Reported Earnings • May 22
First quarter 2026 earnings released: EPS: CL$62.12 (vs CL$56.35 in 1Q 2025) First quarter 2026 results: EPS: CL$62.12 (up from CL$56.35 in 1Q 2025). Revenue: CL$36.6b (up 4.5% from 1Q 2025). Net income: CL$4.66b (up 10% from 1Q 2025). Profit margin: 13% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Board Change • May 20
Less than half of directors are independent 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. 11 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Camille Harrissart was the last director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 02
Less than half of directors are independent 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. 11 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Camille Harrissart was the last director to join the board, commencing their role in 2026. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 25
Full year 2025 earnings released: EPS: CL$231 (vs CL$256 in FY 2024) Full year 2025 results: EPS: CL$231 (down from CL$256 in FY 2024). Revenue: CL$141.0b (up 2.1% from FY 2024). Net income: CL$17.3b (down 9.6% from FY 2024). Profit margin: 12% (down from 14% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Mar 20
Compañía Industrial El Volcán S.A., Annual General Meeting, Apr 24, 2026 Compañía Industrial El Volcán S.A., Annual General Meeting, Apr 24, 2026. Location: avda apoquindo 3721, 16th floor las condes, santiago Chile Board Change • Mar 13
Less than half of directors are independent 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. 11 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Camille Harrissart was the last director to join the board, commencing their role in 2026. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 19
Less than half of directors are independent 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. 11 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Camille Harrissart was the last director to join the board, commencing their role in 2026. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 03
Less than half of directors are independent 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. 11 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Camille Harrissart was the last director to join the board, commencing their role in 2026. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 13
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Javier Gimeno was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Jan 02
Upcoming dividend of CL$40.00 per share Eligible shareholders must have bought the stock before 09 January 2026. Payment date: 14 January 2026. Payout ratio is a comfortable 50% and the cash payout ratio is 84%. Trailing yield: 3.5%. Lower than top quartile of Chilean dividend payers (6.3%). Higher than average of industry peers (2.9%). Board Change • Dec 24
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Javier Gimeno was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 23
Third quarter 2025 earnings released: EPS: CL$51.61 (vs CL$70.19 in 3Q 2024) Third quarter 2025 results: EPS: CL$51.61 (down from CL$70.19 in 3Q 2024). Revenue: CL$32.5b (down 4.3% from 3Q 2024). Net income: CL$3.87b (down 27% from 3Q 2024). Profit margin: 12% (down from 16% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Board Change • Oct 07
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Javier Gimeno was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Sep 05
Upcoming dividend of CL$40.00 per share Eligible shareholders must have bought the stock before 11 September 2025. Payment date: 16 September 2025. Payout ratio is a comfortable 42% and the cash payout ratio is 86%. Trailing yield: 3.9%. Lower than top quartile of Chilean dividend payers (8.0%). Higher than average of industry peers (3.4%). Board Change • Sep 03
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Javier Gimeno was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 24
Second quarter 2025 earnings released: EPS: CL$45.10 (vs CL$63.10 in 2Q 2024) Second quarter 2025 results: EPS: CL$45.10 (down from CL$63.10 in 2Q 2024). Revenue: CL$36.0b (up 11% from 2Q 2024). Net income: CL$3.38b (down 28% from 2Q 2024). Profit margin: 9.4% (down from 15% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Board Change • Aug 11
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Javier Gimeno was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jul 04
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Javier Gimeno was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: CL$56.34 (vs CL$47.18 in 1Q 2024) First quarter 2025 results: EPS: CL$56.34 (up from CL$47.18 in 1Q 2024). Revenue: CL$35.0b (flat on 1Q 2024). Net income: CL$4.23b (up 19% from 1Q 2024). Profit margin: 12% (up from 10% in 1Q 2024). Revenue is forecast to grow 67% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the Basic Materials industry in South America. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Board Change • May 15
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Javier Gimeno was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • May 02
Upcoming dividend of CL$73.00 per share Eligible shareholders must have bought the stock before 09 May 2025. Payment date: 14 May 2025. Payout ratio is a comfortable 50% and the cash payout ratio is 94%. Trailing yield: 4.3%. Lower than top quartile of Chilean dividend payers (7.9%). Higher than average of industry peers (3.0%). New Risk • Apr 23
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 3.8% 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 Earnings have declined by 5.7% per year over the past 5 years. 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 (3.8% average weekly change). Board Change • Apr 04
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Javier Gimeno was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 20
Compañía Industrial El Volcán S.A., Annual General Meeting, Apr 25, 2025 Compañía Industrial El Volcán S.A., Annual General Meeting, Apr 25, 2025. Location: av apoquindo 3721 16th floor, commune of las condes, santiago Chile Board Change • Feb 19
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Javier Gimeno was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 04
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Javier Gimeno was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Jan 03
Upcoming dividend of CL$30.00 per share Eligible shareholders must have bought the stock before 10 January 2025. Payment date: 15 January 2025. Payout ratio is a comfortable 13% and the cash payout ratio is 81%. Trailing yield: 3.6%. Lower than top quartile of Chilean dividend payers (9.2%). Higher than average of industry peers (2.2%). Board Change • Dec 24
Less than half of directors are independent 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. 11 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Director Javier Gimeno was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 24
Third quarter 2024 earnings released: EPS: CL$70.19 (vs CL$52.47 in 3Q 2023) Third quarter 2024 results: EPS: CL$70.19 (up from CL$52.47 in 3Q 2023). Revenue: CL$34.0b (up 1.7% from 3Q 2023). Net income: CL$5.26b (up 34% from 3Q 2023). Profit margin: 16% (up from 12% in 3Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 34% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in South America are expected to remain flat. 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 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 30
Upcoming dividend of CL$25.00 per share Eligible shareholders must have bought the stock before 06 September 2024. Payment date: 11 September 2024. Payout ratio is a comfortable 29% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Lower than top quartile of Chilean dividend payers (9.3%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 19
Second quarter 2024 earnings released: EPS: CL$63.10 (vs CL$70.10 in 2Q 2023) Second quarter 2024 results: EPS: CL$63.10 (down from CL$70.10 in 2Q 2023). Revenue: CL$32.5b (down 18% from 2Q 2023). Net income: CL$4.73b (down 10.0% from 2Q 2023). Profit margin: 15% (up from 13% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 34% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in South America are expected to remain flat. 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 9% per year, which means it is well ahead of earnings. New Risk • Jun 05
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: 11% Last year net profit margin: 17% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (11% net profit margin). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: CL$47.18 (vs CL$87.23 in 1Q 2023) First quarter 2024 results: EPS: CL$47.18 (down from CL$87.23 in 1Q 2023). Revenue: CL$35.1b (down 22% from 1Q 2023). Net income: CL$3.54b (down 46% from 1Q 2023). Profit margin: 10% (down from 15% 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 29% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • May 03
Upcoming dividend of CL$30.00 per share Eligible shareholders must have bought the stock before 10 May 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 5.5%. Lower than top quartile of Chilean dividend payers (11%). Higher than average of industry peers (4.0%). Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: CL$253 (vs CL$444 in FY 2022) Full year 2023 results: EPS: CL$253 (down from CL$444 in FY 2022). Revenue: CL$151.3b (down 14% from FY 2022). Net income: CL$19.0b (down 43% from FY 2022). Profit margin: 13% (down from 19% in FY 2022). The decrease in margin was driven by lower revenue. 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 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Jan 05
Upcoming dividend of CL$30.00 per share at 6.3% yield Eligible shareholders must have bought the stock before 12 January 2024. Payment date: 17 January 2024. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 6.3%. Lower than top quartile of Chilean dividend payers (12%). Higher than average of industry peers (3.4%). Buying Opportunity • Dec 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 3.6%. The fair value is estimated to be CL$2,726, 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 grown by 7.8%. Upcoming Dividend • Sep 01
Upcoming dividend of CL$30.00 per share at 6.1% yield Eligible shareholders must have bought the stock before 08 September 2023. Payment date: 13 September 2023. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 6.1%. Lower than top quartile of Chilean dividend payers (12%). Higher than average of industry peers (3.3%). Reported Earnings • Aug 20
Second quarter 2023 earnings released: EPS: CL$70.10 (vs CL$116 in 2Q 2022) Second quarter 2023 results: EPS: CL$70.10 (down from CL$116 in 2Q 2022). Revenue: CL$39.4b (down 12% from 2Q 2022). Net income: CL$5.26b (down 40% from 2Q 2022). Profit margin: 13% (down from 20% 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 8% 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 • May 23
First quarter 2023 earnings released: EPS: CL$87.23 (vs CL$134 in 1Q 2022) First quarter 2023 results: EPS: CL$87.23 (down from CL$134 in 1Q 2022). Revenue: CL$44.7b (up 3.4% from 1Q 2022). Net income: CL$6.54b (down 35% from 1Q 2022). Profit margin: 15% (down from 23% 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 18% 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$74.00 per share at 6.4% yield Eligible shareholders must have bought the stock before 12 May 2023. Payment date: 17 May 2023. Payout ratio is a comfortable 30% and the cash payout ratio is 86%. Trailing yield: 6.4%. Lower than top quartile of Chilean dividend payers (14%). Higher than average of industry peers (3.4%). Reported Earnings • Mar 18
Full year 2022 earnings released: EPS: CL$444 (vs CL$640 in FY 2021) Full year 2022 results: EPS: CL$444 (down from CL$640 in FY 2021). Revenue: CL$175.7b (up 5.9% from FY 2021). Net income: CL$33.3b (down 31% from FY 2021). Profit margin: 19% (down from 29% 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 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 30
Upcoming dividend of CL$30.00 per share Eligible shareholders must have bought the stock before 06 January 2023. Payment date: 11 January 2023. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 10%. Lower than top quartile of Chilean dividend payers (13%). Higher than average of industry peers (5.8%). Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: CL$106 (vs CL$159 in 3Q 2021) Third quarter 2022 results: EPS: CL$106 (down from CL$159 in 3Q 2021). Revenue: CL$42.4b (up 4.4% from 3Q 2021). Net income: CL$7.92b (down 33% from 3Q 2021). Profit margin: 19% (down from 29% 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 35% 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
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 Javier Gimeno 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 21
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: CL$44.6b (up 6.9% from 2Q 2021). Net income: CL$8.71b (down 24% from 2Q 2021). Profit margin: 20% (down from 27% 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 48% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • May 15
First quarter 2022 earnings released: EPS: CL$134 (vs CL$201 in 1Q 2021) First quarter 2022 results: EPS: CL$134 (down from CL$201 in 1Q 2021). Revenue: CL$43.3b (up 5.5% from 1Q 2021). Net income: CL$10.1b (down 33% from 1Q 2021). Profit margin: 23% (down from 37% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 29
Upcoming dividend of CL$30.00 per share Eligible shareholders must have bought the stock before 06 May 2022. Payment date: 11 May 2022. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 10%. Within top quartile of Chilean dividend payers (9.9%). Higher than average of industry peers (4.0%). Board Change • Apr 27
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 Javier Gimeno 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 • Nov 17
Third quarter 2021 earnings released: EPS CL$159 (vs CL$74.92 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CL$40.6b (up 23% from 3Q 2020). Net income: CL$11.9b (up 112% from 3Q 2020). Profit margin: 29% (up from 17% 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 42% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 12
Second quarter 2021 earnings released: EPS CL$152 (vs CL$41.11 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CL$41.8b (up 68% from 2Q 2020). Net income: CL$11.4b (up 271% from 2Q 2020). Profit margin: 27% (up from 12% 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 32% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • May 18
First quarter 2021 earnings released: EPS CL$237 (vs CL$67.56 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CL$41.0b (up 32% from 1Q 2020). Net income: CL$15.1b (up 198% from 1Q 2020). Profit margin: 37% (up from 16% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 30
Upcoming dividend of CL$119 per share Eligible shareholders must have bought the stock before 07 May 2021. Payment date: 12 May 2021. Trailing yield: 3.6%. Lower than top quartile of Chilean dividend payers (5.9%). Higher than average of industry peers (2.6%). Is New 90 Day High Low • Mar 16
New 90-day low: CL$1,900 The company is down 2.0% from a price of CL$1,930 on 15 December 2020. Underperformed the Chilean market, which is up 18% over the last 90 days. Lagged the Basic Materials industry, which is flat over the same period. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS CL$74.92 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: CL$33.2b (up 18% from 3Q 2019). Net income: CL$5.62b (up 67% from 3Q 2019). Profit margin: 17% (up from 12% in 3Q 2019). The increase in margin was driven by higher revenue. 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 8% per year, which means it is significantly lagging earnings. 