No target price is issued: the company falls outside the profile this method looks for.
Financial comments7
Recurring adjustments: normalized earnings sit well above reported.
Anomalous cash conversion — review capex and non-cash charges.
EBITDA at or below zero: debt scored on net debt / market cap.
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.
Expected stagnation: consensus points to no growth.
ROIC below the required return: growth destroys value.
Impairment of earnings: 36 % of the window, weighted by recency → 4.3 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 consistency45
Earnings · fit to the log-linear line · σ_resid = 0.03922 %91
Earnings · hit rate · 47 %16 %2
Earnings · volatility · σ = 0.07811 %89
Revenue · fit to the log-linear line · σ_resid = 0.02514 %0
Short effective sample (N_eff = 3.9 < 4): the fit subcomponent is shrunk towards neutral.
·20 → 8,97
Growth pace11
Realized · 6.5 %50 %22
Expected · -5.0 %50 %0
·20 → 2,16
No recent stagnation27
Realized slowdown · 1.00×50 %54
Expected slowdown · -0.77×50 %0
3-year earnings CAGR at or below zero (-14.2 %): 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.
Expected stagnation: consensus points to no growth.
·15 → 4,09
FCF quality100
FCF / net income conversion · 1.89×100 %100
Window chosen: last 5 years (the best of those evaluated).
Anomalous financial year(s) in earnings (2026): out of this component's estimators; they still count in the counters and hard cuts.
Positive FCF in 5 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
EBITDA at or below zero, or no ratio available: debt is scored on net debt / market cap.
EBITDA at or below zero: debt scored on net debt / market cap.
·15 → 0,00
Return on invested capital (ROIC)12
Level (recency-weighted mean) · 4.4 %50 %0
Spread over the required return · −0.1 pp over the 10 % required30 %0
Trend · +1.0 pp over 4 years20 %58
Anomalous financial year(s) in earnings or invested capital (2026): out of this component's estimators; they still count in the counters and hard cuts.
Average ROIC (4.4 %) 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 → 1,75
Weighted base
·100 → 31,97
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 · −2.9 pp accumulated over 4 years21
