Company Valuation: XP Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 89,601 45,438 69,332 39,358 47,627 45,019 - -
Change - -49.29% 52.59% -43.23% 21.01% -5.48% - -
Enterprise Value (EV) 1 117,991 50,579 74,964 42,913 37,509 23,133 20,736 14,870
Change - -57.13% 48.21% -42.76% -12.59% -38.32% -10.36% -28.29%
P/E 25.6x 13x 17.7x 8.9x 9.28x 8.22x 7.2x 6.52x
PBR 6.22x 2.64x 3.57x 1.97x 2.06x 1.74x 1.54x 1.36x
PEG - -92.46x 1.2x 0.6x 0.5x 0.85x 0.5x 0.6x
Capitalization / Revenue 7.42x 3.4x 4.67x 2.3x 2.59x 2.24x 1.99x 1.78x
EV / Revenue 9.77x 3.79x 5.04x 2.51x 2.04x 1.15x 0.92x 0.59x
EV / EBITDA 28.2x 12.4x 15.8x 7.19x 5.98x 3.4x 2.62x 1.66x
EV / EBIT 29.8x 13.1x 16.7x 7.52x 6.28x 3.62x 2.81x 1.79x
EV / FCF -27x 30.2x 9.45x 3.96x 3.17x 1.79x 1.4x 1.17x
FCF Yield -3.71% 3.32% 10.6% 25.3% 31.6% 55.9% 71.2% 85.4%
Dividend per Share 2 - - 6.459 3.774 - 6.374 7.538 8.223
Rate of return - - 5.11% 5.15% - 7.27% 8.6% 9.39%
EPS 2 6.259 6.25 7.16 8.231 9.719 10.66 12.17 13.43
Distribution rate - - 90.2% 45.8% - 59.8% 61.9% 61.2%
Net sales 1 12,077 13,348 14,860 17,078 18,412 20,111 22,602 25,290
EBITDA 1 4,190 4,065 4,732 5,971 6,272 6,806 7,929 8,974
EBIT 1 3,958 3,859 4,480 5,706 5,968 6,383 7,387 8,315
Net income 1 3,589 3,580 3,899 4,515 5,169 5,558 6,329 7,153
Net Debt 1 28,390 5,141 5,632 3,555 -10,119 -21,886 -24,283 -30,149
Reference price 2 160.13 81.10 126.50 73.29 90.17 87.62 87.62 87.62
Nbr of stocks (in thousands) 559,549 560,294 548,083 537,004 528,220 513,804 - -
Announcement Date 2/8/22 2/16/23 2/27/24 2/18/25 2/12/26 - - -
1BRL in Million2BRL
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
21.25x14.66x16.39x0.6% 46.92B
12.31x6.51x - 2.82% 45.94B
33.94x4.51x5.86x0.37% 41.65B
5.11x6.76x - 6.04% 17.19B
12.06x - - 3.64% 10.56B
11.05x - - 4.27% 7.02B
14.09x - - 2.16% 6.42B
Average 15.69x 8.11x 11.12x 2.84% 25.1B
Weighted average by Cap. 19.12x 8.51x 11.44x 2.04%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield