Announcement • Jun 26
Tubacex, S.A. to Report Q2, 2026 Results on Jul 24, 2026 Tubacex, S.A. announced that they will report Q2, 2026 results on Jul 24, 2026 Upcoming Dividend • Jun 05
Upcoming dividend of €0.041 per share Eligible shareholders must have bought the stock before 12 June 2026. Payment date: 09 July 2026. Payout ratio is a comfortable 75% but the company is not cash flow positive. Trailing yield: 6.4%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (2.5%). Reported Earnings • Apr 26
First quarter 2026 earnings released First quarter 2026 results: EPS: €0.011. Revenue: €165.8m (down 9.1% from 1Q 2025). Net income: €1.30m (down 88% from 1Q 2025). Profit margin: 0.8% (down from 6.1% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Metals and Mining industry in the United Kingdom. Announcement • Apr 21
Tubacex, S.A., Annual General Meeting, May 27, 2026 Tubacex, S.A., Annual General Meeting, May 27, 2026. Location: universidad de deusto, avenida de las universidades 24, bilbao.., Spain Announcement • Jan 24
Tubacex, S.A. to Report Fiscal Year 2025 Results on Jan 27, 2026 Tubacex, S.A. announced that they will report fiscal year 2025 results on Jan 27, 2026 Announcement • Jan 23
Tubacex, S.A. to Report Fiscal Year 2025 Results on Jan 27, 2026 Tubacex, S.A. announced that they will report fiscal year 2025 results on Jan 27, 2026 Board Change • Dec 08
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Xabier Sagredo Ormaza was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 28
Tubacex, S.A. to Report Q3, 2025 Results on Oct 31, 2025 Tubacex, S.A. announced that they will report Q3, 2025 results on Oct 31, 2025 Board Change • Oct 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Xabier Ormaza was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 30
Second quarter 2025 earnings released: EPS: €0.036 (vs €0.014 in 2Q 2024) Second quarter 2025 results: EPS: €0.036 (up from €0.014 in 2Q 2024). Revenue: €180.8m (down 15% from 2Q 2024). Net income: €4.36m (up 163% from 2Q 2024). Profit margin: 2.4% (up from 0.8% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 29% per year whereas the company’s share price has increased by 24% per year. Announcement • Jul 07
Tubacex, S.A. to Report First Half, 2025 Results on Jul 24, 2025 Tubacex, S.A. announced that they will report first half, 2025 results on Jul 24, 2025 Reported Earnings • Apr 27
First quarter 2025 earnings released First quarter 2025 results: EPS: €0.092. Revenue: €195.9m (up 5.0% from 1Q 2024). Net income: €11.2m (up 133% from 1Q 2024). Profit margin: 5.7% (up from 2.6% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • Apr 23
Tubacex, S.A. to Report Q1, 2025 Results on Apr 25, 2025 Tubacex, S.A. announced that they will report Q1, 2025 results on Apr 25, 2025 Announcement • Apr 17
Tubacex, S.A., Annual General Meeting, May 22, 2025 Tubacex, S.A., Annual General Meeting, May 22, 2025. Location: palacio euskalduna, abandoibarraetorbidea 4, bilbao Spain New Risk • Apr 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: 3.0% Last year net profit margin: 4.3% 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 Interest payments are not well covered by earnings (1.8x net interest cover). High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.0% net profit margin). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €3.24, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Metals and Mining industry in the United Kingdom. Total returns to shareholders of 84% over the past three years. New Risk • Mar 04
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: 2.9% Last year net profit margin: 4.3% 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 Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.9% net profit margin). Reported Earnings • Mar 04
Full year 2024 earnings released Full year 2024 results: Revenue: €781.3m (down 8.6% from FY 2023). Net income: €22.9m (down 37% from FY 2023). Profit margin: 2.9% (down from 4.3% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Announcement • Feb 21
Tubacex, S.A. to Report Fiscal Year 2024 Results on Feb 28, 2025 Tubacex, S.A. announced that they will report fiscal year 2024 results on Feb 28, 2025 Reported Earnings • Nov 07
Third quarter 2024 earnings released Third quarter 2024 results: EPS: €0.063. Revenue: €174.0m (down 16% from 3Q 2023). Net income: €7.70m (down 1.3% from 3Q 2023). Profit margin: 4.4% (up from 3.8% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Metals and Mining industry in the United Kingdom. Announcement • Oct 31
Tubacex, S.A. to Report Q3, 2024 Results on Nov 04, 2024 Tubacex, S.A. announced that they will report Q3, 2024 results on Nov 04, 2024 Board Change • Oct 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 4 highly experienced directors. Independent Director Gracia Granados was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 30
Second quarter 2024 earnings released: EPS: €0.014 (vs €0.083 in 2Q 2023) Second quarter 2024 results: EPS: €0.014 (down from €0.083 in 2Q 2023). Revenue: €213.1m (up 4.6% from 2Q 2023). Net income: €1.66m (down 83% from 2Q 2023). Profit margin: 0.8% (down from 4.9% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Metals and Mining industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Jul 06
Tubacex, S.A. to Report First Half, 2024 Results on Jul 24, 2024 Tubacex, S.A. announced that they will report first half, 2024 results on Jul 24, 2024 Announcement • Apr 17
Tubacex, S.A. to Report Q1, 2024 Results on Apr 25, 2024 Tubacex, S.A. announced that they will report Q1, 2024 results on Apr 25, 2024 Reported Earnings • Mar 05
Full year 2023 earnings released: EPS: €0.30 (vs €0.17 in FY 2022) Full year 2023 results: EPS: €0.30 (up from €0.17 in FY 2022). Revenue: €854.4m (up 19% from FY 2022). Net income: €36.3m (up 80% from FY 2022). Profit margin: 4.3% (up from 2.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • Feb 07
Tubacex, S.A. to Report Fiscal Year 2023 Results on Feb 29, 2024 Tubacex, S.A. announced that they will report fiscal year 2023 results at 9:00 AM, Romance Standard Time on Feb 29, 2024 New Risk • Nov 02
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x 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. This is currently the only risk that has been identified for the company. Buying Opportunity • Oct 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.4%. The fair value is estimated to be €3.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 9.5% per annum. Earnings is also forecast to grow by 23% per annum over the same time period. Announcement • Oct 17
Tubacex, S.A. to Report Q3, 2023 Results on Oct 27, 2023 Tubacex, S.A. announced that they will report Q3, 2023 results on Oct 27, 2023 Reported Earnings • Jul 24
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €203.7m (up 3.6% from 2Q 2022). Net income: €10.0m (up 75% from 2Q 2022). Profit margin: 4.9% (up from 2.9% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Reported Earnings • Apr 26
First quarter 2023 earnings released First quarter 2023 results: Revenue: €236.0m (up 49% from 1Q 2022). Net income: €10.0m (up 194% from 1Q 2022). Profit margin: 4.2% (up from 2.2% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 26
Full year 2022 earnings released: EPS: €0.17 (vs €0.29 loss in FY 2021) Full year 2022 results: EPS: €0.17 (up from €0.29 loss in FY 2021). Revenue: €717.5m (up 109% from FY 2021). Net income: €20.2m (up €56.2m from FY 2021). Profit margin: 2.8% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 22
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €196.6m (up 163% from 2Q 2021). Net income: €5.72m (up €12.6m from 2Q 2021). Profit margin: 2.9% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 35%, compared to a 13% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Board Change • Jun 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. 2 highly experienced directors. External Independent Director Jose Gonzalez was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 26
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: €0.26 loss per share (down from €0.20 loss in FY 2020). Revenue: €343.5m (down 29% from FY 2020). Net loss: €35.9m (loss widened 42% from FY 2020). Revenue missed analyst estimates by 9.3%. Over the next year, revenue is forecast to grow 102%, compared to a 4.1% growth forecast for the mining industry in the United Kingdom. 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. Buying Opportunity • Feb 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.7%. The fair value is estimated to be €2.08, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 19% per annum over the last 3 years. Earnings per share has declined by 113% per annum over the last 3 years. Reported Earnings • Nov 11
Third quarter 2021 earnings released: €0.074 loss per share The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: €86.4m (down 20% from 3Q 2020). Net loss: €9.10m (loss widened 94% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 28
Second quarter 2021 earnings released The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: €74.8m (down 43% from 2Q 2020). Net loss: €6.89m (loss widened 2.7% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 04
Full year 2020 earnings released: €0.20 loss per share (vs €0.086 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €482.4m (down 22% from FY 2019). Net loss: €25.3m (down 327% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Analyst Estimate Surprise Post Earnings • Mar 04
Revenue beats expectations Revenue exceeded analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 12%, compared to a 21% growth forecast for the Metals and Mining industry in the United Kingdom. Is New 90 Day High Low • Feb 14
New 90-day low: €1.32 The company is down 3.0% from its price of €1.36 on 16 November 2020. The British market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.79 per share.