Board Change • Dec 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. 2 experienced directors. 2 highly experienced directors. No independent directors (4 non-independent directors). Director Humberto Guillén Luque was the last director to join the board, commencing their role in 2014. 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 • Dec 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. 2 experienced directors. 2 highly experienced directors. No independent directors (4 non-independent directors). Director Humberto Guillén Luque was the last director to join the board, commencing their role in 2014. 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 • Aug 20
Second quarter 2024 earnings released: EPS: S/0.18 (vs S/0.063 in 2Q 2023) Second quarter 2024 results: EPS: S/0.18 (up from S/0.063 in 2Q 2023). Revenue: S/545.3m (up 8.6% from 2Q 2023). Net income: S/50.7m (up 46% from 2Q 2023). Profit margin: 9.3% (up from 6.9% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jun 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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: Major Risk Revenue is less than US$1m. Minor Risk Large one-off items impacting financial results. Upcoming Dividend • Feb 26
Upcoming dividend of S/0.08 per share Eligible shareholders must have bought the stock before 04 March 2024. Payment date: 27 June 2024. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Peruvian dividend payers (13%). Lower than average of industry peers (6.3%). Upcoming Dividend • Dec 06
Upcoming dividend of S/0.016 per share at 1.3% yield Eligible shareholders must have bought the stock before 12 December 2023. Payment date: 15 December 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Peruvian dividend payers (13%). Lower than average of industry peers (7.5%). Upcoming Dividend • Sep 01
Upcoming dividend of S/0.07 per share at 0.7% yield Eligible shareholders must have bought the stock before 08 September 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Peruvian dividend payers (14%). Lower than average of industry peers (7.1%). Reported Earnings • Aug 19
Second quarter 2023 earnings released: EPS: S/0.12 (vs S/0.13 in 2Q 2022) Second quarter 2023 results: EPS: S/0.12 (down from S/0.13 in 2Q 2022). Revenue: S/507.9m (up 31% from 2Q 2022). Net income: S/34.9m (down 48% from 2Q 2022). Profit margin: 6.9% (down from 17% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 56% per year, which means it is well ahead of earnings. Upcoming Dividend • Feb 27
Upcoming dividend of S/0.08 per share at 3.1% yield Eligible shareholders must have bought the stock before 06 March 2023. Payment date: 09 March 2023. Trailing yield: 3.1%. Lower than top quartile of Peruvian dividend payers (26%). Lower than average of industry peers (7.8%). 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. 2 experienced directors. 2 highly experienced directors. No independent directors (4 non-independent directors). Director Humberto Guillén Luque was the last director to join the board, commencing their role in 2014. 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 • Aug 09
Upcoming dividend of S/0.13 per share Eligible shareholders must have bought the stock before 16 August 2022. Payment date: 18 August 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Peruvian dividend payers (27%). Lower than average of industry peers (5.7%). 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. 2 experienced directors. 2 highly experienced directors. No independent directors (4 non-independent directors). Director Humberto Guillén Luque was the last director to join the board, commencing their role in 2014. 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 • Feb 20
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: S/0.35 (down from S/0.46 in FY 2020). Revenue: S/753.4m (up 31% from FY 2020). Net income: S/48.7m (down 24% from FY 2020). Profit margin: 6.5% (down from 11% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. 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 66% per year, which means it is well ahead of earnings. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS S/0.23 (vs S/0.059 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: S/191.3m (up 29% from 3Q 2020). Net income: S/10.3m (up 25% from 3Q 2020). Profit margin: 5.4% (down from 5.5% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 66% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improved over the past week After last week's 338% share price gain to S/11.62, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 6x in the Insurance industry in Peru. Total returns to shareholders of 492% over the past three years. Upcoming Dividend • Jun 03
Inaugural dividend of S/0.089 per share Eligible shareholders must have bought the stock before 10 June 2021. Payment date: 15 June 2021. This is the first dividend for Mapfre Perú Vida Compañía de Seguros y Reaseguros since going public. The average dividend yield among industry peers is 6.2%. Is New 90 Day High Low • Mar 10
New 90-day low: S/2.95 The company is down 3.0% from its price of S/3.05 on 09 December 2020. The Peruvian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 3.0% over the same period. Upcoming Dividend • Mar 01
First Dividend Is S/0.096 Per Share Will be paid on the 11th of March to those who are registered shareholders by the 8th of March. This is the first dividend for Mapfre Perú Vida Compañía de Seguros y Reaseguros since going public. The average dividend yield among industry peers is 5.6%. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS S/0.49 (vs S/0.48 in FY 2019) The company reported a mediocre full year result with weaker revenues, although profit margins were flat and earnings improved. Full year 2020 results: Revenue: S/572.5m (down 1.0% from FY 2019). Net income: S/64.2m (up 2.8% from FY 2019). Profit margin: 11% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Feb 02
Full year 2020 earnings released: EPS S/0.49 (vs S/0.48 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: S/595.3m (up 3.0% from FY 2019). Net income: S/64.2m (up 2.8% from FY 2019). Profit margin: 11% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 03
New 90-day low: S/3.52 The company is down 5.0% from its price of S/3.72 on 03 July 2020. The Peruvian market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is down 2.0% over the same period.