RAPT4 - Randon Implementos

I was looking at Randon Free Cash Flow, but it's very difficult to analyse it, because RAPT is a growth company. So I did the following:

• I adjusted shareholder's equity since 2005 by inflation (IGPM).
• Then I calculated real growth in shareholder's equity:

LOGN3 - Log-in Logística

Here goes my main notes about Log-in:

• Cash flow from operations since 1Q2010 is BRL 73,7 mi. Since receivables increased a lot, total cash flow generated is under BRL 20 mi (less than BRL 3 mi per quarter).
• Cost of debt is very low. Almost 3/4 of it is TJLP + 2.5%.
• According to the company, cost of TEU per day of own boat is 80% less than chartered boat (Cost TEU/day of BRL 6.00 x BRL 29.00).
• One boat just begun (Jacaranda) and other will begin (Jatoba) commercial operation soon.

So, if you believe company is pre-operational (except for TVV Vilha Velha) and the new boats will reduce costs and increase FCF, it may be a good pick. 

But bear in mind that today it doesn't generate cash and doesn't pay dividends, so you'll have to make a bet. What is yours?