PBR-A · Financials
Annual reports: Yahoo, amounts in millions of BRL. P/E — year-end price / EPS; — if the price history does not reach that year.
| 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|
| Revenue | 124,474 | 102,409 | 91,416 | 89,195 |
| Net income | 36,623 | 24,884 | 7,528 | 19,634 |
| Gross margin | 52.2% | 52.7% | 50.3% | 47.6% |
| Operating margin | 42.8% | 38.5% | 28.1% | 31.1% |
| Net margin | 29.4% | 24.3% | 8.2% | 22.0% |
| EPS | 5.62 | 3.82 | 1.16 | 3.04 |
| Free cash flow | 40,136 | 31,098 | 23,340 | 16,526 |
| Net debt | 43,030 | 47,054 | 52,777 | 60,596 |
| P/E | — | — | — | — |
Valuation by free cash flow (DCF)
A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.
⚠️ No or unusual beta — 1 used.
Value per share
5.83 USD
Upside to the estimate
-70.0%
No margin of safety: the price is above the DCF value.
Growth priced in
+16.9%
Reverse DCF: FCF growth for 5 years that makes today’s price fair. Compare with what you believe.
| rate 8.9% | rate 9.9% | rate 10.9% | |
|---|---|---|---|
| Bear · growth -10.0% | 4.98 | 4.41 | 3.96 |
| Base · growth -5.0% | 6.66 | 5.83 | 5.2 |
| Bull · growth 0.0% | 8.87 | 7.71 | 6.82 |
FCF to shareholders 4,395 mln USD (operating cash flow − capex, after interest), shares 6,847 mln. Discounted at the shareholder rate, so debt is not subtracted again (assumes stable debt). 5 years of growth, 5 of slowdown, then perpetual growth. Sensitive to assumptions — see the table.