Declared Dividend • Jul 10
Dividend of NT$0.25 announced Dividend of NT$0.25 is the same as last year. Ex-date: 23rd July 2026 Payment date: 20th August 2026 Dividend yield will be 0.5%, which is lower than the industry average of 4.0%. Annonce • Jul 09
China Glaze Co.,Ltd. announces Annual dividend, payable on August 20, 2026 China Glaze Co.,Ltd. announced Annual dividend of TWD 0.2500 per share payable on August 20, 2026, ex-date on July 23, 2026 and record date on July 24, 2026. New Risk • Jun 08
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 Taiwanese stocks, typically moving 12% 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 (12% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (1.3% net profit margin). Reported Earnings • May 19
First quarter 2026 earnings released: EPS: NT$0.05 (vs NT$0.052 in 1Q 2025) First quarter 2026 results: EPS: NT$0.05. Revenue: NT$592.3m (up 2.9% from 1Q 2025). Net income: NT$8.92m (up 2.0% from 1Q 2025). Profit margin: 1.5% (in line with 1Q 2025). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.19 (vs NT$0.33 in FY 2024) Full year 2025 results: EPS: NT$0.19 (down from NT$0.33 in FY 2024). Revenue: NT$2.50b (up 3.4% from FY 2024). Net income: NT$32.1m (down 41% from FY 2024). Profit margin: 1.3% (down from 2.3% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 24% per year. New Risk • Mar 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.3% Last year net profit margin: 2.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). Annonce • Mar 13
China Glaze Co.,Ltd., Annual General Meeting, Jun 23, 2026 China Glaze Co.,Ltd., Annual General Meeting, Jun 23, 2026. Location: b1 floor no,136, sec.4 chung hsing rd., jhudong township, hsinchu county Taiwan New Risk • Jan 19
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 Taiwanese stocks, typically moving 6.9% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 12
Third quarter 2025 earnings released: EPS: NT$0.02 (vs NT$0.11 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.02 (down from NT$0.11 in 3Q 2024). Revenue: NT$660.5m (up 18% from 3Q 2024). Net income: NT$4.35m (down 77% from 3Q 2024). Profit margin: 0.7% (down from 3.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. New Risk • Oct 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.07b (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (NT$3.07b market cap, or US$99.7m). New Risk • Aug 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 Taiwanese stocks, typically moving 6.1% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: NT$0.04 (vs NT$0.044 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.04 (down from NT$0.044 in 2Q 2024). Revenue: NT$624.7m (flat on 2Q 2024). Net income: NT$6.01m (down 18% from 2Q 2024). Profit margin: 1.0% (down from 1.2% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$19.35, the stock trades at a trailing P/E ratio of 71.5x. Average trailing P/E is 23x in the Chemicals industry in Taiwan. Total returns to shareholders of 63% over the past three years. Declared Dividend • Jul 05
Dividend increased to NT$0.25 Dividend of NT$0.25 is 25% higher than last year. Ex-date: 18th July 2025 Payment date: 15th August 2025 Dividend yield will be 1.6%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is not adequately covered by earnings (92% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 2.7% to bring the payout ratio under control, which is less than the 39% EPS growth achieved over the last 5 years. Annonce • Jun 20
China Glaze Co.,Ltd. Approves Cash Dividend for the Year 2024 China Glaze Co.,Ltd. at its AGM held on June 19, 2025, approved cash dividend distributed to shareholders of TWD 41,760,485 at TWD 0.25 per share for the year 2024. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.05 (vs NT$0.11 in 1Q 2024) First quarter 2025 results: EPS: NT$0.05 (down from NT$0.11 in 1Q 2024). Revenue: NT$575.7m (down 2.6% from 1Q 2024). Net income: NT$8.75m (down 52% from 1Q 2024). Profit margin: 1.5% (down from 3.1% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Annonce • May 03
China Glaze Co.,Ltd. to Report Q1, 2025 Results on May 13, 2025 China Glaze Co.,Ltd. announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$15.75, the stock trades at a trailing P/E ratio of 48x. Average trailing P/E is 19x in the Chemicals industry in Taiwan. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$16.45, the stock trades at a trailing P/E ratio of 50.1x. Average trailing P/E is 20x in the Chemicals industry in Taiwan. Total returns to shareholders of 21% over the past three years. Reported Earnings • Mar 15
Full year 2024 earnings released: EPS: NT$0.33 (vs NT$0.10 loss in FY 2023) Full year 2024 results: EPS: NT$0.33 (up from NT$0.10 loss in FY 2023). Revenue: NT$2.42b (up 2.5% from FY 2023). Net income: NT$54.8m (up NT$71.5m from FY 2023). Profit margin: 2.3% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Annonce • Mar 14
China Glaze Co.,Ltd., Annual General Meeting, Jun 19, 2025 China Glaze Co.,Ltd., Annual General Meeting, Jun 19, 2025, at 09:00 Taipei Standard Time. Location: b1 floor no,136, sec.4 chung hsing rd., jhudong township, hsinchu county Taiwan New Risk • Dec 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.24b (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (NT$3.24b market cap, or US$99.1m). New Risk • Nov 22
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 Taiwanese stocks, typically moving 6.4% 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 Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.12 (vs NT$0.01 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.12 (up from NT$0.01 in 3Q 2023). Revenue: NT$561.8m (down 9.7% from 3Q 2023). Net income: NT$19.1m (up NT$17.5m from 3Q 2023). Profit margin: 3.4% (up from 0.3% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. New Risk • Nov 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.26b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Annonce • Oct 29
China Glaze Co.,Ltd. to Report Q3, 2024 Results on Nov 12, 2024 China Glaze Co.,Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: NT$0.04 (vs NT$0.017 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.04 (up from NT$0.017 in 2Q 2023). Revenue: NT$619.1m (up 4.7% from 2Q 2023). Net income: NT$7.30m (up 158% from 2Q 2023). Profit margin: 1.2% (up from 0.5% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Annonce • Aug 02
China Glaze Co.,Ltd. to Report Q2, 2024 Results on Aug 12, 2024 China Glaze Co.,Ltd. announced that they will report Q2, 2024 results on Aug 12, 2024 Upcoming Dividend • Jul 24
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 31 July 2024. Payment date: 23 August 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 0.8%. Lower than top quartile of Taiwanese dividend payers (4.3%). Lower than average of industry peers (2.2%). Annonce • Jun 20
China Glaze Co.,Ltd. Approves Cash Dividend for 2023 China Glaze Co.,Ltd. approved cash dividend distributed to shareholders is TWD 33,408,388, distributed at TWD 0.2 per share for 2023. Date of shareholders meeting is June 18, 2024. Reported Earnings • May 12
First quarter 2024 earnings released: EPS: NT$0.11 (vs NT$0.078 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.11 (up from NT$0.078 loss in 1Q 2023). Revenue: NT$591.1m (up 13% from 1Q 2023). Net income: NT$18.4m (up NT$31.4m from 1Q 2023). Profit margin: 3.1% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Annonce • Apr 04
China Glaze Co.,Ltd. Announces Dismissal of the Director China Glaze Co.,Ltd. announced that the Dismissal of the Director. Title and name of the previous position holder: Director Chang, Hui-Chun. Resume of the previous position holder: Assistant Manager of Financial Department and Corporate Governance Officer, China Glaze Co. Ltd. Reported Earnings • Mar 19
Full year 2023 earnings released: NT$0.10 loss per share (vs NT$0.38 profit in FY 2022) Full year 2023 results: NT$0.10 loss per share (down from NT$0.38 profit in FY 2022). Revenue: NT$2.36b (down 9.1% from FY 2022). Net loss: NT$16.6m (down 126% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Mar 16
China Glaze Co.,Ltd., Annual General Meeting, Jun 18, 2024 China Glaze Co.,Ltd., Annual General Meeting, Jun 18, 2024. Annonce • Mar 01
China Glaze Co.,Ltd. Announces Change of the Chief Internal Auditor China Glaze Co.,Ltd. announced the appointment of Liu-Kun, Chiang as Chief internal auditor, effective February 29, 2024. Liu-Kun Chiang is Deputy Administrator of the GM office. The company announced the resignation of Yung-Kang, Lin as Chief internal auditor, effective February 29, 2024. Yung-Kang, Lin is Manager of the audit room. New Risk • Feb 19
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 Taiwanese stocks, typically moving 5.6% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: NT$0.02 (vs NT$0.21 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.02 (down from NT$0.21 in 2Q 2022). Revenue: NT$591.4m (down 9.9% from 2Q 2022). Net income: NT$2.83m (down 92% from 2Q 2022). Profit margin: 0.5% (down from 5.3% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 27
Upcoming dividend of NT$0.25 per share at 1.6% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 25 August 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.6%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.7%). Reported Earnings • Mar 30
Full year 2022 earnings released: EPS: NT$0.38 (vs NT$0.25 in FY 2021) Full year 2022 results: EPS: NT$0.38 (up from NT$0.25 in FY 2021). Revenue: NT$2.59b (up 18% from FY 2021). Net income: NT$62.8m (up 49% from FY 2021). Profit margin: 2.4% (up from 1.9% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$0.23 (vs NT$0.043 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.23 (up from NT$0.043 in 3Q 2021). Revenue: NT$722.7m (up 31% from 3Q 2021). Net income: NT$37.8m (up 423% from 3Q 2021). Profit margin: 5.2% (up from 1.3% in 3Q 2021). 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 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.23 (vs NT$0.043 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.23 (up from NT$0.043 in 3Q 2021). Revenue: NT$722.7m (up 31% from 3Q 2021). Net income: NT$37.8m (up 423% from 3Q 2021). Profit margin: 5.2% (up from 1.3% in 3Q 2021). 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 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.21 (vs NT$0.048 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.21 (up from NT$0.048 in 2Q 2021). Revenue: NT$656.2m (up 23% from 2Q 2021). Net income: NT$34.5m (up 332% from 2Q 2021). Profit margin: 5.3% (up from 1.5% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 19
Upcoming dividend of NT$0.25 per share Eligible shareholders must have bought the stock before 26 July 2022. Payment date: 19 August 2022. Payout ratio is on the higher end at 92% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (6.8%). Lower than average of industry peers (8.3%). Reported Earnings • May 13
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$0.10 (up from NT$0.083 in 1Q 2021). Revenue: NT$609.7m (up 18% from 1Q 2021). Net income: NT$17.3m (up 24% from 1Q 2021). Profit margin: 2.8% (up from 2.7% in 1Q 2021). Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 182%. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$0.25 (up from NT$0.36 loss in FY 2020). Revenue: NT$2.20b (up 18% from FY 2020). Net income: NT$42.1m (up NT$102.8m from FY 2020). Profit margin: 1.9% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 182%. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS NT$0.04 (vs NT$0.056 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$551.8m (up 6.5% from 3Q 2020). Net income: NT$7.22m (down 23% from 3Q 2020). Profit margin: 1.3% (down from 1.8% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS NT$0.05 (vs NT$0.13 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$534.5m (up 56% from 2Q 2020). Net income: NT$7.99m (up NT$30.4m from 2Q 2020). Profit margin: 1.5% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 05
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 12 August 2021. Payment date: 03 September 2021. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (4.9%). Lower than average of industry peers (2.8%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS NT$0.08 (vs NT$0.14 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$518.2m (up 8.5% from 1Q 2020). Net income: NT$13.9m (up NT$37.7m from 1Q 2020). Profit margin: 2.7% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 31
Full year 2020 earnings released: NT$0.36 loss per share (vs NT$0.24 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: NT$1.86b (down 18% from FY 2019). Net loss: NT$60.7m (loss widened 49% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 03
New 90-day high: NT$12.85 The company is up 1.0% from its price of NT$12.70 on 03 December 2020. The Taiwanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day low: NT$11.15 The company is down 5.0% from its price of NT$11.70 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 01
New 90-day high: NT$13.55 The company is up 18% from its price of NT$11.50 on 02 September 2020. The Taiwanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 9.0% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS NT$0.06 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$518.3m (down 14% from 3Q 2019). Net income: NT$9.32m (up NT$12.8m from 3Q 2019). Profit margin: 1.8% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 85% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.