Befesa Management

Management criteria checks 2/4

We currently do not have sufficient information about the CEO.

Key information

Asier Zarraonandia Ayo

Chief executive officer

€3.0m

Total compensation

CEO salary percentage	12.5%
CEO tenure	1.8yrs
CEO ownership	n/a
Management average tenure	1.8yrs
Board average tenure	4.8yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Asier Zarraonandia Ayo's remuneration changed compared to Befesa's earnings?
Date	Total Compensation	Salary	Company Earnings
Mar 31 2024	n/a	n/a	€52m
Dec 31 2023	n/a	n/a	€58m
Sep 30 2023	n/a	n/a	€47m
Jun 30 2023	n/a	n/a	€76m
Mar 31 2023	n/a	n/a	€94m
Dec 31 2022	€3m	€373k	€106m
Sep 30 2022	n/a	n/a	€125m
Jun 30 2022	n/a	n/a	€104m
Mar 31 2022	n/a	n/a	€102m
Dec 31 2021	€3m	€362k	€100m
Sep 30 2021	n/a	n/a	€78m
Jun 30 2021	n/a	n/a	€73m
Mar 31 2021	n/a	n/a	€58m
Dec 31 2020	€2m	€362k	€48m
Sep 30 2020	n/a	n/a	€53m
Jun 30 2020	n/a	n/a	€61m
Mar 31 2020	n/a	n/a	€75m
Dec 31 2019	€2m	€357k	€83m

Compensation vs Market: Asier's total compensation ($USD3.19M) is above average for companies of similar size in the UK market ($USD1.33M).

Compensation vs Earnings: Asier's compensation has been consistent with company performance over the past year.

CEO

Asier Zarraonandia Ayo (56 yo)

1.8yrs

Tenure

€2,974,644

Compensation

Mr. Asier Zarraonandia Ayo, B.Econ, B.Com., serves as Chief Executive Officer of Befesa Zinc. Since 2006. He served as a Vice-President of Steel Dust Recycling Services at Befesa S.A. since 2019 and serves...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Javier Molina Montes	Executive Chair	6.5yrs	€4.36m	no data
Asier Zarraonandia Ayo	CEO & Executive Director	1.8yrs	€2.97m	no data
Rafael Perez	CFO and Director of Investor Relations & Strategy	16.3yrs	no data	no data
Birke Fuchs	Board Secretary & General Counsel	no data	no data	no data

1.8yrs

Average Tenure

Experienced Management: 0RVK's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.

Board Members

Name	Position	Tenure	Compensation	Ownership
Javier Molina Montes	Executive Chair	6.5yrs	€4.36m	no data
Asier Zarraonandia Ayo	CEO & Executive Director	4.8yrs	€2.97m	no data
Helmut Wieser	Independent Non-Executive Director	4.8yrs	€76.25k	no data
Frauke Heistermann	Independent Non-Executive Director	6.5yrs	€76.25k	no data
Georg von Waldersee	Lead Independent Non-Executive Director	6.5yrs	€101.67k	no data
Soledad de Tena Garcia Conde	Independent Director	less than a year	no data	no data
Natalia Arranz	Non-Executive Independent Director	1.8yrs	€48.75k	no data
Jose Abascal	Non-Executive Independent Director	1.8yrs	€48.75k	no data

4.8yrs

Average Tenure

63yo

Average Age

Experienced Board: 0RVK's board of directors are considered experienced (4.8 years average tenure).

Befesa Management

Management criteria checks 2/4

Key information

Recent management updates

Befesa S.A., Annual General Meeting, Jun 15, 2023

Befesa S.A. Appoints Javier Molina as Executive Chair

Recent updates

First quarter 2024 earnings released: EPS: €0.24 (vs €0.38 in 1Q 2023)

Investor sentiment deteriorates as stock falls 20%

Investor sentiment improves as stock rises 15%

New minor risk - Earnings quality

Full year 2023 earnings released: EPS: €1.45 (vs €2.66 in FY 2022)

Dividend of €0.73 announced

Befesa S.A.(XTRA:BFSA) dropped from Germany SDAX (Total Return) Index

Investor sentiment improves as stock rises 20%

Befesa S.A. to Report Q1, 2024 Results on Apr 25, 2024

Third quarter 2023 earnings released: EPS: €0.18 (vs €0.93 in 3Q 2022)

Second quarter 2023 earnings released: EPS: €0.13 (vs €0.58 in 2Q 2022)

Upcoming dividend of €1.25 per share at 3.5% yield

First quarter 2023 earnings released: EPS: €0.38 (vs €0.68 in 1Q 2022)

Full year 2022 earnings released: EPS: €2.66 (vs €2.68 in FY 2021)

Now 20% undervalued

Now 22% undervalued

Befesa S.A. to Report Fiscal Year 2022 Final Results on Mar 23, 2023

Now 25% undervalued after recent price drop

Befesa S.A., Annual General Meeting, Jun 15, 2023

Investor sentiment improved over the past week

Third quarter 2022 earnings released: EPS: €0.93 (vs €0.40 in 3Q 2021)

Investor sentiment deteriorated over the past week

Second quarter 2022 earnings released: EPS: €0.58 (vs €0.60 in 2Q 2021)

Befesa S.A. Appoints Javier Molina as Executive Chair

Upcoming dividend of €1.25 per share

First quarter 2022 earnings released: EPS: €0.68 (vs €0.73 in 1Q 2021)

Now 22% undervalued after recent price drop

Full year 2021 earnings released: EPS: €2.68 (vs €1.40 in FY 2020)

Befesa S.A. Proposes Dividend for the Year 2022

Befesa S.A. to Report Fiscal Year 2021 Results on Feb 24, 2022

Befesa S.A. to Report Fiscal Year 2021 Results on Mar 30, 2022

Third quarter 2021 earnings released: EPS €0.40 (vs €0.32 in 3Q 2020)

Befesa S.A. (XTRA:BFSA) completed the acquisition of American Zinc Recycling Corp. from American Zinc Recycling LLC and others.

Befesa S.A. has completed a Follow-on Equity Offering in the amount of €332.264408 million.

Befesa S.A. Proposes Dividend for the Year 2021

Full year 2020 earnings released: EPS €1.40 (vs €2.43 in FY 2019)

Befesa S.A. to Report Fiscal Year 2020 Final Results on Mar 25, 2021

New 90-day high: €57.40

New 90-day high: €49.90

New 90-day high: €43.82

Befesa S.A. to Report Fiscal Year 2020 Results on Feb 23, 2021

Befesa S.A. to Report First Half, 2021 Results on Jul 29, 2021

New 90-day high: €37.65

Third quarter 2020 earnings released: EPS €0.32

Revenue beats expectations

New 90-day high: €36.35

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Board Members

Average Tenure

Average Age