New Risk • 1h
New major risk - Negative shareholders equity The company has negative equity. Total equity: -R$37m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Negative equity (-R$37m). Earnings have declined by 73% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (R$228.4m market cap, or US$44.2m). New Risk • Jun 05
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 7.9% 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 Interest payments are not well covered by earnings (0.6x net interest cover). Share price has been highly volatile over the past 3 months (7.9% average weekly change). Negative equity (-R$37m). Earnings have declined by 73% per year over the past 5 years. Minor Risk Market cap is less than US$100m (R$246.7m market cap, or US$48.7m). Board Change • Jun 01
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. 6 experienced directors. 4 highly experienced directors. Independent Board Member Mauro do Valle Pereira was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • May 22
New major risk - Negative shareholders equity The company has negative equity. Total equity: -R$37m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.6x net interest cover). Negative equity (-R$37m). Earnings have declined by 73% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Market cap is less than US$100m (R$273.5m market cap, or US$54.7m). Announcement • Apr 10
PBG S.A. to Report Q1, 2026 Results on May 15, 2026 PBG S.A. announced that they will report Q1, 2026 results at 6:00 PM, E. South America Standard Time on May 15, 2026 Announcement • Apr 07
PBG S.A., Annual General Meeting, Apr 30, 2026 PBG S.A., Annual General Meeting, Apr 30, 2026. Location: rodovia br 101, km 163, city of tijucas, state of santa catarina., tijucas Brazil Reported Earnings • Apr 05
Full year 2025 earnings released Full year 2025 results: Revenue: R$2.61b (up 8.2% from FY 2024). Net loss: R$291.7m (loss widened 186% from FY 2024). New Risk • Apr 04
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: Major Risks Interest payments are not well covered by earnings (0.6x net interest cover). Earnings have declined by 67% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (R$342.6m market cap, or US$66.5m). Announcement • Jan 23
PBG S.A. to Report Q4, 2025 Results on Mar 31, 2026 PBG S.A. announced that they will report Q4, 2025 results After-Market on Mar 31, 2026 Reported Earnings • Nov 07
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: R$685.1m (up 3.5% from 3Q 2024). Net loss: R$41.1m (down R$43.7m from profit in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. New Risk • Oct 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R$541.4m (US$98.4m) 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 Risks Interest payments are not well covered by earnings (0.8x net interest cover). Earnings have declined by 52% per year over the past 5 years. Minor Risk Market cap is less than US$100m (R$541.4m market cap, or US$98.4m). Announcement • Sep 17
PBG S.A. to Report Q3, 2025 Results on Nov 05, 2025 PBG S.A. announced that they will report Q3, 2025 results After-Market on Nov 05, 2025 New Risk • Aug 11
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.8x 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 Risks Interest payments are not well covered by earnings (0.8x net interest cover). Earnings have declined by 52% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (R$534.3m market cap, or US$98.3m). Reported Earnings • Aug 08
Second quarter 2025 earnings released: R$0.31 loss per share (vs R$0.082 loss in 2Q 2024) Second quarter 2025 results: R$0.31 loss per share (further deteriorated from R$0.082 loss in 2Q 2024). Revenue: R$686.8m (up 17% from 2Q 2024). Net loss: R$44.2m (loss widened 283% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. New Risk • Jul 19
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R$556.9m (US$99.7m) 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 Risks Interest payments are not well covered by earnings (0.7x net interest cover). Earnings have declined by 43% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (R$556.9m market cap, or US$99.7m). Announcement • Jul 09
PBG S.A. to Report Q2, 2025 Results on Aug 06, 2025 PBG S.A. announced that they will report Q2, 2025 results After-Market on Aug 06, 2025 Buy Or Sell Opportunity • Jun 24
Now 20% undervalued Over the last 90 days, the stock has risen 23% to R$4.56. The fair value is estimated to be R$5.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.9% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 17
First quarter 2025 earnings released First quarter 2025 results: Revenue: R$591.9m (up 13% from 1Q 2024). Net loss: R$32.7m (loss widened 58% from 1Q 2024). Announcement • May 03
PBG S.A. to Report Q1, 2025 Results on May 14, 2025 PBG S.A. announced that they will report Q1, 2025 results at 6:00 PM, E. South America Standard Time on May 14, 2025 Announcement • Mar 25
PBG S.A., Annual General Meeting, Apr 23, 2025 PBG S.A., Annual General Meeting, Apr 23, 2025. Location: rodovia br 101, km 163, city of tijucas, state of santa catarina, tijucas Brazil Reported Earnings • Mar 14
Full year 2024 earnings released: R$0.72 loss per share (vs R$0.25 loss in FY 2023) Full year 2024 results: R$0.72 loss per share (further deteriorated from R$0.25 loss in FY 2023). Revenue: R$2.41b (up 9.9% from FY 2023). Net loss: R$102.0m (loss widened 191% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Announcement • Mar 06
PBG S.A. to Report Q4, 2024 Results on Mar 13, 2025 PBG S.A. announced that they will report Q4, 2024 results After-Market on Mar 13, 2025 New Risk • Dec 12
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 6.7% 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: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 19% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (R$593.6m market cap, or US$98.8m). Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: R$0.019 (vs R$0.028 in 3Q 2023) Third quarter 2024 results: EPS: R$0.019 (down from R$0.028 in 3Q 2023). Revenue: R$661.6m (up 11% from 3Q 2023). Net income: R$2.62m (down 34% from 3Q 2023). Profit margin: 0.4% (down from 0.7% in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. New Risk • Nov 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R$563.9m (US$96.1m) 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 Risks Interest payments are not well covered by earnings (1.0x net interest cover). Earnings have declined by 11% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (R$563.9m market cap, or US$96.1m). Announcement • Oct 25
PBG S.A. to Report Q3, 2024 Results on Nov 06, 2024 PBG S.A. announced that they will report Q3, 2024 results After-Market on Nov 06, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: R$589.1m (up 7.3% from 2Q 2023). Net loss: R$11.6m (loss narrowed 70% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Announcement • Aug 06
PBG S.A. to Report Q2, 2024 Results on Aug 14, 2024 PBG S.A. announced that they will report Q2, 2024 results After-Market on Aug 14, 2024 Reported Earnings • May 15
First quarter 2024 earnings released: R$0.15 loss per share (vs R$0.11 loss in 1Q 2023) First quarter 2024 results: R$0.15 loss per share (further deteriorated from R$0.11 loss in 1Q 2023). Revenue: R$525.5m (up 7.7% from 1Q 2023). Net loss: R$43.6m (loss widened 189% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 31 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 08
Now 20% undervalued Over the last 90 days, the stock has risen 7.7% to R$6.12. The fair value is estimated to be R$7.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. Announcement • May 03
PBG S.A. to Report Q1, 2024 Results on May 13, 2024 PBG S.A. announced that they will report Q1, 2024 results at 6:00 PM, E. South America Standard Time on May 13, 2024 Buy Or Sell Opportunity • Apr 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to R$5.92. The fair value is estimated to be R$7.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company became loss making. New Risk • Mar 15
New major risk - Revenue and earnings growth Earnings have declined by 0.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Earnings have declined by 0.4% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Mar 15
Full year 2023 earnings released: R$0.25 loss per share (vs R$1.09 profit in FY 2022) Full year 2023 results: R$0.25 loss per share (down from R$1.09 profit in FY 2022). Revenue: R$2.19b (flat on FY 2022). Net loss: R$35.1m (down 123% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to R$5.90. The fair value is estimated to be R$7.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company became loss making. Announcement • Feb 28
PBG S.A. to Report Q4, 2023 Results on Mar 13, 2024 PBG S.A. announced that they will report Q4, 2023 results on Mar 13, 2024 Buying Opportunity • Jan 05
Now 22% undervalued Over the last 90 days, the stock is up 27%. The fair value is estimated to be R$8.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 02
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: R$598.0m (flat on 3Q 2022). Net income: R$3.97m (down 92% from 3Q 2022). Profit margin: 0.7% (down from 8.8% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 9% per year. Announcement • Oct 05
PBG S.A. to Report Q3, 2023 Results on Nov 10, 2023 PBG S.A. announced that they will report Q3, 2023 results After-Market on Nov 10, 2023 Buying Opportunity • Sep 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be R$7.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 3.4%. Reported Earnings • Aug 16
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: R$548.8m (down 5.0% from 2Q 2022). Net loss: R$38.3m (down 171% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 20% per year and the company’s share price has also increased by 20% per year. Board Change • Aug 11
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Marcio Lobo was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 17
PBG S.A. to Report Q2, 2023 Results on Aug 03, 2023 PBG S.A. announced that they will report Q2, 2023 results at 2:59 AM, Coordinated Universal Time on Aug 03, 2023 Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$6.93, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 15x in the Building industry in South America. Total returns to shareholders of 119% over the past three years. Reported Earnings • May 14
First quarter 2023 earnings released: R$0.11 loss per share (vs R$0.27 profit in 1Q 2022) First quarter 2023 results: R$0.11 loss per share (down from R$0.27 profit in 1Q 2022). Revenue: R$487.8m (down 7.1% from 1Q 2022). Net loss: R$15.1m (down 140% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R$6.62, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 15x in the Building industry in South America. Total returns to shareholders of 232% over the past three years. Announcement • May 06
PBG S.A. to Report Q1, 2023 Results on May 12, 2023 PBG S.A. announced that they will report Q1, 2023 results After-Market on May 12, 2023 Upcoming Dividend • Apr 27
Upcoming dividend of R$0.21 per share at 16% yield Eligible shareholders must have bought the stock before 04 May 2023. Payment date: 07 July 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 16%. Within top quartile of Brazilian dividend payers (8.5%). Higher than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$6.34, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 14x in the Building industry in South America. Total returns to shareholders of 208% over the past three years. Reported Earnings • Apr 02
Full year 2022 earnings released: EPS: R$1.09 (vs R$1.46 in FY 2021) Full year 2022 results: EPS: R$1.09 (down from R$1.46 in FY 2021). Revenue: R$2.20b (up 15% from FY 2021). Net income: R$153.1m (down 29% from FY 2021). Profit margin: 7.0% (down from 11% 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 45% per year whereas the company’s share price has increased by 50% per year. Price Target Changed • Nov 16
Price target increased to R$13.00 Up from R$7.00, the current price target is provided by 1 analyst. New target price is 37% above last closing price of R$9.48. Stock is up 3.3% over the past year. The company posted earnings per share of R$1.46 last year. Reported Earnings • Nov 12
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: R$477.8m (down 8.0% from 3Q 2021). Net income: R$52.5m (down 35% from 3Q 2021). Profit margin: 11% (down from 16% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorated over the past week After last week's 19% share price decline to R$10.39, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 14x in the Building industry in South America. Total returns to shareholders of 196% over the past three years. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 21% share price gain to R$11.89, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 16x in the Building industry in South America. Total returns to shareholders of 255% over the past three years. Upcoming Dividend • Aug 12
Upcoming dividend of R$0.29 per share Eligible shareholders must have bought the stock before 19 August 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 7.3%. Lower than top quartile of Brazilian dividend payers (7.5%). Higher than average of industry peers (1.8%). Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: R$0.38 (vs R$0.26 in 2Q 2021) Second quarter 2022 results: EPS: R$0.38 (up from R$0.26 in 2Q 2021). Revenue: R$577.5m (up 24% from 2Q 2021). Net income: R$53.8m (up 34% from 2Q 2021). Profit margin: 9.3% (up from 8.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 18% share price gain to R$7.46, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 15x in the Building industry in South America. Total returns to shareholders of 97% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 18% share price decline to R$6.55, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 14x in the Building industry in South America. Total returns to shareholders of 70% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: R$0.27 (vs R$0.27 in 1Q 2021) First quarter 2022 results: EPS: R$0.27 (vs R$0.27 in 1Q 2021). Revenue: R$525.0m (up 26% from 1Q 2021). Net income: R$37.6m (down 6.8% from 1Q 2021). Profit margin: 7.2% (down from 9.7% 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 58% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Announcement • May 14
PBG S.A. to Report Q3, 2022 Results on Nov 10, 2022 PBG S.A. announced that they will report Q3, 2022 results on Nov 10, 2022 Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 20% share price gain to R$9.50, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 26x in the Building industry in South America. Total returns to shareholders of 135% over the past three years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improved over the past week After last week's 17% share price gain to R$8.89, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 17x in the Building industry in South America. Total returns to shareholders of 83% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to R$8.53, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 17x in the Building industry in South America. Total returns to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 16% share price gain to R$9.61, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 15x in the Building industry in South America. Total returns to shareholders of 127% over the past three years. Upcoming Dividend • Nov 15
Upcoming dividend of R$0.57 per share Eligible shareholders must have bought the stock before 22 November 2021. Payment date: 30 November 2021. Trailing yield: 4.4%. Lower than top quartile of Brazilian dividend payers (5.6%). Higher than average of industry peers (1.7%). Upcoming Dividend • Aug 30
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 06 September 2021. Payment date: 15 September 2021. Trailing yield: 2.8%. Lower than top quartile of Brazilian dividend payers (4.5%). Higher than average of industry peers (1.7%). Reported Earnings • Aug 18
Second quarter 2021 earnings released: EPS R$0.26 (vs R$0.33 in 2Q 2020) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: R$464.3m (up 92% from 2Q 2020). Net income: R$40.2m (down 22% from 2Q 2020). Profit margin: 8.7% (down from 21% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to R$13.67, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 22x in the Building industry in South America. Total returns to shareholders of 249% over the past three years. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment improved over the past week After last week's 17% share price gain to R$16.62, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 17x in the Building industry in South America. Total returns to shareholders of 385% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improved over the past week After last week's 27% share price gain to R$15.37, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 15x in the Building industry in South America. Total returns to shareholders of 285% over the past three years. Reported Earnings • May 20
First quarter 2021 earnings released: EPS R$0.27 (vs R$0.13 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: R$416.4m (up 52% from 1Q 2020). Net income: R$40.4m (up 92% from 1Q 2020). Profit margin: 9.7% (up from 7.7% in 1Q 2020). 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 49% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improved over the past week After last week's 18% share price gain to R$10.78, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 31x in the Building industry in South America. Total returns to shareholders of 127% over the past three years. Reported Earnings • Mar 28
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: R$1.33b (up 20% from FY 2019). Net income: R$128.2m (up R$115.1m from FY 2019). Profit margin: 9.6% (up from 1.2% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. 