Announcement • May 01
Vitru Limited to Report Q1, 2024 Results on May 13, 2024 Vitru Limited announced that they will report Q1, 2024 results on May 13, 2024 Announcement • Feb 22
Vitru Limited to Report Q4, 2023 Results on Mar 21, 2024 Vitru Limited announced that they will report Q4, 2023 results After-Market on Mar 21, 2024 Announcement • Oct 26
Vitru Limited Announces Management Changes Vitru Limited announced that Ms. Mariana Moura Wyatt has been appointed as director. This appointment was made in connection with the previously announced share purchase agreement entered into on August 25, 2023 by and among certain of the company's shareholders, Vinci Capital Partners II J Beta Fundo de Investimento em Participações Multiestratégia, Agresti Investments LLC, Botticelli Investments LLC, Caravaggio Investments LLC, and Raffaello Investments LLC and Dboat I Fundo de Investimento em Participações Multiestratégia (23S) pursuant to which such shareholders agreed to sell 1,875,000 (or, approximately 5.5% of the company's outstanding share capital as of October 25, 2023) to 23S. The director has been appointed by notice by 23S pursuant to Vitru’s amended and articles of association, adopted by special resolution at the ordinary general meeting of shareholders of Vitru held on October 23, 2023. Ms. Wyatt is a partner and co-founder at 23S Capital. Prior to 23S Capital, Ms. Wyatt worked for 10 years at Temasek, where she was responsible for investments in Brazil. Before Temasek, she worked in the investment banking departments of Goldman Sachs and Citigroup. She is currently a board member at Bionexo S.A. and Clínica SIM Holdings Ltd. (SiMCo) and a member of the executive committees at Samedil Serviços de Atendimento Médico S.A. (MedSênior). She was also a member of the finance committee of Zamp S.A. (Burger King in Brazil), the strategic committee at Smartfit Escola de Ginástica e Dança S.A. and the risk committee at Superbac Biotechnology Solutions S.A. Ms. Wyatt holds an undergraduate degree in business administration from the Escola de Administração de Empresas de São Paulo da Fundação Getulio Vargas and an MBA from Columbia Business School. Vitru also announced that Mr. Lywal Salles Filho has stepped down from his role as a director of Vitru as well as from all committees and subcommittees of the board. Announcement • Oct 12
Vitru Limited to Report Q3, 2023 Results on Nov 09, 2023 Vitru Limited announced that they will report Q3, 2023 results After-Market on Nov 09, 2023 Announcement • Sep 29
Vitru Limited, Annual General Meeting, Oct 23, 2023 Vitru Limited, Annual General Meeting, Oct 23, 2023, at 10:00 US Eastern Standard Time. Location: at Rodovia José Carlos Daux, 5500, Torre Jurerê A, 2nd floor, Saco Grande, Florianópolis, State of Santa Catarina , 88032-005, Brazil Florianpolis Brazil Agenda: to resolve, as an ordinary resolution, that the Company's financial statements and the auditor's report for the fiscal year ended 31 December 2022 be approved and ratified; to resolve, as an ordinary resolution, to re-elect as members of the Board of Directors of the Company: (i) Ms. Aline San Lee Sun (as an independent member of the board of directors); (ii) Mr. Carlos Eduardo Martins e Silva; (iii) Ms. Claudia Jordão Ribeiro Pagnano (as an independent member of the board of directors); (iv) Mr. Daniel Arthur Borghi; (v) Mr. Edson Gustavo Georgette Peli; (vi) Mr. Felipe Samuel Argalji; (vii) Mr. Fernando Cezar Dantas Porfírio Borges; (viii) Mr. Lywal Salles Filho; (ix) Mr. Rivadávia Correa Drummond de Alvarenga Neto (as an independent member of the board of directors); (x) Mr. Weslley Kendrick Silva; and (xi) Mr. Wilson de Matos Silva; and to consider other matters if any. Announcement • Sep 07
Vitru's Shares to be Delisted from the Nasdaq Global Select Market Upon Completion of Merger Vitru Limited (Vitru) announced that on September 4, 2023, its board of directors has approved a corporate restructuring proposal, subject to the approval of its shareholders. If approved, the proposal would merge Vitru into its wholly-owned subsidiary, Vitru Brasil Empreendimentos, Participaes e Comrcio S.A., a Brazilian corporation (sociedade annima) (Vitru Brazil), pursuant to which Vitru Brazil would be the surviving entity and would become the new holding company for the Vitru group. Pursuant to the merger, all the outstanding common shares of Vitru would be exchanged for common shares of Vitru Brazil, and as a result, the share ownership of Vitru Brazil would be the same as the share ownership of Vitru immediately prior to the completion of the transaction. Vitru Brazil intends to list its common shares under the Novo Mercado segment of B3 S.A. Brasil, Bolsa, Balco (the B3). If the merger is completed, the Vitrushares are expected to be delisted from the Nasdaq Global Select Market (Nasdaq) and deregistered under the U.S. Securities Exchange Act of 1934. Major Estimate Revision • Aug 17
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from R$1.93b to R$1.97b. EPS estimate increased from R$5.89 to R$6.87 per share. Net income forecast to grow 60% next year vs 37% growth forecast for Consumer Services industry in the US. Consensus price target broadly unchanged at US$26.56. Share price was steady at US$16.10 over the past week. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: R$2.58 (vs R$0.82 in 2Q 2022) Second quarter 2023 results: EPS: R$2.58 (up from R$0.82 in 2Q 2022). Revenue: R$521.5m (up 69% from 2Q 2022). Net income: R$87.1m (up 317% from 2Q 2022). Profit margin: 17% (up from 6.8% in 2Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Consumer Services industry in the US. Major Estimate Revision • Aug 01
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from R$7.14 to R$5.89 per share. Revenue forecast steady at R$1.93b. Net income forecast to grow 110% next year vs 61% growth forecast for Consumer Services industry in the US. Consensus price target broadly unchanged at US$27.58. Share price fell 2.4% to US$16.59 over the past week. Announcement • Jul 15
Vitru Limited to Report Q2, 2023 Results on Aug 10, 2023 Vitru Limited announced that they will report Q2, 2023 results After-Market on Aug 10, 2023 Recent Insider Transactions Derivative • Jul 06
Key Executive notifies of intention to sell stock Carlos Henrique de Freitas intends to sell 47k shares in the next 90 days after lodging an Intent To Sell Form on the 3rd of July. If the sale is conducted around the recent share price of US$16.03, it would amount to US$745k. Since March 2023, Carlos Henrique has not owned shares directly (This sale likely refers to shares that have not yet been received). There have been no trades via on-market transactions or options from company insiders in the last 12 months. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: R$1.67 (vs R$1.04 in 1Q 2022) First quarter 2023 results: EPS: R$1.67 (up from R$1.04 in 1Q 2022). Revenue: R$444.2m (up 150% from 1Q 2022). Net income: R$56.2m (up 135% from 1Q 2022). Profit margin: 13% (in line with 1Q 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Consumer Services industry in the US. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$13.97, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 22x in the Consumer Services industry in the US. Total loss to shareholders of 9.8% over the past year. Recent Insider Transactions Derivative • Apr 09
Co-Chief Executive Officer notifies of intention to sell stock Pedro Jorge Guterres Graca intends to sell 23k shares in the next 90 days after lodging an Intent To Sell Form on the 3rd of April. If the sale is conducted around the recent share price of US$22.97, it would amount to US$528k. As of today, Pedro Jorge Guterres currently holds no shares directly (This sale likely refers to shares that have not yet been received). There have been no trades via on-market transactions or options from company insiders in the last 12 months. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to US$18.81, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 23x in the Consumer Services industry in the US. Total returns to shareholders of 21% over the past year. Simply Wall St's valuation model estimates the intrinsic value at US$35.26 per share. Major Estimate Revision • Mar 23
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from R$9.04 to R$7.38 per share. Revenue forecast steady at R$2.00b. Net income forecast to grow 159% next year vs 32% growth forecast for Consumer Services industry in the US. Consensus price target up from US$25.38 to US$26.82. Share price was steady at US$23.50 over the past week. Reported Earnings • Mar 19
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: R$2.81. Revenue: R$1.32b (up 109% from FY 2021). Net income: R$75.6m (up 7.0% from FY 2021). Profit margin: 5.7% (down from 11% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.7%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Consumer Services industry in the US. Major Estimate Revision • Jan 20
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from R$5.13 to R$3.39 per share. Revenue forecast steady at R$1.30b. Net income forecast to grow 50% next year vs 5.7% decline forecast for Consumer Services industry in the US. Consensus price target broadly unchanged at US$25.53. Share price was steady at US$23.20 over the past week. Announcement • Nov 18
Vitru Limited Announces Board Changes Vitru Limited announced that Mr. Daniel Arthur Borghi and Mr. Felipe Samuel Argalji have been appointed as directors of Vitru. Mr. Borghi is Co-CEO of Crescera Investimentos, and a managing director and a member of its Executive Committee. A partner for over 10 years, he is responsible for its Education Private Equity practice. He was a member of the board of directors of Afya Limited. He is also currently a member of the board of Vertex Technologies Ltd. (Nelogica). Prior to joining Crescera Investimentos, he was a consultant at McKinsey &Co., an executive at Docas Participações S.A. and a partner at Finance Ltda. He holds an electrical engineering degree from Pontifícia Universidade Católica do Rio de Janeiro and an MBA from the Kellogg School of Management, Northwestern University. Mr. Argalji is a senior partner and member of the Executive Committee of Crescera Investimentos, responsible for investments in the Education Private Equity sector, since 2009. He was a member of the Finance Committee of Abril Educação, a member of the board of directors at Anima Educação and Afya Limited. He is also currently a member of the board of AOVS Sistemas de Informática S/A (Alura). He holds an economics degree from IBMEC. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: R$1.25 (up from R$0.13 in 3Q 2021). Revenue: R$400.8m (up 171% from 3Q 2021). Net income: R$35.8m (up R$32.8m from 3Q 2021). Profit margin: 8.9% (up from 2.0% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.1%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Consumer Services industry in the US. Board Change • Nov 16
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Claudia Jordao Pagnano is the most experienced director on the board, commencing their role in 2020. Independent Director Aline Leite San Sun was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 13
Third quarter 2022 earnings: Revenues miss analyst expectations Third quarter 2022 results: Revenue: R$400.8m (up 171% from 3Q 2021). Net income: R$35.8m (up R$32.8m from 3Q 2021). Profit margin: 8.9% (up from 2.0% in 3Q 2021). Revenue missed analyst estimates by 6.1%. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Consumer Services industry in the US. Announcement • Nov 12
Vitru Limited announced that it has received BRL 299.999998 million in funding from Crescera Investimentos On November 10, 2022 Vitru Limited closed the transaction. Announcement • Oct 25
Vitru Limited to Report Q3, 2022 Results on Nov 10, 2022 Vitru Limited announced that they will report Q3, 2022 results at 4:00 PM, US Eastern Standard Time on Nov 10, 2022 Major Estimate Revision • Sep 29
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from R$6.03 to R$3.91. Revenue forecast unchanged from R$1.32b at last update. Net income forecast to grow 93% next year vs 0.4% growth forecast for Consumer Services industry in the US. Consensus price target broadly unchanged at US$20.54. Share price fell 9.3% to US$17.69 over the past week. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 15% share price gain to US$21.28, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Consumer Services industry in the US. Total returns to shareholders of 33% over the past year. Announcement • Sep 04
Vitru Limited (NasdaqGS:VTRU) acquired Rede Enem for BRL 3 million. Vitru Limited (NasdaqGS:VTRU) acquired Rede Enem for BRL 3 million on September 3, 2022. The purchase price paid to sellers amounts to BRL 3 million, of which BRL 1.5 million was paid in cash, and an earn-out of up to BRL 1.5 million can be paid within 24 months upon the fulfillment of obligations and results goals.
Vitru Limited (NasdaqGS:VTRU) completed the acquisition of Rede Enem on September 3, 2022. Recent Insider Transactions Derivative • Sep 03
People, Management & Services Officer notifies of intention to sell stock Ana Rodrigues intends to sell 14k shares in the next 90 days after lodging an Intent To Sell Form on the 26th of August. If the sale is conducted around the recent share price of US$18.59, it would amount to US$262k. Ana currently holds less than 1% of total shares outstanding. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Major Estimate Revision • Sep 01
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from R$1.38b to R$1.32b. EPS estimate rose from R$3.07 to R$6.03. Net income forecast to grow 106% next year vs 0.4% growth forecast for Consumer Services industry in the US. Consensus price target up from US$19.83 to US$20.70. Share price was steady at US$18.00 over the past week. Reported Earnings • Aug 27
Second quarter 2022 earnings released: EPS: R$0.82 (vs R$0.68 in 2Q 2021) Second quarter 2022 results: EPS: R$0.82 (up from R$0.68 in 2Q 2021). Revenue: R$308.0m (up 85% from 2Q 2021). Net income: R$20.9m (up 34% from 2Q 2021). Profit margin: 6.8% (down from 9.3% in 2Q 2021). Over the next year, revenue is forecast to grow 108%, compared to a 4.2% growth forecast for the Consumer Services industry in the US. Announcement • Aug 27
Vitru Limited Announces Board Changes Vitru Limited announced that the Board of Directors, at a meeting held on August 26, 2022, appointed Mr. Carlos Eduardo Martins e Silva as the new Chairman of the Board, replacing Mr. Edson Gustavo Georgette Peli, who nevertheless will remain as a Director of the Company. Also, the appointment of Mr. Wilson de Matos Silva as the Vice-Chairman of the Board of Directors was ratified. Mr. Martins e Silva is a member of board of directors, a position he has held since July 13, 2021. Mr. Martins is a partner, member of the executive committee and co-Head of Private Equity at Vinci Partners. He has actively participated in the raising, investing, monitoring and divestment of three private equity funds that together invested a total of USD 1.6 billion in more than 30 companies. He has served on the boards of directors or fiscal councils of Cemar, Ceagro, Los Grobo, Burger King, Vitru, Uniasselvi, Domino's, Grupo CURA and Vero. Since 2021 he has also been a member of the deliberative council of the Brazilian Private Equity and Venture Capital Association (Associa o Brasileira de Private Equity & Venture Capital ABVCAP). He has also held executive positions at portfolio companies of Vinci Partners, including serving as the chief financial officer Sollus and Los Grobo, and as the chief executive officer of Uniasselvi (on an interim basis) and Domino's between 2018 and 2020. Before joining Vinci Partners, Mr. Martins e Silva was an equity research analyst at Credit Suisse where he participated in several initial public offerings between 2006 and 2007. Previously, he worked as an equity analyst at Banco Modal. He holds a bachelor's degree in economics from the Universidade Federal do Rio de Janeiro and from the Universit degli Studi di Bologna. Mr. de Matos Silva is the founder and former dean of Unicesumar. He is also a founder of the educational group Col gio Objetivo Unidade Maring . Prior to this, Mr. de Matos Silva was a University Professor of Universidade Estadual de Maring -PR and at Universidade Paranaense. Mr. de Matos Silva has a bachelor's degree in mathematics from Universidade Federal de Santa Catarina as well as a specialization in advanced calculus from Universidade Estadual de Londrina. Announcement • Jul 26
Vitru Limited to Report Q2, 2022 Results on Aug 25, 2022 Vitru Limited announced that they will report Q2, 2022 results at 4:00 PM, US Eastern Standard Time on Aug 25, 2022 Announcement • Jul 01
Vitru Limited, Annual General Meeting, Aug 04, 2022 Vitru Limited, Annual General Meeting, Aug 04, 2022, at 14:00 Coordinated Universal Time. Location: Rodovia José Carlos Daux, 5500, Torre Jurerê A, 2nd floor, Saco Grande, Florianópolis Santa Catarina Brazil Agenda: to resolve, as an ordinary resolution, that the Company's financial statements and the auditor's report for the fiscal year ended 31 December 2021 be approved and ratified; to re-elect members of the Board of Directors of the Company; and to elect members of the Board of Directors of the Company. Reported Earnings • May 18
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: R$1.04 (up from R$0.94 in 1Q 2021). Revenue: R$177.8m (up 18% from 1Q 2021). Net income: R$23.9m (up 10% from 1Q 2021). Profit margin: 14% (in line with 1Q 2021). Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) missed analyst estimates by 36%. Over the next year, revenue is forecast to grow 123%, compared to a 8.1% growth forecast for the industry in the US. Major Estimate Revision • May 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from R$1.44b to R$1.42b. EPS estimate rose from R$1.93 to R$3.18. Net income forecast to grow 128% next year vs 33% growth forecast for Consumer Services industry in the US. Consensus price target broadly unchanged at US$17.42. Share price rose 3.7% to US$15.30 over the past week. Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Claudia Jordao Pagnano is the most experienced director on the board, commencing their role in 2020. Independent Director Aline Leite San Sun was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Apr 14
Vitru Limited to Report Q1, 2022 Results on May 16, 2022 Vitru Limited announced that they will report Q1, 2022 results After-Market on May 16, 2022 Reported Earnings • Mar 13
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: R$3.06 (up from R$2.79 in FY 2020). Revenue: R$631.1m (up 22% from FY 2020). Net income: R$70.7m (up 36% from FY 2020). Profit margin: 11% (up from 10.0% in FY 2020). Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 86%. Over the next year, revenue is forecast to grow 18%, compared to a 11% growth forecast for the industry in the US. Announcement • Feb 12
Vitru Limited to Report Q4, 2021 Results on Mar 10, 2022 Vitru Limited announced that they will report Q4, 2021 results After-Market on Mar 10, 2022 Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to US$11.49, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 17x in the Consumer Services industry in the US. Total loss to shareholders of 20% over the past year. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS R$0.13 (vs R$0.077 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: R$148.1m (up 17% from 3Q 2020). Net income: R$3.00m (up 69% from 3Q 2020). Profit margin: 2.0% (up from 1.4% in 3Q 2020). Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS R$0.68 (vs R$2.29 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: R$166.5m (up 30% from 2Q 2020). Net income: R$15.6m (down 60% from 2Q 2020). Profit margin: 9.3% (down from 30% in 2Q 2020). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improved over the past week After last week's 21% share price gain to R$14.80, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 22x in the Consumer Services industry in the US. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS R$2.26 (vs R$0.13 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: R$519.2m (up 13% from FY 2019). Net income: R$52.1m (up R$118.3m from FY 2019). Profit margin: 10.0% (up from net loss in FY 2019). Announcement • Mar 12
Vitru Limited to Report Q4, 2020 Results on Mar 31, 2021 Vitru Limited announced that they will report Q4, 2020 results After-Market on Mar 31, 2021 Is New 90 Day High Low • Feb 24
New 90-day low: US$13.00 The company is down 8.0% from its price of US$14.17 on 25 November 2020. The American market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$2.58 per share. Is New 90 Day High Low • Feb 04
New 90-day high: US$16.03 The company is up 13% from its price of US$14.24 on 05 November 2020. The American market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$2.62 per share. Is New 90 Day High Low • Jan 08
New 90-day high: US$15.42 The company is up 12% from its price of US$13.72 on 09 October 2020. The American market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Services industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$2.64 per share. Announcement • Nov 10
Vitru Limited to Report Q3, 2020 Results on Nov 23, 2020 Vitru Limited announced that they will report Q3, 2020 results at 9:00 AM, E. South America Standard Time on Nov 23, 2020