Declared Dividend • May 20
First quarter dividend of Mex$1.65 announced Shareholders will receive a dividend of Mex$1.65. Ex-date: 29th May 2026 Payment date: 1st June 2026 Dividend yield will be 19%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (46% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 2.0% over the next 3 years. However, it would need to fall by 49% to increase the payout ratio to a potentially unsustainable range. Annuncio • Apr 11
Grupo México, S.A.B. de C.V., Annual General Meeting, Apr 30, 2026 Grupo México, S.A.B. de C.V., Annual General Meeting, Apr 30, 2026. Location: 9th floor building 540 ave javier barros sierra, tower 1 santa fe neighborhood, alvaro obregon borough, cp 01219, mexico Mexico Annuncio • Apr 15
Grupo México, S.A.B. de C.V., Annual General Meeting, Apr 30, 2025 Grupo México, S.A.B. de C.V., Annual General Meeting, Apr 30, 2025. Location: 9th floor building 540 ave javier barros sierra, tower 1 santa fe neighborhood, alvaro obregon borough, cp 01219, mexico Mexico Declared Dividend • Nov 16
Third quarter dividend of Mex$1.30 announced Shareholders will receive a dividend of Mex$1.30. Ex-date: 25th November 2024 Payment date: 26th November 2024 Dividend yield will be 31%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by both earnings (50% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 9.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: US$0.11 (vs US$0.09 in 3Q 2023) Third quarter 2024 results: EPS: US$0.11. Revenue: US$4.13b (up 13% from 3Q 2023). Net income: US$133.4m (down 81% from 3Q 2023). Profit margin: 3.2% (down from 19% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in Europe. Buy Or Sell Opportunity • Oct 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.1% to €5.20. The fair value is estimated to be €6.59, however this is not to be taken as a buy 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 8.1%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 7.6% per annum over the same time period. Declared Dividend • Aug 16
Second quarter dividend of Mex$1.20 announced Shareholders will receive a dividend of Mex$1.20. Ex-date: 27th August 2024 Payment date: 28th August 2024 Dividend yield will be 27%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (45% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 24
Second quarter 2024 earnings released: EPS: US$0.14 (vs US$0.11 in 2Q 2023) Second quarter 2024 results: EPS: US$0.14 (up from US$0.11 in 2Q 2023). Revenue: US$4.40b (up 27% from 2Q 2023). Net income: US$1.12b (up 34% from 2Q 2023). Profit margin: 26% (up from 24% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.2% 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, earnings per share has fallen by 8% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jul 02
Now 20% overvalued Over the last 90 days, the stock has fallen 9.9% to €5.05. The fair value is estimated to be €4.20, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has declined by 7.9%. For the next 3 years, revenue is forecast to grow by 5.8% per annum. Earnings are also forecast to grow by 7.4% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €4.95, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Metals and Mining industry in Europe. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.90 per share. Buy Or Sell Opportunity • Jun 03
Now 22% undervalued Over the last 90 days, the stock has risen 12% to €5.06. The fair value is estimated to be €6.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has declined by 7.9%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings are also forecast to grow by 7.1% per annum over the same time period. Declared Dividend • May 19
First quarter dividend of Mex$1.00 announced Shareholders will receive a dividend of Mex$1.00. Ex-date: 22nd May 2024 Payment date: 24th May 2024 Dividend yield will be 18%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 26
First quarter 2024 earnings released First quarter 2024 results: Revenue: US$3.80b (down 1.6% from 1Q 2023). Net income: US$864.5m (down 22% from 1Q 2023). Profit margin: 23% (down from 29% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 20
Now 22% undervalued Over the last 90 days, the stock has risen 9.4% to €5.13. The fair value is estimated to be €6.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 7.5% per annum. Earnings are also forecast to grow by 3.1% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €5.40, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €6.56 per share. Upcoming Dividend • Feb 22
Upcoming dividend of Mex$0.80 per share Eligible shareholders must have bought the stock before 29 February 2024. Payment date: 04 March 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (5.9%). Reported Earnings • Feb 06
Full year 2023 earnings released: EPS: US$0.44 (vs US$0.40 in FY 2022) Full year 2023 results: EPS: US$0.44 (up from US$0.40 in FY 2022). Revenue: US$14.4b (up 3.7% from FY 2022). Net income: US$3.40b (up 8.0% from FY 2022). Profit margin: 24% (in line with FY 2022). Revenue is forecast to grow 7.4% 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 fallen by 1% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jan 31
Now 21% undervalued Over the last 90 days, the stock has risen 23% to €4.68. The fair value is estimated to be €5.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has grown by 6.1%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings are also forecast to grow by 4.3% per annum over the same time period. Buying Opportunity • Jan 09
Now 22% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be €6.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has grown by 6.1%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings is also forecast to grow by 3.4% per annum over the same time period. New Risk • Nov 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% 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 0.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Nov 16
Upcoming dividend of Mex$1.00 per share at 5.3% yield Eligible shareholders must have bought the stock before 23 November 2023. Payment date: 27 November 2023. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 5.3%. Within top quartile of German dividend payers (5.1%). Lower than average of industry peers (8.6%). Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: US$0.09 (vs US$0.08 in 3Q 2022) Third quarter 2023 results: EPS: US$0.09 (up from US$0.08 in 3Q 2022). Revenue: US$3.65b (up 17% from 3Q 2022). Net income: US$697.6m (up 19% from 3Q 2022). Profit margin: 19% (in line with 3Q 2022). Revenue is forecast to grow 7.8% 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 6% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Sep 21
Now 20% undervalued Over the last 90 days, the stock is up 3.9%. The fair value is estimated to be €5.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 14%. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 3.7% in the next 2 years. Upcoming Dividend • Aug 17
Upcoming dividend of US$0.80 per share at 5.0% yield Eligible shareholders must have bought the stock before 24 August 2023. Payment date: 28 August 2023. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.8%). Lower than average of industry peers (8.7%). New Risk • Aug 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% 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 0.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jul 30
Second quarter 2023 earnings released: EPS: US$0.11 (vs US$0.08 in 2Q 2022) Second quarter 2023 results: EPS: US$0.11 (up from US$0.08 in 2Q 2022). Revenue: US$3.45b (up 7.8% from 2Q 2022). Net income: US$839.9m (up 38% from 2Q 2022). Profit margin: 24% (up from 19% in 2Q 2022). Revenue is forecast to grow 6.8% 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 14% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Annuncio • May 17
Citigroup Reportedly Close to Selling Most of Mexico Retail Operations Grupo Mexico SAB de CV (BMV:GMEXICO B) is close to clinching a nearly USD-7-billion (EUR 6.42 billion) deal to acquire the bulk of the Mexican consumer banking business of US banking giant Citigroup Inc. (NYSE:C), Bloomberg reported. As part of the possible deal, Citi will keep a portion of the Banamex retail operations with an option to later on sell them to Grupo Mexico or list the business, according to insiders cited by the news agency. Grupo Mexico claims to be the fourth largest company in Mexico. The group operates through four major divisions -- mining, transportation, infrastructure, and a foundation. Citigroup in January 2022 unveiled plans to sell the consumer, small business and middle market banking operations of Mexican bank Citibanamex as part of its push to focus on core businesses, simplify its operations and boost shareholder value. At the time, the US firm highlighted that it will continue to operate a locally-licensed banking business in Mexico through its global institutional clients group. Upcoming Dividend • Feb 21
Upcoming dividend of Mex$1.00 per share at 4.7% yield Eligible shareholders must have bought the stock before 28 February 2023. Payment date: 02 March 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of German dividend payers (4.6%). Lower than average of industry peers (8.4%). Reported Earnings • Feb 09
Full year 2022 earnings released: EPS: US$0.42 (vs US$0.51 in FY 2021) Full year 2022 results: EPS: US$0.42 (down from US$0.51 in FY 2021). Revenue: US$13.9b (down 6.1% from FY 2021). Net income: US$3.26b (down 18% from FY 2021). Profit margin: 24% (down from 27% in FY 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 2.1% decline forecast for the Metals and Mining industry in Europe. 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 18% per year, which means it is significantly lagging earnings growth. Annuncio • Feb 03
Grupo México, S.A.B. de C.V. (BMV:GMEXICO B) agreed to acquire Retail Banking Operations of Grupo Financiero Citibanamex, S. A. de C. V. Grupo México, S.A.B. de C.V. (BMV:GMEXICO B) agreed to acquire Retail Banking Operations of Grupo Financiero Citibanamex, S. A. de C. V. on February 2, 2023. Annuncio • Jan 16
Grupo México Will Launch A Takeover Bid for Planigrupo in February 2023 Grupo México, S.A.B. de C.V. (BMV:GMEXICO B) through Grupo Inmobiliario UPAS, submitted the request to launch a Public Acquisition Offer (OPA) for 100% of Planigrupo LATAM, S.A.B. de C.V. (BMV:PLANI *)'s shares in circulation on the Mexican Stock Exchange (BMV) which has an expected date of start next February 3, 2023 and end until March 3, 2023. In the event that a sufficient number of shares are acquired, Planigrupo, a shopping center developer, will be yet another of the companies that will delist its shares from the BMV. "If, as a result of the offer, the offeror turns out to be the holder of Planigrupo shares that represent at least 95% of its capital stock, it could cause the issuer to request the cancellation of the registration of the securities representing its capital stock in the National Securities Registry (RNV), as well as its removal from the list of securities authorized to be listed on the BMV," the offer notice states. In the event that the takeover bid succeeds, it would be the first delisting of the year on the BMV, after in 2022 companies such as Grupo Sanborns, Industrias Bachoco, Aeroméxico, Banco Santander, Grupo Financiero Monex, Elementia Materiales and Fortaleza Materiales submitted the request. to delete the listing of shares in the local stock market. Through the request, as announced at the beginning of September 2022, Grupo México detailed that it will pay 14.20 pesos for each of the nearly 328.7 million Planigrupo shares that it seeks to buy. The operation will imply a total payment of 4,667 million pesos. Until this Friday, January 13, each Planigrupo share was trading at 17.10 pesos on the Mexican Stock Exchange, a price almost 17% below what is offered by the shopping center developer. Planigrupo held its Initial Public Offering at the BMV on June 29, 2016, placing 166.3 million shares at a price of 19.75 pesos, equivalent to 1,833 million pesos. To date, it has a portfolio with 36 shopping centers in Mexico. This IPO was the first issuer to exchange shares for titles of a Development Capital Certificate (CKD), which it placed in 2012 and in which seven retirement fund managers participated. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improved over the past week After last week's 17% share price gain to €4.35, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 93% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.97 per share. Buying Opportunity • Dec 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.1%. The fair value is estimated to be €4.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings is forecast to decline by 0.8% per annum over the same time period. Annuncio • Dec 17
Banca Mifel Still in Bidding Process for Citibanamex Purchase The head of Mexico-based Banca Mifel has said that the bidding process for Grupo Financiero Citibanamex, S. A. de C. V. is still ongoing, Reuters has reported. Citigroup Inc. (C.N) is looking to sell its Mexican retail bank, Citibanamex, to focus on its core businesses. Banca Mifel and Grupo México, S.A.B. de C.V. (BMV:GMEXICO B) are in the race for the assets. The sale is expected to be completed in 2023. Annuncio • Dec 07
Grupo Mexico Reportedly in Advanced Talks for Banamex Grupo México, S.A.B. de C.V. (BMV:GMEXICO B) is in advanced talks on a potential acquisition of Citigroup Inc.'s Mexican retail bank Banco Nacional de México, S.A. (Banamex), people with knowledge of the matter said. The mining magnate is trying to finalize terms of a potential deal with Citigroup, the people said, asking not to be identified because the information is private. No final agreements have been reached, and talks could still fall apart or another buyer could emerge, the people said. Buying Opportunity • Nov 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.1%. The fair value is estimated to be €4.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings is forecast to decline by 4.8% per annum over the same time period. Upcoming Dividend • Nov 16
Upcoming dividend of Mex$0.75 per share Eligible shareholders must have bought the stock before 23 November 2022. Payment date: 25 November 2022. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 7.8%. Within top quartile of German dividend payers (4.8%). Lower than average of industry peers (8.8%). Buying Opportunity • Nov 08
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €4.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings is forecast to decline by 4.8% per annum over the same time period. Reported Earnings • Oct 31
Third quarter 2022 earnings released: EPS: US$0.08 (vs US$0.11 in 3Q 2021) Third quarter 2022 results: EPS: US$0.08 (down from US$0.11 in 3Q 2021). Revenue: US$3.12b (down 15% from 3Q 2021). Net income: US$587.3m (down 30% from 3Q 2021). Profit margin: 19% (down from 23% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.4% 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 32% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improved over the past week After last week's 16% share price gain to €3.81, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 5x in the Metals and Mining industry in Europe. Total returns to shareholders of 93% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.52 per share. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 16% share price gain to €4.37, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 5x in the Metals and Mining industry in Europe. Total returns to shareholders of 140% over the past three years. Upcoming Dividend • May 24
Upcoming dividend of Mex$1.50 per share Eligible shareholders must have bought the stock before 31 May 2022. Payment date: 02 June 2022. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 6.6%. Within top quartile of German dividend payers (4.2%). Lower than average of industry peers (7.6%). Reported Earnings • May 04
Full year 2021 earnings released: EPS: US$0.51 (vs US$0.29 in FY 2020) Full year 2021 results: EPS: US$0.51 (up from US$0.29 in FY 2020). Revenue: US$14.8b (up 36% from FY 2020). Net income: US$3.95b (up 73% from FY 2020). Profit margin: 27% (up from 21% in FY 2020). The increase in margin was driven by higher revenue. Production and reserves: Gold Proved and probable reserves (ore): 1.23 Mt Over the next year, revenue is forecast to grow 1.5%, compared to a 33% growth forecast for the mining industry in Germany. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 16% share price gain to €5.35, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 173% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.09 per share. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 24% share price gain to €5.10, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 185% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.05 per share. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improved over the past week After last week's 15% share price gain to €4.50, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 146% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.34 per share. Annuncio • Feb 04
Grupo México, S.A.B. de C.V. Provides Production Guidance for the Year 2022 Grupo México, S.A.B. de C.V. provided production guidance for the year 2022. For 2022, the company expects to produce 1,028,000 tons of copper out of which 972,000 will come from Southern Copper and around 125,000 tons. Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS US$0.11 (vs US$0.099 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: US$3.65b (up 29% from 3Q 2020). Net income: US$843.6m (up 7.9% from 3Q 2020). Profit margin: 23% (down from 28% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 19
Upcoming dividend of Mex$1.75 per share Eligible shareholders must have bought the stock before 26 August 2021. Payment date: 30 August 2021. Trailing yield: 3.7%. Within top quartile of German dividend payers (3.1%). Lower than average of industry peers (6.5%). Reported Earnings • Jul 30
Second quarter 2021 earnings released: EPS US$0.13 (vs US$0.08 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: US$3.91b (up 63% from 2Q 2020). Net income: US$1.03b (up 67% from 2Q 2020). Profit margin: 26% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 18
Upcoming dividend of Mex$1.50 per share Eligible shareholders must have bought the stock before 25 May 2021. Payment date: 27 May 2021. Trailing yield: 3.4%. Within top quartile of German dividend payers (3.3%). Lower than average of industry peers (4.3%). Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 22% share price gain to US$4.48, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total returns to shareholders of 125% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.57 per share. Reported Earnings • May 03
First quarter 2021 earnings released: EPS US$0.14 (vs US$0.05 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$3.43b (up 40% from 1Q 2020). Net income: US$1.10b (up US$1.47b from 1Q 2020). Profit margin: 32% (up from net loss in 1Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improved over the past week After last week's 21% share price gain to US$4.80, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total returns to shareholders of 105% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.78 per share. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 15% share price gain to US$4.26, the stock is trading at a trailing P/E ratio of 17.8x, up from the previous P/E ratio of 15.5x. This compares to an average P/E of 15x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 81%. Is New 90 Day High Low • Feb 18
New 90-day high: €3.98 The company is up 44% from its price of €2.76 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 71% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.53 per share. Reported Earnings • Jan 29
Full year 2020 earnings released: EPS US$0.30 (vs US$0.28 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: US$10.9b (up 2.1% from FY 2019). Net income: US$2.30b (up 4.0% from FY 2019). Profit margin: 21% (in line with FY 2019). Production and reserves: Copper Production: 1.129 Mt (1.119 Mt in FY 2019) Proved and probable reserves (ore): 3,025 Mt (21,286 Mt in FY 2019) Molybdenum Production: 30,249 t (26,886 t in FY 2019) Silver Production: 13,888 troy koz (21,316 troy koz in FY 2019) Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 10% per year. Analyst Estimate Surprise Post Earnings • Jan 29
Revenue beats expectations Revenue exceeded analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 14%, compared to a 13% growth forecast for the Metals and Mining industry in Germany. Is New 90 Day High Low • Jan 05
New 90-day high: €3.72 The company is up 69% from its price of €2.20 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 42% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.31 per share. Is New 90 Day High Low • Dec 18
New 90-day high: €3.50 The company is up 51% from its price of €2.32 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.06 per share. Is New 90 Day High Low • Nov 07
New 90-day high: €2.50 The company is up 10.0% from its price of €2.28 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.40 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of US$1.79b, up 19% from the prior year. Total revenue was US$10.3b over the last 12 months, down 2.7% from the prior year. Analyst Estimate Surprise Post Earnings • Oct 30
Third-quarter earnings released: Revenue misses expectations Third-quarter revenue missed analyst estimates by 0.3% at US$2.83b. Revenue is forecast to grow 11% over the next year, compared to a 8.2% growth forecast for the Metals and Mining industry in Germany. Is New 90 Day High Low • Oct 21
New 90-day high: €2.40 The company is up 15% from its price of €2.08 on 22 July 2020. The German market is down 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 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.34 per share. 
