1
Overview
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Estrutura Acionária
Valuation
Income Statement
Balance Sheet
Invested Capital & Reinvestment
RoIC (LTM)
Margins & Returns
Capital Structure
Cash Flow
2
Earnings Release
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3
Revenue, Growth & Margins
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Revenue & Growth
Revenue bars with YoY growth line
Margin Evolution
Gross, EBITDA, EBIT and net margin lines
EBIT vs Operating Leverage
EBIT bars with operating-leverage line
Interest Burden vs Tax Burden
Interest-burden and tax-burden multiples
Revenue, Growth & Margins Detail
4
Capital Structure
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Assets vs Equity
Assets and equity bars with financial-leverage line
Debt & Cash
Debt and cash bars with net-debt / EBITDA line
Invested Capital Composition
Equity and net-debt bars with invested-capital line
Capex vs D&A
Capex and D&A bars
Invested Capital vs Delta
Invested-capital bars with delta line
Invested Capital Turnover
Marginal and total invested-capital turnover lines
Capital Structure Detail
5
Cash Flow
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EBITDA Buildup
EBIT and D&A bars stacked into EBITDA
EBITDA vs Adjusted CFO
EBITDA and adjusted-CFO bars with conversion line
FCFF vs FCFF Yield
FCFF bars with FCFF-yield line
Cash Flow Destination
Capex, dividends, buybacks and debt-repayment bars
Cash Flow Detail
6
Working Capital
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Working Capital Components
Receivables, inventory and payables bars with net working-capital line
Cash Conversion Cycle
DSO, DOH and DPO with cash-conversion cycle (days)
Working Capital Detail
7
Fixed Assets & Reinvestment
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Fixed Assets: EoP vs Delta
End-of-period fixed assets bars with delta line
Capex vs D&A (Fixed Assets)
Capex bars with D&A line
Fixed Assets Turnover
Marginal and total fixed-assets turnover lines
Capex % Revenue vs D&A % Fixed Assets
Capex/revenue and D&A/fixed-assets lines
Fixed Assets & Reinvestment Detail
8
Du Pont Analysis
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RoE Decomposition
5-factor Du Pont: leverage × turnover × margin × interest × tax
RoIC Decomposition
2-factor Du Pont: NOPAT margin × IC turnover
Du Pont Analysis Detail
9
WACC & EVA
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RoIC vs WACC
RoIC bars with WACC line
Economic Value Added (EVA)
EVA per period: value created vs destroyed
WACC & EVA Detail