Financials Cruzeiro do Sul Educacional S.A.

Equities

CSED3

BRCSEDACNOR9

School, College & University

Market Closed - Sao Paulo Other stock markets 04:06:00 2024-05-10 pm EDT			5-day change	1st Jan Change
4.45 ^BRL	+18.04%		-1.98%	-16.04%

Apr. 01	Transcript : Cruzeiro do Sul Educacional S.A., Q4 2023 Earnings Call, Apr 01, 2024
Jan. 15	Cruzeiro do Sul Educacional S.A. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,940	1,461	1,932	1,622	-	-
Enterprise Value (EV) ¹	4,235	1,461	1,932	3,528	3,100	1,818
P/E ratio	35.4 x	192 x	19.3 x	7.98 x	5.45 x	6.27 x
Yield	0.67%	-	-	4.92%	9.52%	7.64%
Capitalization / Revenue	1.61 x	0.72 x	0.84 x	0.64 x	0.59 x	0.58 x
EV / Revenue	2.33 x	0.72 x	0.84 x	1.4 x	1.14 x	0.65 x
EV / EBITDA	7.9 x	2.65 x	2.86 x	4.6 x	3.68 x	2.12 x
EV / FCF	10,314,365 x	-	-	-	-	-
FCF Yield	0%	-	-	-	-	-
Price to Book	2.02 x	-	-	1.08 x	0.98 x	0.94 x
Nbr of stocks (in thousands)	381,822	380,400	364,543	364,543	-	-
Reference price ²	7.700	3.840	5.300	4.450	4.450	4.450
Announcement Date	3/29/22	3/28/23	3/28/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,474	1,801	1,821	2,028	2,298	2,528	2,730	2,801
EBITDA ¹	-	512.9	535.9	550.4	676.5	767.1	841.7	858.4
EBIT ¹	-	324.2	340.3	341.9	311.6	489.3	563.7	544.9
Operating Margin	-	18%	18.69%	16.85%	13.56%	19.36%	20.65%	19.45%
Earnings before Tax (EBT) ¹	-	-43.15	79.5	8.04	104.4	210.9	325.4	274.6
Net income ¹	120.9	-34.79	82.96	6.606	100.5	204.4	312.2	258.1
Net margin	8.2%	-1.93%	4.56%	0.33%	4.37%	8.08%	11.43%	9.22%
EPS ²	-	-0.1140	0.2173	0.0200	0.2745	0.5575	0.8167	0.7100
Free Cash Flow	-	223	410.6	-	-	-	-	-
FCF margin	-	12.38%	22.55%	-	-	-	-	-
FCF Conversion (EBITDA)	-	43.47%	76.61%	-	-	-	-	-
FCF Conversion (Net income)	-	-	494.93%	-	-	-	-	-
Dividend per Share ²	-	-	0.0516	-	-	0.2189	0.4237	0.3400
Announcement Date	3/31/20	4/1/21	3/29/22	3/28/23	3/28/24	-	-	-

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
Net sales ¹	436.9	484.3	473.3	536.9	496.3	521.9	531.7	602	564.8	599.3	597.6
EBITDA ¹	131.5	140.5	142.9	159.2	154.8	117.2	163.4	188	179.6	148.7	189.5
EBIT	107.5	88.9	87.6	103.2	97.4	54.58	-	-	-	-	-
Operating Margin	24.61%	18.36%	18.51%	19.22%	19.63%	10.46%	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-
Net income	13.5	25.1	3.496	14.8	3.818	-15.5	-	48	33.22	6.919	-
Net margin	3.09%	5.18%	0.74%	2.76%	0.77%	-2.97%	-	7.97%	5.88%	1.15%	-
EPS	0.0400	0.0657	0.0100	0.0400	0.0100	-0.0400	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	11/16/21	3/29/22	5/16/22	8/15/22	11/14/22	3/28/23	5/15/23	8/14/23	11/10/23	3/28/24	-

¹BRL in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	2,109	1,295	-	-	1,906	1,478	195
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	4.111 x	2.416 x	-	-	2.484 x	1.756 x	0.2276 x
Free Cash Flow	-	223	411	-	-	-	-	-
ROE (net income / shareholders' equity)	-	-7.23%	8.71%	-	-	14.3%	16.6%	15.5%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	-	1.480	3.810	-	-	4.130	4.560	4.740
Cash Flow per Share ²	-	-	1.220	-	-	3.610	3.880	-
Capex ¹	-	33.8	55.1	-	-	170	-	-
Capex / Sales	-	1.88%	3.03%	-	-	6.72%	-	-
Announcement Date	3/31/20	4/1/21	3/29/22	3/28/23	3/28/24	-	-	-

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 Cruzeiro do Sul Educacional S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.45 BRL

Average target price

6.6 BRL

Spread / Average Target

+48.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector School, College & University (NEC)

	1st Jan change	Capi.
CRUZEIRO DO SUL EDUCACIONAL S.A.	-16.04%	315M
GRAHAM HOLDINGS COMPANY	+10.13%	3.4B
CHINA EDUCATION GROUP HOLDINGS LIMITED	+7.35%	1.76B
SISB	+14.08%	1.04B
YDUQS PARTICIPAÇÕES S.A.	-30.37%	883M
EDVANTAGE GROUP HOLDINGS LIMITED	+4.74%	387M
COLEGIOS PERUANOS S.A.	0.00%	221M
CHINA MAPLE LEAF EDUCATIONAL SYSTEMS LIMITED	+36.36%	144M
MINSHENG EDUCATION GROUP COMPANY LIMITED	+1.23%	133M
IPEOPLE, INC.	-15.10%	113M

School, College & University (NEC)