Methodology
Purpose
Company Data pages are built exclusively from public, official sources and fixed, declared formulas. They contain no analyst assumptions, estimates or adjustments — every number on those pages can be reproduced from the sources below. Analyst judgment lives only in dated Reports, which are editorial publications.
Financial statements
Quarterly income statement, balance sheet and cash flow are sourced from the standardized filings (DFP/ITR) that companies submit to CVM, Brazil's securities regulator. Annual figures are decomposed into quarters; line items are mapped to a fixed 152-line template. All values in R$ thousands, as filed.
Source: CVM — dados.cvm.gov.br (DFP/ITR)
Company profile
Registration data (corporate name, sector, activity, issuer status, listing segment, trading codes) comes from the company's FCA (Formulário Cadastral) and CVM's open registry, refreshed on every update cycle. The short business description is editorial metadata from public market-data providers.
Sources: CVM — FCA, cad_cia_aberta · Yahoo Finance (description)
Market data
Price is the official B3 closing price (COTAHIST daily file, unadjusted). Shares outstanding = subscribed shares minus treasury, from CVM capital filings, with an automated unit-consistency check anchored on book equity. Market cap = price × shares. The monthly price history used in charts and beta is the dividend-adjusted close.
Sources: B3 — COTAHIST · CVM — FRE/capital · Yahoo Finance (adjusted series)
Macro
The SELIC target rate and 12-month IPCA inflation are pulled from the Central Bank of Brazil's open SGS API (series 432 and 13522).
Source: Banco Central do Brasil — API SGS
Standard cost of capital
A reproducible, formula-driven cost of capital — not Oak Research's view of any company's fair discount rate.
t = median over up to 5 fiscal years of (current + deferred tax) / EBT, clamped to [0%, 34%]
Kd = LTM financial expense / average gross debt, clamped to [0.5·rf, rf + 10pp]; fallback rf + 3pp
Ke = rf + β · ERP — rf = SELIC target; ERP = 4.5% (declared constant)
WACC = Wₑ·Ke + W_d·Kd·(1 − t) — Wₑ from market cap, W_d from gross debt
Known limitations. Financial expense may include non-debt items and excludes capitalized interest, so Kd is a proxy; betas from 60 monthly observations carry estimation noise; the ERP is a fixed convention, not an estimate. Parameters are published and versioned; when a formula changes, this page changes with it.