No target price is issued: the company falls outside the profile this method looks for.
Financial comments6
Leverage rising for 3 consecutive years.
Interest coverage below 4×.
Small base / growth not extrapolable (CAGR above 40 %).
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 fcf: 100 % of the window, weighted by recency → 12.0 points. It is the only place in the model where a bad year subtracts.
Calculation comments4
An anomalous year is out of the estimators; it still counts in the counters and hard cuts.
The publicado consensus candidate was rejected (nivel_inicial_implausible) and is not used.
No consensus candidate passed the plausibility contract: rather than guess which of the provider's two rows is broken, nothing is written and the cascade drops a rung.
Share-count change(s) from corporate actions (2023): out of the shareholder-returns estimator and of the 5-year share projection.
Quality factors
Each factor scores 0–100 on its own scale; the score is their weighted average.
Score
Weight → points
Growth consistency32
Earnings · fit to the log-linear line · σ_resid = 0.09022 %1
Earnings · hit rate · 0 %16 %0
Earnings · volatility · σ = 0.14811 %58
Revenue · fit to the log-linear line · σ_resid = 0.01914 %54
Short effective sample (N_eff = 3.9 < 4): the fit subcomponent is shrunk towards neutral.
·20 → 6,42
Growth pace37
Realized · -31.8 %50 %3
Expected · 85.7 %50 %71
Small base / growth not extrapolable (CAGR above 40 %).
·20 → 7,36
No recent stagnation62
Realized slowdown · 1.00×50 %25
Expected slowdown · -2.69×50 %99
3-year earnings CAGR at or below zero (-56.3 %): 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 → 9,32
FCF quality0
FCF / net income conversion · -2.28×100 %0
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 0 of the 5 years in the window.
An anomalous year is out of the estimators; it still counts in the counters and hard cuts.
·15 → 0,00
Debt15
Net debt / EBITDA · 2.84×100 %15
Net debt / EBITDA has risen 3 years in a row: −8 points.
Interest coverage (EBIT / |interest|) = 1.4×.
Leverage rising for 3 consecutive years.
Interest coverage below 4×.
·15 → 2,28
Return on invested capital (ROIC)2
Level (recency-weighted mean) · 5.5 %50 %2
Spread over the required return · −0.0 pp over the 10 % required30 %5
Trend · −6.7 pp over 4 years20 %0
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 (5.5 %) 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 → 0,34
Weighted base
·100 → 25,73
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 · +0.0 pp accumulated over 4 years50
