Verdict — six figures, three questions and the data confidence flag
What it is
The block at the top of each company page (/acoes/{T}#veredito, and as JSON
at /empresas/{T}/veredito). It answers three questions with figures from the
latest fiscal year, each with the numeric band it falls in and three
comparisons. The text is rule-generated, with no language model: the same input
always gives the same sentence.
- Does the company make money? Net margin and ROIC.
- Is it sound or indebted? Net debt to EBITDA.
- Is the share expensive or cheap relative to the sector and its own history? P/E and P/B, priced on the day the filing became public.
The exact rule
Figure. The indicator for the latest fiscal year with data, as on the company page (margins, ROIC, net debt/EBITDA, multiples).
Band. A numeric interval, never a judgement:
- net margin: “negative margin”, “margin up to 5%”, “margin between 5% and 15%” and “margin above 15%”;
- ROIC: “negative return”, “return up to 15% a year” and “return above 15% a year”;
- net debt/EBITDA: “net cash (negative net debt)”, “debt up to 2 times EBITDA”, “debt between 2 and 3 times EBITDA”, “debt between 3 and 4 times EBITDA” and “debt above 4 times EBITDA”.
The ROIC cut at the year's average Selic rate is off.
Comparisons.
- The sector median and how many companies enter it.
- The company's own minimum and maximum (from 3 years of data).
- The share of the universe above or below the figure.
Marks on the figure.
- A figure that does not exist for the company (negative profit for P/E, a bank for ROIC) comes out as "does not apply".
- A figure with a caveat from the check battery is not published.
- A figure with a declared adjustment comes out with the note.
Top sentence. At most 25 words, figures and facts only.
Confidence flag. It speaks about the snapshot, not the company.
- Red: the latest year's statements were restated with a difference above 10% in a key account, or the CVM already has statements more than 0 year(s) newer than the ones computed.
- Yellow: a core figure was not published because of a caveat; or there was a restatement of at least 5% in a key account in the last 3 fiscal years; or the latest annual statements were received more than 15 months ago.
- Green: none of that.
The restatement difference is measured only on accounts with a value on both sides. A side with no value in the CVM file counts as a restatement, but not as "100%".
What it is NOT
Not investment advice, not a rating, not a ranking. The bands are for reading the figure, not for judging the company. No judgement adjective enters the text: the configuration's banned-terms list is a test that blocks publication.
Limits
- Annual only. The quarter does not enter the flag or the bands.
- The sector comparison uses the site's macro sector.
- A sector with few companies has a fragile median, and the page says how many entered.
- The cut-offs live in
veredito_config.jsonand change without a redeploy. The figures quoted here are read from the file when the page is served.