Stock CYRE3 CYRELA BRAZIL REALTY S.A. EMPREENDIMENTOS E PARTICIPAÇÕES
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Financials Cyrela Brazil Realty S.A. Empreendimentos e Participações

Equities

CYRE3

BRCYREACNOR7

Real Estate Development & Operations

Market Closed - Sao Paulo
Other stock markets
 04:07:33 2024-06-07 pm EDT 		5-day change 1st Jan Change
19.57 BRL -4.94% Intraday chart for Cyrela Brazil Realty S.A. Empreendimentos e Participações +2.41% -18.73%
May. 10 Transcript : Cyrela Brazil Realty S.A. Empreendimentos e Participações, Q1 2024 Earnings Call, May 10, 2024
May. 09 Cyrela Brazil Realty S.A. Empreendimentos e Participações Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,414 11,335 6,067 4,953 9,028 7,337 - -
Enterprise Value (EV) 1 12,553 11,637 6,394 4,953 9,896 8,032 7,812 7,626
P/E ratio 27.5 x 6.44 x 6.64 x 6.14 x 9.57 x 5.85 x 5.18 x 4.57 x
Yield 4.38% 8.98% 6.89% - - 5% 7.35% 9.32%
Capitalization / Revenue 2.9 x 2.96 x 1.27 x 0.92 x 1.44 x 1.04 x 0.97 x 0.89 x
EV / Revenue 3.19 x 3.04 x 1.33 x 0.92 x 1.58 x 1.14 x 1.03 x 0.93 x
EV / EBITDA 18.9 x 5.16 x 5.8 x 5.18 x 8.3 x 5.42 x 4.58 x 3.91 x
EV / FCF 22.1 x 5.62 x -13.2 x - -13.4 x 29.3 x 6.28 x 4.66 x
FCF Yield 4.52% 17.8% -7.56% - -7.48% 3.41% 15.9% 21.5%
Price to Book 2.4 x 2.06 x 1.02 x - 1.17 x 0.89 x 0.83 x 0.79 x
Nbr of stocks (in thousands) 384,426 384,504 384,504 378,971 374,921 374,921 - -
Reference price 2 29.69 29.48 15.78 13.07 24.08 19.57 19.57 19.57
Announcement Date 3/19/20 3/18/21 3/17/22 3/16/23 3/14/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,931 3,824 4,791 5,412 6,253 7,074 7,588 8,208
EBITDA 1 664.6 2,256 1,103 956.8 1,193 1,481 1,708 1,950
EBIT 1 589 2,205 1,063 913 1,125 1,295 1,457 1,627
Operating Margin 14.98% 57.66% 22.19% 16.87% 18% 18.31% 19.21% 19.82%
Earnings before Tax (EBT) 1 620 2,289 1,106 982 1,262 1,525 1,697 2,042
Net income 1 416 1,760 914.4 809 942 1,279 1,467 1,673
Net margin 10.58% 46.04% 19.09% 14.95% 15.07% 18.08% 19.33% 20.38%
EPS 2 1.080 4.578 2.378 2.130 2.516 3.348 3.781 4.283
Free Cash Flow 1 566.9 2,070 -483.5 - -740.4 274 1,245 1,637
FCF margin 14.42% 54.14% -10.09% - -11.84% 3.87% 16.41% 19.94%
FCF Conversion (EBITDA) 85.3% 91.76% - - - 18.5% 72.91% 83.96%
FCF Conversion (Net income) 136.27% 117.61% - - - 21.42% 84.87% 97.84%
Dividend per Share 2 1.301 2.648 1.087 - - 0.9786 1.439 1.824
Announcement Date 3/19/20 3/18/21 3/17/22 3/16/23 3/14/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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 2025 Q2
Net sales 1 1,317 1,232 1,250 1,560 1,371 1,283 1,633 1,626 1,710 1,573 1,708 1,862 1,926 1,817 1,865
EBITDA 1 269.7 190.7 176.3 357.9 235.2 196.2 330.3 359.9 332.8 - 362.9 391.1 397.7 443.9 452.8
EBIT 1 261.9 188 167 335.1 224 177.4 319 318 312 339 320.3 358.3 372 402.2 419.1
Operating Margin 19.89% 15.26% 13.36% 21.48% 16.34% 13.83% 19.53% 19.56% 18.25% 21.55% 18.76% 19.24% 19.31% 22.14% 22.47%
Earnings before Tax (EBT) 1 - - - - - 223 348 346 346 352 408.6 385.9 433.8 436 438.8
Net income 1 217.4 162 151 288.6 208 164 279 251 248 267 330.3 302.8 351.6 355 357.2
Net margin 16.51% 13.15% 12.08% 18.51% 15.17% 12.78% 17.09% 15.44% 14.5% 16.97% 19.34% 16.26% 18.25% 19.54% 19.15%
EPS 2 0.5680 0.4200 0.3900 0.7699 0.5500 0.4363 0.7500 0.6700 0.6600 0.7100 0.8526 0.8507 0.9600 1.080 1.087
Dividend per Share 2 - - - - - - - - - - 0.7404 - - - 0.9851
Announcement Date 3/17/22 5/14/22 8/11/22 11/10/22 3/16/23 5/11/23 8/10/23 11/9/23 3/14/24 5/9/24 - - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,139 302 327 - 868 695 475 289
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.714 x 0.1337 x 0.2962 x - 0.7279 x 0.4693 x 0.2783 x 0.1483 x
Free Cash Flow 1 567 2,070 -484 - -740 274 1,245 1,637
ROE (net income / shareholders' equity) 8.39% 34.3% 14.9% - 12.2% 15.2% 15.2% 15.9%
ROA (Net income/ Total Assets) 2.54% 16.4% 7.24% - 5.48% 6.9% 7.46% 7.62%
Assets 1 16,392 10,711 12,637 - 17,197 18,552 19,675 21,946
Book Value Per Share 2 12.40 14.30 15.50 - 20.50 22.00 23.60 24.90
Cash Flow per Share - 5.540 -1.030 - - - - -
Capex 1 122 59.7 86.8 - 125 103 103 143
Capex / Sales 3.12% 1.56% 1.81% - 1.99% 1.46% 1.36% 1.74%
Announcement Date 3/19/20 3/18/21 3/17/22 3/16/23 3/14/24 - - -
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 Cyrela Brazil Realty S.A. Empreendimentos e Participações

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
19.57 BRL
Average target price
29.07 BRL
Spread / Average Target
+48.56%
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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