Q4 EBITDA 50.3m (-3% vs Cons.); Adj. EPS of USD 0.45 (Cons.: USD 0.48) Strong dividend of USD 0.30/sh (ARCe: USD 0.24, Cons.: USD 0.18) Q1 guidance indicates 14-25% downside to current Cons. EBITDA est. We expect the share to trade in line with peers on the back of the report