1,802
RevenueRp B
1,450
1,525
1,600
1,682
1,758
1,859
1,954
2,109
2,265
2,422
1,978
6.62%
6.07%
78
20.59
Revenue growth%
14.61
17.55
17.58
15.60
13.19
13.13
11.74
11.86
14.48
14.50
25.85
13.13
14.49
57
2.60
Gross margin%
21.37
18.91
15.94
16.39
18.39
20.75
22.91
22.06
24.78
24.53
6.67
22.91
21.06
86
8.11
Operating margin%
23.04
23.35
21.08
22.59
24.97
25.39
26.99
27.48
30.22
32.02
14.59
27.48
25.18
24
16.96
Net margin%
21.92
24.05
25.67
25.97
26.10
28.41
29.97
29.61
30.56
32.06
5.05
29.97
27.25
16
17.50
P/E ratio (avg)x
43.53
41.52
47.18
52.35
55.60
59.53
63.47
59.31
59.56
58.76
11.91
59.53
57.18
62
25.37
EV/EBITx
16.44
18.23
17.60
19.37
22.24
24.12
26.52
31.00
29.79
31.88
30.70
29.79
23.18
22
21.24
FCF yield (avg)%
33.17
35.25
36.18
36.41
37.34
39.59
41.93
39.27
38.11
38.93
15.08
39.27
37.73
29
9.01
FCF margin%
27.12
28.51
29.96
29.05
30.94
31.55
33.49
32.00
29.25
29.42
2.34
31.55
29.69
60
0.467
FCF / Net incomex
0.643
0.622
0.700
0.713
0.735
0.703
0.790
0.761
0.773
0.853
1.385
0.773
0.724
50
6.23
ROIC%
5.92
8.39
9.40
10.08
11.83
9.25
7.10
6.44
8.14
9.19
7.84
8.14
8.79
33
9.72
Return on equity%
3.64
4.33
6.94
7.57
7.96
10.78
8.16
9.91
9.63
9.80
20.45
9.80
8.06
66
15.73
Return on assets%
7.59
7.53
10.13
9.06
11.13
9.52
9.12
9.86
12.54
14.07
21.29
9.86
9.69
62
4.52
EPSRp
2.83
3.03
3.13
3.03
2.86
3.11
3.34
3.48
3.41
3.07
4.62
1.49%
0.30%
—
22.09
EPS growth%
6.61
7.36
5.52
5.11
3.81
4.35
4.61
5.34
5.79
4.01
25.29
4.61
5.22
47
14.25
Bookvalue per shRp
2.18
2.05
2.07
2.15
2.29
2.52
2.73
2.91
2.62
2.58
6.78
2.47%
2.97%
—
13.60
FCF per shareRp
12.97
14.49
14.34
16.49
16.71
17.15
20.17
22.14
22.54
22.27
10.79
5.91%
6.13%
—
7.39
Dividend per shRp
5.05
5.00
5.90
6.31
7.39
7.32
7.72
9.05
10.65
11.08
8.07
8.45%
8.69%
—
20.77
Div yield (avg)%
21.30
23.09
22.12
24.43
26.62
27.16
29.29
32.29
31.78
33.36
28.75
31.78
26.89
69
22.23
Payout ratio%
12.93
13.24
11.22
13.69
12.25
14.73
13.76
11.21
10.61
10.37
29.09
11.21
12.59
65
62.60
Shares (diluted)B
74.70
86.87
101.7
99.73
113.7
127.2
141.2
144.2
139.7
142.5
63.55
4.61%
6.54%
58
2.04
Buyback yield%
29.81
30.17
27.63
28.26
28.67
28.26
27.63
25.28
22.72
21.06
14.12
25.28
27.94
79
1.025
D/E ratiox
0.395
0.452
0.451
0.421
0.471
0.443
0.501
0.525
0.491
0.521
0.449
0.501
0.462
25
417.8
Enterprise valueRp B
1,802
1,958
1,908
1,860
2,015
2,226
2,088
2,053
2,205
2,497
2,066
4.39%
3.30%
91
1,619
LT debtRp B
1,195
1,356
1,524
1,579
1,580
1,627
1,705
1,995
2,344
2,473
996.8
9.37%
7.64%
9
Cost of revenue
6.07%
1.00×
Operating expenses
6.11%
1.00×
Cash and investments
19.78%
Property and equipment
17.12%
Spread over hurdle
(5.21%)