1,315
RevenueRp B
9,046
9,728
10,360
11,130
11,609
12,510
13,319
13,900
15,070
16,282
1,420
7.00%
6.97%
37
11.91
Revenue growth%
27.65
24.80
24.62
26.31
25.27
26.28
23.51
26.49
24.14
22.91
6.67
24.14
25.03
7
12.55
Gross margin%
28.93
28.59
27.36
29.98
32.20
34.83
34.45
31.52
32.80
32.25
16.57
32.80
31.86
39
2.53
Operating margin%
6.78
8.99
11.29
13.28
11.73
13.31
12.58
10.27
10.93
13.51
15.21
12.58
11.51
63
26.05
Net margin%
24.28
27.01
28.77
28.48
30.92
30.83
31.13
28.95
31.91
34.56
18.95
31.13
29.89
57
10.14
P/E ratio (avg)x
23.23
26.08
25.82
28.82
31.49
34.03
36.78
36.10
38.65
38.11
23.33
36.78
32.76
64
15.10
EV/EBITx
6.750
6.378
6.524
6.744
5.958
6.011
5.947
5.738
6.136
6.613
17.00
6.011
6.257
47
20.80
FCF yield (avg)%
20.53
23.08
24.74
24.02
22.86
23.51
21.84
24.56
26.80
25.97
20.73
24.56
23.77
19
17.38
FCF margin%
8.80
9.92
7.58
5.01
3.94
6.80
9.64
11.65
10.07
9.31
6.99
9.64
9.05
23
1.337
FCF / Net incomex
1.561
1.527
1.636
1.769
1.705
1.807
1.905
1.926
2.110
2.508
0.365
1.926
1.788
51
15.10
ROIC%
7.21
8.76
11.72
11.97
9.56
10.04
7.96
6.58
7.81
8.78
27.86
7.96
8.77
65
8.96
Return on equity%
15.54
16.70
17.13
18.87
17.87
17.60
15.74
13.68
12.26
10.79
4.70
13.68
16.22
24
5.52
Return on assets%
29.00
28.73
27.48
28.95
29.17
28.93
27.45
27.45
27.41
24.82
25.88
27.45
28.10
79
1,583
EPSRp
990.77
1,062
979.84
1,064
1,001
975.82
978.72
931.41
824.21
890.11
1,729
(2.32%)
(1.23%)
—
8.61
EPS growth%
23.43
21.22
21.51
22.62
24.33
27.22
25.50
25.76
25.05
23.99
22.78
25.50
24.16
23
707.98
Bookvalue per shRp
852.03
886.80
865.65
910.69
881.53
802.73
756.76
811.62
772.21
863.50
1,000
(0.41%)
0.22%
—
1,467
FCF per shareRp
934.03
890.19
901.84
891.21
975.98
1,080
1,168
1,209
1,279
1,213
468.33
4.44%
3.58%
—
1,348
Dividend per shRp
1,660
1,936
1,817
1,930
2,146
2,231
2,193
2,068
2,186
2,304
913.83
1.43%
4.41%
—
3.46
Div yield (avg)%
18.87
20.77
23.59
23.80
23.33
21.63
23.44
23.15
25.54
26.65
8.81
23.44
23.39
12
7.21
Payout ratio%
29.21
28.83
26.48
24.79
25.93
26.51
27.89
25.80
26.87
25.37
18.12
26.51
26.50
66
11.97
Shares (diluted)B
21.11
23.05
23.09
25.09
26.56
26.66
30.69
33.39
33.35
36.71
11.93
6.69%
7.11%
95
24.66
Buyback yield%
7.73
5.86
3.84
4.81
2.48
1.01
2.88
3.14
0.40
2.17
29.94
2.17
3.01
69
0.556
D/E ratiox
1.324
1.330
1.293
1.372
1.538
1.516
1.579
1.765
1.939
2.053
1.575
1.765
1.527
47
9,982
Enterprise valueRp B
9,624
10,249
12,117
13,482
15,844
15,625
17,616
19,788
23,501
27,300
3,055
11.50%
12.19%
83
10,647
LT debtRp B
6,757
7,836
8,176
8,583
10,015
10,901
12,581
14,425
16,527
17,461
19,582
11.76%
10.71%
33
Cost of revenue
6.62%
0.97×
Operating expenses
7.57%
1.06×
Cash and investments
16.61%
Spread over hurdle
16.51%