Results Presentation
1Q
24
May 09, 2024
1Q24 Results
This presentation includes forward-looking statements that reflect current beliefs and expectations regarding future financial results and other aspects of the business.
These beliefs and outlooks are not a guarantee of future performance and involve risks and uncertainties.
Actual results may materially differ from those projected due to several factors.
Analysts and investors are advised not to place undue reliance on these beliefs and expectations, as they only
refer to the date of publication of this presentation.
Valid is not obliged to publicly disclose the results of any revisions to these beliefs and expectations.
Financial results are reported considering the impacts of the adoption
Results 1Q24
1Q24 Results
R$484Mn | ||
1Q24 (-8% YOY) | ||
R$116Mn | R$148Mn | |
1Q24 (146% YOY) | R$70Mn | |
1Q24 (-19% YOY) | Margin of 30% in 1Q24 | |
Margin of 24.0% in 1Q24 | ||
-0.1x Net Debt/EBITDA | ||
Revenue | EBITDA | Net Income | Net Cash | |
| The YoY sales | The bigger impact in | EPS: R$1.83 in the quarter | Despite the cash utilization in |
decrease was led by | terms of EBITDA was | operational activities, the sale of | ||
the already expected | also the Mobile | The result for the quarter was | Cubic allowed Valid to reach a | |
weak performance of | segment. | positively influenced by the sale | Net Cash level for the first time | |
the Mobile segment, | of the minority stake held in | since its IPO. | ||
which has been | Cubic. | |||
undergoing volume | ||||
and price pressures. | ||||
| Positive highlight to | |||
the YoY sales growth | ||||
in the ID segment. | ||||
1Q24 Results
Quarter marked by volume and price pressures in the Mobile segment, impacting both the Company's Revenue and
EBITDA
Net Revenue (R$ Mn)
-8%
EBITDA (R$ Mn)
EBITDA Margin (%)
19%
529 484
144
116
1Q23 | 1Q24 | 1Q23 | 1Q24 |
EBITDA | 27.1% | 24.0% |
Margin | ||
1Q24 Results
Income reported in the quarter was positively influenced by the receipt of amounts related to the sale of stake held in Cubic
(R$ Mn)
116
EPS:
R$1.83
- R$7.5Mn in Expenses related to the release of funds from Argentina
- R$14Mn in Exchange Losses (Nigeria | 112 | 148 |
and Argentina) | ||
-30 | (+149% YoY) |
-24
-24
-4
EBITDA 1Q24 | Financial Result | Depreciation and | Income tax and | Others | Cubic and VCMC | Net Income 1Q24 |
Amortization | social contribution |
1Q24 Results
EBITDA (R$ Mn) (excluding USA) | ROIC | ||||||||||||
478 | 567 | 539 | |||||||||||
318 | 17,7% | 22,5% | 21.0% | ||||||||||
203 | 11,0% | ||||||||||||
4,8% | |||||||||||||
2020 | 2021 | 2022 | 2023 | 1Q24 LTM | 2020 | 2021 | 2022 | 2023 | 1Q24 LTM | ||||
Net Income (R$ Mn) (excluding USA) | ROE | ||||||||||||
302 | 15,8% | ||||||||||||
213 | 9,4% | ||||||||||||
6,7% | 7,6% | ||||||||||||
58 | 15 | ||||||||||||
-88 | -18,1% | ||||||||||||
2020 | 2021 | 2022 | 2023 | 1Q24 LTM | 2020 | 2021 | 2022 | 2023 | 1Q24 LTM |
1Q24 Results
2024
Main change in cash from the sale of assets in the quarter
R$Mn | ||||
178 | 755 | |||
619 | 582 | |||
14 | ||||
-13 | -13 | -12 | -19 | |
Cash (Dec/23) | Net Cash Generated | CAPEX | Financial Result | Cash After Operations | Funding/Payment of Effects of Exchange Rate | Divestments | Cash (Mar/24) |
Loans |
Note: Operating Cash Generation: EBITDA - Taxes on Result - Working Capital
1Q24 Results
Accounts Receivable (R$ Mn)
+R$0Mn / -0% |
Inventories (R$ Mn)
+R$27Mn / -8% |
Accounts Payable (R$ Mn)
+R$20Mn / -12%
430 | 425 | 421 | R$12Mn/ 3% | 78 |
74 | 76 | |||
420 |
500
450
R$67Mn/25% |
200
95
173
181
R$-12Mn/ 7 %
165
75
74 |
400
362 | 364 | 342 | 335 |
180
85
153153
70
410 | 76 | ||
399 | 399 | 72 | |
400 | |||
70 |
350
300
268 |
75
160
140
120
65
60
55
390 | 73 | 387 | 66 | 68 |
63 | 66 | |||
380 | ||||
64 | ||||
370 | ||||
62 | ||||
360 | 60 |
250
200
150
100
50
0
67 | 65 | |||||||||||||
59 | 55 | |||||||||||||
43 | ||||||||||||||
65
100
55
80
4560
40
35
20
25
0
51
50 | ||
42 | 42 | 39 |
50
45
40
35
30
25
1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 |
Trade accounts receivable Average Receivables Period
1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 |
Inventories | Average Inventory Period |
1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 |
Trade accounts payables | Average Payment Period |
Highlights:
- After a significant improvement in the main Working Capital accounts in 2H23, 1Q24 showed a deterioration in the indicators, although at levels better than the previous year's comparison
- Management continues its efforts to improve the indicators, which may experience some volatility between quarters
1Q24 Results
1Q24 Results
Valid reached the level of Net Cash for the first time since its IPO
Leverage Ratio (Net Debt / LTM EBITDA) | Current Amortization Schedule1 (R$ Mn) | Debt Breakdown1 | ||||||||||||||||||||||||||||||||
755 | ||||||||||||||||||||||||||||||||||
2.7x | ||||||||||||||||||||||||||||||||||
478 | 523 | 538 | 555 | 567 | 539 | 32% | 17% | |||||||||||||||||||||||||||
331 | 30% | 22% | 37% | |||||||||||||||||||||||||||||||
203 | 15% | 50 | 12% | 14% | 31% | 83% | ||||||||||||||||||||||||||||
15 | 7% | |||||||||||||||||||||||||||||||||
201 | 24 | 7 | ||||||||||||||||||||||||||||||||
22 | 150 | |||||||||||||||||||||||||||||||||
9 | 23 | 82 | 93 | 1 | ||||||||||||||||||||||||||||||
45 | 30 | 23 | 45 | Debêntures | Short Term | |||||||||||||||||||||||||||||
4Q20 | 4Q21 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 4Q23 | 1Q24 | 1Q24 2Q24 3Q24 4Q24 2025 2026 2027 2028 2029 | ||||||||||||||||||||||||||
Bilateral Brazil (CEF, ABC e BB) | Long Term | |||||||||||||||||||||||||||||||||
EBITDA LTM | Net Debt/EBITDA | |||||||||||||||||||||||||||||||||
Cash | Principal | Interest | Bilateral Intl (Santander and Itaú BBA) |
Highlights:
- After the closure of 1Q24, Valid held the 10th Debenture issue, totaling R$243Mn, removing from the market 97.26% of the 9th Debenture issue.
- The 10th debenture issue increases the average duration by 7 months, reaching 26 months, and reduces the average cost of debt in Brazil by around 50bps, reaching a CDI + 1.79%.
¹Considers the Exchange Offer and the bilateral debt renegotiation of BB carried out after the closure of the quarter.
1Q24 Results
B3: VLID3
Stock Performance (VLID vs. IBOV vs. SMLL) - last 12 months.
160% | SMLL | VLID3 | IBOVESPA |
140% | |||
120% | 104% | ||
100% | |||
80% | |||
60% | |||
40% | 26% | ||
20% | 26% |
0% -20%
3/31/23 4/30/23 5/31/23 6/30/23 7/31/23 8/31/23 9/30/23 10/31/23 11/30/23 12/31/23 1/31/24 2/29/24 3/31/24
Proceeds:
- Payment of extraordinary dividends related to 2023, of R$0.31 per share, on April 30.
Liquidity:
- Average daily trading volume of R$8.8Mn in the quarter, a 238% YOY increase.
Stock price: R$18.49
Market cap: R$1,5B
Ex-Treasury Shares: 80,171,552 shares
Base date as of March 2024
Attachments
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Disclaimer
Valid Soluções SA published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 12:32:09 UTC.