Financials Grupo CCR S.A.

Equities

CCRO3

BRCCROACNOR2

Highways & Rail Tracks

Market Closed - Sao Paulo Other stock markets 04:07:33 2024-04-26 pm EDT			5-day change	1st Jan Change
12.49 ^BRL	-0.64%		-1.26%	-11.92%

Apr. 11	Grupo EPR wins Brazil highway concession auction	RE
Mar. 28	Megatelecom Telecomunicacoes Ltda. entered into a Share Purchase and Sale Agreement and Other Covenants to acquire SAMM - Sociedade de Atividades em Multimídia Ltda. from CCR S.A. for BRL 100 million.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	38,340	27,209	23,412	21,856	28,600	25,191	-	-
Enterprise Value (EV) ¹	52,378	41,221	44,294	42,619	51,906	53,001	54,528	54,783
P/E ratio	26.7 x	142 x	33.7 x	5.29 x	16.8 x	15.9 x	13.3 x	11.5 x
Yield	2.48%	2.04%	0.69%	-	-	2.18%	3.64%	5.35%
Capitalization / Revenue	3.78 x	2.91 x	2 x	1.19 x	1.82 x	1.7 x	1.7 x	1.64 x
EV / Revenue	5.17 x	4.41 x	3.78 x	2.32 x	3.3 x	3.57 x	3.68 x	3.57 x
EV / EBITDA	8.44 x	8.25 x	6 x	3.35 x	6.23 x	5.88 x	5.84 x	5.53 x
EV / FCF	15.4 x	14.2 x	-9.06 x	12.1 x	38.5 x	-104 x	22.3 x	-
FCF Yield	6.48%	7.06%	-11%	8.25%	2.6%	-0.96%	4.48%	-
Price to Book	4.71 x	3.51 x	2.83 x	1.91 x	2.3 x	1.81 x	1.75 x	1.68 x
Nbr of stocks (in thousands)	2,020,000	2,020,000	2,019,998	2,019,998	2,016,918	2,016,918	-	-
Reference price ²	18.98	13.47	11.59	10.82	14.18	12.49	12.49	12.49
Announcement Date	3/5/20	3/4/21	2/24/22	2/15/23	2/8/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,140	9,356	11,723	18,382	15,744	14,843	14,811	15,344
EBITDA ¹	6,207	4,997	7,388	12,735	8,338	9,009	9,344	9,911
EBIT ¹	3,736	2,216	3,840	10,362	6,434	6,190	6,702	6,923
Operating Margin	36.84%	23.69%	32.76%	56.37%	40.87%	41.7%	45.25%	45.12%
Earnings before Tax (EBT) ¹	2,308	681.4	1,880	7,005	3,011	2,662	2,681	3,696
Net income ¹	1,438	191	695.6	4,133	1,705	1,512	1,806	2,125
Net margin	14.18%	2.04%	5.93%	22.48%	10.83%	10.19%	12.19%	13.85%
EPS ²	0.7100	0.0946	0.3444	2.046	0.8440	0.7839	0.9382	1.084
Free Cash Flow ¹	3,394	2,909	-4,889	3,516	1,348	-511	2,445	-
FCF margin	33.47%	31.09%	-41.71%	19.12%	8.56%	-3.44%	16.51%	-
FCF Conversion (EBITDA)	54.68%	58.21%	-	27.61%	16.17%	-	26.17%	-
FCF Conversion (Net income)	235.98%	1,522.85%	-	85.06%	79.06%	-	135.4%	-
Dividend per Share ²	0.4700	0.2746	0.0800	-	-	0.2724	0.4544	0.6682
Announcement Date	3/5/20	3/4/21	2/24/22	2/15/23	2/8/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	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	2025 Q1
Net sales ¹	5,700	2,723	2,994	8,169	3,272	3,484	3,457	3,799	3,293	3,623	4,676	3,609	3,480	3,820	3,830	-
EBITDA ¹	3,445	1,724	1,579	7,027	1,918	2,606	1,183	1,975	1,756	1,713	2,062	2,136	2,087	2,306	2,240	-
EBIT ¹	2,107	957.3	685.2	6,480	1,393	1,783	705.9	1,600	1,403	1,317	1,895	1,495	1,457	1,648	1,466	-
Operating Margin	36.96%	35.15%	22.89%	79.33%	42.57%	51.17%	20.42%	42.13%	42.62%	36.34%	40.52%	41.43%	41.86%	43.15%	38.27%	-
Earnings before Tax (EBT) ¹	-	464.2	6.421	5,548	629.2	953.3	-125.4	964.2	313	494.7	1,076	240.9	575.8	778.9	350.8	-
Net income ¹	732.8	183.9	-133.2	3,452	291.3	606.5	-217.1	629.3	270.2	251.5	553.8	232.8	294	424.2	298.7	-
Net margin	12.86%	6.75%	-4.45%	42.26%	8.9%	17.41%	-6.28%	16.57%	8.21%	6.94%	11.84%	6.45%	8.45%	11.1%	7.8%	-
EPS ²	-	0.0910	-0.0700	1.709	0.1442	0.3002	-0.1079	0.3116	0.1338	0.1247	0.2741	0.1625	0.1751	0.2357	0.1760	-
Dividend per Share ²	-	-	0.0800	-	-	0.2900	-	-	-	-	-	-	0.1755	-	-	0.1627
Announcement Date	3/5/20	11/12/21	2/24/22	5/12/22	8/11/22	11/10/22	2/15/23	5/4/23	8/3/23	10/31/23	2/8/24	-	-	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	14,039	14,012	20,882	20,763	23,306	27,810	29,336	29,591
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.262 x	2.804 x	2.827 x	1.63 x	2.795 x	3.087 x	3.14 x	2.986 x
Free Cash Flow ¹	3,394	2,909	-4,889	3,516	1,348	-511	2,445	-
ROE (net income / shareholders' equity)	17.6%	2.41%	8.69%	41.9%	13.6%	12.2%	14.7%	14.5%
ROA (Net income/ Total Assets)	4.49%	0.57%	1.86%	8.99%	3.17%	3.07%	3.13%	2.73%
Assets ¹	32,039	33,351	37,400	45,952	53,777	49,242	57,786	77,796
Book Value Per Share ²	4.030	3.830	4.090	5.680	6.170	6.880	7.130	7.440
Cash Flow per Share ²	2.410	2.060	2.270	3.510	3.380	1.890	2.430	-
Capex ¹	1,472	1,243	9,480	3,580	5,470	7,396	5,319	3,815
Capex / Sales	14.52%	13.29%	80.86%	19.48%	34.74%	49.83%	35.91%	24.87%
Announcement Date	3/5/20	3/4/21	2/24/22	2/15/23	2/8/24	-	-	-

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 Grupo CCR S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

12.49 BRL

Average target price

17.3 BRL

Spread / Average Target

+38.51%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Highway Operators

	1st Jan change	Capi.
GRUPO CCR S.A.	-11.92%	4.91B
TRANSURBAN GROUP	-9.26%	25.09B
MUNDYS S.P.A.	+0.22%	20.21B
CHINA MERCHANTS EXPRESSWAY NETWORK & TECHNOLOGY HOLDINGS CO.,LTD.	+17.30%	10.79B
JIANGSU EXPRESSWAY COMPANY LIMITED	+11.54%	7.27B
SALIK COMPANY	+9.97%	6.98B
IMPULSORA DEL DESARROLLO Y EL EMPLEO EN AMÉRICA LATINA, S.A.B. DE C.V.	+5.41%	6.49B
SHANDONG HI-SPEED COMPANY LIMITED	+33.00%	6.17B
ATLAS ARTERIA LIMITED	-10.73%	4.88B
PROMOTORA Y OPERADORA DE INFRAESTRUCTURA, S. A. B. DE C. V.	-3.19%	4.28B

Highway Operators