Declared Dividend • May 02
Dividend of R$130 announced Shareholders will receive a dividend of R$130. Ex-date: 4th May 2026 Payment date: 26th June 2026 Dividend yield will be 63%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not covered by earnings (100% earnings payout ratio) nor is it adequately covered by cash flows (100% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control, which is less than the 76% EPS growth achieved over the last 5 years. Announcement • Mar 31
Bicicletas Monark S.A., Annual General Meeting, Apr 30, 2026 Bicicletas Monark S.A., Annual General Meeting, Apr 30, 2026. Location: rua francisco lanzi tancler 130, city of indaiatuba, state of sao paulo., indaiatuba Brazil Buy Or Sell Opportunity • Dec 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to R$371. The fair value is estimated to be R$469, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.6% over the last 3 years. Earnings per share has grown by 30%. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to R$387, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 22x in the Leisure industry globally. Total returns to shareholders of 124% over the past three years. Reported Earnings • Nov 18
Third quarter 2025 earnings released: R$30.70 loss per share (vs R$6.99 profit in 3Q 2024) Third quarter 2025 results: R$30.70 loss per share (down from R$6.99 profit in 3Q 2024). Net loss: R$14.0m (down R$17.1m from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 25% per year. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to R$515, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 22x in the Leisure industry globally. Total returns to shareholders of 191% over the past three years. Reported Earnings • Aug 14
Second quarter 2025 earnings released Second quarter 2025 results: Net income: R$66.4m (up R$61.8m from 2Q 2024). New Risk • Jun 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 7.3% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 104% Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Revenue is less than US$5m (R$16m revenue, or US$2.8m). Market cap is less than US$100m (R$186.4m market cap, or US$33.7m). Buy Or Sell Opportunity • Jun 02
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to R$404. The fair value is estimated to be R$312, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.9% over the last 3 years. Earnings per share has declined by 8.2%. Buy Or Sell Opportunity • May 15
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.7% to R$380. The fair value is estimated to be R$313, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.9% over the last 3 years. Earnings per share has declined by 8.2%. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: R$7.08 (vs R$7.02 in 1Q 2024) First quarter 2025 results: EPS: R$7.08 (up from R$7.02 in 1Q 2024). Revenue: R$3.35m (up 22% from 1Q 2024). Net income: R$3.22m (flat on 1Q 2024). Profit margin: 96% (down from 116% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 25
Upcoming dividend of R$33.13 per share Eligible shareholders must have bought the stock before 02 May 2025. Payment date: 26 June 2025. The company is paying out more than 100% of its profits and is paying out 99% of its cash flow. Trailing yield: 8.5%. Lower than top quartile of Brazilian dividend payers (9.6%). Higher than average of industry peers (2.7%). Declared Dividend • Apr 06
Dividend reduced to R$33.13 Dividend of R$33.13 is 16% lower than last year. Ex-date: 2nd May 2025 Payment date: 26th June 2025 Dividend yield will be 8.7%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is not covered by earnings (124% earnings payout ratio) nor is it covered by cash flows (118% cash payout ratio). The dividend has increased by an average of 2.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 38% to bring the payout ratio under control, which is less than the 41% EPS growth achieved over the last 5 years. Announcement • Apr 04
Bicicletas Monark S.A. announces Annual dividend, payable on June 26, 2025 Bicicletas Monark S.A. announced Annual dividend of BRL 33.1292 per share payable on June 26, 2025, ex-date on May 02, 2025 and record date on April 30, 2025. Announcement • Mar 27
Bicicletas Monark S.A., Annual General Meeting, Apr 30, 2025 Bicicletas Monark S.A., Annual General Meeting, Apr 30, 2025. Location: rua francisco lanzitancler n 130, city of indaiatuba, state of sao paulo Brazil Reported Earnings • Mar 21
Full year 2024 earnings released: EPS: R$33.07 (vs R$39.22 in FY 2023) Full year 2024 results: EPS: R$33.07 (down from R$39.22 in FY 2023). Revenue: R$15.1m (down 5.3% from FY 2023). Net income: R$15.0m (down 16% from FY 2023). Profit margin: 100% (down from 112% in FY 2023). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: R$6.12 (vs R$8.49 in 3Q 2023) Third quarter 2024 results: EPS: R$6.12 (down from R$8.49 in 3Q 2023). Revenue: R$4.69m (up 4.3% from 3Q 2023). Net income: R$3.18m (down 18% from 3Q 2023). Profit margin: 68% (down from 86% in 3Q 2023). 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 only increased by 10% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 16
Now 20% undervalued Over the last 90 days, the stock has risen 2.7% to R$334. The fair value is estimated to be R$418, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has grown by 32%. New Risk • Aug 11
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: 96% Last year net profit margin: 154% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 119% Cash payout ratio: 94% Minor Risks Profit margins are more than 30% lower than last year (96% net profit margin). Revenue is less than US$5m (R$16m revenue, or US$2.9m). Market cap is less than US$100m (R$143.2m market cap, or US$26.0m). Reported Earnings • May 11
First quarter 2024 earnings released: EPS: R$7.02 (vs R$7.33 in 1Q 2023) First quarter 2024 results: EPS: R$7.02 (down from R$7.33 in 1Q 2023). Net income: R$3.19m (down 4.2% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to R$351, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 17x in the Leisure industry globally. Total returns to shareholders of 104% over the past three years. Upcoming Dividend • Apr 25
Upcoming dividend of R$39.27 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 28 June 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 9.1%. Within top quartile of Brazilian dividend payers (8.8%). Higher than average of industry peers (2.4%). Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: R$39.22 (vs R$57.72 in FY 2022) Full year 2023 results: EPS: R$39.22 (down from R$57.72 in FY 2022). Net income: R$17.8m (down 32% from FY 2022). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 18% 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 6.9% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 121% Cash payout ratio: 99% Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Revenue is less than US$5m (R$16m revenue, or US$3.2m). Market cap is less than US$100m (R$166.0m market cap, or US$33.6m). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: R$14.64 (vs R$18.53 in 2Q 2022) Second quarter 2023 results: EPS: R$14.64 (down from R$18.53 in 2Q 2022). Net income: R$7.27m (down 14% from 2Q 2022). 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 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 03
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to R$325, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 15x in the Leisure industry globally. Total returns to shareholders of 93% over the past three years. Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: R$57.72 (vs R$17.72 in FY 2021) Full year 2022 results: EPS: R$57.72 (up from R$17.72 in FY 2021). Net income: R$26.2m (up 226% from FY 2021). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 18% share price gain to R$285, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 15x in the Leisure industry globally. Total returns to shareholders of 32% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released Third quarter 2022 results: Net income: R$8.92m (up 246% from 3Q 2021). Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 26% share price gain to R$305, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 16x in the Leisure industry globally. Total returns to shareholders of 38% over the past three years. Upcoming Dividend • Apr 27
Upcoming dividend of R$17.88 per share Eligible shareholders must have bought the stock before 02 May 2022. Payment date: 28 June 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.3%. Within top quartile of Brazilian dividend payers (6.3%). Higher than average of industry peers (2.0%). Reported Earnings • Apr 02
Full year 2021 earnings released Full year 2021 results: Revenue: R$17.6m (down 19% from FY 2020). Net income: R$8.06m (up 131% from FY 2020). Profit margin: 46% (up from 16% in FY 2020). The increase in margin was driven by lower expenses. Upcoming Dividend • Apr 26
Upcoming dividend of R$7.93 per share Eligible shareholders must have bought the stock before 03 May 2021. Payment date: 29 June 2021. Trailing yield: 3.3%. Lower than top quartile of Brazilian dividend payers (4.9%). Higher than average of industry peers (1.6%). Reported Earnings • Apr 02
Full year 2020 earnings released The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: R$21.8m (up 40% from FY 2019). Net income: R$3.48m (up 30% from FY 2019). Profit margin: 16% (down from 17% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 02
New 90-day low: R$225 The company is down 8.0% from its price of R$245 on 25 November 2020. The Brazilian market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 18% share price gain to R$297, the stock is trading at a trailing P/E ratio of 33x, up from the previous P/E ratio of 28x. This compares to an average P/E of 23x in the Leisure industry. Total return to shareholders over the past three years is a loss of 1.5%. Is New 90 Day High Low • Dec 24
New 90-day high: R$255 The company is up 11% from its price of R$229 on 25 September 2020. The Brazilian market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Leisure industry, which is up 25% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS R$3.02 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: R$10.1m (up 78% from 3Q 2019). Net income: R$1.37m (up 20% from 3Q 2019). Profit margin: 14% (down from 20% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 09
New 90-day high: R$238 The company is up 27% from its price of R$188 on 10 July 2020. The Brazilian market is down 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 18% over the same period.