Buy Or Sell Opportunity • Apr 29
Now 20% undervalued Over the last 90 days, the stock has risen 27% to €1.36. The fair value is estimated to be €1.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Apr 26
First quarter 2026 earnings released: EPS: R$0.63 (vs R$0.24 in 1Q 2025) First quarter 2026 results: EPS: R$0.63 (up from R$0.24 in 1Q 2025). Revenue: R$5.87b (down 14% from 1Q 2025). Net income: R$771.4m (up 156% from 1Q 2025). Profit margin: 13% (up from 4.4% in 1Q 2025). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Ankündigung • Mar 25
Usinas Siderúrgicas de Minas Gerais S.A., Annual General Meeting, Apr 23, 2026 Usinas Siderúrgicas de Minas Gerais S.A., Annual General Meeting, Apr 23, 2026. Location: avenida do contorno, 6.594 - auditorio, city of belo horizonte, state of minas gerais, Brazil New Risk • Feb 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Spanish stocks, typically moving 6.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Ankündigung • Feb 11
Ternium Investments S.À R.L. completed the acquisition of an additional 21.8% stake in Usinas Siderúrgicas de Minas Gerais S.A. (BOVESPA:USIM5) from Nippon Steel Corporation (TSE:5401) and Mitsubishi Corporation (TSE:8058). Ternium Investments S.À R.L. entered into a share purchase agreement to acquire an additional 21.8% stake in Usinas Siderúrgicas de Minas Gerais S.A. (BOVESPA:USIM5) from Nippon Steel Corporation (TSE:5401) and Mitsubishi Corporation (TSE:8058) for approximately $320 million on November 5, 2025. Pursuant to the transaction, Ternium would pay $2.06 per ordinary share, which would result in an aggregate purchase price of approximately $315.2 million in cash for 153.1 million ordinary shares, increasing its participation in the Usiminas control group from 51.5% to 83.1%. The transaction will be financed with cash on hand. Upon the closing of the Transaction, the T/T Group will hold a relative interest of approximately 92.95% of the shares subject to the Shareholders' Agreement, while PU will maintain its 7.05% of such Subject Shares. In relation to the total common shares issued by Usiminas, the T/T Group will hold 71.02% (including the ordinary shares issued by Usiminas owned by Ternium that are not subject to the Shareholders’ Agreement, and without disregarding the shares held in treasury). As a result of the Transaction, the NSC Group will cease to be part of the Usinas Siderúrgicas' controlling group and Shareholders' Agreement. The rights and obligations of the PU under the Shareholders' Agreement, including voting and nomination rights, will not change.
The transaction is subject to approval by Brazil's antitrust authorities.
Pinheiro Neto Advogados acted as legal advisor to Nippon Steel Corporation and Mitsubishi Corporation.
Ternium Investments S.À R.L. completed the acquisition of an additional 21.8% stake in Usinas Siderúrgicas de Minas Gerais S.A. (BOVESPA:USIM5) from Nippon Steel Corporation (TSE:5401) and Mitsubishi Corporation (TSE:8058) on February 10, 2026. Reported Earnings • Oct 26
Third quarter 2025 earnings released: R$2.86 loss per share (vs R$0.13 profit in 3Q 2024) Third quarter 2025 results: R$2.86 loss per share (down from R$0.13 profit in 3Q 2024). Revenue: R$6.60b (down 3.1% from 3Q 2024). Net loss: R$3.54b (down R$3.70b from profit in 3Q 2024). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. New Risk • Aug 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Spanish stocks, typically moving 6.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.3% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (1.4% net profit margin). Reported Earnings • Jul 28
Second quarter 2025 earnings released: EPS: R$0.08 (vs R$0.11 loss in 2Q 2024) Second quarter 2025 results: EPS: R$0.08 (up from R$0.11 loss in 2Q 2024). Revenue: R$6.63b (up 4.4% from 2Q 2024). Net income: R$95.2m (up R$235.6m from 2Q 2024). Profit margin: 1.4% (up from net loss in 2Q 2024). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jun 02
Now 21% overvalued Over the last 90 days, the stock has fallen 17% to €0.81. The fair value is estimated to be €0.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 108%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 30% per annum over the same time period. New Risk • May 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Spanish stocks, typically moving 6.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.7% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (0.5% net profit margin). Reported Earnings • Apr 27
First quarter 2025 earnings released: EPS: R$0.24 (vs R$0.012 in 1Q 2024) First quarter 2025 results: EPS: R$0.24 (up from R$0.012 in 1Q 2024). Revenue: R$6.86b (up 10% from 1Q 2024). Net income: R$300.9m (up R$286.5m from 1Q 2024). Profit margin: 4.4% (up from 0.2% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Board Change • Apr 11
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 7 non-independent directors. Director Rita Rebelo de Assis Fonseca was the last director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Ankündigung • Mar 27
Usinas Siderúrgicas de Minas Gerais S.A., Annual General Meeting, Apr 25, 2025 Usinas Siderúrgicas de Minas Gerais S.A., Annual General Meeting, Apr 25, 2025. Location: avenida do contorno, 6.594 - auditorio -, times new roman, stateof minas gerais, Brazil Reported Earnings • Feb 16
Full year 2024 earnings released: R$0.12 loss per share (vs R$1.13 profit in FY 2023) Full year 2024 results: R$0.12 loss per share (down from R$1.13 profit in FY 2023). Revenue: R$25.9b (down 6.4% from FY 2023). Net loss: R$145.9m (down 111% from profit in FY 2023). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. New Risk • Feb 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.1% average weekly change). Ankündigung • Dec 10
Usinas Siderúrgicas de Minas Gerais S.A. to Report Fiscal Year 2024 Results on Feb 14, 2025 Usinas Siderúrgicas de Minas Gerais S.A. announced that they will report fiscal year 2024 results on Feb 14, 2025 Reported Earnings • Oct 27
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: R$6.82b (up 1.5% from 3Q 2023). Net income: R$163.5m (up R$375.5m from 3Q 2023). Profit margin: 2.4% (up from net loss in 3Q 2023). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 29
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: R$6.35b (down 7.8% from 2Q 2023). Net loss: R$140.4m (down 155% from profit in 2Q 2023). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €1.12, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total loss to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.20 per share. Buy Or Sell Opportunity • Jul 01
Now 20% overvalued Over the last 90 days, the stock has fallen 28% to €1.33. The fair value is estimated to be €1.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 64%. For the next 3 years, revenue is forecast to grow by 0.9% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Buy Or Sell Opportunity • Jun 20
Now 24% overvalued Over the last 90 days, the stock has fallen 29% to €1.33. The fair value is estimated to be €1.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 64%. For the next 3 years, revenue is forecast to grow by 1.0% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. New Risk • Apr 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 40% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.1% average weekly change). Large one-off items impacting financial results. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: R$0.01 (vs R$0.39 in 1Q 2023) First quarter 2024 results: EPS: R$0.01 (down from R$0.39 in 1Q 2023). Revenue: R$6.22b (down 14% from 1Q 2023). Net income: R$14.4m (down 97% from 1Q 2023). Profit margin: 0.2% (down from 6.5% in 1Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.4% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 19
Upcoming dividend of R$0.28 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 24 June 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Spanish dividend payers (5.9%). Lower than average of industry peers (3.9%). Buy Or Sell Opportunity • Apr 09
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to €1.86. The fair value is estimated to be €1.53, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has declined by 42%. For the next 3 years, revenue is forecast to decline by 0.5% per annum. Earnings are forecast to grow by 4.6% per annum over the same time period. Reported Earnings • Feb 11
Full year 2023 earnings released Full year 2023 results: Revenue: R$27.6b (down 15% from FY 2022). Net income: R$1.39b (down 14% from FY 2022). Profit margin: 5.0% (in line with FY 2022). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Ankündigung • Dec 30
Usinas Siderúrgicas de Minas Gerais S.A.(BOVESPA:USIM5) dropped from Brazil IBRX 50 Index Usinas Siderúrgicas de Minas Gerais S.A. has been dropped from Brazil IBRX 50 Index. New Risk • Nov 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Spanish stocks, typically moving 4.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (4.6% average weekly change). Reported Earnings • Oct 30
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: R$6.71b (down 20% from 3Q 2022). Net loss: R$212.0m (down 141% from profit in 3Q 2022). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. New Risk • Jul 31
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 157% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 157% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.9% net profit margin). Reported Earnings • Jul 30
Second quarter 2023 earnings released: EPS: R$0.20 (vs R$0.72 in 2Q 2022) Second quarter 2023 results: EPS: R$0.20 (down from R$0.72 in 2Q 2022). Revenue: R$5.98b (down 30% from 2Q 2022). Net income: R$254.2m (down 71% from 2Q 2022). Profit margin: 4.3% (down from 10% in 2Q 2022). Revenue is forecast to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 21
First quarter 2023 earnings released First quarter 2023 results: Revenue: R$7.26b (down 7.5% from 1Q 2022). Net income: R$474.1m (down 60% from 1Q 2022). Profit margin: 6.5% (down from 15% in 1Q 2022). Revenue is expected to fall by 2.7% p.a. on average during the next 3 years compared to a 1.4% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 12
Full year 2022 earnings released Full year 2022 results: Revenue: R$32.5b (down 3.8% from FY 2021). Net income: R$1.62b (down 82% from FY 2021). Profit margin: 5.0% (down from 27% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue is expected to fall by 3.5% p.a. on average during the next 3 years compared to a 1.9% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 8 non-independent directors. Independent Chairman of Fiscal Council Wanderley de Souza was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 31
Third quarter 2022 earnings released: EPS: R$0.40 (vs R$1.27 in 3Q 2021) Third quarter 2022 results: EPS: R$0.40 (down from R$1.27 in 3Q 2021). Revenue: R$8.43b (down 6.6% from 3Q 2021). Net income: R$517.0m (down 67% from 3Q 2021). Profit margin: 6.1% (down from 17% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Revenue is expected to fall by 6.8% p.a. on average during the next 3 years compared to a 3.3% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: R$0.72 (vs R$3.39 in 2Q 2021) Second quarter 2022 results: EPS: R$0.72 (down from R$3.39 in 2Q 2021). Revenue: R$8.53b (down 11% from 2Q 2021). Net income: R$889.3m (down 79% from 2Q 2021). Profit margin: 10% (down from 43% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Over the next year, revenue is expected to shrink by 8.7% compared to a 25% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 7 non-independent directors. Independent Chairman of Fiscal Council Wanderley de Souza was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 23
First quarter 2022 earnings released: EPS: R$0.97 (vs R$0.76 in 1Q 2021) First quarter 2022 results: EPS: R$0.97 (up from R$0.76 in 1Q 2021). Revenue: R$7.84b (up 11% from 1Q 2021). Net income: R$1.19b (up 28% from 1Q 2021). Profit margin: 15% (up from 13% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 13% compared to a 34% growth forecast for the industry in Spain. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 22
Upcoming dividend of R$1.85 per share Eligible shareholders must have bought the stock before 29 April 2022. Payment date: 27 June 2022. Payout ratio is a comfortable 1.8% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Spanish dividend payers (5.5%). Lower than average of industry peers (8.0%). Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 16% share price gain to €2.88, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.20 per share. Reported Earnings • Feb 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: R$7.37 (up from R$0.55 in FY 2020). Revenue: R$33.7b (up 110% from FY 2020). Net income: R$9.07b (up R$8.40b from FY 2020). Profit margin: 27% (up from 4.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 2.1%, compared to a 15% growth forecast for the mining industry in Spain. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 06
Now 21% undervalued Over the last 90 days, the stock is up 36%. The fair value is estimated to be R$3.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% per annum over the last 3 years. The company has become profitable over the last year. Buying Opportunity • Jan 22
Now 23% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be R$3.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% per annum over the last 3 years. The company has become profitable over the last year. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 16% share price gain to €2.62, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.29 per share. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improved over the past week After last week's 16% share price gain to €2.22, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.49 per share. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS R$1.27 (vs R$0.046 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: R$9.03b (up 106% from 3Q 2020). Net income: R$1.56b (up R$1.51b from 3Q 2020). Profit margin: 17% (up from 1.3% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €2.16, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 2.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.74 per share. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improved over the past week After last week's 19% share price gain to €2.66, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.35 per share. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 17% share price decline to €2.50, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 78% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.21 per share. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorated over the past week After last week's 17% share price decline to R$2.96, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 78% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.41 per share. Reported Earnings • Aug 03
Second quarter 2021 earnings released: EPS R$3.39 (vs R$0.38 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: R$9.60b (up 296% from 2Q 2020). Net income: R$4.17b (up R$4.63b from 2Q 2020). Profit margin: 43% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 15% share price gain to R$3.30, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 78% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €2.34 per share. Reported Earnings • Apr 28
First quarter 2021 earnings released: EPS R$0.76 (vs R$0.39 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: R$7.07b (up 86% from 1Q 2020). Net income: R$931.8m (up R$1.41b from 1Q 2020). Profit margin: 13% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 11% per year. Upcoming Dividend • Apr 25
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 31 May 2021. Trailing yield: 0.6%. Lower than top quartile of Spanish dividend payers (5.2%). Lower than average of industry peers (4.5%). Is New 90 Day High Low • Mar 05
New 90-day high: €2.60 The company is up 23% from its price of €2.12 on 04 December 2020. The Spanish market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.53 per share. Analyst Estimate Surprise Post Earnings • Feb 16
Revenue beats expectations Revenue exceeded analyst estimates by 6.0%. Over the next year, revenue is forecast to grow 15%, compared to a 16% growth forecast for the Metals and Mining industry in Spain. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS R$0.55 (vs R$0.17 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: R$16.1b (up 7.6% from FY 2019). Net income: R$672.8m (up 215% from FY 2019). Profit margin: 4.2% (up from 1.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 29
New 90-day high: €2.34 The company is up 52% from its price of €1.54 on 30 September 2020. The Spanish market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.37 per share. Is New 90 Day High Low • Nov 24
New 90-day high: €1.82 The company is up 25% from its price of €1.46 on 25 August 2020. The Spanish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.81 per share. Analyst Estimate Surprise Post Earnings • Nov 01
Third-quarter earnings released: Revenue beats expectations Third-quarter revenue exceeded analyst estimates by 14% at R$4.38b. Revenue is forecast to grow 8.7% over the next year, compared to a 8.1% growth forecast for the Metals and Mining industry in Spain. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total losses of R$667.3m, with earnings decreasing by R$1.01b from the prior year. Total revenue was R$14.5b over the last 12 months, largely unchanged from the prior year. Is New 90 Day High Low • Sep 18
New 90-day high: €1.81 The company is up 52% from its price of €1.19 on 19 June 2020. The Spanish market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.41 per share.