Stock ECOR3 ECORODOVIAS INFRAESTRUTURA E LOGISTICA S.A.
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Financials Ecorodovias Infraestrutura e Logistica S.A.

Equities

ECOR3

BRECORACNOR8

Highways & Rail Tracks

Market Closed - Sao Paulo
Other stock markets
 01:37:40 07/05/2024 am IST 		5-day change 1st Jan Change
7.09 BRL -6.22% Intraday chart for Ecorodovias Infraestrutura e Logistica S.A. -5.59% -24.73%
14/03 Transcript : EcoRodovias Infraestrutura e Logística S.A., 2023 Earnings Call, Mar 14, 2024
13/03 EcoRodovias Infraestrutura e Logística S.A. Reports Earnings Results for the Fourth Quarter Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 9,070 7,460 5,092 3,096 6,553 5,162 - -
Enterprise Value (EV) 1 15,788 14,565 12,839 3,096 20,198 20,416 23,032 24,998
P/E ratio -49.4 x -17.6 x 12.6 x 12.7 x 11.5 x 6.52 x 5.85 x 6.94 x
Yield - - - - - 3.64% 5.2% 4.24%
Capitalization / Revenue 3.08 x 1.87 x 1.46 x 0.87 x 1.07 x 0.83 x 0.79 x 0.8 x
EV / Revenue 5.36 x 3.64 x 3.68 x 0.87 x 3.3 x 3.27 x 3.52 x 3.86 x
EV / EBITDA 7.77 x 7.14 x 5.52 x 1.34 x 7.05 x 4.7 x 4.82 x 5.28 x
EV / FCF 40.3 x 39.6 x -26.8 x - -13.4 x -13.6 x 64.9 x 405 x
FCF Yield 2.48% 2.53% -3.73% - -7.44% -7.37% 1.54% 0.25%
Price to Book 19.9 x 133 x 2.4 x - 2.39 x 1.31 x 1.34 x 1.21 x
Nbr of stocks (in thousands) 5,56,463 5,57,986 6,95,621 6,95,621 6,95,621 6,95,621 - -
Reference price 2 16.30 13.37 7.320 4.450 9.420 7.420 7.420 7.420
Announcement Date 18/02/20 10/03/21 14/03/22 16/03/23 13/03/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,945 4,000 3,488 3,572 6,121 6,234 6,551 6,472
EBITDA 1 2,033 2,038 2,327 2,305 2,863 4,347 4,783 4,737
EBIT 1 1,265 924.6 1,568 1,542 2,783 3,371 3,493 3,287
Operating Margin 42.94% 23.12% 44.95% 43.18% 45.46% 54.08% 53.33% 50.78%
Earnings before Tax (EBT) 1 95.62 79.07 652.5 510.3 1,281 1,500 1,611 1,254
Net income 1 -185.5 -424 372 245.7 569.6 775.6 882.5 743.8
Net margin -6.3% -10.6% 10.67% 6.88% 9.31% 12.44% 13.47% 11.49%
EPS 2 -0.3300 -0.7599 0.5826 0.3500 0.8188 1.139 1.268 1.069
Free Cash Flow 1 391.8 368.2 -479.3 - -1,503 -1,505 354.7 61.7
FCF margin 13.3% 9.21% -13.74% - -24.56% -24.14% 5.41% 0.95%
FCF Conversion (EBITDA) 19.27% 18.06% - - - - 7.42% 1.3%
FCF Conversion (Net income) - - - - - - 40.19% 8.3%
Dividend per Share 2 - - - - - 0.2703 0.3859 0.3150
Announcement Date 18/02/20 10/03/21 14/03/22 16/03/23 13/03/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 923 872.5 769.6 764.1 886.3 1,152 1,130 1,282 1,440 2,268 1,524 1,508 1,565 1,549
EBITDA 1 636.4 544.7 475.8 463.1 557 809.2 804.6 918.2 1,034 1,106 1,075 1,071 1,106 1,166
EBIT 1 455.1 346.4 317.9 289.6 379.9 347.3 601.7 683.9 813.2 683.8 815.9 801.8 839 873.1
Operating Margin 49.31% 39.71% 41.3% 37.91% 42.86% 30.14% 53.25% 53.33% 56.48% 30.15% 53.53% 53.17% 53.62% 56.36%
Earnings before Tax (EBT) 1 - - 53.15 3.235 194.9 259 258.6 279.9 434 308.2 358.2 378.4 404.6 446.1
Net income 1 141.7 12.97 11.82 -13.06 121.2 108.6 112.7 123.7 230.3 117.7 186.1 165.9 192.9 208
Net margin 15.35% 1.49% 1.54% -1.71% 13.67% 9.42% 9.98% 9.65% 15.99% 5.19% 12.21% 11% 12.32% 13.43%
EPS 2 0.2000 0.002600 0.0229 -0.0200 0.1800 0.1600 0.1600 0.1700 0.3100 0.1692 0.2631 0.2599 0.2938 0.3035
Dividend per Share 2 - - - - - - - - - - 0.0579 0.0569 0.0689 0.0770
Announcement Date 25/10/21 14/03/22 05/05/22 28/07/22 07/11/22 16/03/23 09/05/23 31/07/23 09/11/23 13/03/24 - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 6,717 7,105 7,747 - 13,645 15,255 17,870 19,836
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.304 x 3.485 x 3.329 x - 4.766 x 3.51 x 3.736 x 4.188 x
Free Cash Flow 1 392 368 -479 - -1,503 -1,505 355 61.7
ROE (net income / shareholders' equity) -33.9% -166% 34.2% - 22.6% 24.6% 21% 14.9%
ROA (Net income/ Total Assets) -1.72% -3.75% 2.71% - 2.58% 2.99% 2.52% 1.75%
Assets 1 10,782 11,318 13,744 - 22,034 25,941 35,074 42,478
Book Value Per Share 2 0.8200 0.1000 3.050 - 3.940 5.650 5.530 6.130
Cash Flow per Share 2 2.520 2.640 2.970 - 5.100 2.370 3.200 -
Capex 1 1,012 1,103 2,352 - 4,182 4,268 3,736 4,085
Capex / Sales 34.36% 27.58% 67.44% - 68.32% 68.46% 57.02% 63.11%
Announcement Date 18/02/20 10/03/21 14/03/22 16/03/23 13/03/24 - - -
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 Ecorodovias Infraestrutura e Logistica S.A.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
7.42 BRL
Average target price
10.43 BRL
Spread / Average Target
+40.53%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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