New Risk • Jun 11
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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 Debt is not well covered by operating cash flow (3.6% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (47% increase in shares outstanding). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jun 02
First quarter 2026 earnings released: EPS: CL$9.30 (vs CL$7.57 in 1Q 2025) First quarter 2026 results: EPS: CL$9.30 (up from CL$7.57 in 1Q 2025). Revenue: CL$958.3b (up 17% from 1Q 2025). Net income: CL$94.5b (up 77% from 1Q 2025). Profit margin: 9.9% (up from 6.5% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is expected to decline by 60% p.a. on average during the next 3 years, while revenues in the Global Diversified Financial industry are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.5% to CL$379. The fair value is estimated to be CL$481, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has declined by 7.7%. Upcoming Dividend • May 04
Upcoming dividend of CL$10.45 per share Eligible shareholders must have bought the stock before 11 May 2026. Payment date: 14 May 2026. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Chilean dividend payers (6.5%). Higher than average of industry peers (4.5%). Announcement • Mar 31
Bicecorp S.A. announces Annual dividend, payable on May 14, 2026 Bicecorp S.A. announced Annual dividend of CLP 10.4500 per share payable on May 14, 2026, ex-date on May 11, 2026 and record date on May 08, 2026. Reported Earnings • Mar 09
Full year 2025 earnings released: EPS: CL$25.80 (vs CL$32.22 in FY 2024) Full year 2025 results: EPS: CL$25.80. Revenue: CL$4.07t (up 79% from FY 2024). Net income: CL$204.9b (up 3.0% from FY 2024). Profit margin: 5.0% (down from 8.8% in FY 2024). The decrease in margin was driven by higher expenses. New Risk • Mar 06
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Dividend per share is over 13x cash flows per share. Dividend yield: 5.6% 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 Dividend is not well covered by cash flows (dividend per share is over 13x cash flows per share). Profit margins are more than 30% lower than last year (6.4% net profit margin). Reported Earnings • Dec 01
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: CL$962.9b (up 75% from 3Q 2024). Net income: CL$81.8b (up 131% from 3Q 2024). Profit margin: 8.5% (up from 6.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 77% p.a. on average during the next 3 years, while revenues in the Global Diversified Financial industry are expected to grow by 6.0%. Buy Or Sell Opportunity • Oct 28
Now 21% undervalued Over the last 90 days, the stock has risen 22% to CL$328. The fair value is estimated to be CL$416, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years. Earnings per share has declined by 5.8%. New Risk • Sep 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 112% Dividend per share is over 13x cash flows per share. Dividend yield: 7.5% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 112% Dividend per share is over 13x cash flows per share. Minor Risk Profit margins are more than 30% lower than last year (6.4% net profit margin). Reported Earnings • Jun 03
First quarter 2025 earnings released: EPS: CL$7.60 (vs CL$11.79 in 1Q 2024) First quarter 2025 results: EPS: CL$7.60 (down from CL$11.79 in 1Q 2024). Revenue: CL$820.4b (up 50% from 1Q 2024). Net income: CL$53.4b (down 27% from 1Q 2024). Profit margin: 6.5% (down from 13% 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 5% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. New Risk • Apr 07
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 3.9% 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 (3.9% average weekly change). Minor Risk Paying a dividend despite having no free cash flows. Upcoming Dividend • Mar 31
Upcoming dividend of CL$22.50 per share Eligible shareholders must have bought the stock before 07 April 2025. Payment date: 10 April 2025. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 6.6%. Lower than top quartile of Chilean dividend payers (8.5%). Higher than average of industry peers (5.1%). New Risk • Mar 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. 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. Share price has been volatile over the past 3 months (3.9% average weekly change). Announcement • Mar 10
Bicecorp S.A., Annual General Meeting, Apr 02, 2025 Bicecorp S.A., Annual General Meeting, Apr 02, 2025. Location: avda apoquindo 3846, 17th floor las condes, santiago Chile Board Change • Jan 17
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. 7 experienced directors. 1 highly experienced director. No independent directors (9 non-independent directors). Director Jose Ignacio Trebicock was the last director to join the board, commencing their role in 2023. 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 • Oct 27
Third quarter 2024 earnings released: EPS: CL$415 (vs CL$668 in 3Q 2023) Third quarter 2024 results: EPS: CL$415 (down from CL$668 in 3Q 2023). Revenue: CL$550.4b (up 7.2% from 3Q 2023). Net income: CL$35.3b (down 38% from 3Q 2023). Profit margin: 6.4% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 28
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 94% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 28
Second quarter 2024 earnings released: EPS: CL$1,284 (vs CL$886 in 2Q 2023) Second quarter 2024 results: EPS: CL$1,284 (up from CL$886 in 2Q 2023). Revenue: CL$1.10t (up 83% from 2Q 2023). Net income: CL$109.2b (up 45% from 2Q 2023). Profit margin: 9.9% (down from 13% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 20
Now 20% undervalued Over the last 90 days, the stock has risen 52% to CL$20,400. The fair value is estimated to be CL$25,507, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 12%. Upcoming Dividend • May 06
Upcoming dividend of CL$1,359 per share Eligible shareholders must have bought the stock before 13 May 2024. Payment date: 16 May 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 7.6%. Lower than top quartile of Chilean dividend payers (11%). Lower than average of industry peers (10.0%). Reported Earnings • Apr 30
First quarter 2024 earnings released: EPS: CL$856 (vs CL$397 in 1Q 2023) First quarter 2024 results: EPS: CL$856 (up from CL$397 in 1Q 2023). Revenue: CL$548.6b (up 6.1% from 1Q 2023). Net income: CL$72.8b (up 115% from 1Q 2023). Profit margin: 13% (up from 6.5% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to CL$16,156, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 10x in the Diversified Financial industry in South America. Total returns to shareholders of 50% over the past three years. New Risk • Mar 07
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 5.7% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: CL$2,631 (vs CL$2,605 in FY 2022) Full year 2023 results: EPS: CL$2,631 (up from CL$2,605 in FY 2022). Revenue: CL$2.23t (down 1.1% from FY 2022). Net income: CL$223.8b (up 1.0% from FY 2022). Profit margin: 10.0% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 15% 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 • Oct 28
Third quarter 2023 earnings released: EPS: CL$668 (vs CL$488 in 3Q 2022) Third quarter 2023 results: EPS: CL$668 (up from CL$488 in 3Q 2022). Revenue: CL$513.2b (down 15% from 3Q 2022). Net income: CL$56.8b (up 37% from 3Q 2022). Profit margin: 11% (up from 6.9% in 3Q 2022). The increase in margin was driven by lower expenses. 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 1% per year, which means it is significantly lagging earnings growth. New Risk • Aug 02
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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: CL$886 (vs CL$930 in 2Q 2022) Second quarter 2023 results: EPS: CL$886 (down from CL$930 in 2Q 2022). Revenue: CL$599.1b (down 6.2% from 2Q 2022). Net income: CL$75.4b (down 4.7% from 2Q 2022). Profit margin: 13% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 05
Upcoming dividend of CL$1,000 per share at 4.7% yield Eligible shareholders must have bought the stock before 12 May 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 4.7%. Lower than top quartile of Chilean dividend payers (14%). Lower than average of industry peers (9.5%). Reported Earnings • May 03
First quarter 2023 earnings released: EPS: CL$397 (vs CL$614 in 1Q 2022) First quarter 2023 results: EPS: CL$397 (down from CL$614 in 1Q 2022). Revenue: CL$516.9b (up 23% from 1Q 2022). Net income: CL$33.8b (down 35% from 1Q 2022). Profit margin: 6.5% (down from 12% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% 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 • Mar 06
Full year 2022 earnings released: EPS: CL$2,605 (vs CL$2,323 in FY 2021) Full year 2022 results: EPS: CL$2,605 (up from CL$2,323 in FY 2021). Revenue: CL$2.26t (up 56% from FY 2021). Net income: CL$221.7b (up 12% from FY 2021). Profit margin: 9.8% (down from 14% 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 35% per year but the company’s share price has fallen by 1% 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. 9 non-independent directors. Director Jennifer Urra 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 • Oct 31
Third quarter 2022 earnings released: EPS: CL$488 (vs CL$587 in 3Q 2021) Third quarter 2022 results: EPS: CL$488 (down from CL$587 in 3Q 2021). Revenue: CL$600.9b (up 66% from 3Q 2021). Net income: CL$41.5b (down 17% from 3Q 2021). Profit margin: 6.9% (down from 14% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 28
Second quarter 2022 earnings released: EPS: CL$930 (vs CL$580 in 2Q 2021) Second quarter 2022 results: EPS: CL$930 (up from CL$580 in 2Q 2021). Revenue: CL$638.4b (up 108% from 2Q 2021). Net income: CL$79.1b (up 60% from 2Q 2021). Profit margin: 12% (down from 16% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • Apr 26
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. 8 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). Director Juan Altmann Martin 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. Upcoming Dividend • Apr 18
Upcoming dividend of CL$162 per share Eligible shareholders must have bought the stock before 25 April 2022. Payment date: 29 April 2022. Payout ratio is a comfortable 15% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of Chilean dividend payers (9.5%). Lower than average of industry peers (15%). Reported Earnings • Mar 06
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CL$2,323 (up from CL$1,200 in FY 2020). Revenue: CL$1.45t (up 38% from FY 2020). Net income: CL$197.7b (up 94% from FY 2020). Profit margin: 14% (up from 9.7% 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 increased by 29% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS CL$1,744 (vs CL$271 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CL$961.5b (up 401% from 3Q 2020). Net income: CL$148.4b (up CL$125.4b from 3Q 2020). Profit margin: 15% (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 increased by 16% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS CL$580 (vs CL$360 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CL$306.9b (up 26% from 2Q 2020). Net income: CL$49.4b (up 61% from 2Q 2020). Profit margin: 16% (up from 13% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 10
Upcoming dividend of CL$345 per share Eligible shareholders must have bought the stock before 17 May 2021. Payment date: 20 May 2021. Trailing yield: 2.5%. Lower than top quartile of Chilean dividend payers (5.4%). Lower than average of industry peers (3.1%). Reported Earnings • Mar 09
Full year 2020 earnings released The company reported a poor full year result with weaker earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CL$1.05t (down 10% from FY 2019). Net income: CL$102.1b (down 5.6% from FY 2019). Profit margin: 9.7% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 02
New 90-day high: CL$13,100 The company is up 1.0% from its price of CL$13,000 on 03 November 2020. The Chilean market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is up 7.0% over the same period. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS CL$271 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: CL$191.8b (down 35% from 3Q 2019). Net income: CL$23.0b (up 13% from 3Q 2019). Profit margin: 12% (up from 6.9% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings.