1,453
RevenueRp B
1,043
1,111
1,179
1,263
1,346
1,451
1,536
1,620
1,695
1,839
1,625
6.44%
6.27%
7
3.30
Revenue growth%
8.51
11.15
12.75
11.04
8.62
5.99
6.57
9.05
10.28
10.96
4.37
9.05
9.67
60
2.46
Gross margin%
24.86
23.96
24.22
26.87
28.80
29.04
30.88
32.20
32.88
35.53
24.21
32.20
28.92
34
10.96
Operating margin%
19.01
16.49
13.69
15.82
17.59
19.88
17.19
18.34
18.00
15.06
27.07
18.00
17.39
75
17.51
Net margin%
13.25
11.94
11.91
11.52
14.22
11.58
12.32
15.18
12.56
11.18
16.12
12.32
12.13
8
32.50
P/E ratio (avg)x
47.74
55.32
55.30
62.67
61.46
60.29
70.88
74.30
84.51
95.36
23.00
74.30
62.07
64
16.36
EV/EBITx
16.83
17.25
18.33
17.81
17.30
16.42
16.10
17.46
15.93
16.90
15.44
16.42
17.08
79
23.39
FCF yield (avg)%
1.00
1.40
3.40
0.69
2.35
0.40
0.40
2.43
2.83
4.08
22.30
2.43
1.88
17
17.35
FCF margin%
8.43
7.45
7.63
8.19
7.68
8.96
6.30
7.43
6.05
5.52
3.36
6.30
7.54
65
0.601
FCF / Net incomex
0.307
0.311
0.354
0.342
0.321
0.323
0.355
0.371
0.388
0.364
0.253
0.364
0.348
60
9.39
ROIC%
30.41
30.86
32.76
33.41
31.38
33.93
32.15
34.90
35.51
34.31
20.43
34.31
33.08
11
10.33
Return on equity%
16.05
15.02
14.79
15.22
14.51
11.64
8.92
6.83
5.60
3.98
16.40
6.83
13.08
28
16.80
Return on assets%
16.39
14.70
12.70
9.88
9.04
9.21
8.34
9.66
9.60
8.53
28.61
9.21
9.63
35
83.17
EPSRp
103.05
119.83
117.73
120.10
120.20
123.75
119.63
115.85
110.38
109.23
87.21
(1.90%)
2.25%
—
21.67
EPS growth%
28.53
25.77
26.75
26.98
29.42
27.07
29.10
26.13
26.13
25.77
25.32
26.13
26.86
12
42.59
Bookvalue per shRp
16.95
18.56
18.17
16.69
16.09
17.66
18.18
18.39
16.76
18.07
85.89
2.35%
(0.60%)
—
44.42
FCF per shareRp
111.41
108.12
112.71
131.65
150.17
166.31
182.41
187.25
182.72
212.29
76.25
7.17%
6.48%
—
36.85
Dividend per shRp
42.76
48.26
45.65
46.81
44.93
47.55
50.40
55.25
61.82
58.18
24.01
5.31%
3.33%
—
25.31
Div yield (avg)%
30.48
30.20
32.08
30.03
27.57
26.96
25.04
27.87
24.91
25.45
24.91
25.45
27.72
55
12.06
Payout ratio%
21.47
23.69
24.08
26.14
25.75
26.24
28.66
26.00
25.99
24.36
28.96
26.00
25.87
24
23.81
Shares (diluted)B
27.62
27.90
29.02
31.84
29.95
28.85
26.67
27.21
26.09
26.04
24.56
(2.76%)
(0.93%)
92
9.30
Buyback yield%
17.07
16.15
14.29
16.06
17.60
16.55
18.39
19.80
20.51
23.35
4.30
19.80
17.33
75
1.550
D/E ratiox
1.436
1.562
1.602
1.694
1.915
2.102
2.078
1.994
2.134
2.065
0.285
2.078
1.955
68
961.4
Enterprise valueRp B
1,766
1,924
1,939
1,977
2,174
2,249
2,144
2,124
2,451
2,544
209.6
3.19%
4.81%
95
1,795
LT debtRp B
505.6
534.8
465.6
488.2
533.7
578.4
630.6
560.7
497.0
497.7
1,643
(1.39%)
(1.45%)
81
Cost of revenue
6.27%
1.00×
Operating expenses
5.88%
0.96×
Cash and investments
18.02%
Goodwill & intangibles
16.56%
Spread over hurdle
(2.54%)