Bematech published 2010 results. Earnings of 35 millions, which gives a P/E >10 and ROE < 10 %. Not so exciting.
Besides that, what realy makes me keeping out this company is the fact that 15 millions was due to tax incentives (ICMS). The notes to the financial statements said nothing about when it will finish and I guess that that amount need to have specific use/investment.
So the earnings from operations would be miserables 20 million, at a moment that commerce are growing fast! And even with that tax incentive, FCF is just about 20 to 25 millions, a yield of only 6%. I'm definitely out.
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1 comments:
Considering your calculated FCF of 20-25M, Bematech offers a 7,4-9,2% yield, based on yesterday closing price.
What bothers me is the low ROE. They have invested a lot in the past few years but the revenues, earnings and FCF didn't grow.
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