INCLUSIO SA (INCLU.BR) Fundamental Analysis & Valuation

EBR:INCLU • BE0974374069

18.1 EUR
-0.05 (-0.28%)
Last: Mar 10, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This INCLU.BR fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

Overall INCLU gets a fundamental rating of 5 out of 10. We evaluated INCLU against 74 industry peers in the Real Estate Management & Development industry. INCLU scores excellent on profitability, but there are concerns on its financial health. INCLU has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

7

1. INCLU.BR Profitability Analysis

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

  • The Return On Assets of INCLU (3.89%) is better than 79.73% of its industry peers.
  • With a decent Return On Equity value of 6.58%, INCLU is doing good in the industry, outperforming 74.32% of the companies in the same industry.
  • Looking at the Return On Invested Capital, with a value of 3.90%, INCLU is in the better half of the industry, outperforming 79.73% of the companies in the same industry.
  • 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 3.95%.
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 has a Profit Margin of 91.64%. This is amongst the best in the industry. INCLU outperforms 90.54% of its industry peers.
  • INCLU's Profit Margin has improved in the last couple of years.
  • INCLU has a Operating Margin of 117.50%. This is amongst the best in the industry. INCLU outperforms 98.65% of its industry peers.
  • INCLU's Operating Margin has improved in the last couple of years.
  • The Gross Margin of INCLU (91.64%) is better than 86.49% of its industry peers.
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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2

2. INCLU.BR Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), INCLU is creating some value.
  • The number of shares outstanding for INCLU remains at a similar level compared to 1 year ago.
  • The number of shares outstanding for INCLU has been increased compared to 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.
  • INCLU has a Altman-Z score (0.99) which is comparable to the rest of the industry.
  • A Debt/Equity ratio of 0.61 indicates that INCLU is somewhat dependend on debt financing.
  • INCLU has a Debt to Equity ratio of 0.61. This is in the better half of the industry: INCLU outperforms 60.81% 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.
  • The Current ratio of INCLU (0.63) is worse than 68.92% of its industry peers.
  • INCLU has a Quick 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 Quick ratio of 0.63. This is comparable to the rest of the industry: INCLU outperforms 45.95% of its industry peers.
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. INCLU.BR Growth Analysis

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.
  • INCLU shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 15.38%.
  • 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%-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 5.79% on average over the next years.
  • The Revenue is expected to grow by 8.61% on average over the next years. This is quite good.
EPS Next Y16.84%
EPS Next 2Y6.87%
EPS Next 3Y7.8%
EPS Next 5Y5.79%
Revenue Next Year12.71%
Revenue Next 2Y8.96%
Revenue Next 3Y9.91%
Revenue Next 5Y8.61%

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.
  • 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 2028 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 2028 0.5 1 1.5 2 2.5

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5

4. INCLU.BR Valuation Analysis

4.1 Price/Earnings Ratio

  • INCLU is valuated reasonably with a Price/Earnings ratio of 8.92.
  • Based on the Price/Earnings ratio, INCLU is valued a bit cheaper than the industry average as 79.73% of the companies are valued more expensively.
  • INCLU is valuated cheaply when we compare the Price/Earnings ratio to 26.25, which is the current average of the S&P500 Index.
  • The Price/Forward Earnings ratio is 16.20, which indicates a correct valuation of INCLU.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of INCLU indicates a somewhat cheap valuation: INCLU is cheaper than 68.92% of the companies listed in the same industry.
  • When comparing the Price/Forward Earnings ratio of INCLU to the average of the S&P500 Index (24.39), we can say INCLU is valued slightly cheaper.
Industry RankSector Rank
PE 8.92
Fwd PE 16.2
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

  • Based on the Enterprise Value to EBITDA ratio, INCLU is valued a bit cheaper than the industry average as 74.32% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 14.88
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

  • INCLU's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • INCLU has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)0.53
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. INCLU.BR Dividend Analysis

5.1 Amount

  • INCLU has a Yearly Dividend Yield of 3.52%. Purely for dividend investing, there may be better candidates out there.
  • INCLU's Dividend Yield is a higher than the industry average which is at 4.13.
  • Compared to an average S&P500 Dividend Yield of 1.82, INCLU pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.52%

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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INCLU.BR Fundamentals: All Metrics, Ratios and Statistics

INCLUSIO SA

EBR:INCLU (3/10/2026, 7:00:00 PM)

18.1

-0.05 (-0.28%)

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 Owners5.36%
Inst Owner ChangeN/A
Ins Owners0.1%
Ins Owner ChangeN/A
Market Cap138.10M
Revenue(TTM)16.74M
Net Income(TTM)15.34M
Analysts84
Price Target20.91 (15.52%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.52%
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 8.92
Fwd PE 16.2
P/S 8.25
P/FCF N/A
P/OCF N/A
P/B 0.59
P/tB 0.59
EV/EBITDA 14.88
EPS(TTM)2.03
EY11.22%
EPS(NY)1.12
Fwd EY6.17%
FCF(TTM)N/A
FCFYN/A
OCF(TTM)N/A
OCFYN/A
SpS2.19
BVpS30.54
TBVpS30.54
PEG (NY)0.53
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 5Y5.79%
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 5Y8.61%
EBIT growth 1Y-34.21%
EBIT growth 3Y77.12%
EBIT growth 5Y221.31%
EBIT Next Year16.36%
EBIT Next 3Y8.88%
EBIT Next 5Y9.82%
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 5 / 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 8.92 and the Price/Book (PB) ratio is 0.59.


Can you provide the financial health for INCLU stock?

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