New Risk • May 29
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 66% 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 11% per year over the past 5 years. Minor Risks High level of debt (66% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: CL$0.80 (vs CL$0.65 in 1Q 2025) First quarter 2026 results: EPS: CL$0.80 (up from CL$0.65 in 1Q 2025). Revenue: CL$775.6b (up 9.7% from 1Q 2025). Net income: CL$14.5b (up 23% from 1Q 2025). Profit margin: 1.9% (up from 1.7% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Declared Dividend • May 03
Final dividend of CL$1.20 announced Shareholders will receive a dividend of CL$1.20. Ex-date: 11th May 2026 Payment date: 15th May 2026 Dividend yield will be 9.3%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is not covered by earnings (107% earnings payout ratio). However, it is well covered by cash flows (6% cash payout ratio). The dividend has increased by an average of 6.7% 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 grow by 19% to bring the payout ratio under control, which is similar to the EPS growth achieved over the last 5 years. Announcement • Apr 03
Almendral S.A., Annual General Meeting, Apr 30, 2026 Almendral S.A., Annual General Meeting, Apr 30, 2026. Location: 3390 aurelio gonzalez st, 1st floor vitacura, santiago Chile New Risk • Mar 19
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 69% 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 10.0% per year over the past 5 years. Minor Risks High level of debt (69% net debt to equity). Dividend is not well covered by earnings (107% payout ratio). Reported Earnings • Mar 13
Full year 2025 earnings released: EPS: CL$5.73 (vs CL$1.82 in FY 2024) Full year 2025 results: EPS: CL$5.73 (up from CL$1.82 in FY 2024). Revenue: CL$3.03t (up 12% from FY 2024). Net income: CL$103.2b (up 214% from FY 2024). Profit margin: 3.4% (up from 1.2% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Price Target Changed • Feb 15
Price target increased by 59% to CL$32.50 Up from CL$20.50, the current price target is provided by 1 analyst. New target price is 12% above last closing price of CL$29.11. Stock is up 41% over the past year. The company posted earnings per share of CL$1.82 last year. New Risk • Dec 11
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 3.9% 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 12% per year over the past 5 years. Minor Risks High level of debt (68% net debt to equity). 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 (3.9% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). New Risk • Nov 25
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 68% 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 12% per year over the past 5 years. Minor Risks High level of debt (68% net debt to equity). 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 (1.3% net profit margin). New Risk • Nov 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 41% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 12% 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CL$25.30, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 18x in the Wireless Telecom industry globally. Total returns to shareholders of 46% over the past three years. Price Target Changed • Jun 18
Price target decreased by 8.0% to CL$19.50 Down from CL$21.20, the current price target is provided by 1 analyst. New target price is 8.3% above last closing price of CL$18.00. Stock is down 16% over the past year. The company posted earnings per share of CL$1.82 last year. New Risk • May 30
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 86% 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 3.4% per year over the past 5 years. Minor Risks High level of debt (86% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • May 02
Dividend reduced to CL$1.00 Dividend of CL$1.00 is 23% lower than last year. Ex-date: 12th May 2025 Payment date: 16th May 2025 Dividend yield will be 5.2%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 65% to shift the payout ratio to a potentially unsustainable range, which is more than the 17% EPS decline seen over the last 5 years. Announcement • Apr 07
Almendral S.A., Annual General Meeting, Apr 29, 2025 Almendral S.A., Annual General Meeting, Apr 29, 2025. Location: aurelio gonzalez n3390 1st floor, vitacura commune, santiago Chile New Risk • Mar 17
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.8x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Earnings have declined by 1.0% 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). New Risk • Nov 21
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 89% 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 (89% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 12
Third quarter 2024 earnings released: EPS: CL$1.20 (vs CL$0.40 loss in 3Q 2023) Third quarter 2024 results: EPS: CL$1.20 (up from CL$0.40 loss in 3Q 2023). Revenue: CL$674.1b (up 12% from 3Q 2023). Net income: CL$21.7b (up CL$28.8b from 3Q 2023). Profit margin: 3.2% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: CL$1.29 (vs CL$0.67 in 2Q 2023) Second quarter 2024 results: EPS: CL$1.29 (up from CL$0.67 in 2Q 2023). Revenue: CL$679.9b (up 12% from 2Q 2023). Net income: CL$23.2b (up 92% from 2Q 2023). Profit margin: 3.4% (up from 2.0% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • May 15
First quarter 2024 earnings released: CL$0.68 loss per share (vs CL$0.09 profit in 1Q 2023) First quarter 2024 results: CL$0.68 loss per share (down from CL$0.09 profit in 1Q 2023). Revenue: CL$664.8b (up 11% from 1Q 2023). Net loss: CL$12.3b (down CL$13.9b from profit in 1Q 2023). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 02
Full year 2023 earnings released: EPS: CL$2.69 (vs CL$13.49 in FY 2022) Full year 2023 results: EPS: CL$2.69 (down from CL$13.49 in FY 2022). Revenue: CL$2.52t (flat on FY 2022). Net income: CL$48.4b (down 80% from FY 2022). Profit margin: 1.9% (down from 9.6% in FY 2022). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Nov 19
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Reported Earnings • Nov 15
Third quarter 2023 earnings released: CL$0.40 loss per share (vs CL$1.10 profit in 3Q 2022) Third quarter 2023 results: CL$0.40 loss per share (down from CL$1.10 profit in 3Q 2022). Revenue: CL$617.9b (flat on 3Q 2022). Net loss: CL$7.15b (down 136% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. New Risk • Aug 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.7x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Dividend is not well covered by cash flows (132% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.4% net profit margin). New Risk • Aug 14
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: 2.4% Last year net profit margin: 7.9% 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 Dividend is not well covered by cash flows (132% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.4% net profit margin). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: CL$0.67 (vs CL$9.42 in 2Q 2022) Second quarter 2023 results: EPS: CL$0.67 (down from CL$9.42 in 2Q 2022). Revenue: CL$617.6b (down 4.5% from 2Q 2022). Net income: CL$12.1b (down 93% from 2Q 2022). Profit margin: 2.0% (down from 26% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Buying Opportunity • May 09
Now 20% undervalued Over the last 90 days, the stock is up 6.9%. The fair value is estimated to be CL$29.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 47%. Buying Opportunity • Mar 13
Now 20% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be CL$30.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 47%. Buying Opportunity • Feb 10
Now 21% undervalued Over the last 90 days, the stock is up 7.3%. The fair value is estimated to be CL$27.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 47%. Reported Earnings • Feb 06
Full year 2022 earnings released: EPS: CL$13.49 (vs CL$2.03 in FY 2021) Full year 2022 results: EPS: CL$13.49 (up from CL$2.03 in FY 2021). Revenue: CL$2.59t (up 6.8% from FY 2021). Net income: CL$243.1b (up CL$206.6b from FY 2021). Profit margin: 9.4% (up from 1.5% in FY 2021). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Board Change • Nov 16
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. 8 experienced directors. No highly experienced directors. 1 independent director (7 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 08
Second quarter 2022 earnings released: EPS: CL$9.42 (vs CL$1.31 in 2Q 2021) Second quarter 2022 results: EPS: CL$9.42 (up from CL$1.31 in 2Q 2021). Revenue: CL$663.2b (up 11% from 2Q 2021). Net income: CL$169.7b (up CL$146.2b from 2Q 2021). Profit margin: 26% (up from 3.9% in 2Q 2021). The increase in margin was primarily driven by lower expenses. 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 23% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 26% share price decline to CL$23.25, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 17x in the Wireless Telecom industry globally. Total loss to shareholders of 11% over the past three years. Upcoming Dividend • Jun 24
Upcoming dividend of CL$8.30 per share Eligible shareholders must have bought the stock before 01 July 2022. Payment date: 06 July 2022. Payout ratio is a comfortable 20% and the cash payout ratio is 87%. Trailing yield: 1.9%. Lower than top quartile of Chilean dividend payers (14%). Lower than average of industry peers (4.9%). Valuation Update With 7 Day Price Move • May 30
Investor sentiment improved over the past week After last week's 17% share price gain to CL$32.59, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 17x in the Wireless Telecom industry globally. Total loss to shareholders of 5.1% over the past three years. Reported Earnings • May 08
First quarter 2022 earnings released: EPS: CL$1.54 (vs CL$0.47 in 1Q 2021) First quarter 2022 results: EPS: CL$1.54 (up from CL$0.47 in 1Q 2021). Revenue: CL$650.3b (up 16% from 1Q 2021). Net income: CL$27.8b (up 227% from 1Q 2021). Profit margin: 4.3% (up from 1.5% 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 33% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Board Change • Apr 27
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. 8 experienced directors. No highly experienced directors. 1 independent director (7 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: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 21% share price gain to CL$24.65, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 17x in the Wireless Telecom industry globally. Total loss to shareholders of 34% over the past three years. Buying Opportunity • Mar 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.8%. The fair value is estimated to be CL$25.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% per annum over the last 3 years. The company has become profitable over the last 3 years. Reported Earnings • Jan 31
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CL$2.03 (down from CL$2.35 in FY 2020). Revenue: CL$2.44t (up 17% from FY 2020). Net income: CL$36.5b (down 14% from FY 2020). Profit margin: 1.5% (down from 2.0% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS CL$1.79 (vs CL$0.78 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: CL$1.78t (up 233% from 3Q 2020). Net income: CL$32.3b (up 129% from 3Q 2020). Profit margin: 1.8% (down from 2.6% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CL$22.39, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 14x in the Wireless Telecom industry globally. Total loss to shareholders of 24% over the past three years. Upcoming Dividend • Oct 27
Upcoming dividend of CL$5.80 per share Eligible shareholders must have bought the stock before 03 November 2021. Payment date: 08 November 2021. Trailing yield: 2.6%. Lower than top quartile of Chilean dividend payers (9.0%). Lower than average of industry peers (4.3%). Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improved over the past week After last week's 18% share price gain to CL$27.45, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 18x in the Wireless Telecom industry globally. Total loss to shareholders of 29% over the past three years. Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS CL$1.30 (vs CL$0.63 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CL$598.4b (up 31% from 2Q 2020). Net income: CL$23.5b (up 107% from 2Q 2020). Profit margin: 3.9% (up from 2.5% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 17
Upcoming dividend of CL$0.71 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 28 May 2021. Trailing yield: 4.3%. Lower than top quartile of Chilean dividend payers (5.7%). Higher than average of industry peers (3.8%). Reported Earnings • Feb 04
Full year 2020 earnings released: EPS CL$2.35 (vs CL$4.50 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: CL$2.09t (up 5.8% from FY 2019). Net income: CL$42.4b (down 48% from FY 2019). Profit margin: 2.0% (down from 4.1% in FY 2019). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 02
New 90-day high: CL$37.13 The company is up 10.0% from its price of CL$33.84 on 03 November 2020. The Chilean market is up 19% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Wireless Telecom industry, which is also up 10.0% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: CL$32.44 The company is down 9.0% from its price of CL$35.71 on 22 September 2020. The Chilean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Wireless Telecom industry, which is up 11% over the same period. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS CL$0.78 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: CL$534.5b (up 7.7% from 3Q 2019). Net income: CL$14.1b (up CL$23.1b from 3Q 2019). Profit margin: 2.6% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 29
New 90-day low: CL$34.92 The company is down 9.0% from its price of CL$38.19 on 31 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 Wireless Telecom industry, which is down 2.0% over the same period.