00 31,081.00 31,270.00
Non-Interest Expense 14,900.00 22,600.00 29,700.00 185,608.00 25,100.00
Gross Profit 146,116.00 166,435.00 147,978.00 325,168.00 155,385.00
Operating Expenses 55,419.00 60,446.00 68,116.00 211,987.00 62,272.00
   Selling, General and Administrative Expenses 14,900.00 22,600.00 29,700.00 185,608.00 25,100.00
   Other Operating Expenses -3,100.00 -3,200.00 -2,300.00 -10,913.00 -3,400.00
Operating Income 90,697.00 105,989.00 79,862.00 113,181.00 93,113.00
Net Non-Operating Income 2,730.00 2,585.00 4,986.00 5,542.00 6,246.00
EBT 63,236.00 75,900.00 54,917.00 70,482.00 69,651.00
Income Tax 18,984.00 20,790.00 15,685.00 22,985.00 19,427.00
Net Income Including Non-Controlling Interests 44,252.00 55,110.00 39,232.00 47,497.00 50,224.00
Net Income 44,252.00 55,110.00 39,232.00 47,497.00 50,224.00
EBIT 94,779.00 106,845.00 86,394.00 101,563.00 100,921.00
Deprecation and Amortization 43,619.00 41,046.00 40,716.00 37,292.00 40,572.00
EBITDA 138,398.00 147,891.00 127,110.00 138,855.00 141,493.00
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 190,794.00 191,949.00 200,643.00 203,848.00 203,264.00
Average Shares Outstanding Diluted 191,253.00 192,714.00 201,617.00 205,045.00 204,254.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Operating Cash Flow 129,255.00 60,593.00 85,415.00 68,626.00 141,218.00
   Operating Net Income 44,252.00 55,110.00 39,232.00 47,497.00 50,224.00
   Deprecation and Amortization 43,619.00 41,046.00 40,716.00 37,292.00 40,572.00
   Deferred Income Tax 25,986.00 516.00 306.00 -5,064.00 -361.00
   Share Based Compensation -934.00 5,132.00 5,572.00 4,528.00 6,814.00
   Change in Working Capital 19,649.00 -34,373.00 -11,492.00 -26,193.00 50,555.00
   Other Operating Activities -3,317.00 -6,838.00 11,081.00 10,566.00 -6,586.00
Investing Cash Flow -48,295.00 -30,776.00 -21,488.00 -60,509.00 -24,838.00
   Capital Expenditure -24,993.00 -21,371.00 -17,679.00 -42,027.00 -17,896.00
   Net Purchase/Sale of PPE 0 0 0 0 0
   Net Purchase/Sale of Investments Net -6,578.00 -10,705.00 -5,813.00 -20,206.00 -9,563.00
   Net Purchase/Sale of Business -16,724.00 1,300.00 55.00 1,724.00 2,621.00
   Other Investing Activities 0.00 0.00 1,949.00 0.00 0.00
Financing Cash Flow -56,945.00 -93,367.00 -179,320.00 -52,529.00 -88,187.00
   Net Issuance/Repayment of Debt -14,710.00 -4,240.00 -6,051.00 -12,296.00 -12,397.00
   Net Issuance/Repurchase of Equity -14,250.00 -63,732.00 -122,784.00 -17,319.00 -25,808.00
   Dividends Paid -26,711.00 -26,811.00 -49,432.00 -51,032.00 -50,785.00
   Other Financing Activities -1,274.00 1,416.00 -1,053.00 28,118.00 803.00
Net Change in Cash 24,015.00 -63,550.00 -115,393.00 -44,412.00 28,193.00
   Cash at Beginning of Period 330,102.00 388,959.00 503,608.00 554,529.00 524,641.00
   Cash at End of Period 352,015.00 330,102.00 388,959.00 503,608.00 554,529.00
Free Cash Flow 104,262.00 39,222.00 67,736.00 26,599.00 123,322.00