Financials Afya Limited Sao Paulo

Equities

A2FY34

BRA2FYBDR000

Professional & Business Education

Market Closed - Sao Paulo 03:27:31 2024-06-14 pm EDT 5-day change 1st Jan Change
45.81 BRL +6.02% Intraday chart for Afya Limited +5.55% -13.73%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,781 12,240 8,143 7,438 9,553 8,034 - -
Enterprise Value (EV) 1 9,468 12,336 8,769 9,059 11,675 9,015 8,304 7,354
P/E ratio 54 x 42.1 x 37 x 20.1 x 24.9 x 13.2 x 10.1 x 9.08 x
Yield - - - - - - 2.06% 3.35%
Capitalization / Revenue 13 x 10.2 x 4.74 x 3.19 x 3.32 x 2.51 x 2.3 x 2.1 x
EV / Revenue 12.6 x 10.3 x 5.1 x 3.89 x 4.06 x 2.81 x 2.37 x 1.92 x
EV / EBITDA 32.2 x 21.9 x 11.6 x 9.42 x 10 x 6.69 x 5.68 x 4.61 x
EV / FCF 53.3 x 52.7 x 24.8 x 16.6 x 14.6 x 9.8 x 7.62 x 6.12 x
FCF Yield 1.87% 1.9% 4.04% 6.04% 6.84% 10.2% 13.1% 16.3%
Price to Book 4.01 x 4.41 x 2.77 x 2.34 x 2.67 x 1.84 x 1.6 x 1.4 x
Nbr of stocks (in thousands) 89,744 93,147 92,902 89,937 89,812 88,057 - -
Reference price 2 109.0 131.4 87.65 82.70 106.4 91.24 91.24 91.24
Announcement Date 3/27/20 4/8/21 3/31/22 3/22/23 3/14/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 750.6 1,201 1,719 2,329 2,876 3,206 3,500 3,829
EBITDA 1 293.7 563.1 754.8 961.9 1,166 1,348 1,462 1,597
EBIT 1 220.5 363.3 600.6 755.7 767.1 1,070 1,102 1,241
Operating Margin 29.38% 30.25% 34.93% 32.45% 26.67% 33.38% 31.5% 32.42%
Earnings before Tax (EBT) 1 - 335.1 273.5 428.4 429.6 729.6 867.6 1,051
Net income 1 153.9 292.1 223.3 373.6 386.3 648.8 804.2 889.4
Net margin 20.5% 24.32% 12.99% 16.04% 13.43% 20.24% 22.97% 23.23%
EPS 2 2.020 3.120 2.370 4.120 4.270 6.900 9.009 10.05
Free Cash Flow 1 177.5 233.9 354.1 546.9 798.2 920 1,090 1,202
FCF margin 23.65% 19.47% 20.59% 23.48% 27.75% 28.69% 31.14% 31.39%
FCF Conversion (EBITDA) 60.45% 41.54% 46.91% 56.85% 68.47% 68.27% 74.55% 75.27%
FCF Conversion (Net income) 115.33% 80.09% 158.54% 146.39% 206.61% 141.8% 135.54% 135.15%
Dividend per Share 2 - - - - - - 1.880 3.060
Announcement Date 3/27/20 4/8/21 3/31/22 3/22/23 3/14/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 S1 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 1 766.7 498.3 566.3 598.2 580.6 584 710 712.6 723.5 729.9 804.2 789.9 810 823.2
EBITDA 1 368.3 195.1 249.2 220.2 228.7 242.2 330.2 268.2 278.4 288.9 397.9 304.4 316.7 326.1
EBIT 1 - 153.1 200.8 169.5 176.1 187.7 278.1 221 204.5 170.6 318.6 254 265 270
Operating Margin - 30.73% 35.45% 28.33% 30.33% 32.14% 39.18% 31.01% 28.26% 23.37% 39.61% 32.16% 32.71% 32.8%
Earnings before Tax (EBT) 1 - 61.63 148.3 111.6 87.11 81.4 - - - - 219.2 141 - -
Net income 1 - 44.97 129.6 101.5 75.76 66.69 112.1 82.79 93.35 98.06 203.4 132 141 137
Net margin - 9.03% 22.89% 16.97% 13.05% 11.42% 15.79% 11.62% 12.9% 13.44% 25.29% 16.71% 17.41% 16.64%
EPS 2 - 0.4800 1.420 1.120 0.8400 0.7400 1.240 0.9200 1.030 1.090 2.220 1.494 1.599 1.547
Dividend per Share 2 - - - - - - - - - - - - - -
Announcement Date 8/26/21 3/31/22 5/23/22 8/22/22 11/21/22 3/22/23 5/24/23 8/28/23 11/13/23 3/14/24 5/9/24 - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 96.3 626 1,622 2,122 981 270 -
Net Cash position 1 313 - - - - - - 681
Leverage (Debt/EBITDA) - 0.1711 x 0.8297 x 1.686 x 1.821 x 0.7279 x 0.1848 x -
Free Cash Flow 1 178 234 354 547 798 920 1,090 1,202
ROE (net income / shareholders' equity) 12% 12.5% 14.7% 16.8% 17.4% 17.9% 18.1% 18.4%
ROA (Net income/ Total Assets) 8.04% 5.89% 7.5% 7.56% 8% 9.5% 10.2% 10.2%
Assets 1 1,915 4,959 2,978 4,941 4,831 6,828 7,889 8,722
Book Value Per Share 2 27.20 29.80 31.60 35.40 39.80 49.50 56.90 65.30
Cash Flow per Share 2 3.930 3.970 6.700 9.310 11.50 12.10 14.80 -
Capex 1 122 138 277 297 245 248 275 297
Capex / Sales 16.21% 11.45% 16.1% 12.75% 8.53% 7.73% 7.86% 7.76%
Announcement Date 3/27/20 4/8/21 3/31/22 3/22/23 3/14/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
91.24 BRL
Average target price
121.3 BRL
Spread / Average Target
+32.93%
Consensus