New Risk • May 22
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.0x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Earnings have declined by 8.7% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (2.1% net profit margin). Market cap is less than US$100m (S/209.1m market cap, or US$61.3m). Reported Earnings • May 06
First quarter 2026 earnings released First quarter 2026 results: Revenue: S/118.8m (up 1.1% from 1Q 2025). Net loss: S/6.17m (down 173% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. New Risk • May 06
New major risk - Revenue and earnings growth Earnings have declined by 7.2% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 have declined by 7.2% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (2.1% net profit margin). Market cap is less than US$100m (S/209.1m market cap, or US$59.9m). Upcoming Dividend • May 05
Upcoming dividend of S/0.23 per share Eligible shareholders must have bought the stock before 12 May 2026. Payment date: 15 May 2026. Trailing yield: 19%. Within top quartile of Peruvian dividend payers (12%). Higher than average of industry peers (14%). Board Change • Apr 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Testino Mariella was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Mar 31
Michell y Cía. S.A., Annual General Meeting, Apr 22, 2026 Michell y Cía. S.A., Annual General Meeting, Apr 22, 2026, at 10:00 SA Pacific Standard Time. Location: av juan de la torre 101, san lazaro, arequipa Peru Board Change • Feb 09
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Testino Mariella was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jan 02
Upcoming dividend of S/0.37 per share Eligible shareholders must have bought the stock before 08 January 2026. Payment date: 12 January 2026. Payout ratio is a comfortable 68% but the company is paying out more than the cash it is generating. Trailing yield: 16%. Within top quartile of Peruvian dividend payers (13%). Higher than average of industry peers (9.7%). Board Change • Dec 24
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Testino Mariella was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Dec 05
Michell y Cía. S.A., Annual General Meeting, Dec 19, 2025 Michell y Cía. S.A., Annual General Meeting, Dec 19, 2025, at 10:00 SA Pacific Standard Time. Location: av juan de la torre no 101, san lazaro, arequipa Peru Board Change • Oct 01
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jun 05
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • May 23
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 20% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Dividend is not well covered by cash flows (396% cash payout ratio). Market cap is less than US$100m (S/254.6m market cap, or US$69.6m). Board Change • May 13
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Buy Or Sell Opportunity • Apr 12
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 36% to S/7.50. The fair value is estimated to be S/5.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has declined by 17%. New Risk • Apr 12
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 Peruvian stocks, typically moving 4.2% 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 having no free cash flows. Share price has been volatile over the past 3 months (4.2% average weekly change). Market cap is less than US$100m (S/292.8m market cap, or US$78.5m). Board Change • Apr 12
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 24
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Mar 07
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Jan 12
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (S/250.0m market cap, or US$66.3m). Board Change • Dec 19
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 29
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: S/130.0m (up 5.8% from 3Q 2023). Net income: S/12.7m (up 50% from 3Q 2023). Profit margin: 9.8% (up from 6.9% in 3Q 2023). The increase in margin was driven by higher revenue. New Risk • Aug 03
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 3.4% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (3.4% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (S/258.2m market cap, or US$69.2m). Buy Or Sell Opportunity • Jul 02
Now 11% overvalued after recent price rise Over the last 90 days, the stock has risen 3.3% to S/5.68. The fair value is estimated to be S/5.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Jun 25
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to S/6.20. The fair value is estimated to be S/5.16, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years, while earnings per share has been flat. Upcoming Dividend • Jun 20
Upcoming dividend of S/0.52 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 13%. Lower than top quartile of Peruvian dividend payers (14%). Higher than average of industry peers (4.1%). Upcoming Dividend • Dec 19
Upcoming dividend of S/0.34 per share at 5.5% yield Eligible shareholders must have bought the stock before 26 December 2023. Payment date: 28 December 2023. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of Peruvian dividend payers (14%). In line with average of industry peers (5.1%). Reported Earnings • Nov 04
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: S/122.8m (up 6.0% from 3Q 2022). Net income: S/8.50m (down 40% from 3Q 2022). Profit margin: 6.9% (down from 12% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: S/0.23 (vs S/0.24 in 2Q 2022) Second quarter 2023 results: EPS: S/0.23 (down from S/0.24 in 2Q 2022). Revenue: S/114.0m (down 1.3% from 2Q 2022). Net income: S/10.5m (down 2.6% from 2Q 2022). Profit margin: 9.2% (down from 9.4% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 26
Upcoming dividend of S/0.41 per share Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 06 July 2023. The company last paid an ordinary dividend in September 2020. The average dividend yield among industry peers is 4.3%. Upcoming Dividend • Dec 26
Upcoming dividend of S/0.17 per share Eligible shareholders must have bought the stock before 02 January 2023. Payment date: 04 January 2023. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 8.2%. Lower than top quartile of Peruvian dividend payers (25%). Higher than average of industry peers (3.3%). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 28
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: S/115.8m (down 7.8% from 3Q 2021). Net income: S/14.1m (down 31% from 3Q 2021). Profit margin: 12% (down from 16% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 234% share price gain to S/6.99, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 7x in the Luxury industry in South America. Total returns to shareholders of 253% over the past three years. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 14
Upcoming dividend of S/0.32 per share Eligible shareholders must have bought the stock before 21 April 2022. Payment date: 26 April 2022. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 24%. Within top quartile of Peruvian dividend payers (18%). Higher than average of industry peers (2.5%). Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 23% share price gain to S/2.30, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 16x in the Luxury industry in South America. Total returns to shareholders of 25% over the past three years. Reported Earnings • Aug 05
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: S/106.8m (up 247% from 2Q 2020). Net income: S/11.3m (up S/14.9m from 2Q 2020). Profit margin: 11% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment deteriorated over the past week After last week's 21% share price decline to S/1.58, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 19x in the Luxury industry in South America. Total loss to shareholders of 13% over the past three years. Upcoming Dividend • Jul 08
Upcoming dividend of S/0.42 per share Eligible shareholders must have bought the stock before 15 July 2021. Payment date: 19 July 2021. Trailing yield: 29%. Within top quartile of Peruvian dividend payers (15%). Higher than average of industry peers (1.7%). Valuation Update With 7 Day Price Move • May 29
Investor sentiment deteriorated over the past week After last week's 19% share price decline to S/1.79, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 16x in the Luxury industry in South America. Total loss to shareholders of 18% over the past three years. Upcoming Dividend • May 21
Upcoming dividend of S/0.41 per share Eligible shareholders must have bought the stock before 28 May 2021. Payment date: 01 June 2021. Trailing yield: 26%. Within top quartile of Peruvian dividend payers (14%). Higher than average of industry peers (1.5%). Reported Earnings • Feb 19
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: S/263.7m (down 25% from FY 2019). Net income: S/6.39m (down 49% from FY 2019). Profit margin: 2.4% (down from 3.5% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 69% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 19
New 90-day low: S/2.20 The company is down 12% from its price of S/2.50 on 20 November 2020. The Peruvian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 5.0% over the same period. Is New 90 Day High Low • Jan 26
New 90-day low: S/2.30 The company is down 8.0% from its price of S/2.50 on 28 October 2020. The Peruvian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day low: S/2.34 The company is down 6.0% from its price of S/2.50 on 18 September 2020. The Peruvian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 1.0% over the same period. Upcoming Dividend • Dec 10
First Dividend Is S/0.16 Per Share Will be paid on the 22nd of December to those who are registered shareholders by the 17th of December. This is the first dividend for Michell y Cía since going public. The average dividend yield among industry peers is 1.3%. 
