Company Valuation: XP Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 89,601 45,438 69,332 39,358 47,627 53,589 - -
Change - -49.29% 52.59% -43.23% 21.01% 12.52% - -
Enterprise Value (EV) 1 117,991 50,579 74,964 42,913 37,509 33,304 38,129 35,193
Change - -57.13% 48.21% -42.76% -12.59% -11.21% 14.49% -7.7%
P/E 25.6x 13x 17.7x 8.9x 9.28x 9.74x 8.58x 7.88x
PBR 6.22x 2.64x 3.57x 1.97x 2.06x 2.13x 1.91x 1.69x
PEG - -92.46x 1.2x 0.6x 0.5x 0.8x 0.6x 0.89x
Capitalization / Revenue 7.42x 3.4x 4.67x 2.3x 2.59x 2.67x 2.39x 2.14x
EV / Revenue 9.77x 3.79x 5.04x 2.51x 2.04x 1.66x 1.7x 1.4x
EV / EBITDA 28.2x 12.4x 15.8x 7.19x 5.98x 4.95x 4.98x 4.05x
EV / EBIT 29.8x 13.1x 16.7x 7.52x 6.28x 5.17x 5.21x 4.31x
EV / FCF -27x 30.2x 9.45x 3.96x 3.17x 8.84x 3.59x 3.36x
FCF Yield -3.71% 3.32% 10.6% 25.3% 31.6% 11.3% 27.8% 29.8%
Dividend per Share 2 - - 6.459 3.774 - 7.237 8.253 8.603
Rate of return - - 5.11% 5.15% - 6.85% 7.82% 8.15%
EPS 2 6.259 6.25 7.16 8.231 9.719 10.85 12.31 13.39
Distribution rate - - 90.2% 45.8% - 66.7% 67.1% 64.2%
Net sales 1 12,077 13,348 14,860 17,078 18,412 20,047 22,447 25,087
EBITDA 1 4,190 4,065 4,732 5,971 6,272 6,731 7,652 8,685
EBIT 1 3,958 3,859 4,480 5,706 5,968 6,448 7,322 8,169
Net income 1 3,589 3,580 3,899 4,515 5,169 5,652 6,309 7,047
Net Debt 1 28,390 5,141 5,632 3,555 -10,119 -20,286 -15,461 -18,396
Reference price 2 160.13 81.10 126.50 73.29 90.17 105.60 105.60 105.60
Nbr of stocks (in thousands) 559,549 560,294 548,083 537,004 528,220 507,483 - -
Announcement Date 08/02/22 16/02/23 27/02/24 18/02/25 12/02/26 - - -
1BRL in Million2BRL
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
18.45x10.36x11.65x0.67% 42.11B
8.94x4.04x - 3.7% 41.47B
32.01x4.16x5.34x0.4% 39.45B
4.71x5.51x - 6.47% 15.87B
9.74x1.66x4.95x6.85% 10.27B
10.67x - - 4.06% 10.21B
7.76x - - 5.18% 6.52B
13.1x - - 2.32% 6.02B
Average 13.17x 5.15x 7.31x 3.71% 21.49B
Weighted average by Cap. 16.42x 5.85x 8.19x 2.67%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield