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INCLUSIO SA (INCLU.BR) Stock Fundamental Analysis

EBR:INCLU - BE0974374069 - Common Stock

18.9 EUR
-0.05 (-0.26%)
Last: 9/3/2025, 5:28:57 PM
Fundamental Rating

5

INCLU gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 70 industry peers in the Real Estate Management & Development industry. INCLU has an excellent profitability rating, but there are concerns on its financial health. INCLU has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

In the past year INCLU was profitable.
In the past 5 years INCLU has always been profitable.
INCLU had a positive operating cash flow in 4 of the past 5 years.
INCLU.BR Yearly Net Income VS EBIT VS OCF VS FCFINCLU.BR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 0 10M 20M 30M

1.2 Ratios

INCLU has a better Return On Assets (4.52%) than 85.71% of its industry peers.
INCLU has a better Return On Equity (7.95%) than 81.43% of its industry peers.
INCLU's Return On Invested Capital of 4.88% is amongst the best of the industry. INCLU outperforms 85.71% of its industry peers.
INCLU had an Average Return On Invested Capital over the past 3 years of 5.19%. This is in line with the industry average of 4.15%.
Industry RankSector Rank
ROA 4.52%
ROE 7.95%
ROIC 4.88%
ROA(3y)7.3%
ROA(5y)5.7%
ROE(3y)11.78%
ROE(5y)8.82%
ROIC(3y)5.19%
ROIC(5y)N/A
INCLU.BR Yearly ROA, ROE, ROICINCLU.BR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 0 5 10 15

1.3 Margins

INCLU's Profit Margin of 111.30% is amongst the best of the industry. INCLU outperforms 95.71% of its industry peers.
INCLU's Profit Margin has improved in the last couple of years.
Looking at the Operating Margin, with a value of 151.10%, INCLU belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
INCLU's Operating Margin has improved in the last couple of years.
INCLU has a Gross Margin of 94.16%. This is amongst the best in the industry. INCLU outperforms 92.86% of its industry peers.
Industry RankSector Rank
OM 151.1%
PM (TTM) 111.3%
GM 94.16%
OM growth 3Y37.67%
OM growth 5Y104.68%
PM growth 3Y-15.24%
PM growth 5Y30.69%
GM growth 3YN/A
GM growth 5YN/A
INCLU.BR Yearly Profit, Operating, Gross MarginsINCLU.BR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 2024 0 100 200

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1

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is just above the Cost of Capital (WACC), so INCLU is still creating some value.
Compared to 1 year ago, INCLU has about the same amount of shares outstanding.
INCLU has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, INCLU has a worse debt to assets ratio.
INCLU.BR Yearly Shares OutstandingINCLU.BR Yearly Shares OutstandingYearly Shares Outstanding 2017 2018 2019 2020 2021 2022 2023 2024 2M 4M 6M
INCLU.BR Yearly Total Debt VS Total AssetsINCLU.BR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

2.2 Solvency

INCLU has an Altman-Z score of 1.00. This is a bad value and indicates that INCLU is not financially healthy and even has some risk of bankruptcy.
INCLU has a Altman-Z score (1.00) which is in line with its industry peers.
A Debt/Equity ratio of 0.65 indicates that INCLU is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.65, INCLU is in line with its industry, outperforming 58.57% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF N/A
Altman-Z 1
ROIC/WACC0.95
WACC5.12%
INCLU.BR Yearly LT Debt VS Equity VS FCFINCLU.BR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 0 50M 100M 150M 200M

2.3 Liquidity

A Current Ratio of 0.77 indicates that INCLU may have some problems paying its short term obligations.
INCLU has a worse Current ratio (0.77) than 72.86% of its industry peers.
A Quick Ratio of 0.77 indicates that INCLU may have some problems paying its short term obligations.
With a Quick ratio value of 0.77, INCLU perfoms like the industry average, outperforming 51.43% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.77
Quick Ratio 0.77
INCLU.BR Yearly Current Assets VS Current LiabilitesINCLU.BR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M

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6

3. Growth

3.1 Past

INCLU shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -40.60%.
Measured over the past years, INCLU shows a very strong growth in Earnings Per Share. The EPS has been growing by 103.86% on average per year.
The Revenue has grown by 15.38% in the past year. This is quite good.
Measured over the past years, INCLU shows a very strong growth in Revenue. The Revenue has been growing by 56.98% on average per year.
EPS 1Y (TTM)-40.6%
EPS 3Y9.08%
EPS 5Y103.86%
EPS Q2Q%-41.07%
Revenue 1Y (TTM)15.38%
Revenue growth 3Y28.65%
Revenue growth 5Y56.98%
Sales Q2Q%16.67%

3.2 Future

INCLU is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 8.55% yearly.
INCLU is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 8.41% yearly.
EPS Next Y12.63%
EPS Next 2Y9.06%
EPS Next 3Y8.55%
EPS Next 5YN/A
Revenue Next Year11.37%
Revenue Next 2Y8.66%
Revenue Next 3Y8.41%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
INCLU.BR Yearly Revenue VS EstimatesINCLU.BR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 5M 10M 15M
INCLU.BR Yearly EPS VS EstimatesINCLU.BR Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 0.5 1 1.5 2 2.5

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4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 7.91, which indicates a rather cheap valuation of INCLU.
88.57% of the companies in the same industry are more expensive than INCLU, based on the Price/Earnings ratio.
INCLU is valuated cheaply when we compare the Price/Earnings ratio to 26.90, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 16.24 indicates a correct valuation of INCLU.
Based on the Price/Forward Earnings ratio, INCLU is valued a bit cheaper than 67.14% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.52, INCLU is valued a bit cheaper.
Industry RankSector Rank
PE 7.91
Fwd PE 16.24
INCLU.BR Price Earnings VS Forward Price EarningsINCLU.BR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of INCLU indicates a rather cheap valuation: INCLU is cheaper than 82.86% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 12.51
INCLU.BR Per share dataINCLU.BR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

INCLU's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The excellent profitability rating of INCLU may justify a higher PE ratio.
PEG (NY)0.63
PEG (5Y)0.08
EPS Next 2Y9.06%
EPS Next 3Y8.55%

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3

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.06%, INCLU has a reasonable but not impressive dividend return.
INCLU's Dividend Yield is a higher than the industry average which is at 8.26.
Compared to an average S&P500 Dividend Yield of 2.32, INCLU pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 3.06%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years2
Div Non Decr Years2
INCLU.BR Yearly Dividends per shareINCLU.BR Yearly Dividends per shareYearly Dividends per share 2022 2023 2024 2025 0.2 0.4 0.6 0.8

5.3 Sustainability

DPN/A
EPS Next 2Y9.06%
EPS Next 3Y8.55%
INCLU.BR Yearly Income VS Free CF VS DividendINCLU.BR Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2017 2018 2019 2020 2021 2022 2023 2024 0 10M 20M 30M

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INCLUSIO SA

EBR:INCLU (9/3/2025, 5:28:57 PM)

18.9

-0.05 (-0.26%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryReal Estate Management & Development
Earnings (Last)N/A N/A
Earnings (Next)N/A N/A
Inst Owners6.58%
Inst Owner ChangeN/A
Ins Owners0.1%
Ins Owner ChangeN/A
Market Cap144.21M
Analysts86
Price Target20.4 (7.94%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.06%
Yearly Dividend0.49
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years2
Div Non Decr Years2
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)9.59%
PT rev (3m)9.59%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)8.63%
EPS NY rev (3m)8.63%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)3.1%
Revenue NY rev (3m)3.1%
Valuation
Industry RankSector Rank
PE 7.91
Fwd PE 16.24
P/S 9.05
P/FCF N/A
P/OCF N/A
P/B 0.64
P/tB 0.64
EV/EBITDA 12.51
EPS(TTM)2.39
EY12.65%
EPS(NY)1.16
Fwd EY6.16%
FCF(TTM)N/A
FCFYN/A
OCF(TTM)N/A
OCFYN/A
SpS2.09
BVpS29.36
TBVpS29.36
PEG (NY)0.63
PEG (5Y)0.08
Profitability
Industry RankSector Rank
ROA 4.52%
ROE 7.95%
ROCE 6.51%
ROIC 4.88%
ROICexc 4.88%
ROICexgc 4.88%
OM 151.1%
PM (TTM) 111.3%
GM 94.16%
FCFM N/A
ROA(3y)7.3%
ROA(5y)5.7%
ROE(3y)11.78%
ROE(5y)8.82%
ROIC(3y)5.19%
ROIC(5y)N/A
ROICexc(3y)5.19%
ROICexc(5y)N/A
ROICexgc(3y)5.19%
ROICexgc(5y)N/A
ROCE(3y)6.91%
ROCE(5y)N/A
ROICexcg growth 3Y48.41%
ROICexcg growth 5Y147.81%
ROICexc growth 3Y48.42%
ROICexc growth 5Y147.85%
OM growth 3Y37.67%
OM growth 5Y104.68%
PM growth 3Y-15.24%
PM growth 5Y30.69%
GM growth 3YN/A
GM growth 5YN/A
F-ScoreN/A
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF N/A
Debt/EBITDA 5.99
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 0.77
Quick Ratio 0.77
Altman-Z 1
F-ScoreN/A
WACC5.12%
ROIC/WACC0.95
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-40.6%
EPS 3Y9.08%
EPS 5Y103.86%
EPS Q2Q%-41.07%
EPS Next Y12.63%
EPS Next 2Y9.06%
EPS Next 3Y8.55%
EPS Next 5YN/A
Revenue 1Y (TTM)15.38%
Revenue growth 3Y28.65%
Revenue growth 5Y56.98%
Sales Q2Q%16.67%
Revenue Next Year11.37%
Revenue Next 2Y8.66%
Revenue Next 3Y8.41%
Revenue Next 5YN/A
EBIT growth 1Y-34.21%
EBIT growth 3Y77.12%
EBIT growth 5Y221.31%
EBIT Next Year9.09%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y68.03%
FCF growth 3Y51.2%
FCF growth 5YN/A
OCF growth 1Y61.13%
OCF growth 3Y50.01%
OCF growth 5YN/A