Share count
55Mpeak FY2022
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VINP, Vinci Compass Investments Ltd. Class A
Capital Markets & Asset Management financial
An asset manager, paid a fee on the money it runs for other people.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2024
R$118M
Vital signs · TTM, with 5-yr average
The business in brief
What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Assets under management and the fee rate on them. What decides it: net flows in or out, the market's move on the assets already there (the firm rises and falls with the indices it invests in), the drift toward cheaper passive products, and the operating leverage on a largely fixed cost base.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, charted
FY2018–2024Each measure over its full record; the current point and the worst year marked.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2024 20-F · source on SEC EDGAR →
Is it a good business?
- Operating margin 159.7%Wide fee margin (≥30%)Operating income R$189M ÷ revenue R$118MIndustry peers: median 19%
What this means
The heart of a asset manager: how much of each fee dollar survives the cost of running the business. Fees ride on assets under management, so the swing factors are net flows in or out and the market's move on the assets already there; the cost base is largely fixed, which lifts margins in a bull market and squeezes them in a bear one. A high margin held for years, through a market it does not control, is the operational mark of a real franchise.
- Net margin 100.0%WideNet income R$118M ÷ revenue R$118M
What this means
What reaches the owner after tax and interest. For a capital-light fee business this should be a wide share of revenue; when it is thin despite a high operating margin, debt taken on for acquisitions is usually the reason, so read it next to the balance sheet.
- Below the cost of equityNet income R$118M ÷ equity R$1.9BIndustry peers: median 6%
What this means
Because the business ties up little capital, a healthy fee stream throws off a high return on the equity behind it. Read it with the buyback record: returning capital lifts this ratio honestly, but heavy debt taken to do so can flatter it.
Does AI threaten the moat?
Moderate contestabilityAI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.
The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2024Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsR$2.1B
- Cash & short-term investmentsR$223M
- ReceivablesR$228M
- Other current assetsR$1.6B
Current liabilitiesR$352M
- Other current liabilitiesR$352M
Current ratio5.86×all current assets ÷ what's due · Graham looked for 2×
Quick ratio5.86×stricter: inventory excluded
Cash ratio0.64×strictest: cash alone against what's due
Working capitalR$1.7Bthe cushion left after near-term bills
Deeper floors
Tangible book valueR$329Mequity stripped of goodwill & intangibles
Net current asset valueR$418MGraham's net-net: current assets less all liabilities
Debt incl. operating leasesR$119MR$119M of it operating leases
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 7-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangiblesR$1.6B45% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity29%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiringR$0over 7 years buying other businesses, against R$70M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 7-year record, from the company's own filings.
Peers, Capital Markets & Asset Management
The same industry, side by side on fee margins. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Op. margin | Net margin | ROE |
|---|---|---|---|---|
| GCMGGCM Grosvenor Inc. | $558M | 18.9% | 3.3% | 168% |
| CNSCohen & Steers | $556M | 38.3% | 28.4% | 39% |
| RPCRidgepost Capital Inc. | $297M | 21.9% | 6.6% | 5% |
| ALTIAlTi Global Inc. | $255M | -21.8% | -46.9% | -27% |
| ABXAbacus Global Management Inc. | $235M | 37.0% | 14.9% | 6% |
| VINPVinci Compass Investments Ltd. Class A | R$118M | 159.7% | 100.0% | 16% |
| DBRGDigitalBridge Group Inc. | $94M | -16.2% | -26.0% | -5% |
| VALUValue Line Inc. | $35M | 18.1% | 43.3% | 26% |
| Group median | — | 20.4% | 10.7% | 11% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. Vinci Compass Investments Ltd. Class A reports in BRL, and every figure here (owner earnings, book value, the share count) is on that BRL, ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share in BRL. A US ADR price in dollars bundles the ADR-to-ordinary ratio and the exchange rate, so it will not reconcile with these figures and would throw the multiple off.
Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Vinci Compass Investments Ltd. Class A has delivered.
R$
Base
—
The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth, delivered—
Owner-earnings growth, delivered—
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’22–’24)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings R$190M on 55M shares outstanding (a weighted average, the only count this filer tags); net cash R$223M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Vinci Compass Investments Ltd. Class A (VINP), the owner's record," https://ownerscorecard.com/c/VINP, data as of 2026-07-09.
Manual order: ← VIK its page in the Manual VIOT →
Industry order: ← VEL the Capital Markets & Asset Management chapter VIRT →