Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings 13.00 7.64
Price to Sales 2.38 0.74
Book Value Per Common Share 76.58 64.09 61.18 61.50 61.05
Price to Book 2.71 0.76
Price to Operating Cash Flow 4.77 1.34
Price to Free Cash Flow -2.42 5.06
Enterprise Value to EBITDA 42226.48 14142.23
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2022-09-30 2022-06-30 2022-03-31
Price to Earnings 40.80 16.45 67.51 69.88 42.40
Price to Sales 5.09 4.96 6.62 8.97 6.70
Book Value Per Common Share 85.03 80.83 76.70 76.58 72.21 64.28 62.07 62.34
Price to Book 1.61 1.77 2.06 2.71 2.06
Price to Operating Cash Flow 14.62 9.30 25.44 20.16 11.29
Price to Free Cash Flow -9.54 -31.19 247.99 -4.78 -12.07
Enterprise Value to EBITDA 98859.40 80283.94 139866.34 174808.25 122424.96

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY 149.53 1728.57
Revenue YoY 36.00 34.18 13.76 -5.02
EBITDA YoY 48.88 43.72 -1.69 -30.91
Net Profit YoY 158.54 1817.91 -37.20 -65.61
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2022-09-30 2022-06-30 2022-03-31
Earning YoY -61.29 270.94 -21.21 -15.38
Revenue YoY -6.20 23.95 3.23 4.50 -34.66 52.35 113.45
EBITDA YoY -22.02 63.28 -2.22 -2.28 -17.98 78.44 442.89
Net Profit YoY -61.18 280.94 -21.14 -15.17

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 1.39 1.12 2.00 2.34 7.13
Quick Ratio 2.03 1.64 2.31
Current Ratio 3.85 3.74 4.26
Debt to Equity 5.00 5.04 5.36 4.79 4.72
Long-Term Debt to Equity 4.79 4.82 5.21
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2022-09-30 2022-06-30 2022-03-31
Cash Per Common Share 1.89 5.49 4.90 1.38 0.88 1.97 2.13 2.37
Quick Ratio 1.72 2.00 2.68 2.03 1.37
Current Ratio 3.75 8.65 4.83 3.85 2.49
Debt to Equity 4.26 5.39 4.79 5.00 4.88 4.79 4.64 4.77
Long-Term Debt to Equity 4.08 5.19 4.62 4.79 4.57

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA 3.17 1.52 0.08 0.14 0.41
ROE 19.00 9.20 0.52 0.79 2.36
Gross Margin 75.44 69.59 65.03 97.19 92.89
Operating Margin 45.22 34.86 24.54 28.13 51.29
EBITDA Margin 61.95 56.59 52.83 61.13 84.04
Net Profit Margin 18.34 9.65 0.67 1.22 3.38
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2022-09-30 2022-06-30 2022-03-31
ROA 0.67 1.49 0.47 0.60 0.76 -0.35 -0.64 -0.87
ROE 3.52 9.54 2.74 3.57 4.47 -2.03 -3.60 -5.04
Gross Margin 77.93 67.12 71.04 75.90 73.39 90.24 85.57 69.31
Operating Margin 42.20 55.17 36.36 39.12 42.59 18.23 10.99 -15.75
EBITDA Margin 57.83 69.56 52.80 55.75 59.61 47.49 40.55 15.94
Net Profit Margin 12.48 30.16 9.81 12.84 15.82 -3.98 -10.41 -30.81

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Dividend Yield 0.00 0.00
Dividend Payout Ratio 13.59 8.03 155.25
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2022-09-30 2022-06-30 2022-03-31
Dividend Yield 0.00 0.00 0.00 0.00 0.00
Dividend Payout Ratio 14.34 5.52 22.40 9.51 14.50

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Assets 3,297,196.00 2,652,344.00 2,575,217.00 2,462,927.00 2,364,948.00
   Current Assets 438,841.00 360,894.00 259,261.00 0 0
      Cash and Short-Term Investments 9,110.00 7,071.00 12,146.00 14,329.00 42,540.00
            Cash and Cash Equivalents 9,110.00 7,071.00 12,146.00 14,329.00 42,540.00
            Short-Term Investments 0 0 0 0 0
      Net Receivables 221,920.00 151,106.00 128,393.00 39,623.00 28,269.00
      Inventory 72,150.00 40,954.00 38,577.00 50,959.00 59,434.00
      Other Current Assets 135,661.00 161,763.00 80,145.00 0 0
   Non-Current Assets 2,858,355.00 2,291,450.00 2,315,956.00 0 0
      Property, Plant, Equipment Net 2,683,971.00 2,149,997.00 2,147,285.00 1,997,435.00 35,537.00
      Goodwill 0 0 0 0 0
      Intangible Assets 34,063.00 10,220.00 18,837.00 1,188.00 1,246.00
      Long-Term Investments 84,276.00 66,803.00 62,629.00 115,456.00 158,708.00
      Non-Current Deferred Assets 0 0 0 0 0
      Other Non-Current Assets 56,045.00 64,430.00 87,205.00 0 0
Liabilities 2,747,858.00 2,213,381.00 2,170,529.00 2,037,237.00 1,951,211.00
   Current Liabilities 113,894.00 96,470.00 60,903.00 0 0
      Payables and Expenses 75,983.00 52,937.00 43,040.00 0 0
            Account Payables 0 0 0 0 0
            Current Accrued Liabilities 0 0 0 0 0
      Short-Term Debt 0 0 0 0 0
      Other Current Liabilities 37,911.00 43,533.00 17,863.00 0 0
   Non-Current Liabilities 2,633,964.00 2,116,911.00 2,109,626.00 0 0
      Long-Term Debt 2,264,552.00 1,802,881.00 1,847,278.00 0 0
      Other Non-Current Liabilities 369,412.00 314,030.00 262,348.00 0 0
Equity 549,338.00 438,963.00 404,688.00 425,690.00 413,737.00
   Shareholders Equity 549,338.00 438,963.00 404,688.00 375,885.00 364,015.00
      Capital Stock 72.00 68.00 66.00 65.00 66.00
      Share Premium 50,928.00 29,667.00 20,386.00 15,401.00 13,696.00
      Retained Earnings 491,439.00 397,781.00 357,493.00 355,388.00 355,370.00
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income 6,899.00 11,447.00 26,743.00 5,031.00 -5,117.00
   Minority Interest 0 0 0 0 0
Investments 0 0 0 211,006.00 240,252.00
Debt 2,264,552.00 1,802,881.00 1,847,278.00 1,790,264.00 1,693,753.00
Net Debt 2,255,442.00 1,795,810.00 1,835,132.00 1,775,935.00 1,651,213.00
Common Shares Outstanding 7,173.00 6,849.00 6,615.00 0 0
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 569,223.00 418,555.00 311,927.00 274,202.00 288,692.00
Cost Of Revenue 139,782.00 127,291.00 109,093.00 7,715.00 20,540.00
Interest Expense 104,764.00 78,795.00 66,743.00 67,985.00 130,736.00
Non-Interest Expense 146,757.00 115,740.00 92,530.00 0 0
Gross Profit 429,441.00 291,264.00 202,834.00 266,487.00 268,152.00
Operating Expenses 169,051.00 143,849.00 106,945.00 258,147.00 253,458.00
   Selling, General and Administrative Expenses 146,757.00 115,740.00 92,530.00 90,277.00 84,672.00
   Other Operating Expenses 22,294.00 28,109.00 14,415.00 167,870.00 168,786.00
Operating Income 260,390.00 147,415.00 95,889.00 8,340.00 14,694.00
Net Non-Operating Income 0 0 0 800.00 2,642.00
EBT 152,645.00 67,130.00 9,793.00 9,140.00 17,336.00
Income Tax 44,033.00 23,349.00 4,354.00 5,788.00 7,588.00
Equity Method Investments Income 0 0 0 800.00 2,642.00
Net Income Including Non-Controlling Interests 108,612.00 43,781.00 5,439.00 0 0
Net Income 104,378.00 40,372.00 2,105.00 3,352.00 9,748.00
EBIT 257,409.00 145,925.00 76,536.00 77,125.00 148,072.00
Deprecation and Amortization 95,209.00 90,925.00 88,260.00 90,504.00 94,541.00
EBITDA 352,618.00 236,850.00 164,796.00 167,629.00 242,613.00
EPS 0.02 0.01 0.00 0 0.00
Diluted EPS 0.02 0.01 0.00 0 0.00
Average Shares Outstanding Basic 6,536.00 6,305.00 6,071.00 6,112.00 5,963.00
Average Shares Outstanding Diluted 6,804.00 6,481.00 6,297.00 6,346.00 6,128.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow 284,406.00 229,737.00 144,424.00 90,658.00 93,444.00
   Operating Net Income 108,612.00 43,781.00 5,439.00 3,352.00 9,748.00
   Deprecation and Amortization 95,209.00 90,925.00 88,260.00 90,504.00 94,541.00
   Deferred Income Tax 38,581.00 19,652.00 2,065.00 4,193.00 6,953.00
   Share Based Compensation 29,247.00 14,802.00 13,551.00 16,578.00 11,378.00
   Change in Working Capital 11,823.00 59,109.00 15,336.00 -5,086.00 -14,139.00
   Other Operating Activities 934.00 1,468.00 19,773.00 -18,883.00 -15,037.00
Investing Cash Flow -764,908.00 -92,780.00 -194,376.00 -147,995.00 -506,670.00
   Capital Expenditure 0 0 0 0.00 0.00
   Net Purchase/Sale of PPE -674,957.00 -83,719.00 -223,785.00 39,791.00 438,304.00
   Net Purchase/Sale of Investments Net 0 0 0 111,211.00 152,644.00
   Net Purchase/Sale of Business 0 0 0 0 0
   Other Investing Activities 0 0 0 -298,997.00 -1,097,618.00
Financing Cash Flow 444,975.00 -57,944.00 43,327.00 74,053.00 428,483.00
   Net Issuance/Repayment of Debt 465,667.00 -39,753.00 55,160.00 930,666.00 1,503,983.00
   Net Issuance/Repurchase of Equity 4,806.00 -5,793.00 0 10,086.00 1,510.00
   Dividends Paid -14,180.00 -3,241.00 -3,268.00 3,251.00 3,259.00
   Other Financing Activities -11,318.00 -9,157.00 0 -869,950.00 -1,080,269.00
Net Change in Cash -35,527.00 79,013.00 -6,625.00 16,716.00 15,257.00
   Cash at Beginning of Period 168,029.00 89,016.00 95,641.00 78,925.00 63,668.00
   Cash at End of Period 132,502.00 168,029.00 89,016.00 95,641.00 78,925.00
Free Cash Flow -561,704.00 60,957.00 -148,599.00 0 0
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2020-12-31
Assets 3,421,347.00 3,946,445.00 3,274,633.00 3,297,196.00 3,043,593.00 2,541,968.00 2,396,383.00 2,429,926.00 2,462,927.00 2,364,948.00
   Current Assets 435,139.00 1,068,825.00 456,323.00 438,841.00 395,926.00 0 0 0 0 0
      Cash and Short-Term Investments 12,885.00 37,267.00 32,356.00 9,110.00 5,791.00 11,914.00 12,858.00 14,105.00 14,329.00 42,540.00
            Cash and Cash Equivalents 12,885.00 37,267.00 32,356.00 9,110.00 5,791.00 11,914.00 12,858.00 14,105.00 14,329.00 42,540.00
            Short-Term Investments 0 0 0 0 0 0 0 0 0 0
      Net Receivables 187,131.00 209,490.00 220,787.00 221,920.00 212,427.00 49,544.00 40,472.00 42,598.00 39,623.00 28,269.00
      Inventory 53,712.00 63,609.00 67,318.00 72,150.00 74,089.00 41,901.00 43,396.00 47,654.00 50,959.00 59,434.00
      Other Current Assets 181,411.00 758,459.00 135,862.00 135,661.00 103,619.00 0 0 0 0 0
   Non-Current Assets 2,986,208.00 2,877,620.00 2,818,310.00 2,858,355.00 2,647,667.00 0 0 0 0 0
      Property, Plant, Equipment Net 2,767,766.00 2,669,246.00 2,652,134.00 2,683,971.00 2,471,702.00 2,078,775.00 1,816,829.00 1,951,448.00 1,997,435.00 35,537.00
      Goodwill 0 0 0 0 0 0 0 0 0 0
      Intangible Assets 27,315.00 35,005.00 26,768.00 34,063.00 35,683.00 1,144.00 1,158.00 1,173.00 1,188.00 1,246.00
      Long-Term Investments 114,396.00 107,902.00 82,481.00 84,276.00 85,095.00 82,487.00 83,295.00 114,253.00 115,456.00 158,708.00
      Non-Current Deferred Assets 0 0 0 0 0 0 0 0 0 0
      Other Non-Current Assets 76,731.00 65,467.00 56,927.00 56,045.00 55,187.00 0 0 0 0 0
Liabilities 2,771,143.00 3,328,508.00 2,709,145.00 2,747,858.00 2,525,832.00 2,102,693.00 1,971,642.00 2,009,093.00 2,037,237.00 1,951,211.00
   Current Liabilities 116,027.00 123,553.00 94,521.00 113,894.00 158,854.00 0 0 0 0 0
      Payables and Expenses 79,648.00 86,720.00 56,855.00 75,983.00 119,560.00 0 0 0 0 0
            Account Payables 0 0 0 0 0 0 0 0 0 0
            Current Accrued Liabilities 0 0 0 0 0 0 0 0 0 0
      Short-Term Debt 0 0 0 0 0 0 0 0 0 0
      Other Current Liabilities 36,379.00 36,833.00 37,666.00 37,911.00 39,294.00 0 0 0 0 0
   Non-Current Liabilities 2,655,116.00 3,204,955.00 2,614,624.00 2,633,964.00 2,366,978.00 0 0 0 0 0
      Long-Term Debt 2,239,451.00 2,800,643.00 2,231,593.00 2,264,552.00 1,990,455.00 0 0 0 0 0
      Other Non-Current Liabilities 415,665.00 404,312.00 383,031.00 369,412.00 376,523.00 0 0 0 0 0
Equity 650,204.00 617,937.00 565,488.00 549,338.00 517,761.00 439,275.00 424,741.00 420,833.00 425,690.00 413,737.00
   Shareholders Equity 650,204.00 617,937.00 565,488.00 549,338.00 517,761.00 389,407.00 374,894.00 371,007.00 375,885.00 364,015.00
      Capital Stock 76.00 76.00 74.00 72.00 72.00 66.00 63.00 65.00 65.00 66.00
      Share Premium 67,379.00 56,000.00 57,967.00 50,928.00 41,035.00 17,810.00 14,562.00 18,353.00 15,401.00 13,696.00
      Retained Earnings 583,094.00 562,121.00 505,083.00 491,439.00 473,609.00 343,990.00 338,441.00 333,365.00 355,388.00 355,370.00
      Treasury Shares 0 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income -345.00 -260.00 2,364.00 6,899.00 3,045.00 27,541.00 21,828.00 19,224.00 5,031.00 -5,117.00
   Minority Interest 0 0 0 0 0 0 0 0 0 0
Investments 0 0 0 0 0 186,314.00 179,108.00 211,305.00 211,006.00 240,252.00
Debt 2,239,451.00 2,800,643.00 2,231,593.00 2,264,552.00 1,990,455.00 1,851,650.00 1,731,807.00 1,759,126.00 1,790,264.00 1,693,753.00
Net Debt 2,226,566.00 2,763,376.00 2,199,237.00 2,255,442.00 1,984,664.00 1,839,736.00 1,718,949.00 1,745,021.00 1,775,935.00 1,651,213.00
Common Shares Outstanding 7,646.37 7,645.00 7,373.00 7,173.00 7,170.00 0 0 0 0 0
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2022-09-30 2022-06-30 2022-03-31
Revenues 183,389.00 195,502.00 157,732.00 152,797.00 146,223.00 223,783.00 146,892.00 68,817.00
Cost Of Revenue 40,481.00 64,273.00 45,676.00 36,829.00 38,913.00 21,849.00 21,195.00 21,117.00
Interest Expense 34,177.00 33,569.00 32,094.00 29,386.00 27,813.00 49,209.00 32,906.00 16,883.00
Non-Interest Expense 49,190.00 50,429.00 47,720.00 42,452.00 40,037.00 0 0 0
Gross Profit 142,908.00 131,229.00 112,056.00 115,968.00 107,310.00 201,934.00 125,697.00 47,700.00
Operating Expenses 57,542.00 57,937.00 53,950.00 46,822.00 45,188.00 208,811.00 141,317.00 72,805.00
   Selling, General and Administrative Expenses 49,190.00 50,429.00 47,720.00 42,452.00 40,037.00 82,900.00 55,908.00 28,467.00
   Other Operating Expenses 8,352.00 7,508.00 6,230.00 4,370.00 5,151.00 125,911.00 85,409.00 44,338.00
Operating Income 85,366.00 73,292.00 58,106.00 69,146.00 62,122.00 -6,877.00 -15,620.00 -25,105.00
Net Non-Operating Income 0 0 0 0 0 -1,531.00 -1,147.00 -2,616.00
EBT 43,217.00 74,297.00 25,254.00 30,390.00 34,460.00 -8,408.00 -16,767.00 -27,721.00
Income Tax 18,893.00 13,920.00 8,385.00 9,329.00 10,364.00 496.00 1,474.00 6,520.00
Equity Method Investments Income 0 0 0 0 0 -1,531.00 -1,147.00 -2,616.00
Net Income Including Non-Controlling Interests 24,324.00 60,377.00 16,869.00 21,061.00 24,096.00 0 0 0
Net Income 22,885.00 58,955.00 15,476.00 19,624.00 23,133.00 -8,904.00 -15,293.00 -21,201.00
EBIT 77,394.00 107,866.00 57,348.00 59,776.00 62,273.00 40,801.00 16,139.00 -10,838.00
Deprecation and Amortization 28,662.00 28,130.00 25,941.00 25,402.00 24,896.00 65,480.00 43,421.00 21,809.00
EBITDA 106,056.00 135,996.00 83,289.00 85,178.00 87,169.00 106,281.00 59,560.00 10,971.00
EPS 0.00 0.01 0.00 0.00 0.00 -0.00 -0.00 -0.00
Diluted EPS 0.00 0.01 0.00 0.00 0.00 -0.00 -0.00 -0.00
Average Shares Outstanding Basic 6,813.00 6,789.00 6,606.00 6,603.00 6,582.00 6,058.00 6,040.00 5,951.00
Average Shares Outstanding Diluted 7,031.00 6,990.00 7,000.00 6,983.00 6,859.00 6,058.00 6,040.00 5,951.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2022-09-30 2022-06-30 2022-03-31
Operating Cash Flow 63,882.00 104,178.00 41,013.00 67,966.00 86,787.00 82,293.00 57,765.00 28,320.00
   Operating Net Income 24,324.00 60,377.00 16,869.00 21,061.00 24,096.00 -8,904.00 -15,293.00 -21,201.00
   Deprecation and Amortization 28,662.00 28,130.00 25,941.00 25,402.00 24,896.00 65,480.00 43,421.00 21,809.00
   Deferred Income Tax 20,033.00 13,182.00 7,551.00 5,700.00 9,791.00 0 0 0
   Share Based Compensation 11,281.00 16,751.00 6,907.00 10,896.00 10,389.00 10,816.00 7,670.00 4,629.00
   Change in Working Capital -19,128.00 44,978.00 -19,401.00 3,327.00 20,654.00 2,679.00 -2,317.00 13,875.00
   Other Operating Activities -1,290.00 -59,240.00 3,146.00 1,580.00 -3,039.00 12,222.00 24,284.00 9,208.00
Investing Cash Flow -105,950.00 -15,936.00 13,689.00 -309,949.00 -179,951.00 -143,770.00 -8,749.00 -6,302.00
   Capital Expenditure 0 0 0 0 0 0.00 0.00 0.00
   Net Purchase/Sale of PPE -109,427.00 -41,043.00 10,931.00 -301,618.00 -120,022.00 279,127.00 131,616.00 42,015.00
   Net Purchase/Sale of Investments Net 0 0 0 0 0 59,191.00 58,093.00 1,203.00
   Net Purchase/Sale of Business -875.00 20,880.00 -1,595.00 0 0 0 0 0
   Other Investing Activities 4,352.00 4,227.00 4,353.00 0 0 -482,088.00 -198,458.00 -49,520.00
Financing Cash Flow -569,500.00 545,200.00 -38,111.00 269,361.00 50,375.00 47,223.00 -70,817.00 -34,679.00
   Net Issuance/Repayment of Debt -566,185.00 575,790.00 -34,380.00 277,991.00 41,778.00 379,940.00 178,685.00 74,257.00
   Net Issuance/Repurchase of Equity 0 0 0 -1,004.00 0 5,245.00 5,180.00 1,768.00
   Dividends Paid -3,281.00 -3,255.00 -3,467.00 -1,866.00 -3,355.00 2,431.00 1,621.00 819.00
   Other Financing Activities 0 0 0 -5,760.00 0 -340,393.00 -256,303.00 -111,523.00
Net Change in Cash -611,568.00 633,442.00 16,591.00 27,378.00 -42,789.00 -14,254.00 -21,801.00 -12,661.00
   Cash at Beginning of Period 782,535.00 149,093.00 132,502.00 105,124.00 147,913.00 95,641.00 95,641.00 95,641.00
   Cash at End of Period 170,967.00 782,535.00 149,093.00 132,502.00 105,124.00 81,387.00 73,840.00 82,980.00
Free Cash Flow -97,859.00 -31,078.00 4,208.00 -286,953.00 -81,120.00 0 0 0