Upcoming Dividend • Apr 21
Upcoming dividend of R$0.043 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 12 May 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 11%. Lower than top quartile of Brazilian dividend payers (11%). Higher than average of industry peers (7.6%). New Risk • Apr 10
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: 3.6% Last year net profit margin: 6.0% 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 150% Paying a dividend despite having no free cash flows. Earnings have declined by 11% per year over the past 5 years. High level of non-cash earnings (128% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (3.6% net profit margin). 공시 • Mar 31
Whirlpool S.A., Annual General Meeting, Apr 27, 2026 Whirlpool S.A., Annual General Meeting, Apr 27, 2026. Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: R$0.073 (vs R$0.15 in 3Q 2024) Third quarter 2025 results: EPS: R$0.073 (down from R$0.15 in 3Q 2024). Revenue: R$2.98b (down 8.2% from 3Q 2024). Net income: R$109.2m (down 51% from 3Q 2024). Profit margin: 3.7% (down from 6.8% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Aug 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 7.7% per year over the past 5 years. High level of non-cash earnings (24% accrual ratio). Minor Risk Dividend is not well covered by cash flows (155% cash payout ratio). Reported Earnings • Aug 15
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: R$3.08b (flat on 2Q 2024). Net income: R$124.3m (up 53% from 2Q 2024). Profit margin: 4.0% (up from 2.6% in 2Q 2024). Reported Earnings • May 17
First quarter 2025 earnings released First quarter 2025 results: Revenue: R$2.97b (up 8.6% from 1Q 2024). Net income: R$190.4m (down 4.9% from 1Q 2024). Profit margin: 6.4% (down from 7.3% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Apr 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% 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 Earnings have declined by 11% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Mar 27
Full year 2024 earnings released Full year 2024 results: Revenue: R$12.9b (up 13% from FY 2023). Net income: R$781.3m (up 223% from FY 2023). Profit margin: 6.0% (up from 2.1% in FY 2023). The increase in margin was driven by higher revenue. 공시 • Mar 27
Whirlpool S.A., Annual General Meeting, Apr 25, 2025 Whirlpool S.A., Annual General Meeting, Apr 25, 2025. New Risk • Nov 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 37% 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 Earnings have declined by 13% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: R$3.25b (up 17% from 3Q 2023). Net income: R$221.9m (up 77% from 3Q 2023). Profit margin: 6.8% (up from 4.5% in 3Q 2023). The increase in margin was driven by higher revenue. Buy Or Sell Opportunity • Nov 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.3% to R$4.28. The fair value is estimated to be R$5.35, 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 49%. Reported Earnings • Aug 18
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: R$3.09b (up 18% from 2Q 2023). Net income: R$81.3m (down 35% from 2Q 2023). Profit margin: 2.6% (down from 4.8% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: R$0.14 (vs R$0.046 in 1Q 2023) First quarter 2024 results: EPS: R$0.14 (up from R$0.046 in 1Q 2023). Revenue: R$2.73b (up 4.4% from 1Q 2023). Net income: R$200.3m (up 192% from 1Q 2023). Profit margin: 7.3% (up from 2.6% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. New Risk • Apr 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 102% 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 Earnings have declined by 1.9% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: R$0.17 (vs R$0.28 in FY 2022) Full year 2023 results: EPS: R$0.17 (down from R$0.28 in FY 2022). Revenue: R$11.5b (up 6.4% from FY 2022). Net income: R$241.9m (down 42% from FY 2022). Profit margin: 2.1% (down from 3.9% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to R$5.02, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 10x in the Consumer Durables industry in Brazil. Total loss to shareholders of 30% over the past three years. New Risk • Nov 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 50% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.2% net profit margin). Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: R$2.79b (up 6.8% from 3Q 2022). Net income: R$125.5m (up 3.7% from 3Q 2022). Profit margin: 4.5% (down from 4.6% in 3Q 2022). The decrease in margin was driven by higher expenses. New Risk • Nov 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.3% net profit margin). New Risk • Oct 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.9% net profit margin). Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: R$0.28 (vs R$0.65 in FY 2021) Full year 2022 results: EPS: R$0.28 (down from R$0.65 in FY 2021). Revenue: R$10.8b (down 5.1% from FY 2021). Net income: R$416.7m (down 57% from FY 2021). Profit margin: 3.9% (down from 8.6% in FY 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. 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. 6 experienced directors. No highly experienced directors. No independent directors (6 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 • Aug 16
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: R$2.54b (down 4.3% from 2Q 2021). Net income: R$136.8m (down 39% from 2Q 2021). Profit margin: 5.4% (down from 8.4% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Apr 26
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. 6 experienced directors. No highly experienced directors. No independent directors (6 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. Is New 90 Day High Low • Nov 19
New 90-day high: R$7.46 The company is up 4.0% from its price of R$7.20 on 21 August 2020. The Brazilian market is up 6.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Durables industry, which is up 1.0% over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS R$0.19 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: R$2.63b (up 46% from 3Q 2019). Net income: R$278.8m (up 247% from 3Q 2019). Profit margin: 11% (up from 4.5% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth.