Announcement • May 16
Sociedad Matriz SAAM S.A. to Report Q1, 2026 Results on May 14, 2026 Sociedad Matriz SAAM S.A. announced that they will report Q1, 2026 results on May 14, 2026 Reported Earnings • May 11
First quarter 2026 earnings released First quarter 2026 results: Revenue: US$161.4m (up 9.0% from 1Q 2025). Net income: US$19.7m (up 7.6% from 1Q 2025). Profit margin: 12% (in line with 1Q 2025). Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CL$155, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 15x in the Infrastructure industry in South America. Total returns to shareholders of 140% over the past three years. Reported Earnings • Mar 10
Full year 2025 earnings released Full year 2025 results: Revenue: US$631.8m (up 9.4% from FY 2024). Net income: US$80.4m (up 36% from FY 2024). Profit margin: 13% (up from 10% in FY 2024). The increase in margin was driven by higher revenue. Announcement • Mar 09
Sociedad Matriz SAAM S.A., Annual General Meeting, Apr 10, 2026 Sociedad Matriz SAAM S.A., Annual General Meeting, Apr 10, 2026. Location: el golf 50 50 el golf street, las condes, santiago Chile Reported Earnings • Nov 09
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: US$160.5m (up 12% from 3Q 2024). Net income: US$23.9m (up 97% from 3Q 2024). Profit margin: 15% (up from 8.5% in 3Q 2024). The increase in margin was driven by higher revenue. Buy Or Sell Opportunity • Oct 18
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 5.4% to CL$124. The fair value is estimated to be CL$102, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 48%. Buy Or Sell Opportunity • Oct 02
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 5.5% to CL$128. The fair value is estimated to be CL$103, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 48%. New Risk • Sep 20
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 3.3% 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 2.2% 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 (3.3% average weekly change). Reported Earnings • Aug 04
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: US$154.1m (up 7.5% from 2Q 2024). Net income: US$21.8m (up 142% from 2Q 2024). Profit margin: 14% (up from 6.3% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Reported Earnings • May 05
First quarter 2025 earnings released First quarter 2025 results: Revenue: US$148.1m (up 5.6% from 1Q 2024). Net income: US$18.3m (down 17% from 1Q 2024). Profit margin: 12% (down from 16% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Mar 11
Sociedad Matriz SAAM S.A., Annual General Meeting, Apr 04, 2025 Sociedad Matriz SAAM S.A., Annual General Meeting, Apr 04, 2025. Location: club el golf 50, el golf street n 50, las condes, santiago Chile Reported Earnings • Mar 10
Full year 2024 earnings released Full year 2024 results: Revenue: US$577.6m (up 7.0% from FY 2023). Net income: US$59.2m (up 221% from FY 2023). Profit margin: 10% (up from 3.4% in FY 2023). New Risk • Nov 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 36% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 349% Paying a dividend despite having no free cash flows. Earnings have declined by 19% per year over the past 5 years. High level of non-cash earnings (36% accrual ratio). Reported Earnings • Nov 10
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: US$143.1m (up 3.7% from 3Q 2023). Net income: US$12.1m (up US$21.7m from 3Q 2023). Profit margin: 8.5% (up from net loss in 3Q 2023). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Infrastructure industry in South America. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 23
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.0% to CL$105. The fair value is estimated to be CL$87.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 13%. Buy Or Sell Opportunity • Aug 30
Now 21% overvalued Over the last 90 days, the stock has fallen 1.4% to CL$104. The fair value is estimated to be CL$86.19, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 13%. Reported Earnings • Aug 04
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: US$143.3m (up 9.7% from 2Q 2023). Net income: US$9.01m (up 49% from 2Q 2023). Profit margin: 6.3% (up from 4.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Infrastructure industry in South America. New Risk • Jul 26
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 3.6% 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 Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 7x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 26% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (3.6% average weekly change). Buy Or Sell Opportunity • May 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.7% to CL$105. The fair value is estimated to be CL$87.31, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has declined by 48%. Reported Earnings • May 05
First quarter 2024 earnings released First quarter 2024 results: Revenue: US$140.2m (up 11% from 1Q 2023). Net income: US$22.0m (up 193% from 1Q 2023). Profit margin: 16% (up from 5.9% in 1Q 2023). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Infrastructure industry in South America. Upcoming Dividend • Apr 22
Upcoming dividend of US$0.026 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 03 May 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 21%. Within top quartile of Chilean dividend payers (12%). Higher than average of industry peers (4.3%). Buy Or Sell Opportunity • Apr 02
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.3% to CL$116. The fair value is estimated to be CL$96.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 50%. Reported Earnings • Mar 11
Full year 2023 earnings released Full year 2023 results: Revenue: US$540.1m (up 17% from FY 2022). Net income: US$18.5m (down 10% from FY 2022). Profit margin: 3.4% (down from 4.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Infrastructure industry in South America. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.7% to CL$113. The fair value is estimated to be CL$93.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.9% over the last 3 years. Earnings per share has declined by 49%. Buy Or Sell Opportunity • Feb 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.2% to CL$104. The fair value is estimated to be CL$86.49, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.9% over the last 3 years. Earnings per share has declined by 49%. Upcoming Dividend • Dec 22
Upcoming dividend of US$0.013 per share at 10.0% yield Eligible shareholders must have bought the stock before 29 December 2023. Payment date: 04 January 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 10.0%. Lower than top quartile of Chilean dividend payers (12%). Higher than average of industry peers (2.9%). New Risk • Nov 07
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: 2.3% Last year net profit margin: 4.2% 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: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 180% Cash payout ratio: 102% Earnings have declined by 22% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (2.3% net profit margin). Reported Earnings • Nov 07
Third quarter 2023 earnings released: US$0.001 loss per share (vs US$0.001 profit in 3Q 2022) Third quarter 2023 results: US$0.001 loss per share (down from US$0.001 profit in 3Q 2022). Revenue: US$138.1m (up 17% from 3Q 2022). Net loss: US$9.60m (down 281% from profit in 3Q 2022). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Infrastructure industry in South America. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • Aug 03
Hapag-Lloyd Aktiengesellschaft (XTRA:HLAG) completed the acquisition of SAAM Ports S.A. and SAAM Logistics S.A. from Sociedad Matriz SAAM S.A. (SNSE:SMSAAM). Hapag-Lloyd Aktiengesellschaft (XTRA:HLAG) signed a binding agreement to acquire SAAM Ports S.A. and SAAM Logistics S.A. from Sociedad Matriz SAAM S.A. (SNSE:SMSAAM) for $1 billion on October 4, 2022. Post completion, a new company will operate as independent entity. The closing of the transaction is subject to approval by the relevant antitrust authorities and to additional conditions customary for a transaction of this kind. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor to SAAM Ports S.A./SAAM Logistics S.A. SG Corporate & Investment Banking acted as fairness Opinion Provider. As of July 20, 2023, The National Economic Prosecutor's Office (FNE) has approved the transaction. Transaction has all the ratifications by the competition authorities of the different countries involved: the United States, Mexico, Honduras, Costa Rica, Colombia, Ecuador, Uruguay. With this, SAAM will be able to finalize the agreement to close the transaction with Hapag-Lloyd in a few weeks.
Natascha Doll, Christoph H. Seibt, Simon Schwarz-Lindenberg, Paul Tiger and David Beutel, Martin Rehberg and Olaf Ehlers of Freshfields Bruckhaus Deringer LLP acted as legal advisor to Hapag-Lloyd Aktiengesellschaft. Pablo Iacobelli and Marcos Ríos, of Carey y Cía. Ltda. and Jaime Herrera, Gabriel Sánchez and Jorge de los Ríos of Posse Herrera Ruiz acted as legal advisor to Hapag-Lloyd Aktiengesellschaft. Greenberg Traurig, Freshfields Bruckhaus Deringer, Aguilar Castillo Love, Bustamante Fabara and Creel, García-Cuellar, Aiza y Enríquez acted as legal advisor to Hapag-Lloyd Aktiengesellschaft. Juan Francisco Mendez, Borja Marcos, Benjamin Rippeon, Michael Isby and Jamin R. Koslowe of Simpson Thacher & Bartlett LLP acted as legal advisor to Sociedad Matriz SAAM S.A. (SNSE:SMSAAM). Citigroup CIB acted as financial advisor to Hapag-Lloyd Aktiengesellschaft (XTRA:HLAG).
Hapag-Lloyd Aktiengesellschaft (XTRA:HLAG) completed the acquisition of SAAM Ports S.A. and SAAM Logistics S.A. from Sociedad Matriz SAAM S.A. (SNSE:SMSAAM) on August 1, 2023. The transaction was approved unconditionally by the relevant antitrust authorities. Reported Earnings • Mar 12
Full year 2022 earnings released Full year 2022 results: Revenue: US$461.8m (down 38% from FY 2021). Net income: US$20.5m (down 74% from FY 2021). Profit margin: 4.4% (down from 11% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. 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. 4 experienced directors. 3 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Armando Valdivieso Montes was the last independent director to join the board, commencing their role in 2018. 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 06
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: US$118.0m (down 39% from 3Q 2021). Net income: US$5.31m (down 72% from 3Q 2021). Profit margin: 4.5% (down from 9.8% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Infrastructure industry in South America. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 42% share price gain to CL$83.50, the stock trades at a trailing P/E ratio of 10.3x. Average forward P/E is 14x in the Infrastructure industry in South America. Total returns to shareholders of 59% over the past three years. Reported Earnings • Aug 07
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: US$207.4m (up 10% from 2Q 2021). Net income: US$20.0m (up 5.2% from 2Q 2021). Profit margin: 9.7% (in line with 2Q 2021). Over the next year, revenue is expected to shrink by 1.6% compared to a 4.8% growth forecast for the industry in Chile. Reported Earnings • May 08
First quarter 2022 earnings released: EPS: US$0.002 (vs US$0.002 in 1Q 2021) First quarter 2022 results: EPS: US$0.002 (vs US$0.002 in 1Q 2021). Revenue: US$202.2m (up 20% from 1Q 2021). Net income: US$23.4m (up 33% from 1Q 2021). Profit margin: 12% (up from 10% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 14% growth forecast for the industry in Chile. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 6% 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. 4 experienced directors. 3 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Armando Valdivieso Montes was the last independent director to join the board, commencing their role in 2018. 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 13
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$0.008 (up from US$0.007 in FY 2020). Revenue: US$748.5m (up 28% from FY 2020). Net income: US$78.6m (up 18% from FY 2020). Profit margin: 11% (in line with FY 2020). Revenue exceeded analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 3.1%, compared to a 21% growth forecast for the industry in Chile. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS US$0.002 (vs US$0.001 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$192.6m (up 42% from 3Q 2020). Net income: US$18.8m (up 162% from 3Q 2020). Profit margin: 9.8% (up from 5.3% 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 14% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 08
Second quarter 2021 earnings released: EPS US$0.002 (vs US$0.001 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: US$188.0m (up 31% from 2Q 2020). Net income: US$19.0m (up 33% from 2Q 2020). Profit margin: 10% (in line with 2Q 2020). 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 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 23
Upcoming dividend of CL$3.00 per share Eligible shareholders must have bought the stock before 30 April 2021. Payment date: 06 May 2021. Trailing yield: 3.7%. Lower than top quartile of Chilean dividend payers (5.8%). Lower than average of industry peers (4.6%). Is New 90 Day High Low • Mar 11
New 90-day high: CL$62.15 The company is up 20% from its price of CL$51.80 on 10 December 2020. The Chilean market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is flat over the same period. Reported Earnings • Mar 11
Full year 2020 earnings released: EPS US$0.007 (vs US$0.006 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: US$584.1m (up 10% from FY 2019). Net income: US$66.7m (up 16% from FY 2019). Profit margin: 11% (in line with FY 2019). 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 2% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 14
New 90-day high: CL$59.50 The company is up 14% from its price of CL$52.00 on 15 October 2020. The Chilean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: CL$55.02 The company is up 1.0% from its price of CL$54.23 on 29 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 Infrastructure industry, which is up 15% over the same period. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS US$0.001 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: US$135.7m (up 3.0% from 3Q 2019). Net income: US$7.20m (down 46% from 3Q 2019). Profit margin: 5.3% (down from 10% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 30
New 90-day low: CL$50.67 The company is down 8.0% from its price of CL$55.00 on 31 July 2020. The Chilean market is down 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Infrastructure industry, which is down 3.0% over the same period. 
