Projected Income Statement: Afya Limited

Forecast Balance Sheet: Afya Limited

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 626 1,622 2,122 2,262 1,995 1,525 1,581 1,479
Change - 159.11% 30.83% 6.6% -11.8% -23.54% 3.67% -6.45%
Announcement Date 3/31/22 3/22/23 3/14/24 3/13/25 3/12/26 - - -
1BRL in Million
Estimates

Cash Flow Forecast: Afya Limited

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 276.8 297 245.4 392.6 364 392.1 395 409.4
Change - 7.31% -17.37% 59.97% -7.29% 7.72% 0.74% 3.65%
Free Cash Flow (FCF) 1 354.1 546.9 798.2 1,040 1,168 1,034 1,131 1,195
Change - 54.46% 45.96% 30.3% 12.26% -11.44% 9.38% 5.66%
Announcement Date 3/31/22 3/22/23 3/14/24 3/13/25 3/12/26 - - -
1BRL in Million
Estimates

Forecast Financial Ratios: Afya Limited

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 43.9% 41.3% 40.53% 44.05% 45.45% 43.08% 42.78% 42.59%
EBIT Margin (%) 34.93% 32.45% 26.67% 33.96% 35.35% 32.49% 32.5% 32.72%
EBT Margin (%) 15.9% 18.4% 14.94% 20.47% 23.29% 23.03% 24.59% 25.07%
Net margin (%) 12.99% 16.04% 13.43% 19.11% 20.35% 19.45% 20.69% 21.34%
FCF margin (%) 20.59% 23.48% 27.75% 31.48% 31.58% 25.87% 26.47% 26.52%
FCF / Net Income (%) 158.54% 146.39% 206.61% 164.69% 155.17% 133.03% 127.92% 124.26%

Profitability

        
ROA 7.5% 7.56% 8% 10% 9.92% 8.37% 8.27% 8.72%
ROE 14.71% 16.79% 17.39% 20.86% 19.77% 16.72% 17.83% 18.79%

Financial Health

        
Leverage (Debt/EBITDA) 0.83x 1.69x 1.82x 1.55x 1.19x 0.89x 0.87x 0.77x
Debt / Free cash flow 1.77x 2.97x 2.66x 2.18x 1.71x 1.48x 1.4x 1.24x

Capital Intensity

        
CAPEX / Current Assets (%) 16.1% 12.75% 8.53% 11.88% 9.85% 9.81% 9.25% 9.08%
CAPEX / EBITDA (%) 36.67% 30.88% 21.05% 26.97% 21.66% 22.77% 21.61% 21.33%
CAPEX / FCF (%) 78.18% 54.31% 30.75% 37.75% 31.18% 37.92% 34.92% 34.26%

Items per share

        
Cash flow per share 1 6.704 9.307 11.54 15.72 16.78 10.59 12.11 -
Change - 38.83% 23.94% 36.25% 6.77% -36.9% 14.37% -
Dividend per Share 1 - - - - 3.447 2.488 4.68 9.069
Change - - - - - -27.81% 88.09% 93.77%
Book Value Per Share 1 31.6 35.41 39.81 46.84 53.63 56.32 60.07 58.55
Change - 12.05% 12.42% 17.67% 14.48% 5.02% 6.67% -2.53%
EPS 1 2.37 4.12 4.27 6.93 8.24 8.532 9.695 10.55
Change - 73.84% 3.64% 62.3% 18.9% 3.54% 13.64% 8.79%
Nbr of stocks (in thousands) 92,902 89,937 89,812 90,230 90,698 89,011 89,011 89,011
Announcement Date 3/31/22 3/22/23 3/14/24 3/13/25 3/12/26 - - -
1BRL
Estimates
2026 *2027 *
P/E 8.17x 7.19x
PBR 1.24x 1.16x
EV / Sales 1.93x 1.82x
Yield 3.57% 6.71%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
-
Sell
Consensus
Buy
Mean consensus
UNDERPERFORM
Number of Analysts
9
Last Close Price
69.74BRL
Average target price
85.85BRL
Spread / Average Target
+23.10%

Quarterly revenue - Rate of surprise