Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CL$136, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 18x in the Entertainment industry in South America. Total returns to shareholders of 8.8% over the past three years. Reported Earnings • Jun 04
First quarter 2026 earnings released First quarter 2026 results: Revenue: CL$13.1b (down 11% from 1Q 2025). Net income: CL$981.7m (down 80% from 1Q 2025). Profit margin: 7.5% (down from 33% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Apr 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 16
Blanco y Negro S.A., Annual General Meeting, Apr 29, 2026 Blanco y Negro S.A., Annual General Meeting, Apr 29, 2026. Location: av marathon n5300, estadio monumental, comuna de macul, santiago Chile New Risk • Apr 06
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 43% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.8% average weekly change). High level of non-cash earnings (43% accrual ratio). Minor Risk Market cap is less than US$100m (CL$15.0b market cap, or US$16.3m). Board Change • Jan 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 17
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . 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 • Dec 03
Third quarter 2025 earnings released: CL$7.18 loss per share (vs CL$0.66 profit in 3Q 2024) Third quarter 2025 results: CL$7.18 loss per share (down from CL$0.66 profit in 3Q 2024). Revenue: CL$8.78b (down 30% from 3Q 2024). Net loss: CL$712.9m (down CL$779.1m from profit in 3Q 2024). 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 17% per year, which means it is significantly lagging earnings. Board Change • Nov 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Oct 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Sep 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CL$9.30b (US$9.73m) This is considered a major 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 Risks Share price has been highly volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$10m (CL$9.30b market cap, or US$9.73m). Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to CL$93.00, the stock trades at a trailing P/E ratio of 2.4x. Average trailing P/E is 27x in the Entertainment industry in South America. Total loss to shareholders of 52% over the past three years. Board Change • Aug 01
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • May 06
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Mar 31
Blanco y Negro S.A., Annual General Meeting, Apr 28, 2025 Blanco y Negro S.A., Annual General Meeting, Apr 28, 2025. Location: held remotely, Chile Board Change • Mar 12
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 23
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . 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 • Sep 15
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: CL$12.5b (up 93% from 2Q 2023). Net income: CL$158.2m (up CL$425.1m from 2Q 2023). Profit margin: 1.3% (up from net loss in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 05
First quarter 2024 earnings released: EPS: CL$13.83 (vs CL$2.50 in 1Q 2023) First quarter 2024 results: EPS: CL$13.83 (up from CL$2.50 in 1Q 2023). Revenue: CL$11.4b (up 62% from 1Q 2023). Net income: CL$1.38b (up 454% from 1Q 2023). Profit margin: 12% (up from 3.5% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: CL$8.18 (vs CL$5.40 in FY 2022) Full year 2023 results: EPS: CL$8.18 (up from CL$5.40 in FY 2022). Revenue: CL$29.7b (up 2.8% from FY 2022). Net income: CL$867.3m (up 61% from FY 2022). Profit margin: 2.9% (up from 1.9% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 01
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: CL$7.17b (down 21% from 3Q 2022). Net loss: CL$747.7m (loss widened CL$721.1m from 3Q 2022). Reported Earnings • Sep 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: CL$6.50b (down 19% from 2Q 2022). Net loss: CL$266.8m (down 136% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Dec 01
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: CL$9.06b (up 138% from 3Q 2021). Net loss: CL$26.6m (loss narrowed 98% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). was the last director to join the board, commencing their role in . 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 • Sep 04
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: CL$8.03b (up 112% from 2Q 2021). Net income: CL$739.4m (up CL$812.7m from 2Q 2021). Profit margin: 9.2% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). was the last director to join the board, commencing their role in . 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 • Dec 02
Third quarter 2021 earnings: Revenues in line with analyst expectations Third quarter 2021 results: Revenue: CL$3.82b (up 98% from 3Q 2020). Net loss: CL$1.07b (loss narrowed 29% from 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 15
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: CL$3.79b (up 6.1% from 2Q 2020). Net loss: CL$73.3m (down 109% from profit in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 01
Full year 2020 earnings released The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: CL$12.4b (down 31% from FY 2019). Net loss: CL$4.05b (loss widened 184% from FY 2019). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. Is New 90 Day High Low • Feb 04
New 90-day low: CL$175 The company is down 2.0% from its price of CL$178 on 05 November 2020. The Chilean market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 24% over the same period. Is New 90 Day High Low • Dec 02
New 90-day low: CL$176 The company is down 1.0% from its price of CL$178 on 03 September 2020. The Chilean market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 41% over the same period. Reported Earnings • Nov 30
Third quarter 2020 earnings released: CL$15.04 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: CL$1.92b (down 63% from 3Q 2019). Net loss: CL$1.50b (loss widened CL$1.46b from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.