Stock ECOR3 ECORODOVIAS INFRAESTRUTURA E LOGISTICA S.A.
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Financials Ecorodovias Infraestrutura e Logistica S.A.

Equities

ECOR3

BRECORACNOR8

Highways & Rail Tracks

Delayed Sao Paulo
Other stock markets
 04:07:36 2024-04-30 pm EDT 		5-day change 1st Jan Change
7.25 BRL -3.46% Intraday chart for Ecorodovias Infraestrutura e Logistica S.A. -2.68% -23.04%
Mar. 14 Transcript : EcoRodovias Infraestrutura e Logística S.A., 2023 Earnings Call, Mar 14, 2024
Mar. 13 EcoRodovias Infraestrutura e Logística S.A. Reports Earnings Results for the Fourth Quarter Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,070 7,460 5,092 3,096 6,553 5,043 - -
Enterprise Value (EV) 1 15,788 14,565 12,839 3,096 6,553 20,298 22,914 24,879
P/E ratio -49.4 x -17.6 x 12.6 x 12.7 x 11.5 x 6.37 x 5.72 x 6.78 x
Yield - - - - - 3.73% 3.99% 4.34%
Capitalization / Revenue 3.08 x 1.87 x 1.46 x 0.87 x 1.07 x 0.81 x 0.77 x 0.78 x
EV / Revenue 5.36 x 3.64 x 3.68 x 0.87 x 1.07 x 3.26 x 3.5 x 3.84 x
EV / EBITDA 7.77 x 7.14 x 5.52 x 1.34 x 2.29 x 4.67 x 4.8 x 5.27 x
EV / FCF 40.3 x 39.6 x -26.8 x - - -13.5 x 64.6 x 403 x
FCF Yield 2.48% 2.53% -3.73% - - -7.41% 1.55% 0.25%
Price to Book 19.9 x 133 x 2.4 x - - 1.28 x 1.31 x 1.18 x
Nbr of stocks (in thousands) 556,463 557,986 695,621 695,621 695,621 695,621 - -
Reference price 2 16.30 13.37 7.320 4.450 9.420 7.250 7.250 7.250
Announcement Date 2/18/20 3/10/21 3/14/22 3/16/23 3/13/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,945 4,000 3,488 3,572 6,121 6,234 6,551 6,472
EBITDA 1 2,033 2,038 2,327 2,305 2,863 4,343 4,775 4,725
EBIT 1 1,265 924.6 1,568 1,542 2,783 3,365 3,482 3,275
Operating Margin 42.94% 23.12% 44.95% 43.18% 45.46% 53.97% 53.15% 50.61%
Earnings before Tax (EBT) 1 95.62 79.07 652.5 510.3 1,281 1,483 1,596 1,243
Net income 1 -185.5 -424 372 245.7 569.6 775.6 882.5 743.8
Net margin -6.3% -10.6% 10.67% 6.88% 9.31% 12.44% 13.47% 11.49%
EPS 2 -0.3300 -0.7599 0.5826 0.3500 0.8188 1.139 1.268 1.069
Free Cash Flow 1 391.8 368.2 -479.3 - - -1,505 354.7 61.7
FCF margin 13.3% 9.21% -13.74% - - -24.14% 5.41% 0.95%
FCF Conversion (EBITDA) 19.27% 18.06% - - - - 7.43% 1.31%
FCF Conversion (Net income) - - - - - - 40.19% 8.3%
Dividend per Share 2 - - - - - 0.2703 0.2894 0.3150
Announcement Date 2/18/20 3/10/21 3/14/22 3/16/23 3/13/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 923 872.5 769.6 764.1 886.3 1,152 1,130 1,282 1,440 2,268 1,524 1,508 1,565 1,549
EBITDA 1 636.4 544.7 475.8 463.1 557 809.2 804.6 918.2 1,034 1,106 1,081 1,063 1,103 1,154
EBIT 1 455.1 346.4 317.9 289.6 379.9 347.3 601.7 683.9 813.2 683.8 822.1 795.4 835.7 862.3
Operating Margin 49.31% 39.71% 41.3% 37.91% 42.86% 30.14% 53.25% 53.33% 56.48% 30.15% 53.94% 52.74% 53.41% 55.66%
Earnings before Tax (EBT) 1 - - 53.15 3.235 194.9 259 258.6 279.9 434 308.2 363.7 357.7 390.7 416.1
Net income 1 141.7 12.97 11.82 -13.06 121.2 108.6 112.7 123.7 230.3 117.7 186.1 165.9 192.9 208
Net margin 15.35% 1.49% 1.54% -1.71% 13.67% 9.42% 9.98% 9.65% 15.99% 5.19% 12.21% 11% 12.32% 13.43%
EPS 2 0.2000 0.002600 0.0229 -0.0200 0.1800 0.1600 0.1600 0.1700 0.3100 0.1692 0.2631 0.2599 0.2938 0.3035
Dividend per Share 2 - - - - - - - - - - 0.0579 0.0569 0.0689 0.0770
Announcement Date 10/25/21 3/14/22 5/5/22 7/28/22 11/7/22 3/16/23 5/9/23 7/31/23 11/9/23 3/13/24 - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 6,717 7,105 7,747 - - 15,255 17,870 19,836
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.304 x 3.485 x 3.329 x - - 3.512 x 3.742 x 4.198 x
Free Cash Flow 1 392 368 -479 - - -1,505 355 61.7
ROE (net income / shareholders' equity) -33.9% -166% 34.2% - - 25.1% 20.9% 14.8%
ROA (Net income/ Total Assets) -1.72% -3.75% 2.71% - - 2.99% 2.52% 1.75%
Assets 1 10,782 11,318 13,744 - - 25,941 35,074 42,478
Book Value Per Share 2 0.8200 0.1000 3.050 - - 5.650 5.530 6.130
Cash Flow per Share 2 2.520 2.640 2.970 - - 2.370 3.200 -
Capex 1 1,012 1,103 2,352 - 4,182 4,268 3,736 4,085
Capex / Sales 34.36% 27.58% 67.44% - 68.32% 68.46% 57.02% 63.11%
Announcement Date 2/18/20 3/10/21 3/14/22 3/16/23 3/13/24 - - -
1BRL in Million2BRL
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Ecorodovias Infraestrutura e Logistica S.A.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
7.25 BRL
Average target price
10.61 BRL
Spread / Average Target
+46.32%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Highway Operators
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