Projected Income Statement: Dexco S.A.

Forecast Balance Sheet: Dexco S.A.

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,278 1,477 2,448 - 4,929 5,363 5,271 5,038
Change - -35.16% 65.74% - - 8.82% -1.72% -4.42%
Announcement Date 2/13/20 2/8/21 2/9/22 3/8/23 3/6/24 - - -
1BRL in Million
Estimates

Cash Flow Forecast: Dexco S.A.

Fiscal Period: December 2019 2020 2021 2023 2024 2025 2026
CAPEX 1 429.2 433.2 797.4 1,169 1,200 933.9 869.5
Change - 0.93% 84.06% - 2.67% -22.17% -6.89%
Free Cash Flow (FCF) 1 - 1,074 911 177.3 277 751.5 922.5
Change - - -15.22% - 56.27% 171.3% 22.75%
Announcement Date 2/13/20 2/8/21 2/9/22 3/6/24 - - -
1BRL in Million
Estimates

Forecast Financial Ratios: Dexco S.A.

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026

Profitability

        
EBITDA Margin (%) 18.13% 21.91% 26.78% 20.4% 18.87% 20.63% 21.06% 22.17%
EBIT Margin (%) 7.18% 11.36% 23.15% 17.08% 17.2% 11.62% 12.93% 13.49%
EBT Margin (%) 9.56% 9.09% 24.35% 10.81% 10.17% 3.75% 6.65% 7.78%
Net margin (%) 8.1% 7.72% 21.12% 9.01% 10.99% 1.96% 6.45% 8.48%
FCF margin (%) - 18.28% 11.15% - 2.4% 3.46% 8.83% 10.29%
FCF / Net Income (%) - 236.77% 52.8% - 21.85% 176.33% 136.81% 121.34%

Profitability

        
ROA 4.02% 4.76% 9.58% - 2.21% 1.4% 2.85% 1.98%
ROE 8.5% 10.8% 20.8% - 6.04% 4.07% 7.71% 8.63%

Financial Health

        
Leverage (Debt/EBITDA) 2.51x 1.15x 1.12x - 3.54x 3.24x 2.94x 2.54x
Debt / Free cash flow - 1.37x 2.69x - 27.8x 19.36x 7.01x 5.46x

Capital Intensity

        
CAPEX / Current Assets (%) 8.56% 7.37% 9.76% - 15.83% 14.97% 10.97% 9.7%
CAPEX / EBITDA (%) 47.23% 33.63% 36.44% - 83.89% 72.55% 52.09% 43.76%
CAPEX / FCF (%) - 40.32% 87.54% - 659.33% 433.2% 124.27% 94.26%

Items per share

        
Cash flow per share 1 1.316 1.794 2.228 - 1.661 1.228 1.116 1.477
Change - 36.3% 24.23% - - -26.03% -9.19% 32.36%
Dividend per Share 1 0.3086 0.2598 1.164 - 0.2153 0.0237 0.129 0.2647
Change - -15.81% 348.1% - - -88.99% 443.95% 105.23%
Book Value Per Share 1 5.909 6.207 8.21 - 7.925 8.267 8.718 9.255
Change - 5.03% 32.28% - - 4.32% 5.46% 6.15%
EPS 1 0.486 0.5398 2.25 1.018 0.9772 0.2366 0.5905 0.6473
Change - 11.07% 316.86% -54.77% -3.99% -75.78% 149.53% 9.62%
Nbr of stocks (in thousands) 834,565 835,151 829,912 807,921 808,142 808,365 808,365 808,365
Announcement Date 2/13/20 2/8/21 2/9/22 3/8/23 3/6/24 - - -
1BRL
Estimates
2024 *2025 *
P/E ratio 25.7x 10.3x
PBR 0.74x 0.7x
EV / Sales 1.28x 1.2x
Yield 0.39% 2.12%
More valuation ratios * Estimated data

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Trading Rating
Investor Rating
ESG MSCI
AA
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
9
Last Close Price
6.090BRL
Average target price
9.383BRL
Spread / Average Target
+54.08%
Consensus

Quarterly revenue - Rate of surprise