Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to R$12.73, the stock trades at a trailing P/E ratio of 5.8x. Average forward P/E is 6x in the Banks industry in Brazil. Total returns to shareholders of 487% over the past three years. Reported Earnings • May 11
First quarter 2026 earnings released First quarter 2026 results: Revenue: R$494.2m (up 101% from 1Q 2025). Net income: R$149.9m (up 104% from 1Q 2025). Profit margin: 30% (in line with 1Q 2025). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Banks industry in Brazil. Announcement • Mar 31
Banco Pine S.A., Annual General Meeting, Apr 30, 2026 Banco Pine S.A., Annual General Meeting, Apr 30, 2026. Location: avenida presidente juscelino kubitschek, n 1830 bloco 4 andar condominioedificiosao luiz, vila nova conceicao, city and state of sao paulo, Brazil Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to R$11.19, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Banks industry in Brazil. Total returns to shareholders of 683% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$17.94 per share. New Risk • Feb 24
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 Brazilian stocks, typically moving 6.3% 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 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 (6.3% average weekly change). Buy Or Sell Opportunity • Feb 01
Now 22% undervalued Over the last 90 days, the stock has risen 45% to R$13.37. The fair value is estimated to be R$17.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 42% over the last 3 years. Earnings per share has grown by 56%. For the next 3 years, revenue is forecast to grow by 32% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Upcoming Dividend • Oct 14
Upcoming dividend of R$0.10 per share Eligible shareholders must have bought the stock before 21 October 2025. Payment date: 29 October 2025. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 5.7%. Lower than top quartile of Brazilian dividend payers (9.6%). Lower than average of industry peers (7.6%). Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to R$8.00, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 7x in the Banks industry in Brazil. Total returns to shareholders of 539% over the past three years. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: R$0.36 (vs R$0.31 in 2Q 2024) Second quarter 2025 results: EPS: R$0.36 (up from R$0.31 in 2Q 2024). Revenue: R$254.6m (up 68% from 2Q 2024). Net income: R$83.0m (up 30% from 2Q 2024). Profit margin: 33% (down from 42% 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 56% per year but the company’s share price has increased by 69% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 10
Upcoming dividend of R$0.11 per share Eligible shareholders must have bought the stock before 17 July 2025. Payment date: 25 July 2025. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 8.2%. Lower than top quartile of Brazilian dividend payers (9.0%). In line with average of industry peers (7.6%). Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$5.99, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 6x in the Banks industry in Brazil. Total returns to shareholders of 614% over the past three years. Reported Earnings • May 19
First quarter 2025 earnings released First quarter 2025 results: Revenue: R$246.0m (up 54% from 1Q 2024). Net income: R$73.5m (up 17% from 1Q 2024). Profit margin: 30% (down from 39% in 1Q 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to R$5.05, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 6x in the Banks industry in Brazil. Total returns to shareholders of 376% over the past three years. Announcement • Mar 03
Banco Pine S.A., Annual General Meeting, Apr 04, 2025 Banco Pine S.A., Annual General Meeting, Apr 04, 2025. Location: avenida presidente juscelino kubitschek1830, bloco 4 - 6 andar - condominioedificio sao luiz, vila nova conceicao., state of sao paulo., sao paulo. Brazil Reported Earnings • Feb 13
Full year 2024 earnings released: EPS: R$1.25 (vs R$0.99 in FY 2023) Full year 2024 results: EPS: R$1.25 (up from R$0.99 in FY 2023). Revenue: R$755.0m (up 35% from FY 2023). Net income: R$258.2m (up 43% from FY 2023). Profit margin: 34% (up from 32% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% 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 • Nov 19
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: R$148.1m (down 14% from 3Q 2023). Net income: R$64.3m (up 42% from 3Q 2023). Profit margin: 44% (up from 26% in 3Q 2023). The increase in margin was driven by lower expenses. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: R$0.31 (vs R$0.23 in 2Q 2023) Second quarter 2024 results: EPS: R$0.31 (up from R$0.23 in 2Q 2023). Revenue: R$151.8m (down 31% from 2Q 2023). Net income: R$63.8m (up 49% from 2Q 2023). Profit margin: 42% (up from 20% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. New Risk • Jul 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 144% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (144% increase in shares outstanding). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Jun 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 144% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (144% increase in shares outstanding). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 08
First quarter 2024 earnings released First quarter 2024 results: Revenue: R$159.8m (up 56% from 1Q 2023). Net income: R$63.0m (up 106% from 1Q 2023). Profit margin: 39% (up from 30% in 1Q 2023). The increase in margin was driven by higher revenue. New Risk • Feb 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.0% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Feb 11
Banco Pine S.A., Annual General Meeting, Apr 04, 2024 Banco Pine S.A., Annual General Meeting, Apr 04, 2024. Reported Earnings • Feb 08
Full year 2023 earnings released: EPS: R$0.99 (vs R$0.22 in FY 2022) Full year 2023 results: EPS: R$0.99 (up from R$0.22 in FY 2022). Revenue: R$559.2m (up 130% from FY 2022). Net income: R$180.9m (up 342% from FY 2022). Profit margin: 32% (up from 17% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. New Risk • Jan 18
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 Brazilian stocks, typically moving 7.0% 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 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 (7.0% average weekly change). Upcoming Dividend • Jan 02
Upcoming dividend of R$0.23 per share at 4.6% yield Eligible shareholders must have bought the stock before 09 January 2024. Payment date: 15 January 2024. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 4.6%. Lower than top quartile of Brazilian dividend payers (7.7%). In line with average of industry peers (4.3%). Reported Earnings • Nov 19
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: R$172.1m (up 75% from 3Q 2022). Net income: R$45.2m (up 202% from 3Q 2022). Profit margin: 26% (up from 15% in 3Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Aug 11
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: R$219.1m (up 238% from 2Q 2022). Net income: R$42.8m (up 248% from 2Q 2022). Profit margin: 20% (in line with 2Q 2022). Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to R$4.36, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 9x in the Banks industry in Brazil. Total returns to shareholders of 56% over the past three years. New Risk • Jul 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R$460.3m (US$97.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (R$460.3m market cap, or US$97.3m). Upcoming Dividend • Jul 25
Upcoming dividend of R$0.10 per share Eligible shareholders must have bought the stock before 01 August 2023. Payment date: 10 August 2023. The company last paid an ordinary dividend in October 2012. The average dividend yield among industry peers is 4.8%. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to R$3.06, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 9x in the Banks industry in Brazil. Total returns to shareholders of 5.9% over the past three years. New Risk • Jul 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Brazilian stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.9% average weekly change). High level of non-cash earnings (24% accrual ratio). Minor Risk Shareholders have been diluted in the past year (24% increase in shares outstanding). New Risk • Jun 30
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 Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Shareholders have been diluted in the past year (24% increase in shares outstanding). Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to R$2.59, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 7x in the Banks industry in Brazil. Total loss to shareholders of 2.2% over the past three years. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to R$1.77, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 7x in the Banks industry in Brazil. Total loss to shareholders of 28% over the past three years. Reported Earnings • Feb 10
Full year 2022 earnings released: EPS: R$0.22 (vs R$0.04 in FY 2021) Full year 2022 results: EPS: R$0.22 (up from R$0.04 in FY 2021). Revenue: R$242.7m (up 17% from FY 2021). Net income: R$40.9m (up R$35.0m from FY 2021). Profit margin: 17% (up from 2.9% in FY 2021). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • Dec 10
Banco Pine S.A. to Report Q4, 2022 Results on Feb 06, 2023 Banco Pine S.A. announced that they will report Q4, 2022 results on Feb 06, 2023 Announcement • Dec 09
Banco Pine S.A., Annual General Meeting, Mar 17, 2023 Banco Pine S.A., Annual General Meeting, Mar 17, 2023. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Sérgio Machado De Castro was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improved over the past week After last week's 22% share price gain to R$1.50, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 7x in the Banks industry in Brazil. Total loss to shareholders of 53% over the past three years. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improved over the past week After last week's 20% share price gain to R$1.20, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 7x in the Banks industry in Brazil. Total loss to shareholders of 52% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: R$0.012 (vs R$0.004 in 1Q 2021) First quarter 2022 results: EPS: R$0.012 (up from R$0.004 in 1Q 2021). Revenue: R$57.6m (up 17% from 1Q 2021). Net income: R$1.81m (up 241% from 1Q 2021). Profit margin: 3.1% (up from 1.1% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Sérgio Machado De Castro was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 18% share price decline to R$1.52, the stock trades at a trailing P/E ratio of 37.9x. Average trailing P/E is 8x in the Banks industry in Brazil. Total loss to shareholders of 43% over the past three years. Reported Earnings • Feb 19
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: R$0.04 (up from R$0.43 loss in FY 2020). Revenue: R$206.7m (up 7.6% from FY 2020). Net income: R$5.94m (up R$69.6m from FY 2020). Profit margin: 2.9% (up from net loss in FY 2020). Revenue missed analyst estimates by 100%. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: R$45.3m (down 37% from 2Q 2020). Net income: R$1.25m (down 60% from 2Q 2020). Profit margin: 2.8% (down from 4.4% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 20
New 90-day low: R$2.19 The company is down 6.0% from its price of R$2.34 on 20 November 2020. The Brazilian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 5.0% over the same period. Reported Earnings • Feb 14
Full year 2020 earnings released: R$0.43 loss per share (vs R$0.80 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: R$185.1m (down 487% from FY 2019). Net loss: R$63.6m (loss narrowed 46% from FY 2019). Net interest margin (NIM): 2.10% (up from 1.10% in FY 2019). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Jan 09
Banco Pine S.A. to Report Q4, 2020 Results on Feb 10, 2021 Banco Pine S.A. announced that they will report Q4, 2020 results on Feb 10, 2021 Reported Earnings • Nov 16
Third quarter 2020 earnings released: R$0.076 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: R$47.5m (up R$41.2m from 3Q 2019). Net loss: R$11.2m (loss narrowed 53% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 27
New 90-day low: R$2.46 The company is down 21% from its price of R$3.11 on 29 July 2020. The Brazilian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 3.0% over the same period. Is New 90 Day High Low • Sep 19
New 90-day low: R$2.67 The company is down 12% from its price of R$3.05 on 19 June 2020. The Brazilian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is down 9.0% over the same period. Announcement • Sep 11
Banco Pine S.A. to Report Q3, 2020 Results on Nov 11, 2020 Banco Pine S.A. announced that they will report Q3, 2020 results on Nov 11, 2020 Announcement • Jul 07
Banco Pine S.A. to Report Q2, 2020 Results on Aug 12, 2020 Banco Pine S.A. announced that they will report Q2, 2020 results at 5:00 PM, E. South America Standard Time on Aug 12, 2020 
