Announcement • Mar 31
Bradespar S.A., Annual General Meeting, Apr 27, 2026 Bradespar S.A., Annual General Meeting, Apr 27, 2026. New Risk • Mar 30
New major risk - Revenue and earnings growth Earnings have declined by 30% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 30% per year over the past 5 years. Revenue is less than US$1m. 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 (6.1% average weekly change). Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.50, the stock trades at a trailing P/E ratio of 7.2x. Average forward P/E is 11x in the Metals and Mining industry in Europe. Total returns to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €3.51 per share. New Risk • Feb 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Spanish stocks, typically moving 6.4% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (6.4% average weekly change). Revenue is less than US$1m. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Dec 18
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 Spanish stocks, typically moving 4.4% 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 Revenue is less than US$1m. 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 (4.4% average weekly change). Buy Or Sell Opportunity • Nov 17
Now 20% undervalued Over the last 90 days, the stock has risen 11% to €2.60. The fair value is estimated to be €3.27, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Board Change • Oct 06
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. Member of Fiscal Council Ricardo de Pinho was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 22
Bradespar S.A.(BOVESPA:BRAP4) dropped from FTSE All-World Index (USD) Bradespar S.A.(BOVESPA:BRAP4) dropped from FTSE All-World Index (USD) Board Change • Sep 19
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. Member of Fiscal Council Ricardo de Pinho was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Jul 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.8% to €2.38. The fair value is estimated to be €2.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 62%. Buy Or Sell Opportunity • Jul 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.0% to €2.40. The fair value is estimated to be €3.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 62%. Board Change • Jun 25
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. Member of Fiscal Council Ricardo de Pinho was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • May 23
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €2.38. The fair value is estimated to be €3.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 64%. New Risk • Apr 29
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 Spanish stocks, typically moving 5.7% 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. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Dividend is not well covered by cash flows (92% cash payout ratio). Share price has been volatile over the past 3 months (5.7% average weekly change). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €2.34, the stock trades at a trailing P/E ratio of 5x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total loss to shareholders of 42% over the past three years. New Risk • Apr 04
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue 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 Risk Revenue is less than US$1m. Minor Risk Dividend is not well covered by cash flows (104% cash payout ratio). Announcement • Mar 27
Bradespar S.A., Annual General Meeting, Apr 25, 2025 Bradespar S.A., Annual General Meeting, Apr 25, 2025. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €2.76, the stock trades at a trailing P/E ratio of 3.6x. Average forward P/E is 8x in the Metals and Mining industry in Europe. Total loss to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.25 per share. Announcement • Sep 23
Bradespar S.A.(BOVESPA:BRAP3) dropped from FTSE All-World Index (USD) Bradespar S.A.(BOVESPA:BRAP3) dropped from FTSE All-World Index (USD) New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 4.3% per year for the foreseeable future. Revenue is less than US$1m. Minor Risk Dividend is not well covered by cash flows (98% cash payout ratio). Buy Or Sell Opportunity • Jul 18
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to €3.12. The fair value is estimated to be €3.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 172% over the last 3 years. Earnings per share has declined by 33%. Revenue is forecast to grow by 10,112% in 2 years. Earnings are forecast to grow by 6.8% in the next 2 years. Upcoming Dividend • Apr 23
Upcoming dividend of R$1.07 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 13%. Within top quartile of Spanish dividend payers (5.8%). Higher than average of industry peers (3.9%). Upcoming Dividend • Nov 15
Upcoming dividend of R$1.46 per share at 6.9% yield Eligible shareholders must have bought the stock before 22 November 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 3.4% but the company is paying out more than the cash it is generating. Trailing yield: 6.9%. Within top quartile of Spanish dividend payers (6.0%). Lower than average of industry peers (8.6%). New Risk • Nov 01
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 Spanish stocks, typically moving 4.0% 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 Earnings are forecast to decline by an average of 22% per year for the foreseeable future. High level of non-cash earnings (23% accrual ratio). Revenue is less than US$1m. 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 (4.0% average weekly change). Upcoming Dividend • Apr 21
Upcoming dividend of R$1.12 per share at 6.4% yield Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 15 May 2023. Payout ratio is a comfortable 20% and the cash payout ratio is 91%. Trailing yield: 6.4%. Within top quartile of Spanish dividend payers (5.8%). Lower than average of industry peers (8.2%). Board Change • Nov 16
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 9 non-independent directors. Director Rubens Alvarez 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: Lack of independent directors. Lack of board continuity. Upcoming Dividend • Nov 03
Upcoming dividend of R$1.29 per share Eligible shareholders must have bought the stock before 10 November 2022. Payment date: 21 November 2022. Payout ratio is a comfortable 70% but the company is paying out more than the cash it is generating. Trailing yield: 31%. Within top quartile of Spanish dividend payers (6.2%). Higher than average of industry peers (10.0%). Board Change • Apr 27
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 8 non-independent directors. Member of Fiscal Council Ricardo Reisen de Pinho was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 17% share price gain to €5.30, the stock trades at a trailing P/E ratio of 2x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment deteriorated over the past week After last week's 58% share price decline to €3.46, the stock trades at a trailing P/E ratio of 3.9x. Average forward P/E is 7x in the Metals and Mining industry in Europe. Total loss to shareholders of 18% over the past three years. Upcoming Dividend • Dec 10
Upcoming dividend of R$5.49 per share Eligible shareholders must have bought the stock before 17 December 2021. Payment date: 29 December 2021. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 8.7%. Within top quartile of Spanish dividend payers (5.3%). Higher than average of industry peers (7.7%). Upcoming Dividend • Dec 10
Upcoming dividend of R$5.49 per share Eligible shareholders must have bought the stock before 17 December 2021. Payment date: 29 December 2021. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 8.7%. Within top quartile of Spanish dividend payers (5.3%). Higher than average of industry peers (7.7%). Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 21% share price gain to R$9.85, the stock is trading at a trailing P/E ratio of 29.2x, up from the previous P/E ratio of 24.1x. This compares to an average P/E of 15x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 68%. Is New 90 Day High Low • Jan 06
New 90-day high: €9.30 The company is up 51% from its price of €6.15 on 08 October 2020. The Spanish market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.21 per share. Is New 90 Day High Low • Dec 22
New 90-day high: €9.05 The company is up 52% from its price of €5.95 on 23 September 2020. The Spanish market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.21 per share. Is New 90 Day High Low • Nov 07
New 90-day high: €6.80 The company is up 12% from its price of €6.05 on 07 August 2020. The Spanish market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.87 per share. Is New 90 Day High Low • Oct 14
New 90-day high: €6.50 The company is up 9.0% from its price of €5.95 on 16 July 2020. The Spanish market is down 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.83 per share.