New Risk • May 27
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 113% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 7.8% per year over the past 5 years. Minor Risk High level of debt (113% net debt to equity). Upcoming Dividend • May 18
Upcoming dividend of CL$17.70 per share Eligible shareholders must have bought the stock before 25 May 2026. Payment date: 28 May 2026. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Chilean dividend payers (6.5%). Lower than average of industry peers (8.1%). Reported Earnings • May 13
First quarter 2026 earnings released: EPS: CL$8.20 (vs CL$7.52 in 1Q 2025) First quarter 2026 results: EPS: CL$8.20 (up from CL$7.52 in 1Q 2025). Revenue: CL$30.9b (down 20% from 1Q 2025). Net income: CL$2.32b (up 9.0% from 1Q 2025). Profit margin: 7.5% (up from 5.5% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Declared Dividend • May 01
Dividend increased to CL$17.70 Dividend of CL$17.70 is 18% higher than last year. Ex-date: 25th May 2026 Payment date: 28th May 2026 Dividend yield will be 2.2%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (21% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 09
Paz Corp S.A., Annual General Meeting, Apr 28, 2026 Paz Corp S.A., Annual General Meeting, Apr 28, 2026. Location: av apoquindo 4501, piso 21 las condes, santiago Chile New Risk • Mar 11
New major risk - Revenue and earnings growth Earnings have declined by 3.0% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.0% per year over the past 5 years. Minor Risk High level of debt (126% net debt to equity). Board Change • Mar 03
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 Salvador Valdes Correa was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Nov 23
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 126% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (126% net debt to equity). Share price has been volatile over the past 3 months (4.2% average weekly change). Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: CL$21.64 (vs CL$6.51 in 3Q 2024) Third quarter 2025 results: EPS: CL$21.64 (up from CL$6.51 in 3Q 2024). Revenue: CL$69.9b (up 240% from 3Q 2024). Net income: CL$6.13b (up 232% from 3Q 2024). Profit margin: 8.8% (down from 9.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: CL$10.17 (vs CL$1.44 in 2Q 2024) Second quarter 2025 results: EPS: CL$10.17 (up from CL$1.44 in 2Q 2024). Revenue: CL$35.8b (up 91% from 2Q 2024). Net income: CL$2.88b (up CL$2.48b from 2Q 2024). Profit margin: 8.0% (up from 2.2% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Upcoming Dividend • May 19
Upcoming dividend of CL$15.00 per share Eligible shareholders must have bought the stock before 26 May 2025. Payment date: 29 May 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Chilean dividend payers (7.8%). Lower than average of industry peers (5.7%). Reported Earnings • May 10
First quarter 2025 earnings released: EPS: CL$7.52 (vs CL$7.97 in 1Q 2024) First quarter 2025 results: EPS: CL$7.52 (down from CL$7.97 in 1Q 2024). Revenue: CL$38.6b (up 27% from 1Q 2024). Net income: CL$2.13b (down 5.6% from 1Q 2024). Profit margin: 5.5% (down from 7.4% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Declared Dividend • May 03
Dividend reduced to CL$15.00 Dividend of CL$15.00 is 50% lower than last year. Ex-date: 26th May 2025 Payment date: 29th May 2025 Dividend yield will be 2.9%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (67% 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 9.8% 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 decline by 26% to shift the payout ratio to a potentially unsustainable range, which is more than the 11% EPS decline seen over the last 5 years. Announcement • Apr 10
Paz Corp S.A., Annual General Meeting, Apr 29, 2025 Paz Corp S.A., Annual General Meeting, Apr 29, 2025. Location: held remotely, Chile Reported Earnings • Mar 09
Full year 2024 earnings released: EPS: CL$48.96 (vs CL$67.96 in FY 2023) Full year 2024 results: EPS: CL$48.96 (down from CL$67.96 in FY 2023). Revenue: CL$146.7b (flat on FY 2023). Net income: CL$13.9b (down 28% from FY 2023). Profit margin: 9.5% (down from 13% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Nov 09
Third quarter 2024 earnings released Third quarter 2024 results: EPS: CL$6.51. Revenue: CL$20.6b (down 62% from 3Q 2023). Net income: CL$1.84b (down 68% from 3Q 2023). Profit margin: 9.0% (down from 11% in 3Q 2023). The decrease in margin was driven by lower revenue. Reported Earnings • Aug 11
Second quarter 2024 earnings released: EPS: CL$1.44 (vs CL$6.31 in 2Q 2023) Second quarter 2024 results: EPS: CL$1.44 (down from CL$6.31 in 2Q 2023). Revenue: CL$18.5b (up 15% from 2Q 2023). Net income: CL$407.8m (down 77% from 2Q 2023). Profit margin: 2.2% (down from 11% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: CL$7.97 (vs CL$12.56 in 1Q 2023) First quarter 2024 results: EPS: CL$7.97 (down from CL$12.56 in 1Q 2023). Revenue: CL$30.5b (up 8.6% from 1Q 2023). Net income: CL$2.26b (down 37% from 1Q 2023). Profit margin: 7.4% (down from 13% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 10
Upcoming dividend of CL$30.00 per share Eligible shareholders must have bought the stock before 17 May 2024. Payment date: 23 May 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Chilean dividend payers (10%). Higher than average of industry peers (3.4%). Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: CL$67.96 (vs CL$135 in FY 2022) Full year 2023 results: EPS: CL$67.96 (down from CL$135 in FY 2022). Revenue: CL$145.9b (down 1.9% from FY 2022). Net income: CL$19.3b (down 50% from FY 2022). Profit margin: 13% (down from 26% in FY 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: CL$53.9b (up 26% from 3Q 2022). Net income: CL$5.69b (down 34% from 3Q 2022). Profit margin: 11% (down from 20% 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 48% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Aug 04
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: 18% Last year net profit margin: 28% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (18% net profit margin). Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: CL$6.31 (vs CL$45.00 in 2Q 2022) Second quarter 2023 results: EPS: CL$6.31 (down from CL$45.00 in 2Q 2022). Revenue: CL$16.1b (down 52% from 2Q 2022). Net income: CL$1.79b (down 86% from 2Q 2022). Profit margin: 11% (down from 38% 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 46% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 12
Upcoming dividend of CL$42.00 per share at 7.2% yield Eligible shareholders must have bought the stock before 19 May 2023. Payment date: 24 May 2023. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 7.2%. Lower than top quartile of Chilean dividend payers (13%). Lower than average of industry peers (11%). Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: CL$135 (vs CL$81.31 in FY 2021) Full year 2022 results: EPS: CL$135 (up from CL$81.31 in FY 2021). Revenue: CL$148.8b (up 41% from FY 2021). Net income: CL$38.3b (up 66% from FY 2021). Profit margin: 26% (up from 22% 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 43% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. 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 Andres Daniels was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: CL$43.94 (vs CL$0.20 in 2Q 2021) Second quarter 2022 results: EPS: CL$43.94 (up from CL$0.20 in 2Q 2021). Revenue: CL$33.2b (up CL$27.8b from 2Q 2021). Net income: CL$12.7b (up CL$12.7b from 2Q 2021). Profit margin: 38% (up from 1.1% 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 9% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 09
Upcoming dividend of CL$33.00 per share Eligible shareholders must have bought the stock before 16 May 2022. Payment date: 20 May 2022. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 5.4%. Lower than top quartile of Chilean dividend payers (11%). Lower than average of industry peers (15%). Reported Earnings • May 06
First quarter 2022 earnings released: EPS: CL$29.92 (vs CL$7.00 in 1Q 2021) First quarter 2022 results: EPS: CL$29.92 (up from CL$7.00 in 1Q 2021). Revenue: CL$31.8b (up 123% from 1Q 2021). Net income: CL$8.48b (up 328% from 1Q 2021). Profit margin: 27% (up from 14% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. No independent directors (7 non-independent directors). President of the Board Ariel Magendzo Weinberger was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CL$81.31 (up from CL$40.62 in FY 2020). Revenue: CL$105.5b (up 50% from FY 2020). Net income: CL$23.0b (up 100% from FY 2020). Profit margin: 22% (up from 16% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CL$291, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 5x in the Consumer Durables industry in Chile. Total loss to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 17% share price gain to CL$361, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 6x in the Consumer Durables industry in Chile. Total loss to shareholders of 62% over the past three years. Reported Earnings • Nov 14
Third quarter 2021 earnings released: EPS CL$26.50 (vs CL$5.58 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CL$35.5b (up 177% from 3Q 2020). Net income: CL$7.51b (up 375% from 3Q 2020). Profit margin: 21% (up from 12% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has fallen by 34% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CL$330, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 10x in the Consumer Durables industry in Chile. Total loss to shareholders of 65% over the past three years. Reported Earnings • Aug 06
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CL$5.39b (down 78% from 2Q 2020). Net income: CL$57.7m (down 99% from 2Q 2020). Profit margin: 1.1% (down from 19% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 27% per year. Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorated over the past week After last week's 18% share price decline to CL$523, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 14x in the Consumer Durables industry in Chile. Total loss to shareholders of 44% over the past three years. Upcoming Dividend • May 10
Upcoming dividend of CL$17.00 per share Eligible shareholders must have bought the stock before 17 May 2021. Payment date: 20 May 2021. Trailing yield: 4.2%. Lower than top quartile of Chilean dividend payers (5.4%). Higher than average of industry peers (3.4%). Is New 90 Day High Low • Mar 10
New 90-day high: CL$665 The company is up 12% from its price of CL$594 on 09 December 2020. The Chilean market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Durables industry, which is up 10.0% over the same period. Reported Earnings • Mar 06
Full year 2020 earnings released: EPS CL$40.62 (vs CL$87.26 in FY 2019) The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CL$70.1b (down 53% from FY 2019). Net income: CL$11.5b (down 53% from FY 2019). Profit margin: 16% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 15% per year. Is New 90 Day High Low • Jan 07
New 90-day high: CL$608 The company is up 11% from its price of CL$546 on 09 October 2020. The Chilean market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Durables industry, which is up 4.0% over the same period. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS CL$5.58 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: CL$12.8b (down 63% from 3Q 2019). Net income: CL$1.58b (down 68% from 3Q 2019). Profit margin: 12% (down from 14% in 3Q 2019). 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 but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Oct 23
New 90-day low: CL$507 The company is down 20% from its price of CL$631 on 24 July 2020. The Chilean market is down 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is down 9.0% over the same period. Is New 90 Day High Low • Oct 07
New 90-day low: CL$558 The company is down 14% from its price of CL$650 on 09 July 2020. The Chilean market is down 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is down 13% over the same period. Is New 90 Day High Low • Sep 18
New 90-day low: CL$605 The company is down 2.0% from its price of CL$618 on 19 June 2020. The Chilean market is down 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is down 5.0% over the same period.