New Risk • Aug 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 15x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). High level of non-cash earnings (54% accrual ratio). Shareholders have been substantially diluted in the past year (over 15x increase in shares outstanding). Minor Risk Market cap is less than US$100m (Mex$235.3m market cap, or US$13.7m). Reported Earnings • Aug 04
Second quarter 2026 earnings released: EPS: Mex$0.19 (vs Mex$2.24 loss in 2Q 2025) Second quarter 2026 results: EPS: Mex$0.19 (up from Mex$2.24 loss in 2Q 2025). Revenue: Mex$611.9m (down 1.7% from 2Q 2025). Net income: Mex$19.3m (up Mex$234.4m from 2Q 2025). Profit margin: 3.2% (up from net loss in 2Q 2025). The move to profitability was driven by lower expenses. Announcement • Apr 15
Grupo Vasconia, S.A.B., Annual General Meeting, Apr 30, 2026 Grupo Vasconia, S.A.B., Annual General Meeting, Apr 30, 2026. Location: paseo de tamarindos, no 400 tower b 22nd floor, bosques de las lomas neighborhood, cuajimalpa borough zip code 05120, mexico Mexico New Risk • Mar 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (13% average weekly change). High level of non-cash earnings (27% accrual ratio). Market cap is less than US$10m (Mex$67.2m market cap, or US$3.76m). Reported Earnings • Nov 03
Third quarter 2025 earnings released: Mex$1.04 loss per share (vs Mex$0.64 loss in 3Q 2024) Third quarter 2025 results: Mex$1.04 loss per share (further deteriorated from Mex$0.64 loss in 3Q 2024). Revenue: Mex$501.5m (down 24% from 3Q 2024). Net loss: Mex$100.9m (loss widened 63% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has fallen by 62% per year, which means it is performing significantly worse than earnings. Reported Earnings • Aug 03
Second quarter 2025 earnings released: Mex$2.30 loss per share (vs Mex$0.82 loss in 2Q 2024) Second quarter 2025 results: Mex$2.30 loss per share (further deteriorated from Mex$0.82 loss in 2Q 2024). Revenue: Mex$622.6m (flat on 2Q 2024). Net loss: Mex$222.1m (loss widened 181% from 2Q 2024). New Risk • May 28
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 Mexican stocks, typically moving 7.9% 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 (7.9% average weekly change). Earnings have declined by 62% per year over the past 5 years. Market cap is less than US$10m (Mex$38.6m market cap, or US$1.99m). Reported Earnings • May 05
First quarter 2025 earnings released: Mex$0.75 loss per share (vs Mex$1.55 loss in 1Q 2024) First quarter 2025 results: Mex$0.75 loss per share (improved from Mex$1.55 loss in 1Q 2024). Revenue: Mex$513.0m (down 8.0% from 1Q 2024). Net loss: Mex$72.6m (loss narrowed 52% from 1Q 2024). Announcement • Apr 14
Grupo Vasconia, S.A.B., Annual General Meeting, Apr 30, 2025 Grupo Vasconia, S.A.B., Annual General Meeting, Apr 30, 2025. Location: the offices paseo de tamarindos, no 400 tower b, 22nd floor bosques de las lomas, cuajimalpa borough, zip code 05120, mexico Mexico Reported Earnings • Mar 03
Full year 2024 earnings released: Mex$4.61 loss per share (vs Mex$3.69 loss in FY 2023) Full year 2024 results: Mex$4.61 loss per share (further deteriorated from Mex$3.69 loss in FY 2023). Revenue: Mex$2.58b (down 16% from FY 2023). Net loss: Mex$445.2m (loss widened 25% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 4 percentage points per year. Reported Earnings • Nov 01
Third quarter 2024 earnings released: Mex$0.64 loss per share (vs Mex$0.45 loss in 3Q 2023) Third quarter 2024 results: Mex$0.64 loss per share (further deteriorated from Mex$0.45 loss in 3Q 2023). Revenue: Mex$659.5m (flat on 3Q 2023). Net loss: Mex$62.0m (loss widened 43% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 16 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 28
Second quarter 2024 earnings released: Mex$0.82 loss per share (vs Mex$1.16 loss in 2Q 2023) Second quarter 2024 results: Mex$0.82 loss per share (improved from Mex$1.16 loss in 2Q 2023). Revenue: Mex$621.1m (down 17% from 2Q 2023). Net loss: Mex$79.2m (loss narrowed 29% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 34 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 21
First quarter 2024 earnings released: Mex$1.55 loss per share (vs Mex$0.71 loss in 1Q 2023) First quarter 2024 results: Mex$1.55 loss per share (further deteriorated from Mex$0.71 loss in 1Q 2023). Revenue: Mex$557.4m (down 27% from 1Q 2023). Net loss: Mex$150.1m (loss widened 119% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 01
Full year 2023 earnings released: Mex$3.69 loss per share (vs Mex$2.31 loss in FY 2022) Full year 2023 results: Mex$3.69 loss per share (further deteriorated from Mex$2.31 loss in FY 2022). Revenue: Mex$3.07b (down 37% from FY 2022). Net loss: Mex$356.7m (loss widened 60% from FY 2022). Reported Earnings • Oct 31
Third quarter 2023 earnings released: Mex$0.45 loss per share (vs Mex$1.41 loss in 3Q 2022) Third quarter 2023 results: Mex$0.45 loss per share (improved from Mex$1.41 loss in 3Q 2022). Revenue: Mex$661.2m (down 42% from 3Q 2022). Net loss: Mex$43.5m (loss narrowed 68% from 3Q 2022). New Risk • Jul 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 33% per year over the past 5 years. Minor Risk Market cap is less than US$100m (Mex$365.2m market cap, or US$21.8m). Reported Earnings • Jul 31
Second quarter 2023 earnings released: Mex$1.16 loss per share (vs Mex$0.43 profit in 2Q 2022) Second quarter 2023 results: Mex$1.16 loss per share (down from Mex$0.43 profit in 2Q 2022). Revenue: Mex$745.2m (down 44% from 2Q 2022). Net loss: Mex$112.1m (down 373% from profit in 2Q 2022). New Risk • Jun 10
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 Mexican stocks, typically moving 6.0% 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 Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (6.0% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 13% per year over the past 5 years. Minor Risk Market cap is less than US$100m (Mex$542.0m market cap, or US$31.4m). Board Change • May 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. 3 experienced directors. 7 highly experienced directors. Director José Carlos Elizondo Morán 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 • Mar 02
Full year 2022 earnings released: Mex$2.31 loss per share (vs Mex$1.91 profit in FY 2021) Full year 2022 results: Mex$2.31 loss per share (down from Mex$1.91 profit in FY 2021). Revenue: Mex$4.85b (flat on FY 2021). Net loss: Mex$223.2m (down 227% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 01
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: Mex$1.14b (down 7.6% from 3Q 2021). Net loss: Mex$136.7m (down 411% from profit in 3Q 2021). Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: Mex$0.43 (vs Mex$0.78 in 2Q 2021) Second quarter 2022 results: EPS: Mex$0.43 (down from Mex$0.78 in 2Q 2021). Revenue: Mex$1.33b (up 12% from 2Q 2021). Net income: Mex$41.1m (down 46% from 2Q 2021). Profit margin: 3.1% (down from 6.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Mex$19.10, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 12x in the Consumer Durables industry in Mexico. Total loss to shareholders of 40% over the past year. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 17% share price decline to Mex$20.00, the stock trades at a trailing P/E ratio of 10.8x. Average forward P/E is 5x in the Consumer Durables industry in Mexico. Total loss to shareholders of 25% over the past year. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: Mex$0.19 (vs Mex$0.18 in 1Q 2021) First quarter 2022 results: EPS: Mex$0.19 (up from Mex$0.18 in 1Q 2021). Revenue: Mex$1.32b (up 21% from 1Q 2021). Net income: Mex$18.5m (up 11% from 1Q 2021). Profit margin: 1.4% (in line with 1Q 2021). Over the next year, revenue is forecast to grow 34%, compared to a 17% growth forecast for the industry in Mexico. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 27% share price gain to Mex$23.94, the stock trades at a trailing P/E ratio of 13.1x. Average forward P/E is 6x in the Consumer Durables industry in Mexico. Negligible returns to shareholders over past three years. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: Mex$1.83 (up from Mex$1.14 in FY 2020). Revenue: Mex$4.87b (up 46% from FY 2020). Net income: Mex$176.5m (up 77% from FY 2020). Profit margin: 3.6% (up from 3.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 30%, compared to a 17% growth forecast for the industry in Mexico. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 29
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: Mex$1.24b (up 42% from 3Q 2020). Net income: Mex$43.9m (up Mex$43.1m from 3Q 2020). Profit margin: 3.6% (up from 0.1% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 61% 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 24
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: Mex$1.18b (up 78% from 2Q 2020). Net income: Mex$75.9m (up Mex$85.6m from 2Q 2020). Profit margin: 6.4% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jul 01
Grupo Vasconia, S.A.B. has completed a Follow-on Equity Offering in the amount of MXN 290 million. Grupo Vasconia, S.A.B. has completed a Follow-on Equity Offering in the amount of MXN 290 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: MXN 29
Transaction Features: Subsequent Direct Listing Reported Earnings • Apr 28
First quarter 2021 earnings released: EPS Mex$0.18 (vs Mex$0.01 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: Mex$1.09b (up 72% from 1Q 2020). Net income: Mex$16.7m (up Mex$16.1m from 1Q 2020). Profit margin: 1.5% (up from 0.1% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.