Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CL$5.19, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 15x in the Commercial Services industry in South America. Total returns to shareholders of 608% over the past three years. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CL$3.59, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 13x in the Commercial Services industry in South America. Total returns to shareholders of 479% over the past three years. Reported Earnings • Jun 04
First quarter 2026 earnings released: EPS: CL$0.057 (vs CL$0.041 in 1Q 2025) First quarter 2026 results: EPS: CL$0.057 (up from CL$0.041 in 1Q 2025). Revenue: CL$33.9b (up 57% from 1Q 2025). Net income: CL$1.29b (up 41% from 1Q 2025). Profit margin: 3.8% (down from 4.2% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CL$2.83, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 13x in the Commercial Services industry in South America. Total returns to shareholders of 418% over the past three years. New Risk • May 20
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 Chilean stocks, typically moving 5.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (5.5% average weekly change). Minor Risk Market cap is less than US$100m (CL$54.9b market cap, or US$60.5m). Declared Dividend • May 13
Final dividend of CL$0.066 announced Shareholders will receive a dividend of CL$0.066. Ex-date: 25th May 2026 Payment date: 29th May 2026 Dividend yield will be 4.0%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 23% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 25
Schwager S.A., Annual General Meeting, Apr 29, 2026 Schwager S.A., Annual General Meeting, Apr 29, 2026. Location: hotel double tree by hilton santiago, avenida vitacura 2727, comuna de las condes, santiago Chile New Risk • Mar 18
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (4.9% average weekly change). Market cap is less than US$100m (CL$44.6b market cap, or US$48.8m). Upcoming Dividend • Dec 05
Upcoming dividend of CL$0.024 per share Eligible shareholders must have bought the stock before 12 December 2025. Payment date: 17 December 2025. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Chilean dividend payers (6.9%). Lower than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CL$2.03, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 17x in the Commercial Services industry in South America. Total returns to shareholders of 262% over the past three years. New Risk • Nov 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 Chilean stocks, typically moving 3.7% 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: Minor Risks Share price has been volatile over the past 3 months (3.7% average weekly change). Market cap is less than US$100m (CL$38.5b market cap, or US$41.2m). Reported Earnings • Aug 26
Second quarter 2025 earnings released: EPS: CL$0.04 (vs CL$0.035 in 2Q 2024) Second quarter 2025 results: EPS: CL$0.04 (up from CL$0.035 in 2Q 2024). Revenue: CL$25.8b (up 9.1% from 2Q 2024). Net income: CL$909.5m (up 15% from 2Q 2024). Profit margin: 3.5% (up from 3.3% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 28
First quarter 2025 earnings released: EPS: CL$0.041 (vs CL$0.027 in 1Q 2024) First quarter 2025 results: EPS: CL$0.041 (up from CL$0.027 in 1Q 2024). Revenue: CL$21.7b (down 3.0% from 1Q 2024). Net income: CL$914.7m (up 49% from 1Q 2024). Profit margin: 4.2% (up from 2.8% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CL$1.68, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 13x in the Commercial Services industry in South America. Total returns to shareholders of 270% over the past three years. Declared Dividend • May 07
Final dividend of CL$0.02 announced Shareholders will receive a dividend of CL$0.02. Ex-date: 12th May 2025 Payment date: 15th May 2025 Dividend yield will be 2.7%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 28% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 55% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Upcoming Dividend • May 05
Upcoming dividend of CL$0.02 per share Eligible shareholders must have bought the stock before 12 May 2025. Payment date: 15 May 2025. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Chilean dividend payers (7.9%). Higher than average of industry peers (1.8%). Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: CL$0.12 (vs CL$0.092 in FY 2023) Full year 2024 results: EPS: CL$0.12 (up from CL$0.092 in FY 2023). Revenue: CL$94.1b (up 16% from FY 2023). Net income: CL$2.72b (up 31% from FY 2023). Profit margin: 2.9% (up from 2.5% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 27
Schwager S.A., Annual General Meeting, Apr 25, 2025 Schwager S.A., Annual General Meeting, Apr 25, 2025. Location: nh hotel av vitacura 2610, las condes, Chile New Risk • Feb 21
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 Chilean stocks, typically moving 3.2% 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 Share price has been volatile over the past 3 months (3.2% average weekly change). Market cap is less than US$100m (CL$31.2b market cap, or US$33.1m). Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CL$1.32, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 15x in the Commercial Services industry in South America. Total returns to shareholders of 214% over the past three years. Upcoming Dividend • Nov 13
Upcoming dividend of CL$0.02 per share Eligible shareholders must have bought the stock before 20 November 2024. Payment date: 25 November 2024. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Chilean dividend payers (9.1%). Higher than average of industry peers (0.9%). Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: CL$0.035 (vs CL$0.024 in 2Q 2023) Second quarter 2024 results: EPS: CL$0.035 (up from CL$0.024 in 2Q 2023). Revenue: CL$23.7b (up 24% from 2Q 2023). Net income: CL$788.1m (up 62% from 2Q 2023). Profit margin: 3.3% (up from 2.5% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 30
First quarter 2024 earnings released: EPS: CL$0.027 (vs CL$0.022 in 1Q 2023) First quarter 2024 results: EPS: CL$0.027 (up from CL$0.022 in 1Q 2023). Revenue: CL$22.3b (up 17% from 1Q 2023). Net income: CL$615.8m (up 43% from 1Q 2023). Profit margin: 2.8% (up from 2.2% in 1Q 2023). The increase in margin was driven by higher revenue. 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 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CL$1.04, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 13x in the Commercial Services industry in South America. Total returns to shareholders of 93% over the past three years. Reported Earnings • Mar 28
Full year 2023 earnings released: EPS: CL$0.092 (vs CL$0.085 in FY 2022) Full year 2023 results: EPS: CL$0.092 (up from CL$0.085 in FY 2022). Revenue: CL$81.3b (up 16% from FY 2022). Net income: CL$2.07b (up 23% from FY 2022). Profit margin: 2.5% (up from 2.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: CL$0.016 (vs CL$0.019 in 3Q 2022) Third quarter 2023 results: EPS: CL$0.016 (down from CL$0.019 in 3Q 2022). Revenue: CL$20.3b (up 12% from 3Q 2022). Net income: CL$364.9m (down 3.8% from 3Q 2022). Profit margin: 1.8% (down from 2.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 27
Inaugural dividend of CL$0.014 per share Eligible shareholders must have bought the stock before 04 December 2023. Payment date: 07 December 2023. This is the first dividend for Schwager since going public. The average dividend yield among industry peers is 2.5%. Reported Earnings • Sep 08
Second quarter 2023 earnings released: EPS: CL$0.024 (vs CL$0.021 in 2Q 2022) Second quarter 2023 results: EPS: CL$0.024 (up from CL$0.021 in 2Q 2022). Revenue: CL$19.1b (up 21% from 2Q 2022). Net income: CL$485.2m (up 23% from 2Q 2022). Profit margin: 2.5% (in line with 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 4% per year, which means it is significantly lagging earnings growth. New Risk • Aug 10
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 Chilean stocks, typically moving 4.4% 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 Share price has been volatile over the past 3 months (4.4% average weekly change). Market cap is less than US$100m (CL$18.7b market cap, or US$21.7m). Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: CL$0.085 (vs CL$0.021 in FY 2021) Full year 2022 results: EPS: CL$0.085 (up from CL$0.021 in FY 2021). Revenue: CL$69.9b (up 36% from FY 2021). Net income: CL$1.69b (up 294% from FY 2021). Profit margin: 2.4% (up from 0.8% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 30
Third quarter 2022 earnings released: EPS: CL$0.019 (vs CL$0.003 in 3Q 2021) Third quarter 2022 results: EPS: CL$0.019 (up from CL$0.003 in 3Q 2021). Revenue: CL$18.1b (up 63% from 3Q 2021). Net income: CL$379.4m (up CL$331.9m from 3Q 2021). Profit margin: 2.1% (up from 0.4% in 3Q 2021). The increase in margin was driven by higher revenue. 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 15% per year, which means it is significantly lagging earnings growth. 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 Jaime Erle was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 07
Second quarter 2022 earnings released: EPS: CL$0.021 (vs CL$0.001 in 2Q 2021) Second quarter 2022 results: EPS: CL$0.021 (up from CL$0.001 in 2Q 2021). Revenue: CL$15.8b (up 13% from 2Q 2021). Net income: CL$394.5m (up CL$385.7m from 2Q 2021). Profit margin: 2.5% (up from 0.1% 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 72% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 02
First quarter 2022 earnings released: EPS: CL$0.014 (vs CL$0.005 in 1Q 2021) First quarter 2022 results: EPS: CL$0.014 (up from CL$0.005 in 1Q 2021). Revenue: CL$15.2b (up 22% from 1Q 2021). Net income: CL$273.7m (up 177% from 1Q 2021). Profit margin: 1.8% (up from 0.8% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. 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 Jaime Erle was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: CL$0.022 (vs CL$0.057 in FY 2020) Full year 2021 results: EPS: CL$0.022 (down from CL$0.057 in FY 2020). Revenue: CL$51.4b (down 2.7% from FY 2020). Net income: CL$427.6m (down 37% from FY 2020). Profit margin: 0.8% (down from 1.3% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 02
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: CL$0.003 (down from CL$0.01 in 3Q 2020). Revenue: CL$11.1b (down 14% from 3Q 2020). Net income: CL$47.5m (down 60% from 3Q 2020). Profit margin: 0.4% (down from 0.9% in 3Q 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 08
Second quarter 2021 earnings released: EPS CL$0.001 (vs CL$0.013 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: CL$14.0b (up 11% from 2Q 2020). Net income: CL$8.81m (down 95% from 2Q 2020). Profit margin: 0.1% (down from 1.3% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS CL$0.057 (vs CL$0.089 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CL$52.8b (up 31% from FY 2019). Net income: CL$683.4m (up CL$1.75b from FY 2019). Profit margin: 1.3% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 27
New 90-day low: CL$0.57 The company is down 7.0% from its price of CL$0.61 on 27 November 2020. The Chilean market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Commercial Services industry, which is down 10.0% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: CL$0.70 The company is up 1.0% from its price of CL$0.70 on 23 October 2020. The Chilean market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Commercial Services industry, which is down 4.0% over the same period. Is New 90 Day High Low • Jan 06
New 90-day low: CL$0.58 The company is down 20% from its price of CL$0.73 on 08 October 2020. The Chilean market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is down 6.0% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: EPS CL$0.01 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: CL$13.0b (up 19% from 3Q 2019). Net income: CL$117.7m (down 31% from 3Q 2019). Profit margin: 0.9% (down from 1.6% 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 110% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 10
New 90-day low: CL$0.65 The company is down 15% from its price of CL$0.76 on 12 August 2020. The Chilean market is down 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is down 3.0% over the same period. 
