Stock DIRR3 DIRECIONAL ENGENHARIA S.A.
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Financials Direcional Engenharia S.A.

Equities

DIRR3

BRDIRRACNOR0

Real Estate Development & Operations

Market Closed - Sao Paulo
Other stock markets
 01:37:44 25/06/2024 am IST 		5-day change 1st Jan Change
25.81 BRL +14.92% Intraday chart for Direcional Engenharia S.A. +3.28% +15.27%
10/05 Transcript : Direcional Engenharia S.A., Q1 2024 Earnings Call, May 10, 2024
10/05 Direcional Engenharia S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,217 1,943 1,843 2,330 3,867 4,472 - -
Enterprise Value (EV) 1 2,319 2,099 2,035 2,515 3,862 4,799 4,870 5,081
P/E ratio 22.4 x 17.2 x 11.7 x 11.2 x 11 x 8.41 x 7.06 x 6.25 x
Yield 3.33% 6.19% 5.43% 7.48% 2.1% 3.61% 7.78% 12.2%
Capitalization / Revenue 1.52 x 1.29 x 1.04 x 1.08 x 1.64 x 1.36 x 1.07 x 0.97 x
EV / Revenue 1.59 x 1.4 x 1.15 x 1.16 x 1.64 x 1.46 x 1.16 x 1.1 x
EV / EBITDA 9.65 x 7.47 x 5.38 x 5.75 x 7.06 x 6.24 x 4.92 x 4.75 x
EV / FCF 10.4 x 7.67 x 22.8 x 13.9 x -21.7 x -41.7 x -19.6 x 11.1 x
FCF Yield 9.65% 13% 4.39% 7.2% -4.61% -2.4% -5.11% 8.98%
Price to Book 1.77 x 1.57 x 1.46 x 1.75 x 1.98 x 2.06 x 1.81 x 1.43 x
Nbr of stocks (in thousands) 1,47,806 1,48,400 1,45,006 1,48,985 1,72,694 1,73,260 - -
Reference price 2 15.00 13.09 12.71 15.64 22.39 25.81 25.81 25.81
Announcement Date 09/03/20 15/03/21 14/03/22 13/03/23 11/03/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,458 1,501 1,776 2,163 2,355 3,287 4,192 4,616
EBITDA 1 240.2 281.1 378.2 437.7 547 769.5 989 1,070
EBIT 1 204.3 239.6 326.9 384.3 486.3 684.4 891.3 959.6
Operating Margin 14.01% 15.97% 18.4% 17.77% 20.65% 20.82% 21.26% 20.79%
Earnings before Tax (EBT) 1 153.8 181.2 244.3 322.4 436.9 673.8 793.5 936.3
Net income 1 100.5 113.1 159.5 208.8 331.6 540.6 662.7 755.4
Net margin 6.89% 7.53% 8.98% 9.66% 14.08% 16.45% 15.81% 16.36%
EPS 2 0.6700 0.7600 1.090 1.400 2.030 3.070 3.654 4.131
Free Cash Flow 1 223.7 273.7 89.42 181 -178.1 -115 -249 456
FCF margin 15.34% 18.24% 5.03% 8.37% -7.56% -3.5% -5.94% 9.88%
FCF Conversion (EBITDA) 93.14% 97.37% 23.64% 41.35% - - - 42.61%
FCF Conversion (Net income) 222.68% 242.03% 56.06% 86.67% - - - 60.37%
Dividend per Share 2 0.5000 0.8100 0.6900 1.170 0.4700 0.9314 2.007 3.146
Announcement Date 09/03/20 15/03/21 14/03/22 13/03/23 11/03/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 487 468.1 586.1 574.4 534 557.3 605.4 557.7 634.8 669.4 783.2 887.9 925.3 964.8 982.7
EBITDA 1 109.8 97.03 118.9 107.8 113.8 121 134.2 139.6 152.2 164.5 182.8 205.9 214 212.7 221.9
EBIT 1 96.1 82.85 105.3 95.01 101 107.5 117.1 123 138.9 148.4 156 189.9 197.2 204.1 197.7
Operating Margin 19.73% 17.7% 17.96% 16.54% 18.91% 19.29% 19.34% 22.06% 21.88% 22.17% 19.92% 21.38% 21.31% 21.15% 20.12%
Earnings before Tax (EBT) 1 - - - - - 83.6 128.3 96.97 128 181.4 143.6 161.1 172.2 201.6 188.9
Net income 1 44.53 27.43 55.14 63.26 76.88 58.75 104.4 68.76 99.61 150.3 121.7 140.7 146.5 145.2 153.8
Net margin 9.14% 5.86% 9.41% 11.01% 14.4% 10.54% 17.25% 12.33% 15.69% 22.45% 15.53% 15.84% 15.84% 15.05% 15.65%
EPS 2 0.3100 0.1800 0.2800 0.4200 0.5200 0.3900 0.6900 0.4300 0.5700 0.8700 0.7307 0.8185 0.8258 0.9511 0.8907
Dividend per Share 2 - - - - - - - - 0.4700 - 1.826 - - - 2.988
Announcement Date 14/03/22 05/05/22 08/08/22 07/11/22 13/03/23 08/05/23 07/08/23 07/11/23 11/03/24 09/05/24 - - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 102 157 192 185 - 327 398 609
Net Cash position 1 - - - - 4.13 - - -
Leverage (Debt/EBITDA) 0.4233 x 0.5584 x 0.5083 x 0.4227 x - 0.4255 x 0.4023 x 0.569 x
Free Cash Flow 1 224 274 89.4 181 -178 -115 -249 456
ROE (net income / shareholders' equity) 7.91% 9.11% 11% 16% 13% 26% 27.6% 22.5%
ROA (Net income/ Total Assets) 2.16% 2.32% 3.08% 3.42% 4.72% 7.03% 7.67% 7.63%
Assets 1 4,653 4,878 5,182 6,107 7,031 7,694 8,637 9,900
Book Value Per Share 2 8.500 8.360 8.710 8.930 11.30 12.50 14.20 18.00
Cash Flow per Share 2 1.610 1.920 0.7100 1.470 -1.050 1.490 1.970 -
Capex 1 16.8 11.7 14.2 39.4 24.1 103 105 164
Capex / Sales 1.15% 0.78% 0.8% 1.82% 1.02% 3.13% 2.5% 3.55%
Announcement Date 09/03/20 15/03/21 14/03/22 13/03/23 11/03/24 - - -
1BRL in Million2BRL
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Direcional Engenharia S.A.

Trading Rating
Investor Rating
ESG Refinitiv
D
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
25.81 BRL
Average target price
30.36 BRL
Spread / Average Target
+17.64%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Real Estate Development

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Residential Real Estate Development
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