2,452
RevenueRp B
1,308
1,381
1,500
1,631
1,773
1,883
2,071
2,192
2,409
2,617
2,632
8.09%
8.19%
7
10.25
Revenue growth%
16.14
16.58
17.01
14.34
17.25
17.94
17.67
19.60
20.61
19.10
15.78
19.10
17.46
79
14.22
Gross margin%
22.58
20.00
19.73
22.12
21.33
19.11
20.47
22.25
22.84
25.80
2.05
22.25
21.72
81
20.91
Operating margin%
11.68
11.57
13.64
16.18
15.58
15.72
14.44
15.31
13.80
16.71
29.71
15.31
14.88
79
14.83
Net margin%
23.95
24.99
26.42
27.97
26.38
27.20
27.16
24.22
21.30
21.34
24.69
24.22
25.69
21
16.21
P/E ratio (avg)x
40.24
41.97
42.84
50.02
53.54
57.84
55.36
55.14
64.57
75.45
32.59
57.84
54.34
7
28.46
EV/EBITx
42.27
40.96
44.71
41.20
44.01
42.42
42.67
45.80
47.28
42.60
20.24
42.67
42.63
43
15.47
FCF yield (avg)%
10.58
12.63
13.39
12.61
11.38
12.49
11.41
13.45
15.67
16.35
3.84
13.45
12.62
41
24.85
FCF margin%
25.70
27.82
27.65
30.11
31.95
29.38
31.07
31.93
33.65
32.25
19.56
31.93
30.59
64
0.288
FCF / Net incomex
0.588
0.645
0.721
0.754
0.827
0.822
0.833
0.868
0.891
0.922
0.858
0.868
0.825
14
5.10
ROIC%
25.37
25.30
25.60
26.40
27.00
25.13
27.81
27.17
29.64
28.24
22.82
27.81
26.70
27
27.10
Return on equity%
20.81
23.78
21.32
19.61
16.96
18.35
21.15
19.33
22.22
20.35
14.60
20.35
20.58
60
25.86
Return on assets%
4.37
5.34
7.72
4.96
6.15
7.16
8.33
7.39
6.17
7.46
5.20
7.39
6.66
24
46.92
EPSRp
121.51
126.64
151.23
172.71
192.02
211.97
240.73
284.86
327.26
328.14
50.51
11.31%
12.43%
—
2.44
EPS growth%
16.32
18.99
16.45
15.68
17.54
18.38
21.02
19.61
17.21
16.16
15.05
18.38
17.38
92
84.48
Bookvalue per shRp
59.49
65.93
63.96
72.16
72.22
77.81
74.20
76.57
72.72
80.60
54.74
2.22%
3.90%
—
44.71
FCF per shareRp
32.19
30.35
27.66
29.52
26.41
26.99
25.89
24.79
25.36
25.14
83.94
(0.99%)
(2.99%)
—
42.49
Dividend per shRp
42.67
44.94
48.47
48.60
49.70
58.23
58.36
55.80
57.94
60.95
32.10
4.17%
3.71%
—
15.01
Div yield (avg)%
12.12
10.34
10.23
8.41
8.27
6.17
5.77
4.16
4.24
2.34
4.64
4.24
7.22
94
9.48
Payout ratio%
0.40
1.53
0.40
0.40
2.89
3.81
4.70
6.21
7.40
9.20
17.45
6.21
3.35
20
24.51
Shares (diluted)B
36.36
42.29
46.44
49.91
58.14
69.05
76.94
90.86
100.4
114.1
25.90
14.43%
13.92%
31
3.19
Buyback yield%
6.09
5.32
7.43
8.58
11.42
9.64
9.31
8.28
5.60
7.90
10.42
8.28
8.09
78
1.559
D/E ratiox
0.091
0.089
0.086
0.093
0.095
0.097
0.086
0.087
0.076
0.082
0.562
0.086
0.088
60
1,730
Enterprise valueRp B
2,615
2,972
3,520
3,510
3,524
4,000
4,490
4,464
4,766
5,475
581.4
9.21%
7.89%
43
740.3
LT debtRp B
732.8
795.5
800.0
787.0
770.5
854.0
1,010
1,094
1,104
1,225
548.1
9.72%
5.87%
82
Cost of revenue
8.06%
0.99×
Operating expenses
8.61%
1.04×
Cash and investments
14.38%
Spread over hurdle
(1.44%)