INCLUSIO SA (INCLU.BR) Stock Fundamental Analysis

Europe • Euronext Brussels • EBR:INCLU • BE0974374069

18.45 EUR
+0.95 (+5.43%)
Last: Feb 6, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership
Fundamental Rating

5

Overall INCLU gets a fundamental rating of 5 out of 10. We evaluated INCLU against 67 industry peers in the Real Estate Management & Development industry. While INCLU belongs to the best of the industry regarding profitability, there are concerns on its financial health. INCLU is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

7

1. Profitability

1.1 Basic Checks

  • In the past year INCLU was profitable.
  • INCLU had positive earnings in each of the past 5 years.
  • Of the past 5 years INCLU 4 years had a positive operating cash flow.
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

  • With an excellent Return On Assets value of 3.89%, INCLU belongs to the best of the industry, outperforming 80.30% of the companies in the same industry.
  • With a decent Return On Equity value of 6.58%, INCLU is doing good in the industry, outperforming 72.73% of the companies in the same industry.
  • The Return On Invested Capital of INCLU (3.90%) is better than 80.30% 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 4.00%.
Industry RankSector Rank
ROA 3.89%
ROE 6.58%
ROIC 3.9%
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 91.64% is amongst the best of the industry. INCLU outperforms 92.42% of its industry peers.
  • In the last couple of years the Profit Margin of INCLU has grown nicely.
  • INCLU's Operating Margin of 117.50% is amongst the best of the industry. INCLU outperforms 98.48% of its industry peers.
  • INCLU's Operating Margin has improved in the last couple of years.
  • With an excellent Gross Margin value of 91.64%, INCLU belongs to the best of the industry, outperforming 86.36% of the companies in the same industry.
Industry RankSector Rank
OM 117.5%
PM (TTM) 91.64%
GM 91.64%
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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ROAROEROICOperating and Profit MarginShow most profitable peers

2

2. Health

2.1 Basic Checks

  • INCLU has a Return on Invested Capital (ROIC), which is just above the Cost of Capital (WACC), which means it is creating some value.
  • The number of shares outstanding for INCLU remains at a similar level compared to 1 year ago.
  • INCLU has more shares outstanding than it did 5 years ago.
  • The debt/assets ratio for INCLU is higher compared to a year ago.
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 0.99. This is a bad value and indicates that INCLU is not financially healthy and even has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 0.99, INCLU is in line with its industry, outperforming 54.55% of the companies in the same industry.
  • INCLU has a Debt/Equity ratio of 0.61. This is a neutral value indicating INCLU is somewhat dependend on debt financing.
  • The Debt to Equity ratio of INCLU (0.61) is better than 63.64% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.61
Debt/FCF N/A
Altman-Z 0.99
ROIC/WACC0.76
WACC5.13%
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

  • INCLU has a Current Ratio of 0.63. This is a bad value and indicates that INCLU is not financially healthy enough and could expect problems in meeting its short term obligations.
  • INCLU has a Current ratio of 0.63. This is in the lower half of the industry: INCLU underperforms 69.70% of its industry peers.
  • A Quick Ratio of 0.63 indicates that INCLU may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.63, INCLU is in line with its industry, outperforming 46.97% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.63
Quick Ratio 0.63
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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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

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%.
  • The Earnings Per Share has been growing by 103.86% on average over the past years. This is a very strong growth
  • Looking at the last year, INCLU shows a quite strong growth in Revenue. The Revenue has grown by 15.38% in the last year.
  • INCLU shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 56.98% yearly.
EPS 1Y (TTM)-40.6%
EPS 3Y9.08%
EPS 5Y103.86%
EPS Q2Q%-21.31%
Revenue 1Y (TTM)15.38%
Revenue growth 3Y28.65%
Revenue growth 5Y56.98%
Sales Q2Q%6.55%

3.2 Future

  • The Earnings Per Share is expected to grow by 7.80% on average over the next years.
  • The Revenue is expected to grow by 9.91% on average over the next years. This is quite good.
EPS Next Y16.84%
EPS Next 2Y6.87%
EPS Next 3Y7.8%
EPS Next 5YN/A
Revenue Next Year12.71%
Revenue Next 2Y8.96%
Revenue Next 3Y9.91%
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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 20M
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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Find the best growth stocksShow best growing peers

6

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 9.09, the valuation of INCLU can be described as very reasonable.
  • Based on the Price/Earnings ratio, INCLU is valued cheaply inside the industry as 81.82% of the companies are valued more expensively.
  • INCLU's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.93.
  • INCLU is valuated correctly with a Price/Forward Earnings ratio of 16.51.
  • Based on the Price/Forward Earnings ratio, INCLU is valued a bit cheaper than the industry average as 63.64% of the companies are valued more expensively.
  • The average S&P500 Price/Forward Earnings ratio is at 27.77. INCLU is valued slightly cheaper when compared to this.
Industry RankSector Rank
PE 9.09
Fwd PE 16.51
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

  • 78.79% of the companies in the same industry are more expensive than INCLU, based on the Enterprise Value to EBITDA ratio.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 15
INCLU.BR Per share dataINCLU.BR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • The decent profitability rating of INCLU may justify a higher PE ratio.
PEG (NY)0.54
PEG (5Y)0.09
EPS Next 2Y6.87%
EPS Next 3Y7.8%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

4

5. Dividend

5.1 Amount

  • With a Yearly Dividend Yield of 3.68%, INCLU has a reasonable but not impressive dividend return.
  • INCLU's Dividend Yield is a higher than the industry average which is at 4.45.
  • INCLU's Dividend Yield is rather good when compared to the S&P500 average which is at 1.81.
Industry RankSector Rank
Dividend Yield 3.68%

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 2Y6.87%
EPS Next 3Y7.8%
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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Find the best dividend stocksShow peers with best dividend

INCLUSIO SA

EBR:INCLU (2/6/2026, 7:00:00 PM)

18.45

+0.95 (+5.43%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryReal Estate Management & Development
Earnings (Last)N/A
Earnings (Next)N/A
Inst Owners6.31%
Inst Owner ChangeN/A
Ins Owners0.1%
Ins Owner ChangeN/A
Market Cap140.77M
Revenue(TTM)16.74M
Net Income(TTM)15.34M
Analysts86
Price Target20.91 (13.33%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.68%
Yearly Dividend0.75
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)0%
PT rev (3m)2.5%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)6.22%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.9%
Valuation
Industry RankSector Rank
PE 9.09
Fwd PE 16.51
P/S 8.41
P/FCF N/A
P/OCF N/A
P/B 0.6
P/tB 0.6
EV/EBITDA 15
EPS(TTM)2.03
EY11%
EPS(NY)1.12
Fwd EY6.06%
FCF(TTM)N/A
FCFYN/A
OCF(TTM)N/A
OCFYN/A
SpS2.19
BVpS30.54
TBVpS30.54
PEG (NY)0.54
PEG (5Y)0.09
Graham Number37.35
Profitability
Industry RankSector Rank
ROA 3.89%
ROE 6.58%
ROCE 5.2%
ROIC 3.9%
ROICexc 3.9%
ROICexgc 3.9%
OM 117.5%
PM (TTM) 91.64%
GM 91.64%
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
ROICexgc growth 3Y48.41%
ROICexgc 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 0.61
Debt/FCF N/A
Debt/EBITDA 7.23
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 0.63
Quick Ratio 0.63
Altman-Z 0.99
F-ScoreN/A
WACC5.13%
ROIC/WACC0.76
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%-21.31%
EPS Next Y16.84%
EPS Next 2Y6.87%
EPS Next 3Y7.8%
EPS Next 5YN/A
Revenue 1Y (TTM)15.38%
Revenue growth 3Y28.65%
Revenue growth 5Y56.98%
Sales Q2Q%6.55%
Revenue Next Year12.71%
Revenue Next 2Y8.96%
Revenue Next 3Y9.91%
Revenue Next 5YN/A
EBIT growth 1Y-34.21%
EBIT growth 3Y77.12%
EBIT growth 5Y221.31%
EBIT Next Year16.36%
EBIT Next 3Y8.88%
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

INCLUSIO SA / INCLU.BR FAQ

Can you provide the ChartMill fundamental rating for INCLUSIO SA?

ChartMill assigns a fundamental rating of 5 / 10 to INCLU.BR.


Can you provide the valuation status for INCLUSIO SA?

ChartMill assigns a valuation rating of 6 / 10 to INCLUSIO SA (INCLU.BR). This can be considered as Fairly Valued.


Can you provide the profitability details for INCLUSIO SA?

INCLUSIO SA (INCLU.BR) has a profitability rating of 7 / 10.


What are the PE and PB ratios of INCLUSIO SA (INCLU.BR) stock?

The Price/Earnings (PE) ratio for INCLUSIO SA (INCLU.BR) is 9.09 and the Price/Book (PB) ratio is 0.6.


Can you provide the financial health for INCLU stock?

The financial health rating of INCLUSIO SA (INCLU.BR) is 2 / 10.