Financials Vibra Energia S.A.

Equities

VBBR3

BRVBBRACNOR1

Oil & Gas Refining and Marketing

Market Closed - Sao Paulo Other stock markets 04:07:41 2024-05-10 pm EDT			5-day change	1st Jan Change
23.88 ^BRL	+3.06%		-0.87%	+4.92%

May. 09	Transcript : Vibra Energia S.A., Q1 2024 Earnings Call, May 09, 2024
May. 09	Vibra Energia S.A. Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	35,032	25,781	24,341	17,337	25,375	25,530	-	-
Enterprise Value (EV) ¹	35,032	25,781	24,341	30,583	34,227	34,562	32,956	30,904
P/E ratio	15.8 x	6.61 x	9.9 x	11.3 x	-	10.2 x	9.6 x	8.33 x
Yield	3.03%	8.94%	2.72%	-	-	4.48%	6.47%	8.69%
Capitalization / Revenue	0.37 x	0.32 x	0.19 x	0.1 x	0.16 x	0.15 x	0.16 x	0.15 x
EV / Revenue	0.37 x	0.32 x	0.19 x	0.17 x	0.21 x	0.21 x	0.2 x	0.18 x
EV / EBITDA	11.3 x	6.77 x	4.88 x	5.81 x	5.47 x	6.57 x	5.72 x	4.91 x
EV / FCF	15.4 x	20.8 x	14.4 x	57.1 x	6.22 x	10.8 x	9.87 x	8.04 x
FCF Yield	6.47%	4.8%	6.95%	1.75%	16.1%	9.29%	10.1%	12.4%
Price to Book	4 x	2.11 x	1.96 x	1.37 x	1.62 x	1.71 x	1.51 x	1.4 x
Nbr of stocks (in thousands)	1,165,000	1,165,000	1,137,430	1,114,904	1,114,904	1,069,113	-	-
Reference price ²	30.07	22.13	21.40	15.55	22.76	23.88	23.88	23.88
Announcement Date	3/12/20	3/9/21	3/22/22	3/21/23	3/4/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	94,985	81,501	130,121	181,446	162,947	166,441	164,701	167,976
EBITDA ¹	3,105	3,811	4,983	5,263	6,259	5,261	5,763	6,296
EBIT ¹	1,351	3,274	2,494	3,965	7,579	4,467	4,873	5,336
Operating Margin	1.42%	4.02%	1.92%	2.19%	4.65%	2.68%	2.96%	3.18%
Earnings before Tax (EBT) ¹	3,303	4,830	3,174	1,930	6,459	2,285	4,016	4,945
Net income ¹	2,211	3,905	2,497	1,537	4,766	2,894	3,036	3,266
Net margin	2.33%	4.79%	1.92%	0.85%	2.92%	1.74%	1.84%	1.94%
EPS ²	1.900	3.350	2.162	1.371	-	2.334	2.488	2.868
Free Cash Flow ¹	2,268	1,237	1,692	536	5,505	3,210	3,340	3,846
FCF margin	2.39%	1.52%	1.3%	0.3%	3.38%	1.93%	2.03%	2.29%
FCF Conversion (EBITDA)	73.04%	32.46%	33.96%	10.18%	87.95%	61.01%	57.94%	61.09%
FCF Conversion (Net income)	102.58%	31.68%	67.76%	34.87%	115.51%	110.91%	109.98%	117.76%
Dividend per Share ²	0.9100	1.979	0.5823	-	-	1.070	1.545	2.075
Announcement Date	3/12/20	3/9/21	3/22/22	3/21/23	3/4/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q1	2025 Q2
Net sales ¹	39,271	38,381	47,154	50,834	45,077	39,037	37,184	43,063	43,663	39,599	42,763	44,897	42,514	-	-
EBITDA ¹	1,598	1,107	1,612	925	1,619	688	910	2,333	2,328	1,410	1,360	1,543	1,509	-	-
EBIT ¹	528	974	1,477	783	1,078	429	550	2,194	4,468	1,629	1,118	1,287	1,248	-	-
Operating Margin	1.34%	2.54%	3.13%	1.54%	2.39%	1.1%	1.48%	5.09%	10.23%	4.11%	2.62%	2.87%	2.94%	-	-
Earnings before Tax (EBT)	1,362	542	1,065	-300	623	147	183	1,670	4,459	1,224	-	-	-	-	-
Net income ¹	1,025	325	707	-61	566	81	133	1,255	3,297	789	621.3	-	-	-	-
Net margin	2.61%	0.85%	1.5%	-0.12%	1.26%	0.21%	0.36%	2.91%	7.55%	1.99%	1.45%	-	-	-	-
EPS ²	0.8968	0.2884	0.6289	-0.0544	0.5063	0.0723	0.1184	1.117	-	-	0.6207	0.6622	0.6517	-	-
Dividend per Share ²	0.5823	-	0.1100	-	-	-	-	-	-	-	0.5788	0.6092	0.5943	0.5200	0.5200
Announcement Date	3/22/22	5/16/22	8/15/22	11/11/22	3/21/23	5/12/23	8/14/23	11/6/23	3/4/24	5/8/24	-	-	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	13,246	8,852	9,031	7,425	5,374
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	2.517 x	1.414 x	1.717 x	1.288 x	0.8535 x
Free Cash Flow ¹	2,268	1,237	1,692	536	5,505	3,210	3,340	3,846
ROE (net income / shareholders' equity)	24%	37.2%	20.4%	12.3%	33.6%	16.4%	16.4%	17.2%
ROA (Net income/ Total Assets)	8.63%	14.4%	8.03%	4.1%	11.3%	7.39%	6.68%	-
Assets ¹	25,605	27,096	31,106	37,497	42,296	39,175	45,461	-
Book Value Per Share ²	7.520	10.50	10.90	11.30	14.00	14.00	15.90	17.10
Cash Flow per Share ²	2.490	1.560	1.970	1.130	5.560	3.690	4.730	4.390
Capex ¹	631	619	584	727	742	813	879	1,041
Capex / Sales	0.66%	0.76%	0.45%	0.4%	0.46%	0.49%	0.53%	0.62%
Announcement Date	3/12/20	3/9/21	3/22/22	3/21/23	3/4/24	-	-	-

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 Vibra Energia S.A.

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

23.88 BRL

Average target price

29.71 BRL

Spread / Average Target

+24.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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