Arco Platform Limited

NasdaqGS:ARCE Stok Raporu

Piyasa değeri: US$929.0m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Arco Platform Bilanço Sağlığı

Finansal Sağlık kriter kontrolleri 2/6

Arco Platform şirketinin toplam hissedar öz sermayesi R$2.7B ve toplam borcu R$1.9B olup, bu da borç-öz sermaye oranını 69.1% seviyesine getiriyor. Toplam varlıkları ve toplam yükümlülükleri sırasıyla R$6.4B ve R$3.7B dir. Arco Platform 'in FAVÖK'ü R$120.1M faiz karşılama oranı 0.3 dur. Şirketin R$517.5M tutarında nakit ve kısa vadeli yatırımları bulunmaktadır.

Anahtar bilgiler

69.13%

Borç/özkaynak oranı

R$1.89b

Borç

Faiz karşılama oranı0.3x
NakitR$517.46m
EşitlikR$2.73b
Toplam yükümlülüklerR$3.71b
Toplam varlıklarR$6.44b

Son finansal sağlık güncellemeleri

Analiz Makalesi • Aug 09

Does Arco Platform (NASDAQ:ARCE) Have A Healthy Balance Sheet?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analiz Makalesi • Oct 07

These 4 Measures Indicate That Arco Platform (NASDAQ:ARCE) Is Using Debt Extensively

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analiz Makalesi • Jun 12

Is Arco Platform (NASDAQ:ARCE) A Risky Investment?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analiz Makalesi • Nov 13

Is Arco Platform (NASDAQ:ARCE) Using Too Much Debt?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analiz Makalesi • Jul 29

These 4 Measures Indicate That Arco Platform (NASDAQ:ARCE) Is Using Debt Reasonably Well

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Recent updates

Analiz Makalesi • Aug 09

Does Arco Platform (NASDAQ:ARCE) Have A Healthy Balance Sheet?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analiz Makalesi • May 04

Be Wary Of Arco Platform (NASDAQ:ARCE) And Its Returns On Capital

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...
Analiz Makalesi • Oct 07

These 4 Measures Indicate That Arco Platform (NASDAQ:ARCE) Is Using Debt Extensively

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Seeking Alpha • Sep 08

Arco Platform: Still A Pricey 'EdTech' Play

Summary Arco Platform is a Brazilian edtech play riding some attractive secular tailwinds in the region. Headline margins clouded its Q2 numbers, but adjusted for one-offs, the underlying business looks very strong coming out of the pandemic. The fundamentals look great, but the stock is at a wide relative valuation premium, and investors might be better off waiting for a better entry point. Brazilian edtech company, Arco Platform (ARCE), posted another quarter of solid operating results, featuring strong revenue growth and resilient EBITDA margins (excluding one-offs), as well as a positive sales cycle update for next year. While the inflationary environment in Brazil could weigh on future results, Arco will likely be one of the more resilient LatAm edtech players, given its pricing power and focus on operating efficiency. That said, I have concerns about its leveraged balance sheet, which could result in P&L headwinds in a prolonged high-interest rate backdrop. So even with the recent improvement in FCF generation, Arco could end up spending most of its cash flow on financial expenses in the coming years. On a YTD basis, Arco stock has sold off more than premium higher education peer Afya (AFYA), as well as peers in the mass category like Yduqs (YDUQY), but with the stock still at a lofty relative premium, I would hold off on valuation grounds for now. ARCE PE Ratio (Forward) data by YCharts Stronger ACV Recognition Drives Revenue Outperformance Coming off two pandemic-impacted years of weaker growth in 2020 and 2021, Arco's recent results signal the start of a new growth cycle. In Q2 2022, net revenues came in well ahead of expectations at R$412mn (+61% YoY and +47% organic YoY). In turn, these numbers equate to an impressive ~26% of full-year annual contract value ((ACV)), well above the prior 20%-22% guidance range. The core solutions business was the key driver at R$367mn (+83% YoY), and while supplemental sales were down 20% YoY at R$45m, this was largely down to timing as most of the segment revenue is booked for Q4 2022. On a cycle-to-date basis, the strong revenue numbers mean Arco has now recognized >80% of its full-year ACV. This implies the remainder of its revenues will be recognized over the next quarter or so, given the annual profile of Arco's business (i.e., the school year from Q4 2021 to Q3 2022). In other words, Q3 will likely see lower expected revenues on a QoQ basis at ~R$260m or so, assuming full-cycle revenue approximates ACV (per guidance). Arco Platform One-Offs Skew Headline Margins but Underlying Expansion Intact Despite the solid organic growth in Q2, Arco's headline operating margins were well below expectations on a larger-than-usual volume of late orders from schools with late enrollments. This forced Arco to incur smaller and higher-cost printing lots as well as less efficient transportation shipping modes - hence, gross margin came down by ~230bps YoY. Elsewhere, selling expenses were also up ~54% YoY on more in-person events, offsetting any benefits from a net reversal of bad-debt provisions this quarter. G&A was a positive highlight, though, moving down ~410bps YoY to ~16% of revenue on increased back-office integration. While the headline numbers were far from impressive, adjusting for the impact of negative one-offs (~R$8m in M&A expenses and ~R$4m in share-based compensation, along with the transitory impact of late orders this quarter) yields a different picture. On an adjusted basis, Arco's EBITDA margin would have been a resilient 31.4% (+320bps YoY expansion) - a notable divergence from the R$100m accounting EBITDA and 24.4% margin for the quarter. Arco Platform Operating cash flow numbers should give investors comfort as well - even after accounting for capex, cash flow would have been up on a YoY and QoQ basis. This wasn't a light quarter for capex either - Arco's organic capex reached ~R$43m in Q2 (up 10% YoY), although, at 10.5% of net revenues (vs. 15.4% last year), capex intensity is noticeably lower YoY. With the 2022 guidance calling for capex at 10-12% of net revenues as well, expect a consistent run-rate through year-end. This bodes well for the free cash flow outlook, which has more than doubled YoY and QoQ after accounting for organic capex. That said, movements on the financing cash flow side will be worth watching, in particular, M&A disbursements and interest payments, both of which drove net debt (including leasing and M&A payables) up to R$2.43bn this quarter. Unless Arco de-levers quickly, upcoming rate hikes could result in higher interest payments, weighing on the P&L. That said, Arco is making good progress in extracting synergies from recent acquisitions (~R$30m in G&A in H1 2022), with an incremental ~ R$10m in G&A synergies slated for H2 2022 as management further streamlines expenses related to third parties, corporate personnel, and software. On balance, the reiterated full-year guidance for an adj EBITDA margin of 36.5%-38.5% and capex of 10-12% of revenue looks very achievable (if not a tad conservative) as the post-pandemic growth engine picks up steam. Arco Platform 2023 Sales Cycle Gaining Traction Building on the recent strength, the outlook for next year's ACV cycle looks good as well. Per management, YTD renewals and core sales growth (from new schools and upselling) are largely within expectations (i.e., in line with 2022), but supplemental sales have shown signs of outperformance. Cross-selling contracts originated by referrals within Arco's sales teams are another area to look out for, having risen +40% YoY. Of note, management cited on the call (replay here) that about half of renewals have been completed at higher prices as well, indicating the underlying pricing power of the Arco model. Thus, it came as no surprise that management reaffirmed the guidance of fully delivering ACV bookings for the school year, with this cycle's (Q4 2021-Q3 2022) revenue set to converge to ACV of R$1.56bn.
Analiz Makalesi • Aug 30

Investors Could Be Concerned With Arco Platform's (NASDAQ:ARCE) Returns On Capital

There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and...
Seeking Alpha • Aug 26

Arco plunges after Credit Suisse lowers rating

Education sector technology company Arco Platform (NASDAQ:ARCE) is trading 11% lower after brokerage credit Suisse downgraded rating to neutral from outperform. Last week, the company stock were down after reporting Q2 results, impacted by late orders from schools. "The typical high level of late orders placed by partner schools in the beginning of the year led to part of such content being delivered in early April, therefore explaining the strong revenue recognition in the quarter," CFO Roberto Otero said last Friday. (ARCE) has been down ~40% YTD and is currently trading close to its 52-week low of $12.84. The stock fell 11% to $12.95.
Analiz Makalesi • Jun 12

Is Arco Platform (NASDAQ:ARCE) A Risky Investment?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analiz Makalesi • May 07

Arco Platform (NASDAQ:ARCE) Could Be Struggling To Allocate Capital

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common...
Analiz Makalesi • Apr 02

Are Investors Undervaluing Arco Platform Limited (NASDAQ:ARCE) By 28%?

Today we will run through one way of estimating the intrinsic value of Arco Platform Limited ( NASDAQ:ARCE ) by...
Analiz Makalesi • Nov 13

Is Arco Platform (NASDAQ:ARCE) Using Too Much Debt?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analiz Makalesi • Sep 04

Arco Platform (NASDAQ:ARCE) Could Be Struggling To Allocate Capital

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Analiz Makalesi • Jul 29

These 4 Measures Indicate That Arco Platform (NASDAQ:ARCE) Is Using Debt Reasonably Well

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analiz Makalesi • May 10

Investors Could Be Concerned With Arco Platform's (NASDAQ:ARCE) Returns On Capital

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'd want to...
Analiz Makalesi • Apr 13

Is Arco Platform (NASDAQ:ARCE) A Risky Investment?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analiz Makalesi • Mar 18

Reflecting on Arco Platform's (NASDAQ:ARCE) Share Price Returns Over The Last Year

It's easy to match the overall market return by buying an index fund. But if you buy individual stocks, you can do both...
Analiz Makalesi • Feb 20

Does The Market Have A Low Tolerance For Arco Platform Limited's (NASDAQ:ARCE) Mixed Fundamentals?

Arco Platform (NASDAQ:ARCE) has had a rough three months with its share price down 14%. It is possible that the markets...
Analiz Makalesi • Dec 30

Arco Platform (NASDAQ:ARCE) Seems To Use Debt Quite Sensibly

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analiz Makalesi • Dec 04

Earnings Miss: Arco Platform Limited Missed EPS And Analysts Are Revising Their Forecasts

It's been a sad week for Arco Platform Limited ( NASDAQ:ARCE ), who've watched their investment drop 10% to US$37.46 in...
Analiz Makalesi • Dec 02

If You Had Bought Arco Platform's (NASDAQ:ARCE) Shares A Year Ago You Would Be Down 13%

Arco Platform Limited ( NASDAQ:ARCE ) shareholders should be happy to see the share price up 11% in the last month. But...

Finansal Durum Analizi

Kısa Vadeli Yükümlülükler: ARCE 'nin kısa vadeli varlıkları ( R$1.8B ) kısa vadeli yükümlülüklerini ( R$1.5B ) aşıyor.

Uzun Vadeli Yükümlülükler: ARCE 'un kısa vadeli varlıkları ( R$1.8B ) uzun vadeli yükümlülüklerini ( R$2.2B ) karşılamamaktadır.

Borç-Özkaynak Tarihçesi ve Analizi

Borç Seviyesi: ARCE 'nin net borç/öz sermaye oranı ( 50.2% ) yüksek olarak değerlendiriliyor.

Borcun Azaltılması: ARCE şirketinin borç/öz sermaye oranı son 5 yılda 0% seviyesinden 69.1% seviyesine yükseldi.

Bilanço

Nakit Pist Analizi

Geçmişte ortalama olarak zarar eden şirketler için, en az 1 yıllık nakit akışına sahip olup olmadıklarını değerlendiriyoruz.

İstikrarlı Nakit Pisti: ARCE şirketinin mevcut serbest nakit akışına göre bir yıldan fazla yetecek nakit pisti bulunmaktadır.

Tahmini Nakit Akışı: ARCE tarihsel oranlara göre serbest nakit akışı büyümeye veya küçülmeye devam ederse yeterli nakit pistine sahip olup olmadığını belirlemek için yeterli veri yok.

Sağlıklı şirketleri keşfedin

7D

1Y

7D

1Y

7D

1Y

Şirket Analizi ve Finansal Veri Durumu

VeriSon Güncelleme (UTC saati)
Şirket Analizi2023/12/11 15:01
Gün Sonu Hisse Fiyatı2023/12/06 00:00
Kazançlar2023/06/30
Yıllık Kazançlar2022/12/31

Veri Kaynakları

Şirket analizimizde kullanılan veriler S&P Global Market Intelligence LLC'den alınmıştır. Bu raporu oluşturmak için analiz modelimizde aşağıdaki veriler kullanılmıştır. Veriler normalize edilmiştir, bu da kaynağın mevcut olmasından kaynaklanan bir gecikmeye neden olabilir.

PaketVeriZaman ÇerçevesiÖrnek ABD Kaynağı *
Şirket Finansalları10 yıl
  • Gelir tablosu
  • Nakit akış tablosu
  • Bilanço
Analist Konsensüs Tahminleri+3 yıl
  • Finansal tahminler
  • Analist fiyat hedefleri
Piyasa Fiyatları30 yıl
  • Hisse senedi fiyatları
  • Temettüler, Bölünmeler ve Eylemler
Sahiplik10 yıl
  • En büyük hissedarlar
  • İçeriden öğrenenlerin ticareti
Yönetim10 yıl
  • Liderlik ekibi
  • Yönetim Kurulu
Önemli Gelişmeler10 yıl
  • Şirket duyuruları

* ABD menkul kıymetleri için örnek, ABD dışı için eşdeğer düzenleyici formlar ve kaynaklar kullanılmıştır.

Belirtilmediği sürece tüm finansal veriler yıllık bir döneme dayanmaktadır ancak üç ayda bir güncellenmektedir. Bu, İzleyen On İki Ay (TTM) veya Son On İki Ay (LTM) Verileri olarak bilinir. Daha fazla bilgi edinin.

Analiz Modeli ve Kar Tanesi

Bu raporu oluşturmak için kullanılan analiz modelinin ayrıntılarına GitHub sayfamızdan ulaşabilirsiniz, ayrıca raporlarımızı nasıl kullanacağınızı anlatan kılavuzlarımız ve Youtube'da eğitim videolarımız da bulunmaktadır.

Simply Wall St analiz modelini tasarlayan ve oluşturan dünya standartlarındaki ekip hakkında bilgi edinin.

Endüstri ve Sektör Metrikleri

Sektör ve bölüm metriklerimiz Simply Wall St tarafından her 6 saatte bir hesaplanmaktadır, sürecimizin ayrıntıları Github'da mevcuttur.

Analist Kaynakları

Arco Platform Limited 7 Bu analistlerden 2, raporumuzun girdisi olarak kullanılan gelir veya kazanç tahminlerini sunmuştur. Analistlerin gönderimleri gün boyunca güncellenmektedir.

AnalistKurum
Frederico MendesBofA Global Research
Frederico MendesBradesco S.A. Corretora de Títulos e Valores Mobiliários
Samuel Campos AlvesBTG Pactual