Reported Earnings • May 18
First quarter 2026 earnings released: EPS: AR$163 (vs AR$125 in 1Q 2025) First quarter 2026 results: EPS: AR$163 (up from AR$125 in 1Q 2025). Revenue: AR$51.4b (up 26% from 1Q 2025). Net income: AR$7.66b (up 30% from 1Q 2025). Profit margin: 15% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 82% per year, which means it is well ahead of earnings. Announcement • Mar 12
Havanna Holding S.A., Annual General Meeting, Apr 14, 2026 Havanna Holding S.A., Annual General Meeting, Apr 14, 2026. Location: sede social costa rica 4165, buenos aires Argentina New Risk • Nov 18
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.8x 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 (1.8x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.2% net profit margin). Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AR$6,330, the stock trades at a trailing P/E ratio of 45x. Average trailing P/E is 18x in the Hospitality industry in South America. Total returns to shareholders of 1,589% over the past three years. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AR$4,970, the stock trades at a trailing P/E ratio of 35.3x. Average trailing P/E is 16x in the Hospitality industry in South America. Total returns to shareholders of 1,450% over the past three years. Reported Earnings • Aug 13
Second quarter 2025 earnings released: EPS: AR$12.77 (vs AR$70.69 in 2Q 2024) Second quarter 2025 results: EPS: AR$12.77 (down from AR$70.69 in 2Q 2024). Revenue: AR$26.8b (up 6.6% from 2Q 2024). Net income: AR$599.8m (down 82% from 2Q 2024). Profit margin: 2.2% (down from 13% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 194% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: AR$118 (vs AR$149 in 1Q 2024) First quarter 2025 results: EPS: AR$118 (down from AR$149 in 1Q 2024). Revenue: AR$38.5b (up 21% from 1Q 2024). Net income: AR$5.56b (down 21% from 1Q 2024). Profit margin: 14% (down from 22% 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 27% per year but the company’s share price has increased by 248% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 18
Havanna Holding S.A., Annual General Meeting, Apr 23, 2025 Havanna Holding S.A., Annual General Meeting, Apr 23, 2025. Location: registered office, costa rica 4165, buenos aires Argentina Reported Earnings • Mar 16
Full year 2024 earnings released: EPS: AR$275 (vs AR$153 in FY 2023) Full year 2024 results: EPS: AR$275 (up from AR$153 in FY 2023). Revenue: AR$117.9b (up 165% from FY 2023). Net income: AR$12.9b (up 80% from FY 2023). Profit margin: 11% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 236% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to AR$7,650, the stock trades at a trailing P/E ratio of 52.1x. Average trailing P/E is 15x in the Hospitality industry in South America. Total returns to shareholders of 5,980% over the past three years. New Risk • Nov 10
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x 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 (1.9x net interest cover). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 10
Third quarter 2024 earnings released: AR$14.28 loss per share (vs AR$15.51 profit in 3Q 2023) Third quarter 2024 results: AR$14.28 loss per share (down from AR$15.51 profit in 3Q 2023). Revenue: AR$22.9b (up 227% from 3Q 2023). Net loss: AR$670.7m (down 192% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has increased by 242% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to AR$6,870, the stock trades at a trailing P/E ratio of 33.8x. Average trailing P/E is 17x in the Hospitality industry in South America. Total returns to shareholders of 5,139% over the past three years. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: AR$46.96 (vs AR$30.52 in 2Q 2023) Second quarter 2024 results: EPS: AR$46.96 (up from AR$30.52 in 2Q 2023). Revenue: AR$19.0b (up 130% from 2Q 2023). Net income: AR$2.21b (up 54% from 2Q 2023). Profit margin: 12% (down from 17% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has increased by 235% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 15
First quarter 2024 earnings released: EPS: AR$126 (vs AR$22.34 in 1Q 2023) First quarter 2024 results: EPS: AR$126 (up from AR$22.34 in 1Q 2023). Revenue: AR$26.8b (up 330% from 1Q 2023). Net income: AR$5.90b (up 462% from 1Q 2023). Profit margin: 22% (up from 17% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has increased by 242% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AR$6,591, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 18x in the Hospitality industry in South America. Total returns to shareholders of 4,926% over the past three years. New Risk • Jan 28
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 Argentinean stocks, typically moving 15% 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 Share price has been volatile over the past 3 months (15% average weekly change). Profit margins are more than 30% lower than last year (11% net profit margin). Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improves as stock rises 50% After last week's 50% share price gain to AR$5,725, the stock trades at a trailing P/E ratio of 66.3x. Average trailing P/E is 15x in the Hospitality industry in South America. Total returns to shareholders of 4,685% over the past three years. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to AR$3,242, the stock trades at a trailing P/E ratio of 60.7x. Average trailing P/E is 17x in the Hospitality industry in South America. Total returns to shareholders of 2,499% over the past three years. New Risk • Nov 21
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: 12% Last year net profit margin: 21% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AR$3,037, the stock trades at a trailing P/E ratio of 52.6x. Average trailing P/E is 17x in the Hospitality industry in South America. Total returns to shareholders of 2,300% over the past three years. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AR$2,688, the stock trades at a trailing P/E ratio of 46.6x. Average trailing P/E is 18x in the Hospitality industry in South America. Total returns to shareholders of 2,087% over the past three years. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to AR$2,120, the stock trades at a trailing P/E ratio of 46.2x. Average trailing P/E is 19x in the Hospitality industry in South America. Total returns to shareholders of 1,468% over the past three years. New Risk • Sep 15
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: 13% Last year net profit margin: 20% 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: Minor Risks Share price has been volatile over the past 3 months (9.4% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AR$1,549, the stock trades at a trailing P/E ratio of 34.5x. Average trailing P/E is 18x in the Hospitality industry in South America. Total returns to shareholders of 1,061% over the past three years. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to AR$799, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 18x in the Hospitality industry in South America. Total returns to shareholders of 613% over the past three years. Buying Opportunity • Mar 25
Now 20% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be AR$700, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 35% over the last 3 years. Earnings per share has grown by 111%. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AR$575, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 18x in the Hospitality industry in South America. Total returns to shareholders of 631% over the past three years. Reported Earnings • Mar 16
Full year 2022 earnings released Full year 2022 results: Revenue: AR$13.8b (up 152% from FY 2021). Net income: AR$1.93b (up 321% from FY 2021). Profit margin: 14% (up from 8.4% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AR$570, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 17x in the Hospitality industry in South America. Total returns to shareholders of 367% over the past three years. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 16% share price gain to AR$532, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 16x in the Hospitality industry in South America. Total returns to shareholders of 305% over the past three years. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. Director Guillermo Eduardo Stanley was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Nov 08
Now 20% undervalued Over the last 90 days, the stock is up 86%. The fair value is estimated to be AR$431, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improved over the past week After last week's 24% share price gain to AR$250, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 15x in the Hospitality industry in South America. Total returns to shareholders of 306% over the past three years. Reported Earnings • Aug 17
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: AR$2.14b (up 112% from 2Q 2021). Net income: AR$364.7m (up AR$533.6m from 2Q 2021). Profit margin: 17% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 16% share price gain to AR$174, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 15x in the Hospitality industry in South America. Total returns to shareholders of 126% over the past three years. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. Director Guillermo Eduardo Stanley was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 16
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: AR$5.49b (up 100% from FY 2020). Net income: AR$459.5m (up AR$1.02b from FY 2020). Profit margin: 8.4% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 16% share price gain to AR$145, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 24x in the Hospitality industry in South America. Total returns to shareholders of 170% over the past three years. Reported Earnings • Nov 14
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: AR$1.16b (up 150% from 3Q 2020). Net income: AR$165.8m (up AR$288.8m from 3Q 2020). Profit margin: 14% (up from net loss in 3Q 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 132 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 12
New 90-day high: AR$159 The company is up 15% from its price of AR$138 on 13 November 2020. The Argentinean market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 4.0% over the same period. Is New 90 Day High Low • Jan 27
New 90-day high: AR$140 The company is up 1.0% from its price of AR$139 on 29 October 2020. The Argentinean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day low: AR$128 The company is down 9.0% from its price of AR$140 on 06 October 2020. The Argentinean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 16
New 90-day low: AR$129 The company is down 7.0% from its price of AR$138 on 16 September 2020. The Argentinean market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 15% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: AR$2.62 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: AR$463.6m (down 48% from 3Q 2019). Net loss: AR$123.0m (loss widened 253% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 67% per year but the company’s share price has increased by 60% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 15
New 90-day low: AR$134 The company is down 12% from its price of AR$152 on 17 July 2020. The Argentinean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 6.0% over the same period.