New Risk • Jun 15
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 6.7% 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. Announcement • Apr 16
Masisa S.A., Annual General Meeting, Apr 29, 2026 Masisa S.A., Annual General Meeting, Apr 29, 2026. Location: club 50 salon bar de socios, el golf n50 comuna de las condes, santiago Chile Reported Earnings • Apr 01
Full year 2025 earnings released: US$0.004 loss per share (vs US$0.002 loss in FY 2024) Full year 2025 results: US$0.004 loss per share (further deteriorated from US$0.002 loss in FY 2024). Revenue: US$271.4m (down 7.8% from FY 2024). Net loss: US$28.8m (loss widened 70% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. New Risk • Mar 16
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 5.6% 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 • Dec 01
Third quarter 2025 earnings released: US$0.001 loss per share (vs US$0.001 loss in 3Q 2024) Third quarter 2025 results: US$0.001 loss per share (in line with 3Q 2024). Revenue: US$68.9m (down 15% from 3Q 2024). Net loss: US$4.70m (loss narrowed 37% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 31
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: US$72.9m (flat on 2Q 2024). Net loss: US$4.84m (down 317% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. New Risk • Aug 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CL$96.5b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Aug 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.9% to CL$13.30. The fair value is estimated to be CL$16.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 22% over the last 3 years. Meanwhile, the company became loss making. New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CL$96.6b (US$97.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (3.7% average weekly change). Market cap is less than US$100m (CL$96.6b market cap, or US$97.6m). Buy Or Sell Opportunity • Mar 12
Now 20% overvalued Over the last 90 days, the stock has fallen 6.5% to CL$14.27. The fair value is estimated to be CL$11.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 22% over the last 3 years. Meanwhile, the company became loss making. Announcement • Mar 11
Masisa S.A., Annual General Meeting, Mar 26, 2025 Masisa S.A., Annual General Meeting, Mar 26, 2025. Location: club 50 members lounge bar, located in el golf, n 50 commune of las condes, santiago Chile New Risk • Jan 09
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 3.4% 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: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 14x earnings per share. Cash payout ratio: 273% Minor Risk Share price has been volatile over the past 3 months (3.4% average weekly change). New Risk • Jan 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CL$97.3b (US$96.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 14x earnings per share. Cash payout ratio: 273% Minor Risk Market cap is less than US$100m (CL$97.3b market cap, or US$96.9m). Reported Earnings • Sep 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: US$73.0m (down 16% from 2Q 2023). Net income: US$2.23m (up US$6.32m from 2Q 2023). Profit margin: 3.1% (up from net loss in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Bernhard Michael Jost was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 26
First quarter 2024 earnings released: US$0.001 loss per share (vs US$0 in 1Q 2023) First quarter 2024 results: US$0.001 loss per share (further deteriorated from US$0 in 1Q 2023). Revenue: US$67.4m (down 28% from 1Q 2023). Net loss: US$4.52m (down 385% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 55% 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 • Mar 10
Full year 2023 earnings released: US$0.004 loss per share (vs US$0.01 profit in FY 2022) Full year 2023 results: US$0.004 loss per share (down from US$0.01 profit in FY 2022). Revenue: US$297.6m (down 41% from FY 2022). Net loss: US$30.3m (down 143% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 26
Third quarter 2023 earnings released: US$0.003 loss per share (vs US$0.002 profit in 3Q 2022) Third quarter 2023 results: US$0.003 loss per share (down from US$0.002 profit in 3Q 2022). Revenue: US$77.3m (down 43% from 3Q 2022). Net loss: US$25.4m (down 240% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CL$18.28, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 5x in the Forestry industry in South America. Total returns to shareholders of 185% over the past three years. Reported Earnings • Sep 01
Second quarter 2023 earnings released: US$0.001 loss per share (vs US$0.002 profit in 2Q 2022) Second quarter 2023 results: US$0.001 loss per share (down from US$0.002 profit in 2Q 2022). Revenue: US$87.2m (down 37% from 2Q 2022). Net loss: US$4.09m (down 124% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. New Risk • Aug 02
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 7.1% 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 Risks Share price has been highly volatile over the past 3 months (7.1% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 102% Cash payout ratio: 145% Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CL$24.40, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 5x in the Forestry industry in South America. Total returns to shareholders of 173% over the past three years. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to CL$24.92, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 6x in the Forestry industry in South America. Total returns to shareholders of 165% over the past three years. Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: US$0 (vs US$0.002 in 1Q 2022) First quarter 2023 results: EPS: US$0 (down from US$0.002 in 1Q 2022). Revenue: US$92.9m (down 24% from 1Q 2022). Net income: US$1.59m (down 91% from 1Q 2022). Profit margin: 1.7% (down from 15% 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 97% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to CL$34.26, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 5x in the Forestry industry in South America. Total returns to shareholders of 134% over the past three years. Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: US$0.01 (vs US$0.003 in FY 2021) Full year 2022 results: EPS: US$0.01 (up from US$0.003 in FY 2021). Revenue: US$501.1m (up 12% from FY 2021). Net income: US$71.2m (up 207% from FY 2021). Profit margin: 14% (up from 5.2% 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 87% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CL$44.25, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 6x in the Forestry industry in South America. Total returns to shareholders of 86% over the past three years. Announcement • Dec 29
Proener S.A.U. acquired forestry assets of Masisa S.A. in Argentina for $69 million. Proener S.A.U. acquired forestry assets of Masisa S.A. in Argentina for $69 million on December 27, 2022.
Proener S.A.U. complete the acquisition of forestry assets of Masisa S.A. in Argentina on December 27, 2022. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: US$0.002 (vs US$0.002 in 3Q 2021) Third quarter 2022 results: EPS: US$0.002 (in line with 3Q 2021). Revenue: US$134.4m (up 14% from 3Q 2021). Net income: US$18.2m (up 49% from 3Q 2021). Profit margin: 14% (up from 10% 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 85% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Ignacio Pérez Alarcón was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 03
Second quarter 2022 earnings released: EPS: US$0.002 (vs US$0 in 2Q 2021) Second quarter 2022 results: EPS: US$0.002 (up from US$0 in 2Q 2021). Revenue: US$138.9m (up 29% from 2Q 2021). Net income: US$16.9m (up 389% from 2Q 2021). Profit margin: 12% (up from 3.2% 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 75% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment improved over the past week After last week's 23% share price gain to CL$19.58, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 4x in the Forestry industry in South America. Total loss to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improved over the past week After last week's 17% share price gain to CL$18.99, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 4x in the Forestry industry in South America. Total loss to shareholders of 50% over the past three years. Reported Earnings • May 05
First quarter 2022 earnings released First quarter 2022 results: Revenue: US$121.9m (up 27% from 1Q 2021). Net income: US$18.2m (up 476% from 1Q 2021). Profit margin: 15% (up from 3.3% 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 54% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Board Change • Apr 26
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Ignacio Pérez Alarcón was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CL$13.90, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 6x in the Forestry industry in South America. Total loss to shareholders of 69% over the past three years. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 18% share price gain to CL$16.88, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 6x in the Forestry industry in South America. Total loss to shareholders of 61% over the past three years. Reported Earnings • Mar 12
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.003 (up from US$0.021 loss in FY 2020). Revenue: US$447.6m (down 22% from FY 2020). Net income: US$23.2m (up US$183.7m from FY 2020). Profit margin: 5.2% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. 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 28% per year, which means it is significantly lagging earnings. Board Change • Feb 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Ignacio Pérez Alarcón was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS US$0.002 (vs US$0.005 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$117.6m (up 25% from 3Q 2020). Net income: US$12.2m (up US$50.8m from 3Q 2020). Profit margin: 10% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 06
Full year 2020 earnings released The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: US$574.2m (up 43% from FY 2019). Net loss: US$160.4m (loss widened 26% from FY 2019). 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 32% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 04
New 90-day high: CL$15.73 The company is up 61% from its price of CL$9.80 on 03 December 2020. The Chilean market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 28% over the same period. Is New 90 Day High Low • Jan 15
New 90-day high: CL$11.39 The company is up 7.0% from its price of CL$10.60 on 16 October 2020. The Chilean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 17% over the same period. Reported Earnings • Oct 31
Third quarter earnings released Over the last 12 months the company has reported total losses of US$171.8m, with losses narrowing by 48% from the prior year. Total revenue was US$562.6m over the last 12 months, up 21% from the prior year. Is New 90 Day High Low • Oct 24
New 90-day low: CL$10.10 The company is down 27% from its price of CL$13.76 on 24 July 2020. The Chilean market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 12% over the same period. Is New 90 Day High Low • Sep 26
New 90-day low: CL$11.49 The company is down 25% from its price of CL$15.30 on 26 June 2020. The Chilean market is down 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 2.0% over the same period.