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 1,447 1,701 1,887
Change - 159.11% 30.83% 6.6% -11.8% -27.46% 17.55% 10.93%
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 1 276.8 297 245.4 392.6 364 453.1 460.4 476.3
Change - 7.31% -17.37% 59.97% -7.29% 24.48% 1.61% 3.44%
Free Cash Flow (FCF) 1 354.1 546.9 798.2 1,040 1,168 1,048 1,151 1,209
Change - 54.46% 45.96% 30.3% 12.26% -10.24% 9.83% 5.04%
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% 43.04% 42.83% 42.59%
EBIT Margin (%) 34.93% 32.45% 26.67% 33.96% 35.35% 32.59% 32.38% 32.88%
EBT Margin (%) 15.9% 18.4% 14.94% 20.47% 23.29% 23.07% 24.92% 25.61%
Net margin (%) 12.99% 16.04% 13.43% 19.11% 20.35% 19.58% 21.17% 21.07%
FCF margin (%) 20.59% 23.48% 27.75% 31.48% 31.58% 26.03% 26.69% 26.36%
FCF / Net Income (%) 158.54% 146.39% 206.61% 164.69% 155.17% 132.92% 126.06% 125.1%

Profitability

        
ROA 7.5% 7.56% 8% 10% 9.92% 8.5% 8.3% 8.9%
ROE 14.71% 16.79% 17.39% 20.86% 19.77% 16.59% 17.67% 18.48%

Financial Health

        
Leverage (Debt/EBITDA) 0.83x 1.69x 1.82x 1.55x 1.19x 0.84x 0.92x 0.97x
Debt / Free cash flow 1.77x 2.97x 2.66x 2.18x 1.71x 1.38x 1.48x 1.56x

Capital Intensity

        
CAPEX / Current Assets (%) 16.1% 12.75% 8.53% 11.88% 9.85% 11.26% 10.68% 10.38%
CAPEX / EBITDA (%) 36.67% 30.88% 21.05% 26.97% 21.66% 26.15% 24.92% 24.38%
CAPEX / FCF (%) 78.18% 54.31% 30.75% 37.75% 31.18% 43.24% 40% 39.39%

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 2.006 3.646 4.133
Change - - - - - -41.81% 81.79% 13.36%
Book Value Per Share 1 31.6 35.41 39.81 46.84 53.63 56.5 61.03 59.91
Change - 12.05% 12.42% 17.67% 14.48% 5.36% 8.02% -1.84%
EPS 1 2.37 4.12 4.27 6.93 8.24 8.595 9.823 10.68
Change - 73.84% 3.64% 62.3% 18.9% 4.31% 14.29% 8.74%
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 8.94x 7.82x
PBR 1.36x 1.26x
EV / Sales 2.06x 1.98x
Yield 2.61% 4.75%

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
76.81BRL
Average target price
85.57BRL
Spread / Average Target
+11.41%

Quarterly revenue - Rate of surprise