No target price is issued: the company falls outside the profile this method looks for.
Financial comments8
Recurring adjustments: normalized earnings sit well above reported.
Interest coverage below 4×.
Anomalous cash conversion — review capex and non-cash charges.
Small base / growth not extrapolable (CAGR above 40 %).
The share count grows: net dilution.
Stagnation: 3-year earnings CAGR at or below zero. It is scored, not cut: the penalty is charged by the Impairment modifier, where it is continuous and capped.
ROIC below the required return: growth destroys value.
Impairment of earnings: 37 % of the window, weighted by recency → 4.5 points. It is the only place in the model where a bad year subtracts.
Calculation comments2
An anomalous year is out of the estimators; it still counts in the counters and hard cuts.
The derivado consensus candidate was rejected (base_reconstruida) and is not used.
Quality factors
Each factor scores 0–100 on its own scale; the score is their weighted average.
Score
Weight → points
Growth consistency46
Earnings · fit to the log-linear line · σ_resid = 0.06022 %82
Earnings · hit rate · 23 %16 %0
Earnings · volatility · σ = 0.12611 %71
Revenue · fit to the log-linear line · σ_resid = 0.05914 %84
Short effective sample (N_eff = 3.9 < 4): the fit subcomponent is shrunk towards neutral.
·20 → 9,23
Growth pace47
Realized · 4.1 %50 %34
Expected · 117.3 %50 %60
Small base / growth not extrapolable (CAGR above 40 %).
·20 → 9,43
No recent stagnation63
Realized slowdown · 1.00×50 %65
Expected slowdown · 28.84×50 %60
3-year earnings CAGR at or below zero (-9.1 %): the engine has slowed. It is scored on the acceleration scale, not cut — a binary cut turned a continuous fact into a cliff, and fired on 36 % of the universe.
Stagnation: 3-year earnings CAGR at or below zero. It is scored, not cut: the penalty is charged by the Impairment modifier, where it is continuous and capped.
·15 → 9,38
FCF quality100
FCF / net income conversion · 7.62×100 %100
Window chosen: last 5 years (the best of those evaluated).
Anomalous financial year(s) in earnings (2025): out of this component's estimators; they still count in the counters and hard cuts.
Positive FCF in 4 of the 5 years in the window.
An anomalous year is out of the estimators; it still counts in the counters and hard cuts.
Anomalous cash conversion — review capex and non-cash charges.
·15 → 15,00
Debt0
Net debt / EBITDA · 10.00×100 %0
Interest coverage (EBIT / |interest|) = 0.0×.
Interest coverage below 4×.
·15 → 0,00
Return on invested capital (ROIC)7
Level (recency-weighted mean) · 1.3 %50 %0
Spread over the required return · −0.1 pp over the 10 % required30 %0
Trend · −1.5 pp over 4 years20 %37
Anomalous financial year(s) in earnings or invested capital (2025): out of this component's estimators; they still count in the counters and hard cuts.
Average ROIC (1.3 %) below the required return (10 %): growth destroys value.
An anomalous year is out of the estimators; it still counts in the counters and hard cuts.
ROIC below the required return: growth destroys value.
·15 → 1,12
Weighted base
·100 → 44,17
Modifiers and penalties
The factors build the score; the modifiers correct it, within +23 / −28. Same 0–100 bar, 100 is always good.
Score
Range
Points
Gross margin trend · −2.2 pp accumulated over 4 years28
±8
-3,5
Altman Z'' · Z'' = 3.90100
0/−15
0,0
Shareholder returns · dilutes 0.7 % a year0
Effective buyback (net share count) · 0.7 % of dilution0
Dividend yield (last DPS / price today) · 9.1 % · does not count: the active branch is dilution—
