Company Valuation: Afya Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 8,132 7,427 9,557 8,862 7,698 5,476 - -
Change - -8.67% 28.69% -7.27% -13.13% -28.87% - -
Enterprise Value (EV) 1 8,758 9,048 11,679 11,124 9,693 6,993 6,928 6,919
Change - 3.31% 29.08% -4.75% -12.87% -27.85% -0.93% -0.13%
P/E 36.9x 20x 24.9x 14.2x 10.3x 7.07x 6.34x 5.82x
PBR 2.77x 2.33x 2.67x 2.1x 1.58x 1.04x 1.01x 1.05x
PEG - 0.3x 6.84x 0.2x 0.5x 1.14x 0.5x 0.66x
Capitalization / Revenue 4.73x 3.19x 3.32x 2.68x 2.08x 1.38x 1.28x 1.21x
EV / Revenue 5.09x 3.88x 4.06x 3.37x 2.62x 1.76x 1.63x 1.53x
EV / EBITDA 11.6x 9.41x 10x 7.64x 5.77x 4.07x 3.79x 3.6x
EV / EBIT 14.6x 12x 15.2x 9.91x 7.42x 5.33x 4.98x 4.69x
EV / FCF 24.7x 16.5x 14.6x 10.7x 8.3x 5.59x 6.01x 5.68x
FCF Yield 4.04% 6.04% 6.83% 9.35% 12% 17.9% 16.6% 17.6%
Dividend per Share 2 - - - - 3.447 3.225 5.265 10.2
Rate of return - - - - 4.06% 5.21% 8.51% 16.5%
EPS 2 2.37 4.12 4.27 6.93 8.24 8.753 9.764 10.63
Distribution rate - - - - 41.8% 36.8% 53.9% 95.9%
Net sales 1 1,719 2,329 2,876 3,304 3,697 3,981 4,262 4,512
EBITDA 1 754.8 961.9 1,166 1,456 1,680 1,717 1,826 1,923
EBIT 1 600.6 755.7 767.1 1,122 1,307 1,313 1,391 1,475
Net income 1 223.3 373.6 386.3 631.5 752.5 793.4 892.1 963.5
Net Debt 1 626.3 1,622 2,122 2,262 1,995 1,517 1,452 1,443
Reference price 2 87.53 82.58 106.41 98.22 84.88 61.89 61.89 61.89
Nbr of stocks (in thousands) 92,902 89,937 89,812 90,230 90,698 88,478 - -
Announcement Date 31/3/22 22/3/23 14/3/24 13/3/25 12/3/26 - - -
1BRL in Million2BRL
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
31.43x7.81x20.69x1.88% 1.51B
7.07x1.76x4.07x5.21% 1.05B
9.9x0.66x2.68x2.62% 915M
27x3.77x15.06x4.01% 881M
7.55x1.18x3.89x4.65% 841M
2.65x1.07x1.95x - 675M
8.65x1.15x3.46x5.27% 506M
Average 13.47x 2.48x 7.40x 3.94% 909.87M
Weighted average by Cap. 15.72x 3.11x 9.03x 3.65%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield