Stock DIRR3 DIRECIONAL ENGENHARIA S.A.
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Financials Direcional Engenharia S.A.

Equities

DIRR3

BRDIRRACNOR0

Real Estate Development & Operations

Market Closed - Sao Paulo
Other stock markets
 04:06:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
24.33 BRL +8.33% Intraday chart for Direcional Engenharia S.A. +9.25% +8.66%
Mar. 12 Transcript : Direcional Engenharia S.A., Q4 2023 Earnings Call, Mar 12, 2024
Mar. 11 Direcional Engenharia S.A. Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,217 1,943 1,843 2,330 3,867 4,202 - -
Enterprise Value (EV) 1 2,319 2,099 2,035 2,515 3,867 4,489 4,499 4,817
P/E ratio 22.4 x 17.2 x 11.7 x 11.2 x 11 x 8.05 x 6.53 x 6.46 x
Yield 3.33% 6.19% 5.43% 7.48% - 2.96% 7.91% 11.3%
Capitalization / Revenue 1.52 x 1.29 x 1.04 x 1.08 x 1.64 x 1.28 x 1.03 x 0.96 x
EV / Revenue 1.59 x 1.4 x 1.15 x 1.16 x 1.64 x 1.37 x 1.1 x 1.1 x
EV / EBITDA 9.65 x 7.47 x 5.38 x 5.75 x 7.07 x 5.81 x 4.66 x 4.69 x
EV / FCF 10.4 x 7.67 x 22.8 x 13.9 x - -30.3 x -52.9 x 15 x
FCF Yield 9.65% 13% 4.39% 7.2% - -3.3% -1.89% 6.68%
Price to Book 1.77 x 1.57 x 1.46 x 1.75 x - 1.82 x 1.72 x 1.31 x
Nbr of stocks (in thousands) 147,806 148,400 145,006 148,985 172,694 172,694 - -
Reference price 2 15.00 13.09 12.71 15.64 22.39 24.33 24.33 24.33
Announcement Date 3/9/20 3/15/21 3/14/22 3/13/23 3/11/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,458 1,501 1,776 2,163 2,355 3,281 4,095 4,394
EBITDA 1 240.2 281.1 378.2 437.7 547 773 965.8 1,028
EBIT 1 204.3 239.6 326.9 384.3 486.3 689.3 857.4 963.6
Operating Margin 14.01% 15.97% 18.4% 17.77% 20.65% 21.01% 20.94% 21.93%
Earnings before Tax (EBT) 1 153.8 181.2 244.3 322.4 436.9 603.3 728 828.5
Net income 1 100.5 113.1 159.5 208.8 331.6 508 631.7 653.6
Net margin 6.89% 7.53% 8.98% 9.66% 14.08% 15.49% 15.43% 14.87%
EPS 2 0.6700 0.7600 1.090 1.400 2.030 3.024 3.724 3.767
Free Cash Flow 1 223.7 273.7 89.42 181 - -148 -85 322
FCF margin 15.34% 18.24% 5.03% 8.37% - -4.51% -2.08% 7.33%
FCF Conversion (EBITDA) 93.14% 97.37% 23.64% 41.35% - - - 31.32%
FCF Conversion (Net income) 222.68% 242.03% 56.06% 86.67% - - - 49.27%
Dividend per Share 2 0.5000 0.8100 0.6900 1.170 - 0.7194 1.925 2.745
Announcement Date 3/9/20 3/15/21 3/14/22 3/13/23 3/11/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 453.4 487 468.1 586.1 574.4 534 557.3 605.4 557.7 634.8 734.6 793.9 893.4 953.1 1,060
EBITDA 1 100.7 109.8 97.03 118.9 107.8 113.8 121 134.2 139.6 152.2 162.8 184.8 207.5 220.9 238.9
EBIT 1 87.66 96.1 82.85 105.3 95.01 101 107.5 117.1 123 138.9 145.5 165 191.8 208.8 212.7
Operating Margin 19.34% 19.73% 17.7% 17.96% 16.54% 18.91% 19.29% 19.34% 22.06% 21.88% 19.8% 20.79% 21.47% 21.91% 20.06%
Earnings before Tax (EBT) 1 - - - - - - 83.6 128.3 96.97 128 109.8 122.3 138.9 159.4 201.6
Net income 1 47.18 44.53 27.43 55.14 63.26 76.88 58.75 104.4 68.76 99.61 92.43 105.8 122.1 141.3 164.2
Net margin 10.41% 9.14% 5.86% 9.41% 11.01% 14.4% 10.54% 17.25% 12.33% 15.69% 12.58% 13.33% 13.67% 14.83% 15.49%
EPS 2 0.3200 0.3100 0.1800 0.2800 0.4200 0.5200 0.3900 0.6900 0.4300 0.5700 0.6242 0.7270 0.8233 0.8940 0.9511
Dividend per Share 2 - - - - - - - - - - - 1.826 - - -
Announcement Date 11/8/21 3/14/22 5/5/22 8/8/22 11/7/22 3/13/23 5/8/23 8/7/23 11/7/23 3/11/24 - - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 102 157 192 185 - 288 298 615
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.4233 x 0.5584 x 0.5083 x 0.4227 x - 0.372 x 0.308 x 0.5984 x
Free Cash Flow 1 224 274 89.4 181 - -148 -85 322
ROE (net income / shareholders' equity) 7.91% 9.11% 11% 16% - 23.5% 27.1% 21.4%
ROA (Net income/ Total Assets) 2.16% 2.32% 3.08% 3.42% - 6.47% 7.27% 7.16%
Assets 1 4,653 4,878 5,182 6,107 - 7,847 8,693 9,125
Book Value Per Share 2 8.500 8.360 8.710 8.930 - 13.40 14.10 18.60
Cash Flow per Share 2 1.610 1.920 0.7100 1.470 - -0.6200 - -
Capex 1 16.8 11.7 14.2 39.4 - 98 121 152
Capex / Sales 1.15% 0.78% 0.8% 1.82% - 2.99% 2.95% 3.46%
Announcement Date 3/9/20 3/15/21 3/14/22 3/13/23 3/11/24 - - -
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 Direcional Engenharia S.A.

Trading Rating
Investor Rating
ESG Refinitiv
D
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
24.33 BRL
Average target price
28.75 BRL
Spread / Average Target
+18.19%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential Real Estate Development

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Residential Real Estate Development
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