Stock SEER3 SER EDUCACIONAL S.A.
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Financials Ser Educacional S.A.

Equities

SEER3

BRSEERACNOR5

Miscellaneous Educational Service Providers

Market Closed - Sao Paulo
Other stock markets
 04:00:00 2024-04-29 pm EDT 		5-day change 1st Jan Change
5.76 BRL +8.47% Intraday chart for Ser Educacional S.A. +9.09% -26.72%
Mar. 26 Transcript : Ser Educacional S.A., Q4 2023 Earnings Call, Mar 26, 2024
Mar. 26 Ser Educacional S.A. Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,572 2,011 1,350 574.4 1,009 720 - -
Enterprise Value (EV) 1 4,116 2,572 2,200 1,865 2,494 2,373 2,169 720
P/E ratio 26.3 x 12.2 x 25.6 x -2.58 x -36 x 10.5 x 6.78 x 6.03 x
Yield - 2.36% 2.38% - - 2.79% 5.08% 29.6%
Capitalization / Revenue 2.8 x 1.61 x 0.96 x 0.34 x 0.55 x 0.36 x 0.35 x 0.32 x
EV / Revenue 3.23 x 2.06 x 1.56 x 1.11 x 1.36 x 1.2 x 1.04 x 0.32 x
EV / EBITDA 12.3 x 8.12 x 6.93 x 6.38 x 6.84 x 5.8 x 5.01 x 1.42 x
EV / FCF 33.4 x 10.3 x 17.8 x 48.9 x 36.8 x 8.39 x 6.72 x 1.93 x
FCF Yield 2.99% 9.66% 5.61% 2.04% 2.71% 11.9% 14.9% 51.8%
Price to Book 2.73 x 1.41 x 0.92 x 0.46 x - 0.56 x 0.53 x 0.55 x
Nbr of stocks (in thousands) 128,722 128,722 128,722 128,504 128,335 128,335 - -
Reference price 2 27.75 15.62 10.49 4.470 7.860 5.610 5.610 5.610
Announcement Date 3/27/20 3/26/21 3/25/22 3/24/23 3/25/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,276 1,250 1,407 1,676 1,831 1,973 2,082 2,230
EBITDA 1 334.8 316.7 317.5 292.6 364.7 409.5 433.2 506.2
EBIT 1 260.3 313.2 177.5 -24.23 207.3 303.1 332.8 449.4
Operating Margin 20.4% 25.05% 12.61% -1.45% 11.32% 15.36% 15.99% 20.16%
Earnings before Tax (EBT) 1 136.9 209.6 46.3 -214.9 -23.66 58.93 124.3 -
Net income 1 136.4 165 52.48 -222.1 -28.04 68.93 107.1 119.4
Net margin 10.69% 13.2% 3.73% -13.25% -1.53% 3.49% 5.14% 5.36%
EPS 2 1.056 1.280 0.4100 -1.730 -0.2185 0.5367 0.8275 0.9307
Free Cash Flow 1 123.2 248.5 123.5 38.14 67.7 283 323 373
FCF margin 9.66% 19.87% 8.77% 2.28% 3.7% 14.34% 15.52% 16.73%
FCF Conversion (EBITDA) 36.8% 78.45% 38.9% 13.04% 18.56% 69.11% 74.56% 73.69%
FCF Conversion (Net income) 90.34% 150.57% 235.3% - - 410.56% 301.61% 312.3%
Dividend per Share 2 - 0.3683 0.2500 - - 0.1567 0.2850 1.663
Announcement Date 3/27/20 3/26/21 3/25/22 3/24/23 3/25/24 - - -
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 1 324.1 390.9 380.2 464.2 389.7 442.3 424.5 506 418.3 482 458.6 551 454 521
EBITDA 1 67.96 84.45 65.71 100.7 54.79 71.32 72.59 121 67.52 103.6 116.3 138 86 110
EBIT 1 32.17 43.73 20.57 48.78 24.41 -76.57 47.95 95 24.57 61.45 75 125 71 95
Operating Margin 9.93% 11.19% 5.41% 10.51% 6.27% -17.31% 11.29% 18.77% 5.87% 12.75% 16.35% 22.69% 15.64% 18.23%
Earnings before Tax (EBT) -5.201 3.392 -19.97 -37.04 -35.38 -122.5 - - - 7.614 - - - -
Net income 1 -6.777 3.494 -18.32 -39.09 -39.34 -125.4 -28.35 31.38 -36.77 5.692 -11 41 -15 13
Net margin -2.09% 0.89% -4.82% -8.42% -10.1% -28.35% -6.68% 6.2% -8.79% 1.18% -2.4% 7.44% -3.3% 2.5%
EPS 2 -0.0526 0.0290 -0.1423 -0.3040 -0.3060 -0.9774 -0.2209 0.2441 -0.2865 - -0.0842 0.3230 -0.1200 0.1049
Dividend per Share 2 - 0.1300 - - - - - - - - - - - -
Announcement Date 11/12/21 3/25/22 5/13/22 8/12/22 11/11/22 3/24/23 5/15/23 8/14/23 11/14/23 3/25/24 - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 544 561 849 1,291 1,485 1,653 1,449 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.624 x 1.771 x 2.675 x 4.412 x 4.072 x 4.037 x 3.346 x -
Free Cash Flow 1 123 248 123 38.1 67.7 283 323 373
ROE (net income / shareholders' equity) 13.7% 12.1% 3.63% -16.5% -2.29% 5.84% 11.1% 15.1%
ROA (Net income/ Total Assets) 7.61% 4.25% 3.53% 0.03% 0.58% 3.44% 3.98% 4.83%
Assets 1 1,792 3,882 1,486 -862,711 -4,804 2,002 2,689 2,471
Book Value Per Share 2 10.20 11.10 11.40 9.610 - 9.990 10.60 10.20
Cash Flow per Share 2 - 2.120 1.520 1.140 - 1.630 1.830 -
Capex 1 65.2 50.8 71.9 109 91.9 90 128 134
Capex / Sales 5.11% 4.07% 5.11% 6.48% 5.02% 4.56% 6.15% 6.01%
Announcement Date 3/27/20 3/26/21 3/25/22 3/24/23 3/25/24 - - -
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 Ser Educacional S.A.

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
7
Last Close Price
5.61 BRL
Average target price
9.143 BRL
Spread / Average Target
+62.97%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Miscellaneous Educational Service Providers

1st Jan change Capi.
SER EDUCACIONAL S.A. Stock Ser Educacional S.A.
-26.72% 140M
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. Stock New Oriental Education & Technology Group Inc.
+12.32% 13.78B
GRAND CANYON EDUCATION, INC. Stock Grand Canyon Education, Inc.
+0.14% 3.93B
STRATEGIC EDUCATION, INC. Stock Strategic Education, Inc.
+27.55% 2.95B
STRIDE, INC. Stock Stride, Inc.
+14.49% 2.85B
LAUREATE EDUCATION, INC. Stock Laureate Education, Inc.
+9.41% 2.33B
ADTALEM GLOBAL EDUCATION INC. Stock Adtalem Global Education Inc.
-15.32% 1.95B
GAOTU TECHEDU INC. Stock Gaotu Techedu Inc.
+86.46% 1.73B
BENESSE HOLDINGS, INC. Stock Benesse Holdings, Inc.
-0.63% 1.59B
TIANLI INTERNATIONAL HOLDINGS LIMITED Stock Tianli International Holdings Limited
+63.16% 1.29B
Miscellaneous Educational Service Providers
  1. Stock Market
  2. Equities
  3. SEER3 Stock
  4. Financials Ser Educacional S.A.