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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Kroton Educacional    KROT3   BRKROTACNOR9

KROTON EDUCACIONAL

(KROT3)
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Kroton Educacional : 2Q19 Earnings Release Presentation

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08/14/2019 | 10:12am EDT

2Q19

Results

August 2019

Disclaimer

The following material is a presentation of general information on Kroton Educacional S.A. ("Kroton"). The information herein is summarized and does not purport to be complete, and should not be construed by potential investors as a recommendation. This presentation is strictly confidential and may not be disclosed to any other persons. We make no representations or warranties as to the accuracy, adequacy or scope of the information presented herein, which should not be used as the basis for any investment decisions.

This presentation contains forward-looking statements and information pursuant to Clause 27A of the Securities Act of 1933 and Clause 21E of the Securities Exchange Act of 1934. Said forward-looking statements are merely forecasts and do not represent guarantees of future performance. Investors are cautioned that said forward-looking statements and information are and will be, as applicable, subject to risks, uncertainties and factors related to the business operations and environments of Kroton and its subsidiaries, and the actual results of said companies may differ materially from the future results expressed or implied by said forward-looking statements and information.

Although Kroton believes that the expectations and assumptions contained in said forward-looking statements and information are reasonable and based on the data currently available to its management, it cannot guarantee future results or events. Kroton does not undertake any liability for updating any forward-looking statements or information.

This presentation does not constitute any offer, invitation or request to subscribe to or purchase any securities. This presentation and its contents do not constitute the basis of any contract or commitment.

2

GUIDANCE

COMPARISON

2Q19 Results

Kroton Reaffirms its Guidance for 2019

Kroton Consolidated

R$ million and %

1H19

Guidance

% YTD

2019

Net Revenue

3,579

7,353

48.7%

Results

Adjusted EBITDA

1,500

3,240

46.3%

Adjusted EBITDA Margin

41.9%

44.1%

-

EBITDA1

1,376

3,040

45.2%

EBITDA Margin

38.4%

41.3%

-

Adjusted Net Income2

585

1,348

43.4%

Adjusted Net Margin

16.4%

18.3%

-

Cash Generation After Capex

OCG after Capex

-89

800

-

Conversion (with IFRS 16)

-

26.3%

-

Conversion (without IFRS 16)

-

31.6%

-

  1. EBITDA considers interest and penalties on tuition and excludes the impact from Surplus Value of Inventories
  2. Net income excludes the impacts from Surplus Value of Inventories and Amortization of Intangible Assets

Comments

2H is seasonally stronger for Primary & Secondary Education

2H will benefit from:

  • More robust Net Revenue, influenced by the seasonality in the Primary and Secondary Education segment (PNLD 2020 and postponement of the Literary PNLD), in addition to the 2H19 enrollment process in the Postsecondary Education segment
    • Complete capture of synergy and efficiency levers which were implemented throughout 1H and will benefit the entire 2H
    • Lower marketing expenses in Primary & Secondary Education

Revenue from governmental programs is more relevant in 2H:

  • PNLD: ~90% of the total for the year
  • FIES: ~60% of the total for the year

Lower disbursements with Capex and Non-Recurring Expenses due to:

    • Improvement in average payment term in 2018
  • Lower payment term of marketing expenses, anticpated in 1H19

4

OVERVIEW OF

QUARTERLY

RESULTS

2Q19 Results

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Kroton Educacional SA published this content on 14 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2019 14:11:00 UTC

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Financials (BRL)
Sales 2019 7 376 M
EBIT 2019 1 994 M
Net income 2019 1 178 M
Debt 2019 8 839 M
Yield 2019 2,67%
P/E ratio 2019 14,8x
P/E ratio 2020 13,3x
EV / Sales2019 3,57x
EV / Sales2020 3,25x
Capitalization 17 471 M
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Technical analysis trends KROTON EDUCACIONAL
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 12,98  BRL
Last Close Price 10,72  BRL
Spread / Highest target 49,3%
Spread / Average Target 21,1%
Spread / Lowest Target 0,75%
EPS Revisions
Managers
NameTitle
Rodrigo Calvo Galindo Chief Executive Officer
Evando José Neiva Chairman
Jamil Saud Marques Chief Financial Officer
Carlos Henrique Safini dos Reis Chief Technology & Digital Transformation Officer
Luís Otávio Saliba Furtado Chief Technology & Digital Transformation Officer
Sector and Competitors
1st jan.Capitalization (M$)
KROTON EDUCACIONAL20.86%4 365
TAL EDUCATION GROUP (ADR)23.24%18 841
GRAND CANYON EDUCATION INC32.79%6 102
LAUREATE EDUCATION INC11.68%3 743
STRATEGIC EDUCATION INC52.50%3 712
ADTALEM GLOBAL EDUCATION INC3.15%2 697