New Risk • Jun 07
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.5% net profit margin). New Risk • May 22
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: 7.5% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (127% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.5% net profit margin). New Risk • Mar 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (134% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Mar 25
Unipar Carbocloro S.A., Annual General Meeting, Apr 24, 2026 Unipar Carbocloro S.A., Annual General Meeting, Apr 24, 2026. Location: presidente juscelino kubitschek avenue, 1327, floor 22, city and state of sao paulo, Brazil Reported Earnings • Mar 23
Full year 2025 earnings released: EPS: R$4.32 (vs R$5.04 in FY 2024) Full year 2025 results: EPS: R$4.32 (down from R$5.04 in FY 2024). Revenue: R$5.14b (down 5.3% from FY 2024). Net income: R$481.7m (down 13% from FY 2024). Profit margin: 9.4% (in line with FY 2024). Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Chemicals industry in South America. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Price Target Changed • Dec 19
Price target decreased by 10% to R$66.00 Down from R$73.50, the current price target is an average from 2 analysts. New target price is 18% above last closing price of R$55.94. Stock is up 20% over the past year. The company posted earnings per share of R$5.04 last year. New Risk • Dec 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% 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 Risk Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risks High level of debt (64% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 17
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: R$1.26b (down 8.4% from 3Q 2024). Net income: R$109.1m (down 7.9% from 3Q 2024). Profit margin: 8.7% (up from 8.6% in 3Q 2024). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Chemicals industry in South America. Over the last 3 years on average, earnings per share has fallen by 41% 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. New Risk • Oct 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% 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 Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Buy Or Sell Opportunity • Oct 07
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to R$76.40. The fair value is estimated to be R$62.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 49%. Revenue is forecast to decline by 2.8% in 2 years. Earnings are forecast to decline by 17% in the next 2 years. Reported Earnings • Aug 11
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: R$1.27b (up 1.6% from 2Q 2024). Net income: R$233.2m (up 163% from 2Q 2024). Profit margin: 18% (up from 7.1% in 2Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 3.6% growth forecast for the Chemicals industry in South America. Price Target Changed • Jul 22
Price target decreased by 23% to R$63.00 Down from R$82.00, the current price target is an average from 2 analysts. New target price is 14% above last closing price of R$55.12. Stock is up 7.0% over the past year. The company posted earnings per share of R$5.04 last year. Reported Earnings • May 12
First quarter 2025 earnings released: EPS: R$1.33 (vs R$0.49 in 1Q 2024) First quarter 2025 results: EPS: R$1.33 (up from R$0.49 in 1Q 2024). Revenue: R$1.37b (up 18% from 1Q 2024). Net income: R$150.4m (up 169% from 1Q 2024). Profit margin: 11% (up from 4.8% in 1Q 2024). Revenue is expected to decline by 1.8% p.a. on average during the next 2 years, while revenues in the Chemicals industry in South America are expected to grow by 5.4%. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. New Risk • Apr 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 35% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (10% net profit margin). Announcement • Mar 24
Unipar Carbocloro S.A.(BOVESPA:UNIP6) dropped from FTSE All-World Index (USD) Unipar Carbocloro S.A.(BOVESPA:UNIP6) dropped from FTSE All-World Index (USD) Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to R$55.50, the stock trades at a trailing P/E ratio of 11.2x. Average forward P/E is 16x in the Chemicals industry in South America. Total loss to shareholders of 14% over the past three years. Announcement • Mar 18
Unipar Carbocloro S.A., Annual General Meeting, Apr 17, 2025 Unipar Carbocloro S.A., Annual General Meeting, Apr 17, 2025. Location: avenida presidente juscelino kubitschek, n 1327, 22 andar, cep 04543-011, sao paulo., sao paulo Brazil Reported Earnings • Mar 16
Full year 2024 earnings released Full year 2024 results: Revenue: R$5.43b (up 11% from FY 2023). Net income: R$555.6m (down 29% from FY 2023). Profit margin: 10% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 5.9% growth forecast for the Chemicals industry in South America. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. New Risk • Nov 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 164% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.5% net profit margin). Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$52.78, the stock trades at a trailing P/E ratio of 12x. Average forward P/E is 15x in the Chemicals industry in South America. Total loss to shareholders of 11% over the past three years. Price Target Changed • Nov 11
Price target decreased by 19% to R$82.00 Down from R$102, the current price target is an average from 2 analysts. New target price is 81% above last closing price of R$45.32. Stock is down 33% over the past year. The company posted earnings per share of R$6.92 last year. Reported Earnings • Aug 11
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: R$1.25b (down 5.0% from 2Q 2023). Net income: R$88.8m (down 52% from 2Q 2023). Profit margin: 7.1% (down from 14% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Reported Earnings • May 12
First quarter 2024 earnings released First quarter 2024 results: Revenue: R$1.17b (down 26% from 1Q 2023). Net income: R$56.0m (down 78% from 1Q 2023). Profit margin: 4.8% (down from 16% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 8% per year. Announcement • May 10
Unipar Carbocloro S.A. to Report Q1, 2024 Results on May 09, 2024 Unipar Carbocloro S.A. announced that they will report Q1, 2024 results After-Market on May 09, 2024 Announcement • Feb 06
Unipar Carbocloro S.A. to Report Q4, 2023 Results on Mar 14, 2024 Unipar Carbocloro S.A. announced that they will report Q4, 2023 results on Mar 14, 2024 Announcement • Jan 16
Unipar Carbocloro S.A., Annual General Meeting, Apr 18, 2024 Unipar Carbocloro S.A., Annual General Meeting, Apr 18, 2024. Reported Earnings • Aug 12
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: R$1.32b (down 34% from 2Q 2022). Net income: R$185.7m (down 65% from 2Q 2022). Profit margin: 14% (down from 27% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Announcement • Jun 13
Unipar Carbocloro S.A. (BOVESPA:UNIP6) made a non-binding proposal to acquire a 34.4% stake in Braskem S.A. (BOVESPA:BRKM5) from Novonor S.A. for BRL 4.3 billion. Unipar Carbocloro S.A. (BOVESPA:UNIP6) made a non-binding proposal to acquire a 34.4% stake in Braskem S.A. (BOVESPA:BRKM5) from Novonor S.A. for BRL 4.3 billion on June 10, 2023. Pursuant to the terms, Unipar will valued each share at BRL 36.5. Post transaction, Unipar will hold 34.366% (representing Braskem's shares control) of the total shares issued by Braskem (ex-treasury) and Novonor will remain with a minority interest, indirectly representing 4% of the total shares currently issued by Braskem. Novonor will evaluate the terms and conditions of the Proposal together with the financial institutions. The Proposal is also subject to the performance of a confirmatory audit of certain assumptions and the implementation of a series of precedent conditions, including the non-exercise by Petróleo Brasileiro S.A. of its right of first refusal or its tag along right, as provided, respectively, in Clauses 7.5 and 7.12 of the Shareholders' Agreement of BRK Investimentos Petroquímicas S.A and Braskem S.A. in effect on this date between Novonor and Petrobras. Morgan Stanley (NYSE:MS) acted as financial advisor for Novonor. Reported Earnings • May 13
First quarter 2023 earnings released First quarter 2023 results: Revenue: R$1.57b (down 17% from 1Q 2022). Net income: R$251.8m (down 44% from 1Q 2022). Profit margin: 16% (down from 24% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 17
Upcoming dividend of R$1.09 per share at 18% yield Eligible shareholders must have bought the stock before 24 April 2023. Payment date: 04 May 2023. Payout ratio and cash payout ratio are on the higher end at 94% and 77% respectively. Trailing yield: 18%. Within top quartile of Brazilian dividend payers (8.3%). Lower than average of industry peers (33%). Reported Earnings • Mar 21
Full year 2022 earnings released: EPS: R$12.89 (vs R$17.38 in FY 2021) Full year 2022 results: EPS: R$12.89 (down from R$17.38 in FY 2021). Revenue: R$7.27b (up 16% from FY 2021). Net income: R$1.33b (down 33% from FY 2021). Profit margin: 18% (down from 32% 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 74% per year but the company’s share price has only increased by 66% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to R$95.95, the stock trades at a trailing P/E ratio of 4.1x. Average forward P/E is 7x in the Chemicals industry in Brazil. Total returns to shareholders of 425% over the past three years. Price Target Changed • Nov 16
Price target increased to R$112 Up from R$40.52, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of R$108. Stock is up 30% over the past year. The company posted earnings per share of R$17.38 last year. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Vitor Manuel Mallmann was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 16
Second quarter 2022 earnings released: EPS: R$5.45 (vs R$2.15 in 2Q 2021) Second quarter 2022 results: EPS: R$5.45 (up from R$2.15 in 2Q 2021). Revenue: R$2.00b (up 72% from 2Q 2021). Net income: R$534.6m (up 118% from 2Q 2021). Profit margin: 27% (up from 21% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 1.8% compared to a 1.5% decline forecast for the Chemicals industry in Brazil. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 55% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 20
Upcoming dividend of R$1.25 per share Eligible shareholders must have bought the stock before 27 July 2022. Payment date: 05 August 2022. Trailing yield: 2.3%. Lower than top quartile of Brazilian dividend payers (8.0%). Lower than average of industry peers (16%). Reported Earnings • May 19
First quarter 2022 earnings released First quarter 2022 results: Revenue: R$1.89b (up 44% from 1Q 2021). Net income: R$445.4m (up 61% from 1Q 2021). Profit margin: 24% (up from 21% in 1Q 2021). The increase in margin was driven by higher revenue. Board Change • Apr 26
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Director Vitor Manuel Mallmann was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 15
Upcoming dividend of R$2.74 per share Eligible shareholders must have bought the stock before 22 April 2022. Payment date: 04 May 2022. Trailing yield: 2.5%. Lower than top quartile of Brazilian dividend payers (6.3%). Lower than average of industry peers (13%). Reported Earnings • Mar 19
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: R$6.29b (up 63% from FY 2020). Net income: R$1.98b (up 440% from FY 2020). Profit margin: 32% (up from 9.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: R$1.79b (up 52% from 3Q 2020). Net income: R$778.2m (up 403% from 3Q 2020). Profit margin: 43% (up from 13% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improved over the past week After last week's 18% share price gain to R$91.26, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 8x in the Chemicals industry in Brazil. Total returns to shareholders of 222% over the past three years. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to R$77.99, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 8x in the Chemicals industry in Brazil. Total returns to shareholders of 180% over the past three years. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 20% share price gain to R$103, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 12x in the Chemicals industry in South America. Total returns to shareholders of 231% over the past three years. Reported Earnings • May 19
First quarter 2021 earnings released: EPS R$3.05 (vs R$0.94 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: R$1.32b (up 64% from 1Q 2020). Net income: R$280.8m (up R$373.0m from 1Q 2020). Profit margin: 21% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 15
Upcoming dividend of R$1.22 per share Eligible shareholders must have bought the stock before 22 April 2021. Payment date: 30 April 2021. Trailing yield: 0.6%. Lower than top quartile of Brazilian dividend payers (4.9%). Lower than average of industry peers (4.0%). Reported Earnings • Mar 20
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$3.87b (up 27% from FY 2019). Net income: R$367.7m (up 112% from FY 2019). Profit margin: 9.5% (up from 5.7% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 18% share price gain to R$58.85, the stock is trading at a trailing P/E ratio of 26.1x, up from the previous P/E ratio of 22.1x. This compares to an average P/E of 11x in the Chemicals industry in South America. Total returns to shareholders over the past three years are 276%. Is New 90 Day High Low • Feb 04
New 90-day high: R$58.85 The company is up 83% from its price of R$32.19 on 05 November 2020. The Brazilian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 19% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: R$49.51 The company is up 75% from its price of R$28.31 on 01 October 2020. The Brazilian market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 60% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: R$43.50 The company is up 59% from its price of R$27.30 on 10 September 2020. The Brazilian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 15% over the same period. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS R$1.60 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: R$1.18b (up 61% from 3Q 2019). Net income: R$154.9m (up R$167.5m from 3Q 2019). Profit margin: 13% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 10
New 90-day high: R$33.19 The company is up 27% from its price of R$26.11 on 12 August 2020. The Brazilian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Chemicals industry, which is also up 27% over the same period. Is New 90 Day High Low • Oct 20
New 90-day high: R$30.35 The company is up 15% from its price of R$26.42 on 22 July 2020. The Brazilian market is down 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 21% over the same period. 
