Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings 29.74 13.34 19.58 20.83
Price to Sales 6.28 3.89 3.66 2.98
Book Value Per Common Share 10.20 10.19 9.43 9.40
Price to Book 5.30 3.42 3.49 2.77
Price to Operating Cash Flow 13.27 7.14 8.20 8.02
Price to Free Cash Flow 28.74 12.58 15.38 11.73
Enterprise Value to EBITDA 100434.78 54944.35 70330.78 62113.86
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Price to Earnings 119.53 139.58 104.84 78.71
Price to Sales 26.48 27.59 23.93 24.05 20.99
Book Value Per Common Share 10.25 10.19 10.23 10.20 10.20
Price to Book 6.18 6.17 5.84 5.30 4.48
Price to Operating Cash Flow 53.80 52.92 50.90 54.16 44.80
Price to Free Cash Flow 173.94 175.20 173.27 157.83 108.15
Enterprise Value to EBITDA 415101.83 447980.01 393054.80 436635.38 297258.78

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY -30.27 55.36 34.40
Revenue YoY -3.70 -0.53 3.18
EBITDA YoY -14.82 35.35 11.86
Net Profit YoY -30.04 55.23 35.14
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Earning YoY 17.78 -21.05 75.76
Revenue YoY 5.11 -8.76 11.12 3.39
EBITDA YoY 8.94 -7.76 22.83 -19.28
Net Profit YoY 18.32 -20.87 42.27 -31.21

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 0.05 1.77 0.12 1.38
Quick Ratio 0.36 0.65 0.59 0.74
Current Ratio 0.50 0.77 0.78 0.91
Debt to Equity 2.67 2.53 2.45 2.38
Long-Term Debt to Equity 2.32 2.14 2.10 2.02
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Cash Per Common Share 0.06 0.74 0.08 0.05 0.62
Quick Ratio 0.29 0.41 0.30 0.36 0.44
Current Ratio 0.42 0.54 0.40 0.50 0.57
Debt to Equity 2.75 2.79 2.69 2.67 2.62
Long-Term Debt to Equity 2.39 2.39 2.27 2.32 2.30

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA 4.07 6.03 4.22 3.18
ROE 14.97 21.33 14.57 10.74
Gross Margin 58.71 62.35 50.15 44.73
Operating Margin 41.42 51.72 33.64 30.60
EBITDA Margin 62.54 70.71 51.97 47.93
Net Profit Margin 21.16 29.12 18.66 14.25
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
ROA 1.16 0.97 1.26 0.89 1.31
ROE 4.35 3.69 4.64 3.27 4.74
Gross Margin 64.11 61.06 59.71 56.73 58.91
Operating Margin 44.51 39.81 41.70 34.49 49.23
EBITDA Margin 63.80 61.56 60.89 55.09 70.56
Net Profit Margin 22.10 19.63 22.64 17.68 26.57

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 104.23 68.61 101.22 131.57
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 94.58 111.90 88.41 119.38 82.13

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 54,532,000.00 52,627,000.00 48,433,000.00 47,612,000.00
   Current Assets 2,661,000.00 4,513,000.00 3,797,000.00 4,549,000.00
      Cash and Short-Term Investments 60,000.00 2,150,000.00 152,000.00 1,680,000.00
            Cash and Cash Equivalents 60,000.00 2,150,000.00 152,000.00 1,680,000.00
            Short-Term Investments 0 0 0 0
      Net Receivables 1,863,000.00 1,655,000.00 2,723,000.00 1,978,000.00
      Inventory 279,000.00 274,000.00 320,000.00 379,000.00
      Other Current Assets 459,000.00 434,000.00 602,000.00 512,000.00
   Non-Current Assets 51,871,000.00 48,114,000.00 44,636,000.00 43,063,000.00
      Property, Plant, Equipment Net 38,692,000.00 34,311,000.00 30,889,000.00 29,258,000.00
      Goodwill 466,000.00 463,000.00 0 0
      Intangible Assets 6,743,000.00 7,130,000.00 7,363,000.00 7,402,000.00
      Long-Term Investments 4,140,000.00 4,637,000.00 5,065,000.00 5,127,000.00
      Non-Current Deferred Assets 0 0 0 0
      Other Non-Current Assets 1,830,000.00 1,573,000.00 0 0
Liabilities 39,692,000.00 37,736,000.00 34,388,000.00 33,511,000.00
   Current Liabilities 5,312,000.00 5,830,000.00 4,890,000.00 4,972,000.00
      Payables and Expenses 1,963,000.00 1,701,000.00 2,840,000.00 2,237,000.00
            Account Payables 1,613,000.00 1,379,000.00 2,327,000.00 1,746,000.00
            Current Accrued Liabilities 350,000.00 322,000.00 513,000.00 491,000.00
      Short-Term Debt 2,201,000.00 3,086,000.00 1,002,000.00 2,048,000.00
      Other Current Liabilities 1,148,000.00 1,043,000.00 1,048,000.00 687,000.00
   Non-Current Liabilities 34,380,000.00 31,906,000.00 29,498,000.00 28,539,000.00
      Long-Term Debt 24,736,000.00 23,376,000.00 21,927,000.00 21,650,000.00
      Other Non-Current Liabilities 9,644,000.00 8,530,000.00 7,571,000.00 6,889,000.00
Equity 14,840,000.00 14,891,000.00 14,045,000.00 14,101,000.00
   Shareholders Equity 12,436,000.00 12,402,000.00 11,485,000.00 11,423,000.00
      Capital Stock 1,293,000.00 1,291,000.00 1,288,000.00 1,285,000.00
      Share Premium 24,643,000.00 24,578,000.00 24,542,000.00 24,449,000.00
      Retained Earnings -12,396,000.00 -12,287,000.00 -13,271,000.00 -13,237,000.00
      Treasury Shares 1,180,000.00 1,180,000.00 1,050,000.00 1,041,000.00
      Accumulated Other Comprehensive Income 76,000.00 0 -24,000.00 -33,000.00
   Minority Interest 2,404,000.00 2,489,000.00 2,560,000.00 2,678,000.00
Debt 26,937,000.00 26,462,000.00 22,929,000.00 23,698,000.00
Net Debt 26,851,000.00 24,288,000.00 22,752,000.00 21,995,000.00
Common Shares Outstanding 1,219,011.80 1,216,498.67 1,218,000.00 1,215,000.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 10,503,000.00 10,907,000.00 10,965,000.00 10,627,000.00
Cost Of Revenue 4,337,000.00 4,106,000.00 5,466,000.00 5,874,000.00
Interest Income 67,000.00 79,000.00 15,000.00 7,000.00
Interest Expense 1,364,000.00 1,236,000.00 1,147,000.00 1,179,000.00
Non-Interest Expense 708,000.00 665,000.00 636,000.00 558,000.00
Gross Profit 6,166,000.00 6,801,000.00 5,499,000.00 4,753,000.00
Operating Expenses 2,827,000.00 2,619,000.00 2,481,000.00 2,122,000.00
   Selling, General and Administrative Expenses 708,000.00 665,000.00 636,000.00 558,000.00
   Other Operating Expenses -60,000.00 -30,000.00 28,000.00 16,000.00
Operating Income 3,339,000.00 4,182,000.00 3,018,000.00 2,631,000.00
Net Non-Operating Income 108,000.00 99,000.00 18,000.00 6,000.00
EBT 2,986,000.00 4,405,000.00 2,542,000.00 2,073,000.00
Income Tax 640,000.00 1,005,000.00 425,000.00 511,000.00
Net Income Including Non-Controlling Interests 2,346,000.00 3,303,000.00 2,117,000.00 1,562,000.00
Net Income Non-Controlling Interests -121,000.00 -124,000.00 -68,000.00 -45,000.00
Net Income 2,222,000.00 3,176,000.00 2,046,000.00 1,514,000.00
EBIT 4,350,000.00 5,641,000.00 3,689,000.00 3,252,000.00
Deprecation and Amortization 2,219,000.00 2,071,000.00 2,009,000.00 1,842,000.00
EBITDA 6,569,000.00 7,712,000.00 5,698,000.00 5,094,000.00
EPS 0.00 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00 0.00
Average Shares Outstanding Basic 1,219,184.00 1,217,784.00 1,218,362.00 1,215,221.00
Average Shares Outstanding Diluted 1,222,954.00 1,222,715.00 1,222,672.00 1,218,215.00
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow 4,974,000.00 5,938,000.00 4,889,000.00 3,945,000.00
   Operating Net Income 2,346,000.00 3,303,000.00 2,117,000.00 1,562,000.00
   Deprecation and Amortization 2,219,000.00 2,071,000.00 2,009,000.00 1,842,000.00
   Deferred Income Tax 506,000.00 951,000.00 431,000.00 509,000.00
   Share Based Compensation 99,000.00 77,000.00 73,000.00 81,000.00
   Change in Working Capital -526,000.00 118,000.00 -379,000.00 -322,000.00
   Other Operating Activities 330,000.00 -582,000.00 638,000.00 273,000.00
Investing Cash Flow -4,863,000.00 -3,891,000.00 -3,375,000.00 -1,465,000.00
   Capital Expenditure -2,573,000.00 -2,516,000.00 -2,253,000.00 -1,239,000.00
   Net Purchase/Sale of PPE -105,000.00 -51,000.00 -30,000.00 -8,000.00
   Net Purchase/Sale of Investments Net 0 0 0 0
   Net Purchase/Sale of Business -2,197,000.00 -1,363,000.00 -1,099,000.00 -266,000.00
   Other Investing Activities 12,000.00 39,000.00 7,000.00 48,000.00
Financing Cash Flow -2,201,000.00 -49,000.00 -3,042,000.00 -942,000.00
   Net Issuance/Repayment of Debt 379,000.00 2,493,000.00 -776,000.00 1,261,000.00
   Net Issuance/Repurchase of Equity 10,000.00 -124,000.00 45,000.00 9,000.00
   Dividends Paid -2,316,000.00 -2,179,000.00 -2,071,000.00 -1,992,000.00
   Other Financing Activities -274,000.00 -239,000.00 -240,000.00 -220,000.00
Net Change in Cash -2,090,000.00 1,998,000.00 -1,528,000.00 1,538,000.00
   Cash at Beginning of Period 2,150,000.00 152,000.00 1,680,000.00 142,000.00
   Cash at End of Period 60,000.00 2,150,000.00 152,000.00 1,680,000.00
Free Cash Flow 2,296,000.00 3,371,000.00 2,606,000.00 2,698,000.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Assets 55,736,000.00 56,141,000.00 54,924,000.00 54,532,000.00 53,837,000.00
   Current Assets 2,271,000.00 3,221,000.00 2,535,000.00 2,661,000.00 2,698,000.00
      Cash and Short-Term Investments 70,000.00 903,000.00 100,000.00 60,000.00 762,000.00
            Cash and Cash Equivalents 70,000.00 903,000.00 100,000.00 60,000.00 762,000.00
            Short-Term Investments 0 0 0 0 0
      Net Receivables 1,480,000.00 1,563,000.00 1,781,000.00 1,863,000.00 1,310,000.00
      Inventory 339,000.00 335,000.00 249,000.00 279,000.00 275,000.00
      Other Current Assets 382,000.00 420,000.00 405,000.00 459,000.00 351,000.00
   Non-Current Assets 53,465,000.00 52,920,000.00 52,389,000.00 51,871,000.00 51,139,000.00
      Property, Plant, Equipment Net 40,385,000.00 39,773,000.00 39,155,000.00 38,692,000.00 37,974,000.00
      Goodwill 0 0 0 466,000.00 0
      Intangible Assets 0 0 0 6,743,000.00 0
      Long-Term Investments 4,188,000.00 4,209,000.00 4,300,000.00 4,140,000.00 4,201,000.00
      Non-Current Deferred Assets 0 0 0 0 0
      Other Non-Current Assets 0 0 0 1,830,000.00 0
Liabilities 40,876,000.00 41,336,000.00 40,059,000.00 39,692,000.00 38,972,000.00
   Current Liabilities 5,377,000.00 6,012,000.00 6,266,000.00 5,312,000.00 4,719,000.00
      Payables and Expenses 2,878,000.00 2,935,000.00 1,551,000.00 1,963,000.00 2,340,000.00
            Account Payables 1,406,000.00 1,414,000.00 1,551,000.00 1,613,000.00 1,137,000.00
            Current Accrued Liabilities 1,472,000.00 1,521,000.00 0 350,000.00 1,203,000.00
      Short-Term Debt 2,398,000.00 2,969,000.00 3,289,000.00 2,201,000.00 2,284,000.00
      Other Current Liabilities 101,000.00 108,000.00 1,426,000.00 1,148,000.00 95,000.00
   Non-Current Liabilities 35,499,000.00 35,324,000.00 33,793,000.00 34,380,000.00 34,253,000.00
      Long-Term Debt 25,589,000.00 25,603,000.00 24,122,000.00 24,736,000.00 24,825,000.00
      Other Non-Current Liabilities 9,910,000.00 9,721,000.00 9,671,000.00 9,644,000.00 9,428,000.00
Equity 14,860,000.00 14,805,000.00 14,865,000.00 14,840,000.00 14,865,000.00
   Shareholders Equity 12,520,000.00 12,438,000.00 12,487,000.00 12,436,000.00 12,428,000.00
      Capital Stock 1,296,000.00 1,295,000.00 1,295,000.00 1,293,000.00 1,293,000.00
      Share Premium 24,656,000.00 24,633,000.00 24,616,000.00 24,643,000.00 24,611,000.00
      Retained Earnings -12,354,000.00 -12,387,000.00 -12,320,000.00 -12,396,000.00 -12,296,000.00
      Treasury Shares 1,180,000.00 1,180,000.00 1,180,000.00 1,180,000.00 1,180,000.00
      Accumulated Other Comprehensive Income 102,000.00 77,000.00 76,000.00 76,000.00 0
   Minority Interest 2,340,000.00 2,367,000.00 2,378,000.00 2,404,000.00 2,437,000.00
Debt 27,987,000.00 28,572,000.00 27,411,000.00 26,937,000.00 27,109,000.00
Net Debt 27,917,000.00 27,669,000.00 27,311,000.00 26,851,000.00 26,347,000.00
Common Shares Outstanding 1,222,000.00 1,221,006.38 1,220,686.75 1,219,011.80 1,218,931.19
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30
Revenues 2,923,000.00 2,781,000.00 3,048,000.00 2,743,000.00 2,653,000.00 0
Cost Of Revenue 1,049,000.00 1,083,000.00 1,228,000.00 1,187,000.00 1,090,000.00 0
Interest Expense 372,000.00 350,000.00 349,000.00 338,000.00 338,000.00 0
Non-Interest Expense 168,000.00 168,000.00 194,000.00 188,000.00 170,000.00 0
Gross Profit 1,874,000.00 1,698,000.00 1,820,000.00 1,556,000.00 1,563,000.00 0
Operating Expenses 765,000.00 753,000.00 726,000.00 763,000.00 725,000.00 0
   Selling, General and Administrative Expenses 168,000.00 168,000.00 194,000.00 188,000.00 170,000.00 0
   Other Operating Expenses 14,000.00 13,000.00 -10,000.00 9,000.00 -25,000.00 0
Operating Income 1,109,000.00 945,000.00 1,094,000.00 793,000.00 838,000.00 0
Net Non-Operating Income 21,000.00 16,000.00 14,000.00 13,000.00 31,000.00 0
EBT 929,000.00 757,000.00 922,000.00 608,000.00 968,000.00 0
Income Tax 246,000.00 174,000.00 193,000.00 91,000.00 227,000.00 0
Net Income Including Non-Controlling Interests 683,000.00 583,000.00 729,000.00 517,000.00 741,000.00 0
Net Income Non-Controlling Interests -36,000.00 -37,000.00 -38,000.00 -31,000.00 -35,000.00 0
Net Income 646,000.00 546,000.00 690,000.00 485,000.00 705,000.00 0
EBIT 1,301,000.00 1,107,000.00 1,271,000.00 946,000.00 1,306,000.00 0
Deprecation and Amortization 564,000.00 605,000.00 585,000.00 565,000.00 566,000.00 0
EBITDA 1,865,000.00 1,712,000.00 1,856,000.00 1,511,000.00 1,872,000.00 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 1,222,000.00 1,221,650.00 1,220,661.00 0 1,220,000.00 1,219,367.00
Average Shares Outstanding Diluted 1,225,000.00 1,224,284.00 1,224,641.00 0 1,223,000.00 1,222,236.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Operating Cash Flow 1,439,000.00 1,450,000.00 1,433,000.00 1,218,000.00 1,243,000.00
   Operating Net Income 683,000.00 583,000.00 729,000.00 517,000.00 741,000.00
   Deprecation and Amortization 564,000.00 605,000.00 585,000.00 565,000.00 566,000.00
   Deferred Income Tax 256,000.00 79,000.00 107,000.00 39,000.00 209,000.00
   Share Based Compensation 21,000.00 19,000.00 30,000.00 30,000.00 21,000.00
   Change in Working Capital -71,000.00 85,000.00 -54,000.00 -172,000.00 -46,000.00
   Other Operating Activities -14,000.00 79,000.00 36,000.00 239,000.00 -248,000.00
Investing Cash Flow -1,008,000.00 -1,024,000.00 -1,170,000.00 -1,070,000.00 -737,000.00
   Capital Expenditure -954,000.00 -972,000.00 -1,012,000.00 -768,000.00 -682,000.00
   Net Purchase/Sale of PPE -40,000.00 -40,000.00 0 -32,000.00 -46,000.00
   Net Purchase/Sale of Investments Net 0 0 0 0 0
   Net Purchase/Sale of Business -13,000.00 -16,000.00 -164,000.00 -262,000.00 -9,000.00
   Other Investing Activities -1,000.00 4,000.00 6,000.00 -8,000.00 0.00
Financing Cash Flow -1,264,000.00 377,000.00 -223,000.00 -850,000.00 201,000.00
   Net Issuance/Repayment of Debt -588,000.00 1,053,000.00 512,000.00 -206,000.00 854,000.00
   Net Issuance/Repurchase of Equity 4,000.00 0 5,000.00 2,000.00 3,000.00
   Dividends Paid -611,000.00 -611,000.00 -610,000.00 -579,000.00 -579,000.00
   Other Financing Activities -69,000.00 -65,000.00 -130,000.00 -67,000.00 -77,000.00
Net Change in Cash -833,000.00 803,000.00 40,000.00 -702,000.00 707,000.00
   Cash at Beginning of Period 903,000.00 100,000.00 60,000.00 762,000.00 55,000.00
   Cash at End of Period 70,000.00 903,000.00 100,000.00 60,000.00 762,000.00
Free Cash Flow 445,000.00 438,000.00 421,000.00 418,000.00 515,000.00