Stock XP XP INC.
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Financials XP Inc.

Equities

XP

KYG982391099

Investment Banking & Brokerage Services

Real-time Estimate Cboe BZX
Other stock markets
 11:07:29 2024-05-23 am EDT 		5-day change 1st Jan Change
18.62 USD +3.47% Intraday chart for XP Inc. -14.68% -28.23%
May. 22 Sector Update: Financial Stocks Retreat in Late Afternoon Trading MT
May. 22 Sector Update: Financial Stocks Declining Wednesday Afternoon MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 85,421 115,159 89,718 45,506 69,301 47,797 - -
Enterprise Value (EV) 1 85,421 79,480 118,108 50,647 69,301 54,727 54,204 53,238
P/E ratio 73.3 x 55.5 x 25.6 x 13 x 17.7 x 11.1 x 9.22 x 8.2 x
Yield - - - - - 4.34% 6.1% 5.6%
Capitalization / Revenue 16.7 x 14.1 x 7.43 x 3.41 x 4.66 x 2.79 x 2.34 x 2.03 x
EV / Revenue 16.7 x 9.75 x 9.78 x 3.79 x 4.66 x 3.19 x 2.66 x 2.26 x
EV / EBITDA 49.7 x 30.4 x 28.2 x 12.5 x 14.6 x 9.77 x 7.81 x 6.63 x
EV / FCF -22 x 65.2 x -27 x 30.2 x - 10.6 x 12.5 x 6.31 x
FCF Yield -4.55% 1.53% -3.7% 3.31% - 9.43% 7.98% 15.8%
Price to Book 11.9 x 10.6 x 6.22 x 2.65 x - 2.26 x 2.05 x 1.72 x
Nbr of stocks (in thousands) 551,800 558,931 559,549 560,294 548,083 516,075 - -
Reference price 2 154.8 206.0 160.3 81.22 126.4 92.62 92.62 92.62
Announcement Date 3/17/20 2/23/21 2/8/22 2/16/23 2/27/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 5,128 8,152 12,077 13,348 14,860 17,148 20,391 23,537
EBITDA 1 1,720 2,616 4,190 4,065 4,732 5,604 6,944 8,028
EBIT 1 1,629 2,473 3,958 3,859 4,480 5,087 6,487 7,530
Operating Margin 31.77% 30.34% 32.77% 28.91% 30.15% 29.66% 31.81% 31.99%
Earnings before Tax (EBT) 1 1,544 2,421 4,382 3,445 3,936 4,838 6,086 6,997
Net income 1 1,089 2,081 3,589 3,580 3,899 4,633 5,490 6,174
Net margin 21.24% 25.53% 29.72% 26.82% 26.24% 27.02% 26.92% 26.23%
EPS 2 2.112 3.714 6.259 6.250 7.160 8.345 10.04 11.30
Free Cash Flow 1 -3,886 1,219 -4,373 1,677 - 5,162 4,325 8,437
FCF margin -75.79% 14.96% -36.21% 12.56% - 30.1% 21.21% 35.85%
FCF Conversion (EBITDA) - 46.61% - 41.25% - 92.12% 62.28% 105.09%
FCF Conversion (Net income) - 58.59% - 46.84% - 111.42% 78.78% 136.66%
Dividend per Share 2 - - - - - 4.024 5.649 5.186
Announcement Date 3/17/20 2/23/21 2/8/22 2/16/23 2/27/24 - - -
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 3,260 3,121 3,429 3,620 3,177 3,134 3,549 4,132 4,046 4,053 4,346 4,466 4,681 4,637 4,877
EBITDA 1 1,241 980 1,001 1,153 932 1,008 1,156 1,355 1,214 1,331 1,417 1,481 1,521 1,525 1,635
EBIT 1 1,189 919 945 1,109 886 960 1,105 1,284 1,132 1,263 1,298 1,360 1,496 1,477 1,553
Operating Margin 36.47% 29.45% 27.56% 30.64% 27.89% 30.63% 31.14% 31.07% 27.98% 31.16% 29.86% 30.46% 31.95% 31.86% 31.84%
Earnings before Tax (EBT) 1 1,278 1,017 1,057 983 738 816 968 1,157 995 1,088 1,186 1,274 1,384 1,419 1,494
Net income 1 989.4 854 913 1,031 783 796 977 1,087 1,040 1,030 1,113 1,175 1,296 1,263 1,330
Net margin 30.35% 27.36% 26.63% 28.48% 24.65% 25.4% 27.53% 26.31% 25.7% 25.41% 25.61% 26.31% 27.69% 27.23% 27.27%
EPS 2 1.716 1.480 1.580 1.798 1.390 1.480 1.830 1.960 1.880 - 1.950 2.060 2.030 2.221 2.425
Dividend per Share 2 - - - - - - - - - - 1.024 1.087 1.187 1.382 1.455
Announcement Date 2/8/22 5/3/22 8/9/22 11/8/22 2/16/23 5/15/23 8/14/23 11/13/23 2/27/24 5/21/24 - - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - 28,390 5,141 - 6,931 6,408 5,442
Net Cash position 1 - 35,679 - - - - - -
Leverage (Debt/EBITDA) - - 6.776 x 1.265 x - 1.237 x 0.9227 x 0.6778 x
Free Cash Flow 1 -3,886 1,219 -4,373 1,677 - 5,162 4,325 8,437
ROE (net income / shareholders' equity) 23.4% 23% 28.4% 22.8% - 22.6% 24% 24.2%
ROA (Net income/ Total Assets) 3.52% 2.98% 3.05% 2.16% - 1.75% 1.83% 1.76%
Assets 1 30,911 69,809 117,686 165,687 - 264,746 300,331 350,182
Book Value Per Share 2 13.00 19.50 25.80 30.70 - 40.90 45.10 53.90
Cash Flow per Share 2 3.420 2.700 -7.010 3.150 - -6.060 -3.900 13.40
Capex 1 72.5 292 353 127 - 430 510 588
Capex / Sales 1.41% 3.58% 2.92% 0.95% - 2.51% 2.5% 2.5%
Announcement Date 3/17/20 2/23/21 2/8/22 2/16/23 2/27/24 - - -
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 XP Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
92.62 BRL
Average target price
146.7 BRL
Spread / Average Target
+58.42%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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