Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €39.40, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Metals and Mining industry in Europe. Total returns to shareholders of 173% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €61.87 per share. Buy Or Sell Opportunity • Jun 02
Now 21% undervalued Over the last 90 days, the stock has risen 2.2% to €47.00. The fair value is estimated to be €59.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 108%. Revenue is forecast to grow by 12% in a year. Earnings are forecast to decline by 21% in the next year. Board Change • May 20
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. 1 experienced director. 11 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Juan Beckmann Vidal was the last independent director to join the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 08
Industrias Peñoles, S.A.B. de C.V., Annual General Meeting, Apr 27, 2026 Industrias Peñoles, S.A.B. de C.V., Annual General Meeting, Apr 27, 2026. Location: corporate building bal, av moliere 222 ground floor, col los morales palmas miguel hidalgo borough, zip code 11540, mexico Mexico Board Change • Dec 30
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. 2 experienced directors. 10 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Juan Beckmann Vidal was the last independent director to join the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Aug 28
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 German stocks, typically moving 7.7% 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. This is currently the only risk that has been identified for the company. Board Change • Aug 18
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. 2 experienced directors. 10 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Director Juan Beckmann Vidal was the last independent director to join the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 07
Industrias Peñoles, S.A.B. de C.V., Annual General Meeting, Apr 28, 2025 Industrias Peñoles, S.A.B. de C.V., Annual General Meeting, Apr 28, 2025. Location: bal corporate building, av. moliere 222,ground floor, col. los morales-palmas, alcaldia iguel hidalgo, c.p. 11540, mexico Mexico Announcement • Mar 08
Industrias Peñoles, S.A.B. de C.V. to Report Fiscal Year 2024 Results on Apr 28, 2025 Industrias Peñoles, S.A.B. de C.V. announced that they will report fiscal year 2024 results on Apr 28, 2025 New Risk • Nov 01
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: 1.3% Last year net profit margin: 2.0% 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 Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). Buy Or Sell Opportunity • Sep 23
Now 25% overvalued The stock has been flat over the last 90 days, currently trading at €12.60. The fair value is estimated to be €10.06, 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 74%. Reported Earnings • Aug 02
Second quarter 2024 earnings released: US$0.06 loss per share (vs US$0.056 profit in 2Q 2023) Second quarter 2024 results: US$0.06 loss per share (down from US$0.056 profit in 2Q 2023). Revenue: US$1.63b (up 6.3% from 2Q 2023). Net loss: US$23.2m (down 204% from profit in 2Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.9% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Reported Earnings • May 02
First quarter 2024 earnings released: US$0.10 loss per share (vs US$0.009 profit in 1Q 2023) First quarter 2024 results: US$0.10 loss per share (down from US$0.009 profit in 1Q 2023). Revenue: US$1.40b (down 1.2% from 1Q 2023). Net loss: US$39.0m (down US$42.4m from profit in 1Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.5% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. New Risk • Apr 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 65% 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: Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €14.20, the stock trades at a trailing P/E ratio of 42.1x. Average forward P/E is 9x in the Metals and Mining industry in Germany. Total returns to shareholders of 30% over the past three years. Reported Earnings • Mar 07
Full year 2023 earnings released: EPS: US$0.37 (vs US$0.46 in FY 2022) Full year 2023 results: EPS: US$0.37 (down from US$0.46 in FY 2022). Revenue: US$5.93b (up 7.3% from FY 2022). Net income: US$147.1m (down 20% from FY 2022). Profit margin: 2.5% (down from 3.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.2% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Europe are expected to grow by 1.0%. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €12.80, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total loss to shareholders of 4.3% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.67 per share. New Risk • Jan 25
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 German stocks, typically moving 7.1% 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: Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €13.70, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total loss to shareholders of 1.9% over the past three years. New Risk • Nov 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 30
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: US$1.51b (up 19% from 3Q 2022). Net income: US$15.6m (up US$54.9m from 3Q 2022). Profit margin: 1.0% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: US$1.54b (up 4.6% from 2Q 2022). Net income: US$22.3m (down 70% from 2Q 2022). Profit margin: 1.4% (down from 5.1% in 2Q 2022). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €15.10, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 76% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.13 per share. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improved over the past week After last week's 25% share price gain to €14.10, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total returns to shareholders of 47% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €9.78 per share. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 18% share price gain to €12.40, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 5x in the Metals and Mining industry in Europe. Total returns to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.35 per share. Reported Earnings • Nov 01
Third quarter 2022 earnings released: US$0.099 loss per share (vs US$0.17 profit in 3Q 2021) Third quarter 2022 results: US$0.099 loss per share (down from US$0.17 profit in 3Q 2021). Revenue: US$1.27b (down 11% from 3Q 2021). Net loss: US$39.3m (down 159% from profit in 3Q 2021). Revenue is forecast to stay flat during the next 3 years compared to a 3.2% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 29% share price gain to €11.20, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 5x in the Metals and Mining industry in Europe. Total returns to shareholders of 1.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €13.02 per share. Buying Opportunity • Sep 22
Now 21% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be €12.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 72%. For the next 3 years, revenue is forecast to grow by 0.9% per annum. Earnings is also forecast to grow by 39% per annum over the same time period. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 33% share price gain to €11.00, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 5x in the Metals and Mining industry in Europe. Total loss to shareholders of 9.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €12.52 per share. Reported Earnings • Aug 05
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: US$1.47b (down 6.6% from 2Q 2021). Net income: US$74.8m (down 62% from 2Q 2021). Profit margin: 5.1% (down from 12% in 2Q 2021). The decrease in margin was primarily driven by lower revenue. Over the next year, revenue is expected to shrink by 3.0% compared to a 25% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 16% share price gain to €10.40, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 5x in the Metals and Mining industry in Europe. Total returns to shareholders of 10% over the past three years. Reported Earnings • May 05
First quarter 2022 earnings released First quarter 2022 results: Revenue: US$1.41b (down 9.1% from 1Q 2021). Net income: US$70.7m (down 52% from 1Q 2021). Profit margin: 5.0% (down from 9.5% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 1.9%, compared to a 33% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 69% 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 • Mar 11
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$0.98 (up from US$0.087 loss in FY 2020). Revenue: US$5.97b (up 28% from FY 2020). Net income: US$391.3m (up US$425.7m from FY 2020). Profit margin: 6.6% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 2.7%, compared to a 26% growth forecast for the mining industry in Germany. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment improved over the past week After last week's 16% share price gain to €12.27, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 22% over the past three years. Announcement • Mar 01
Industrias Peñoles, S.A.B. de C.V. to Report Fiscal Year 2021 Results on Apr 29, 2022 Industrias Peñoles, S.A.B. de C.V. announced that they will report fiscal year 2021 results on Apr 29, 2022 Reported Earnings • Nov 03
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$1.43b (up 16% from 3Q 2020). Net income: US$66.4m (up 255% from 3Q 2020). Profit margin: 4.6% (up from 1.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 08
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$1.57b (up 69% from 2Q 2020). Net income: US$195.2m (up US$353.3m from 2Q 2020). Profit margin: 12% (up from net loss in 2Q 2020). 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 90 percentage points per year, which is a significant difference in performance. Reported Earnings • May 04
Full year 2020 earnings released: US$0.087 loss per share (vs US$0.089 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: US$4.67b (up 4.5% from FY 2019). Net loss: US$34.4m (down 197% from profit in FY 2019). Production and reserves: Gold Proved and probable reserves (ore): 401 Mt Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 05
Full year 2020 earnings released: US$0.087 loss per share (vs US$0.089 profit in FY 2019) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: US$4.67b (up 4.5% from FY 2019). Net loss: US$34.4m (down 197% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Mar 05
Revenue misses expectations Revenue missed analyst estimates by 0.03%. Over the next year, revenue is forecast to grow 22%, compared to a 22% growth forecast for the Metals and Mining industry in Germany. Is New 90 Day High Low • Feb 23
New 90-day low: €12.10 The company is down 3.0% from its price of €12.50 on 24 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 58% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €44.97 per share. Announcement • Jan 20
Minera Latin American Zinc SAPI de CV Announces Off-Take Contract Executed with Industrias Penoles S.A. de C.V Consolidated Zinc Limited announced its 100% owned subsidiary, Minera Latin American Zinc SAPI de CV has executed an agreement with Industrias Penoles S.A. de C.V. to reduce the transport costs/allowances of Plomosas concentrate delivered and sold to Penoles under an extended offtake agreement for the sale of 100% of the Plomosas zinc concentrate. As part of the agreement, MLAZ has granted Penoles an additional 1-year option to extend the zinc concentrate purchases to the end of December 2023. Zinc Treatment Charges: The Zinc concentrate sold to Penoles is utilised at Penoles' Met-Mex smelter located in Torreon, Mexico, with the zinc treatment charges linked to the annual zinc treatment charge benchmark, which is agreed annually during the first quarter of each year between the major zinc miners and smelters. The 2020 zinc treatment charge benchmark was set at USD 299.75/dmt of zinc concentrate in March 2020. From April 2020 onwards, the zinc spot zinc treatment charges for China compliant concentrate (with low silver/gold contents) have traded consistently below the 2020 zinc treatment charge benchmark and has recently reached a low of USD 82.50/dmt of zinc concentrate. Market forecasts predict the 2021 zinc treatment charge benchmark is likely to be significantly lower than 2020, due to a strong rebound in demand and limited new concentrate supply. A reduction in the zinc benchmark treatment charges will benefit MLAZ as the zinc treatment/transport costs are a major cost for the Company, with treatment/transport costs reported at USD 0.41/lb of payable zinc in for the nine months ended 30 September 2020. If the zinc treatment benchmark is reduced to USD 199.75 (more than double the current spot price) the $100/dmt decrease would result in a approximately USD 0.10/lb of payable zinc C1 treatment charges cost reduction. This is expected to result in an uplift in returns for the Company. Is New 90 Day High Low • Jan 05
New 90-day high: €15.20 The company is up 12% from its price of €13.60 on 07 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 42% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €15.24 per share. Is New 90 Day High Low • Dec 19
New 90-day high: €14.70 The company is up 12% from its price of €13.10 on 18 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 25% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €14.48 per share. 
