MeritValue

CI&T Inc

CINTdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

CI&T Inc earns about 9% on invested capital, but has diluted owners by 19% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $12.16 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025
Revenue$424.1M1$446.9M2$439M2$489.7M2
Net income$18.7M3$26.4M4$29.5M4$40.6M4
Operating cash flow$5.35M5$59.3M6$69M6$60.6M6
Capital expenditure————
Free cash flow (derived)————
Total debt$189.7M7$150.3M8$138.7M8$122.6M8
Cash & equivalents$35.6M9$43.7M9$56.6M9$47.9M9
Diluted shares20.0M21.4M22.5M23.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$129.79
your share of equity
Profit it earned you last year
$17.07
Free cash flow it threw off
—
Debt you’d be carrying
$51.52

10 shares is a claim on $129.79 of net worth that earned you $17.07 last year, against $51.52 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 4y
FY22 5%FY23 9%FY24 11%FY25 13%

It earned an average 9% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+19% shares · 4y

Share count is up 19% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 35% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$12.16
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$27.9M
  • growthAssumed0.0%
Graham Number
$9.36
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-12-31 · accession 0001554855-25-000232 (Revenue)
  2. 20-F · period ending 2023-12-31 · accession 0001554855-26-000248 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0001554855-25-000232 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2023-12-31 · accession 0001554855-26-000248 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001554855-25-000232 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001554855-26-000248 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001554855-25-000232 (Borrowings)
  8. 20-F · period ending 2023-12-31 · accession 0001554855-26-000248 (Borrowings)
  9. 20-F · period ending 2022-12-31 · accession 0001554855-26-000248 (CashAndCashEquivalents)