Upcoming Dividend • Apr 27
Upcoming dividend of CL$5.20 per share Eligible shareholders must have bought the stock before 04 May 2026. Payment date: 08 May 2026. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Chilean dividend payers (6.5%). Lower than average of industry peers (2.1%). New Risk • Mar 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 Chilean stocks, typically moving 4.3% 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 High level of debt (59% net debt to equity). Share price has been volatile over the past 3 months (4.3% average weekly change). Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CL$214, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 13x in the Construction industry in Chile. Total returns to shareholders of 367% over the past three years. Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: CL$17.30 (vs CL$11.30 in FY 2024) Full year 2025 results: EPS: CL$17.30 (up from CL$11.30 in FY 2024). Revenue: CL$290.1b (up 20% from FY 2024). Net income: CL$18.7b (up 53% from FY 2024). Profit margin: 6.4% (up from 5.0% in FY 2024). 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 increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Mar 05
Ingevec S.A., Annual General Meeting, Apr 08, 2026 Ingevec S.A., Annual General Meeting, Apr 08, 2026. Location: 5550 apoquindo avenue 13th floor, las condes, santiago Chile New Risk • Nov 24
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 50% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 10
Third quarter 2025 earnings released: EPS: CL$6.05 (vs CL$2.82 in 3Q 2024) Third quarter 2025 results: EPS: CL$6.05 (up from CL$2.82 in 3Q 2024). Revenue: CL$74.2b (up 26% from 3Q 2024). Net income: CL$6.53b (up 115% from 3Q 2024). Profit margin: 8.8% (up from 5.2% in 3Q 2024). The increase in margin was driven by higher revenue. 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 42% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2025 earnings released: EPS: CL$3.87 (vs CL$2.96 in 2Q 2024) Second quarter 2025 results: EPS: CL$3.87 (up from CL$2.96 in 2Q 2024). Revenue: CL$68.6b (up 19% from 2Q 2024). Net income: CL$4.18b (up 31% from 2Q 2024). Profit margin: 6.1% (up from 5.5% in 2Q 2024). 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 32% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Aug 07
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. 1 independent director (8 non-independent directors). Independent Director Gustavo Alcalde Lemarié was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 12
First quarter 2025 earnings released: EPS: CL$3.10 (vs CL$3.00 in 1Q 2024) First quarter 2025 results: EPS: CL$3.10 (up from CL$3.00 in 1Q 2024). Revenue: CL$62.0b (up 14% from 1Q 2024). Net income: CL$3.36b (up 5.5% from 1Q 2024). Profit margin: 5.4% (down from 5.9% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 12
Upcoming dividend of CL$3.40 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 23 May 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Chilean dividend payers (7.4%). In line with average of industry peers (3.5%). Declared Dividend • Apr 27
Dividend increased to CL$3.40 Dividend of CL$3.40 is 17% higher than last year. Ex-date: 19th May 2025 Payment date: 23rd May 2025 Dividend yield will be 3.6%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (11% 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. Earnings per share has grown by 7.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Apr 01
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 Chilean stocks, typically moving 3.4% 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 High level of debt (72% net debt to equity). Share price has been volatile over the past 3 months (3.4% average weekly change). Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CL$88.82, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 9x in the Construction industry in South America. Total returns to shareholders of 109% over the past three years. Aankondiging • Mar 06
Ingevec S.A., Annual General Meeting, Apr 24, 2025 Ingevec S.A., Annual General Meeting, Apr 24, 2025. Location: apoquindo 5550 13th floor, las condes, santiago Chile Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: CL$2.82 (vs CL$2.07 in 3Q 2023) Third quarter 2024 results: EPS: CL$2.82 (up from CL$2.07 in 3Q 2023). Revenue: CL$58.9b (down 14% from 3Q 2023). Net income: CL$3.04b (up 36% from 3Q 2023). Profit margin: 5.2% (up from 3.2% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year and the company’s share price has also increased by 5% per year. Upcoming Dividend • May 10
Upcoming dividend of CL$2.90 per share Eligible shareholders must have bought the stock before 17 May 2024. Payment date: 23 May 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Chilean dividend payers (10%). Higher than average of industry peers (3.7%). Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: CL$3.00 (vs CL$2.70 in 1Q 2023) First quarter 2024 results: EPS: CL$3.00 (up from CL$2.70 in 1Q 2023). Revenue: CL$54.4b (down 23% from 1Q 2023). Net income: CL$3.19b (up 7.3% from 1Q 2023). Profit margin: 5.9% (up from 4.2% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • Mar 24
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 3.0x 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 Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.0% average weekly change). Market cap is less than US$100m (CL$55.4b market cap, or US$56.3m). Reported Earnings • Mar 10
Full year 2023 earnings released: EPS: CL$9.70 (vs CL$9.30 in FY 2022) Full year 2023 results: EPS: CL$9.70 (up from CL$9.30 in FY 2022). Revenue: CL$279.8b (up 2.8% from FY 2022). Net income: CL$10.4b (up 3.7% from FY 2022). Profit margin: 3.7% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CL$46.97, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 5x in the Construction industry in Chile. Total loss to shareholders of 34% over the past three years. Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: CL$2.07 (vs CL$2.24 in 3Q 2022) Third quarter 2023 results: EPS: CL$2.07 (down from CL$2.24 in 3Q 2022). Revenue: CL$68.8b (down 4.9% from 3Q 2022). Net income: CL$2.23b (down 7.7% from 3Q 2022). Profit margin: 3.2% (down from 3.3% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. New Risk • Sep 07
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 3.0x 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 Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (CL$64.7b market cap, or US$74.0m). Reported Earnings • Aug 21
Second quarter 2023 earnings released: EPS: CL$2.68 (vs CL$2.49 in 2Q 2022) Second quarter 2023 results: EPS: CL$2.68 (up from CL$2.49 in 2Q 2022). Revenue: CL$71.8b (up 4.1% from 2Q 2022). Net income: CL$2.89b (up 7.4% from 2Q 2022). Profit margin: 4.0% (up from 3.9% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CL$62.09, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 6x in the Construction industry in South America. Total loss to shareholders of 22% over the past three years. Reported Earnings • Mar 12
Full year 2022 earnings released: EPS: CL$9.30 (vs CL$8.60 in FY 2021) Full year 2022 results: EPS: CL$9.30 (up from CL$8.60 in FY 2021). Revenue: CL$272.2b (up 27% from FY 2021). Net income: CL$10.1b (up 8.3% from FY 2021). Profit margin: 3.7% (down from 4.3% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Buying Opportunity • Dec 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.3%. The fair value is estimated to be CL$55.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 13%. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. 1 independent director (6 non-independent directors). Independent Director Gustavo Alcalde Lemarié was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 15% share price gain to CL$52.69, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 7x in the Construction industry in Chile. Total loss to shareholders of 34% over the past three years. Reported Earnings • Aug 07
Second quarter 2022 earnings released: EPS: CL$2.49 (vs CL$2.08 in 2Q 2021) Second quarter 2022 results: EPS: CL$2.49 (up from CL$2.08 in 2Q 2021). Revenue: CL$69.0b (up 41% from 2Q 2021). Net income: CL$2.69b (up 20% from 2Q 2021). Profit margin: 3.9% (down from 4.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Reported Earnings • May 08
First quarter 2022 earnings released: EPS: CL$2.70 (vs CL$2.20 in 1Q 2021) First quarter 2022 results: EPS: CL$2.70 (up from CL$2.20 in 1Q 2021). Revenue: CL$60.9b (up 36% from 1Q 2021). Net income: CL$2.95b (up 24% from 1Q 2021). Profit margin: 4.8% (down from 5.3% in 1Q 2021). The decrease in margin was driven by higher expenses. 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 23% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 27
Upcoming dividend of CL$4.30 per share Eligible shareholders must have bought the stock before 02 May 2022. Payment date: 05 May 2022. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 8.9%. Lower than top quartile of Chilean dividend payers (9.7%). Higher than average of industry peers (3.9%). Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. 1 independent director (6 non-independent directors). Independent Director Gustavo Alcalde Lemarié was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 06
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CL$8.60 (up from CL$5.20 in FY 2020). Revenue: CL$215.3b (up 69% from FY 2020). Net income: CL$9.29b (up 65% from FY 2020). Profit margin: 4.3% (down from 4.4% 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 increased by 3% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improved over the past week After last week's 15% share price gain to CL$55.89, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 7x in the Construction industry in Chile. Total loss to shareholders of 27% over the past three years. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS CL$2.21 (vs CL$0.97 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: CL$58.0b (up 282% from 3Q 2020). Net income: CL$2.39b (up 129% from 3Q 2020). Profit margin: 4.1% (down from 6.9% 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 1% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS CL$2.08 (vs CL$0.06 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CL$49.1b (up 120% from 2Q 2020). Net income: CL$2.24b (up CL$2.17b from 2Q 2020). Profit margin: 4.6% (up from 0.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 14
First quarter 2021 earnings released: EPS CL$2.20 (vs CL$1.72 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: CL$44.9b (down 3.3% from 1Q 2020). Net income: CL$2.39b (up 28% from 1Q 2020). Profit margin: 5.3% (up from 4.0% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 4% per year. Upcoming Dividend • May 10
Upcoming dividend of CL$1.56 per share Eligible shareholders must have bought the stock before 17 May 2021. Payment date: 20 May 2021. Trailing yield: 1.9%. Lower than top quartile of Chilean dividend payers (5.4%). Lower than average of industry peers (2.6%). Upcoming Dividend • Apr 16
Upcoming dividend of CL$1.56 per share Eligible shareholders must have bought the stock before 23 April 2021. Payment date: 28 April 2021. Trailing yield: 4.2%. Lower than top quartile of Chilean dividend payers (5.9%). Higher than average of industry peers (2.6%). Reported Earnings • Mar 06
Full year 2020 earnings released: EPS CL$5.20 (vs CL$7.80 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CL$127.3b (down 29% from FY 2019). Net income: CL$5.62b (down 33% from FY 2019). Profit margin: 4.4% (down from 4.7% 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 4% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 04
New 90-day high: CL$90.00 The company is up 8.0% from its price of CL$83.19 on 03 December 2020. The Chilean market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 28% over the same period. Is New 90 Day High Low • Dec 23
New 90-day low: CL$79.78 The company is down 11% from its price of CL$90.00 on 23 September 2020. The Chilean market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 7.0% over the same period. Reported Earnings • Nov 09
Third quarter 2020 earnings released: EPS CL$0.97 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: CL$15.2b (down 68% from 3Q 2019). Net income: CL$1.04b (down 48% from 3Q 2019). Profit margin: 6.9% (up from 4.2% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. Is New 90 Day High Low • Oct 30
New 90-day low: CL$82.25 The company is down 9.0% from its price of CL$90.00 on 31 July 2020. The Chilean market is also down 9.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Construction industry, which is down 12% over the same period. Is New 90 Day High Low • Oct 08
New 90-day low: CL$85.20 The company is down 5.0% from its price of CL$89.41 on 10 July 2020. The Chilean market is down 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 10.0% over the same period.