3,737
RevenueRp B
2,735
2,826
2,995
3,160
3,332
3,568
3,814
3,955
4,246
4,493
3,982
6.16%
5.86%
47
8.62
Revenue growth%
8.02
10.65
9.58
12.11
9.53
8.93
9.49
7.93
10.44
8.87
26.00
8.93
9.51
44
21.02
Gross margin%
20.51
21.90
19.48
17.34
17.28
16.88
16.86
18.62
16.32
18.13
2.66
16.88
17.74
72
3.61
Operating margin%
28.32
26.40
27.45
28.48
27.39
28.80
27.61
25.14
23.19
23.96
5.34
25.14
27.42
89
21.98
Net margin%
9.73
8.18
10.18
12.09
10.08
8.96
7.49
8.46
6.56
6.62
28.07
7.49
8.71
28
32.80
P/E ratio (avg)x
34.05
37.94
41.58
44.09
45.29
42.22
46.69
52.67
48.95
45.27
31.78
46.69
44.68
27
36.07
EV/EBITx
15.34
17.06
15.57
17.30
18.25
17.94
18.72
20.62
19.82
21.75
16.06
19.82
18.09
79
7.64
FCF yield (avg)%
13.66
16.52
14.18
11.97
12.42
13.88
13.13
12.65
15.52
18.25
10.28
13.88
13.77
76
15.03
FCF margin%
10.91
8.51
7.88
6.33
9.04
9.23
11.69
8.95
6.39
7.11
9.14
8.95
8.73
25
0.215
FCF / Net incomex
1.277
1.392
1.516
1.586
1.763
1.736
1.963
1.951
1.946
2.280
0.137
1.951
1.750
64
27.75
ROIC%
16.32
17.40
20.13
20.13
22.42
24.20
22.42
21.62
23.25
23.23
23.04
23.23
22.02
61
20.52
Return on equity%
3.71
4.93
6.16
6.60
5.80
7.19
7.11
8.72
8.45
6.35
28.60
7.19
6.47
18
2.46
Return on assets%
22.02
23.26
24.73
26.40
26.25
28.82
26.98
25.59
24.04
22.00
3.23
25.59
25.16
12
12.79
EPSRp
16.56
18.62
20.49
21.53
24.41
23.76
26.73
30.70
30.49
29.00
14.22
3.51%
5.51%
—
12.64
EPS growth%
19.10
19.66
22.36
24.98
23.87
26.35
24.90
26.64
28.91
29.44
15.52
26.64
24.94
56
32.47
Bookvalue per shRp
24.20
26.13
23.25
23.34
21.79
23.49
25.53
28.75
27.88
29.45
23.07
6.21%
3.18%
—
8.78
FCF per shareRp
33.29
33.87
35.83
40.99
39.25
37.84
41.35
48.19
52.08
54.00
8.55
6.59%
6.08%
—
9.63
Dividend per shRp
42.82
46.73
52.26
55.21
61.84
62.36
74.25
85.96
84.71
81.26
6.12
5.61%
6.23%
—
7.36
Div yield (avg)%
23.50
22.79
25.39
24.20
21.70
20.79
18.66
18.47
16.74
15.76
28.82
18.47
21.25
77
22.92
Payout ratio%
3.10
4.23
6.27
4.74
7.12
5.36
8.01
5.67
2.91
4.19
25.35
5.36
5.05
27
33.15
Shares (diluted)B
39.54
43.57
44.32
46.26
50.79
46.87
48.72
44.45
41.57
37.31
32.00
(5.98%)
(0.65%)
39
11.15
Buyback yield%
17.33
19.46
21.17
19.04
18.14
16.74
17.69
20.38
23.13
20.61
28.85
20.38
19.25
68
0.378
D/E ratiox
1.912
1.996
2.143
2.196
2.141
2.402
2.477
2.858
2.701
2.507
0.923
2.507
2.299
94
2,486
Enterprise valueRp B
3,359
3,427
3,609
3,693
3,749
3,502
3,832
3,715
3,655
3,575
1,158
(0.95%)
1.62%
79
509.3
LT debtRp B
343.5
381.0
386.6
398.8
391.9
392.3
465.1
508.1
559.6
590.4
929.8
8.54%
7.50%
27
Cost of revenue
5.90%
1.00×
Operating expenses
5.81%
1.00×
Goodwill & intangibles
17.47%
Spread over hurdle
(6.81%)