Reported Earnings • May 11
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: R$0.26 (down from R$0.39 in 1Q 2025). Revenue: R$776.4m (up 11% from 1Q 2025). Net income: R$80.1m (down 25% from 1Q 2025). Profit margin: 10% (down from 15% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Luxury industry in Brazil. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Mar 31
Vulcabras S.A., Annual General Meeting, Apr 29, 2026 Vulcabras S.A., Annual General Meeting, Apr 29, 2026. Location: exclusively remotely, Brazil New Risk • Mar 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 119% Dividend per share is over 5x cash flows per share. Earnings are forecast to decline by an average of 16% per year for the foreseeable future. High level of non-cash earnings (32% accrual ratio). Minor Risk Shareholders have been diluted in the past year (15% increase in shares outstanding). New Risk • Mar 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 16% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 120% Dividend per share is over 5x cash flows per share. Earnings are forecast to decline by an average of 16% per year for the foreseeable future. High level of non-cash earnings (32% accrual ratio). Reported Earnings • Mar 09
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: R$4.27 (up from R$2.11 in FY 2024). Revenue: R$3.56b (up 17% from FY 2024). Net income: R$1.17b (up 105% from FY 2024). Profit margin: 33% (up from 19% in FY 2024). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 26%. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Luxury industry in Brazil. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • Feb 07
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 120% Cash payout ratio: 393% Dividend yield: 15% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 120% Cash payout ratio: 393% Earnings are forecast to decline by an average of 15% per year for the foreseeable future. High level of non-cash earnings (40% accrual ratio). Major Estimate Revision • Jan 23
Consensus EPS estimates increase by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from R$3.51b to R$3.57b. EPS estimate increased from R$2.84 to R$3.52 per share. Net income forecast to shrink 43% next year vs 25% growth forecast for Luxury industry in Brazil . Consensus price target broadly unchanged at R$23.83. Share price was steady at R$18.01 over the past week. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to R$19.80, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 9x in the Luxury industry in Brazil. Total returns to shareholders of 134% over the past three years. Reported Earnings • Nov 02
Third quarter 2025 earnings: Revenues exceed analyst expectations Third quarter 2025 results: Revenue: R$955.7m (up 22% from 3Q 2024). Net income: R$547.2m (up 218% from 3Q 2024). Profit margin: 57% (up from 22% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 3.1%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Luxury industry in Brazil. Price Target Changed • Oct 21
Price target increased by 8.4% to R$22.50 Up from R$20.75, the current price target is an average from 6 analysts. New target price is 7.7% above last closing price of R$20.90. Stock is up 28% over the past year. The company is forecast to post earnings per share of R$2.50 for next year compared to R$2.11 last year. Upcoming Dividend • Oct 14
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 21 October 2025. Payment date: 03 November 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 13%. Within top quartile of Brazilian dividend payers (9.6%). Higher than average of industry peers (6.7%). Upcoming Dividend • Sep 02
Upcoming dividend of R$1.10 per share Eligible shareholders must have bought the stock before 09 September 2025. Payment date: 22 September 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 12%. Within top quartile of Brazilian dividend payers (9.3%). Higher than average of industry peers (5.3%). Major Estimate Revision • Aug 29
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from R$2.15 to R$2.36. Revenue forecast steady at R$3.34b. Net income forecast to shrink 20% next year vs 16% growth forecast for Luxury industry in Brazil . Consensus price target up from R$20.75 to R$21.50. Share price rose 9.5% to R$21.62 over the past week. New Risk • Aug 19
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 157% Cash payout ratio: 340% Earnings are forecast to decline by an average of 2.2% per year for the foreseeable future. High level of non-cash earnings (26% accrual ratio). Reported Earnings • Aug 15
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: R$894.8m (up 18% from 2Q 2024). Net income: R$353.3m (up 153% from 2Q 2024). Profit margin: 40% (up from 18% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Luxury industry in Brazil. Upcoming Dividend • Aug 12
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 19 August 2025. Payment date: 01 September 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.8%. Lower than top quartile of Brazilian dividend payers (9.6%). Higher than average of industry peers (4.5%). Upcoming Dividend • Jul 11
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 18 July 2025. Payment date: 01 August 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.3%. Lower than top quartile of Brazilian dividend payers (9.1%). Higher than average of industry peers (5.0%). Upcoming Dividend • Jun 13
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 20 June 2025. Payment date: 01 July 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.6%. Lower than top quartile of Brazilian dividend payers (9.2%). Higher than average of industry peers (5.1%). Upcoming Dividend • May 14
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 21 May 2025. Payment date: 02 June 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.1%. Lower than top quartile of Brazilian dividend payers (9.4%). Higher than average of industry peers (5.3%). Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to R$20.69, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Luxury industry in Brazil. Total returns to shareholders of 147% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$8.97 per share. Reported Earnings • May 07
First quarter 2025 earnings released: EPS: R$0.39 (vs R$0.34 in 1Q 2024) First quarter 2025 results: EPS: R$0.39 (up from R$0.34 in 1Q 2024). Revenue: R$701.2m (up 17% from 1Q 2024). Net income: R$106.1m (up 20% from 1Q 2024). Profit margin: 15% (in line with 1Q 2024). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Luxury industry in Brazil. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Apr 15
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 22 April 2025. Payment date: 02 May 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 9.2%. Lower than top quartile of Brazilian dividend payers (10%). Higher than average of industry peers (6.3%). Upcoming Dividend • Apr 11
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 18 April 2025. Payment date: 02 May 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 9.8%. Lower than top quartile of Brazilian dividend payers (10%). Higher than average of industry peers (6.3%). Announcement • Apr 02
Vulcabras S.A., Annual General Meeting, Apr 30, 2025 Vulcabras S.A., Annual General Meeting, Apr 30, 2025. Reported Earnings • Mar 12
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: R$2.11 (up from R$2.02 in FY 2023). Revenue: R$3.05b (up 8.2% from FY 2023). Net income: R$569.9m (up 15% from FY 2023). Profit margin: 19% (up from 18% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 5.7%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Luxury industry in Brazil. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 19% per year. Upcoming Dividend • Mar 12
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 19 March 2025. Payment date: 01 April 2025. The company is paying out more than 100% of its profits and is paying out 87% of its cash flow. Trailing yield: 9.1%. Lower than top quartile of Brazilian dividend payers (10.0%). Higher than average of industry peers (6.0%). Upcoming Dividend • Feb 11
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 18 February 2025. Payment date: 06 March 2025. The company is paying out more than 100% of its profits and is paying out 87% of its cash flow. Trailing yield: 8.8%. Lower than top quartile of Brazilian dividend payers (10.0%). Higher than average of industry peers (5.0%). Price Target Changed • Jan 22
Price target decreased by 7.7% to R$21.00 Down from R$22.75, the current price target is an average from 4 analysts. New target price is 26% above last closing price of R$16.72. Stock is down 24% over the past year. The company is forecast to post earnings per share of R$1.99 for next year compared to R$2.02 last year. Upcoming Dividend • Jan 15
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 22 January 2025. Payment date: 03 February 2025. The company is paying out more than 100% of its profits and is paying out 87% of its cash flow. Trailing yield: 9.3%. Lower than top quartile of Brazilian dividend payers (10%). Higher than average of industry peers (5.4%). Upcoming Dividend • Dec 10
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 17 December 2024. Payment date: 02 January 2025. The company is paying out more than 100% of its profits and is paying out 87% of its cash flow. Trailing yield: 9.2%. Lower than top quartile of Brazilian dividend payers (10%). Higher than average of industry peers (4.9%). Upcoming Dividend • Nov 12
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 19 November 2024. Payment date: 02 December 2024. The company is paying out more than 100% of its profits and is paying out 87% of its cash flow. Trailing yield: 9.3%. Lower than top quartile of Brazilian dividend payers (9.5%). Higher than average of industry peers (4.3%). Reported Earnings • Nov 06
Third quarter 2024 earnings released: EPS: R$0.64 (vs R$0.52 in 3Q 2023) Third quarter 2024 results: EPS: R$0.64 (up from R$0.52 in 3Q 2023). Revenue: R$784.6m (up 7.3% from 3Q 2023). Net income: R$172.2m (up 35% from 3Q 2023). Profit margin: 22% (up from 17% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in Brazil. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 21% per year. Upcoming Dividend • Oct 11
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 18 October 2024. Payment date: 01 November 2024. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 9.2%. Lower than top quartile of Brazilian dividend payers (9.3%). Higher than average of industry peers (4.3%). Upcoming Dividend • Sep 13
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 20 September 2024. Payment date: 01 October 2024. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 9.0%. Within top quartile of Brazilian dividend payers (8.6%). Higher than average of industry peers (3.9%). Upcoming Dividend • Aug 14
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 20 August 2024. Payment date: 02 September 2024. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 9.0%. Within top quartile of Brazilian dividend payers (8.8%). Higher than average of industry peers (3.9%). Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: R$0.52 (vs R$0.57 in 2Q 2023) Second quarter 2024 results: EPS: R$0.52. Revenue: R$761.0m (up 5.1% from 2Q 2023). Net income: R$139.7m (flat on 2Q 2023). Profit margin: 18% (in line with 2Q 2023). Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in Brazil. Price Target Changed • May 21
Price target decreased by 9.4% to R$23.00 Down from R$25.40, the current price target is an average from 3 analysts. New target price is 47% above last closing price of R$15.65. Stock is up 2.5% over the past year. The company is forecast to post earnings per share of R$2.04 for next year compared to R$2.02 last year. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: R$0.34 (vs R$0.34 in 1Q 2023) First quarter 2024 results: EPS: R$0.34. Revenue: R$597.3m (up 4.6% from 1Q 2023). Net income: R$88.8m (up 6.1% from 1Q 2023). Profit margin: 15% (in line with 1Q 2023). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Luxury industry in Brazil. Reported Earnings • Mar 10
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: R$2.02 (up from R$1.90 in FY 2022). Revenue: R$2.82b (up 11% from FY 2022). Net income: R$494.9m (up 6.3% from FY 2022). Profit margin: 18% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Luxury industry in Brazil. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 20
Now 21% overvalued Over the last 90 days, the stock has fallen 7.4% to R$18.59. The fair value is estimated to be R$15.36, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 61%. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. New Risk • Feb 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor 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: 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 (6.7% average weekly change). Shareholders have been diluted in the past year (11% increase in shares outstanding). New Risk • Jan 27
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 7.4% 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 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 (7.4% average weekly change). Price Target Changed • Nov 22
Price target increased by 16% to R$25.25 Up from R$21.75, the current price target is an average from 4 analysts. New target price is 29% above last closing price of R$19.57. Stock is up 51% over the past year. The company is forecast to post earnings per share of R$1.94 for next year compared to R$1.89 last year. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$20.83, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Luxury industry in Brazil. Total returns to shareholders of 233% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$28.63 per share. Reported Earnings • Nov 03
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: R$731.4m (up 10% from 3Q 2022). Net income: R$127.6m (up 30% from 3Q 2022). Profit margin: 17% (up from 15% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in Brazil. Upcoming Dividend • Aug 24
Upcoming dividend of R$0.15 per share at 2.8% yield Eligible shareholders must have bought the stock before 31 August 2023. Payment date: 14 September 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Brazilian dividend payers (7.4%). Lower than average of industry peers (4.7%). Buying Opportunity • Aug 04
Now 21% undervalued Over the last 90 days, the stock is up 40%. The fair value is estimated to be R$25.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has grown by 70%. For the next 3 years, revenue is forecast to grow by 9.9% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: R$0.57 (vs R$0.42 in 2Q 2022) Second quarter 2023 results: EPS: R$0.57 (up from R$0.42 in 2Q 2022). Revenue: R$723.9m (up 10% from 2Q 2022). Net income: R$139.0m (up 34% from 2Q 2022). Profit margin: 19% (up from 16% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in Brazil. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 17
Price target increased by 9.8% to R$18.67 Up from R$17.00, the current price target is an average from 3 analysts. New target price is 6.8% above last closing price of R$17.47. Stock is up 68% over the past year. The company is forecast to post earnings per share of R$1.84 for next year compared to R$1.89 last year. Upcoming Dividend • May 16
Upcoming dividend of R$0.15 per share at 4.0% yield Eligible shareholders must have bought the stock before 23 May 2023. Payment date: 06 June 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Brazilian dividend payers (8.0%). Lower than average of industry peers (5.4%). Reported Earnings • May 06
First quarter 2023 earnings released: EPS: R$0.34 (vs R$0.22 in 1Q 2022) First quarter 2023 results: EPS: R$0.34 (up from R$0.22 in 1Q 2022). Revenue: R$571.1m (up 20% from 1Q 2022). Net income: R$83.6m (up 55% from 1Q 2022). Profit margin: 15% (up from 11% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in Brazil. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 28
Upcoming dividend of R$0.085 per share at 3.1% yield Eligible shareholders must have bought the stock before 04 April 2023. Payment date: 14 April 2023. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Brazilian dividend payers (8.3%). Lower than average of industry peers (5.7%). Reported Earnings • Mar 03
Full year 2022 earnings: Revenues in line with analyst expectations Full year 2022 results: Revenue: R$2.54b (up 36% from FY 2021). Net income: R$465.6m (up 48% from FY 2021). Profit margin: 18% (up from 17% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in Brazil. Price Target Changed • Nov 16
Price target increased to R$16.43 Up from R$12.50, the current price target is an average from 4 analysts. New target price is 21% above last closing price of R$13.58. Stock is up 36% over the past year. The company is forecast to post earnings per share of R$1.55 for next year compared to R$1.28 last year. 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. 4 experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Chairman of Administrative Council Pedro Bartelle was the last director to join the board, commencing their role in 2012. 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 • Nov 03
Third quarter 2022 earnings released: EPS: R$0.40 (vs R$0.52 in 3Q 2021) Third quarter 2022 results: EPS: R$0.40 (down from R$0.52 in 3Q 2021). Revenue: R$663.5m (up 24% from 3Q 2021). Net income: R$97.9m (down 23% from 3Q 2021). Profit margin: 15% (down from 24% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Luxury industry in Brazil. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 03
Price target increased to R$13.63 Up from R$12.50, the current price target is an average from 3 analysts. New target price is 10% above last closing price of R$12.34. Stock is up 36% over the past year. The company posted earnings per share of R$1.28 last year. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: R$0.42 (vs R$0.37 in 2Q 2021) Second quarter 2022 results: EPS: R$0.42 (up from R$0.37 in 2Q 2021). Revenue: R$656.8m (up 64% from 2Q 2021). Net income: R$103.7m (up 13% from 2Q 2021). Profit margin: 16% (down from 23% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 11%, compared to a 21% growth forecast for the industry in Brazil. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. 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. 4 experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Chairman of Administrative Council Pedro Bartelle was the last director to join the board, commencing their role in 2012. 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 11
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: R$1.28 (up from R$0.13 in FY 2020). Revenue: R$1.87b (up 58% from FY 2020). Net income: R$313.8m (up R$282.2m from FY 2020). Profit margin: 17% (up from 2.7% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.2%. Over the next year, revenue is forecast to grow 21%, compared to a 35% growth forecast for the industry in Brazil. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth.