Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Mex$1,016, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Metals and Mining industry in South America. Total returns to shareholders of 260% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$1,013 per share. Price Target Changed • May 06
Price target increased by 8.3% to Mex$982 Up from Mex$907, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of Mex$982. Stock is up 132% over the past year. The company is forecast to post earnings per share of US$3.68 for next year compared to US$3.45 last year. Reported Earnings • Apr 29
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$3.45 (up from US$0.18 in FY 2024). Revenue: US$8.65b (up 30% from FY 2024). Net income: US$1.37b (up US$1.30b from FY 2024). Profit margin: 16% (up from 1.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Metals and Mining industry in South America. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. 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 Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Mex$868, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 11x in the Metals and Mining industry in South America. Total returns to shareholders of 223% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$1,187 per share. Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to Mex$790, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Metals and Mining industry in South America. Total returns to shareholders of 206% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$589 per share. Major Estimate Revision • Mar 10
Consensus revenue estimates increase by 11%, EPS downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from US$8.97b to US$9.93b. EPS estimate fell from US$3.86 to US$3.68. Net income forecast to grow 6.4% next year vs 45% growth forecast for Metals and Mining industry in Mexico. Consensus price target of Mex$965 unchanged from last update. Share price fell 6.8% to Mex$914 over the past week. Reported Earnings • Mar 05
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$3.45 (up from US$0.18 in FY 2024). Revenue: US$8.65b (up 30% from FY 2024). Net income: US$1.37b (up US$1.30b from FY 2024). Profit margin: 16% (up from 1.1% in FY 2024). The increase in margin was driven by higher revenue. Production and reserves: Gold Production: 1,526.1 troy koz (1,558.6 troy koz in FY 2024) Silver Production: 132,986.9 troy koz (146,902.9 troy koz in FY 2024) Zinc Production: 0.449 Mt (0.512 Mt in FY 2024) Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 11%. 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 South America are expected to grow by 3.4%. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 62% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 07
Price target increased by 12% to Mex$601 Up from Mex$537, the current price target is an average from 4 analysts. New target price is 37% below last closing price of Mex$950. Stock is up 228% over the past year. The company is forecast to post earnings per share of US$2.97 for next year compared to US$0.18 last year. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to Mex$938, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 9x in the Metals and Mining industry in South America. Total returns to shareholders of 261% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$579 per share. Buy Or Sell Opportunity • Oct 31
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 59% to Mex$781. The fair value is estimated to be Mex$643, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 78%. Reported Earnings • Oct 30
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: US$1.98b (up 14% from 3Q 2024). Net income: US$301.5m (up US$261.4m from 3Q 2024). Profit margin: 15% (up from 2.3% in 3Q 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Metals and Mining industry in South America. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to Mex$658, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 9x in the Metals and Mining industry in South America. Total returns to shareholders of 298% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$449 per share. Buy Or Sell Opportunity • Aug 20
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to Mex$535. The fair value is estimated to be Mex$443, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 42%. Revenue is forecast to decline by 7.9% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Mex$583, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 9x in the Metals and Mining industry in South America. Total returns to shareholders of 204% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$447 per share. Price Target Changed • Aug 07
Price target increased by 15% to Mex$426 Up from Mex$370, the current price target is an average from 6 analysts. New target price is 26% below last closing price of Mex$575. Stock is up 134% over the past year. The company is forecast to post earnings per share of US$1.98 for next year compared to US$0.18 last year. Reported Earnings • Aug 06
Second quarter 2025 earnings released: EPS: US$0.84 (vs US$0.058 loss in 2Q 2024) Second quarter 2025 results: EPS: US$0.84 (up from US$0.058 loss in 2Q 2024). Revenue: US$2.08b (up 27% from 2Q 2024). Net income: US$333.3m (up US$356.4m from 2Q 2024). Profit margin: 16% (up from net loss in 2Q 2024). The move to profitability was driven by higher revenue. Revenue is expected to decline by 4.0% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in South America are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 42% per year whereas the company’s share price has increased by 45% per year. Buy Or Sell Opportunity • Aug 05
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to Mex$512. The fair value is estimated to be Mex$424, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 1.4% in 2 years. Earnings are forecast to grow by 126% in the next 2 years. Buy Or Sell Opportunity • Jul 16
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to Mex$513. The fair value is estimated to be Mex$419, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 1.4% in 2 years. Earnings are forecast to grow by 126% in the next 2 years. Buy Or Sell Opportunity • Jun 27
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to Mex$499. The fair value is estimated to be Mex$410, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to decline by 2.3% in 2 years. Earnings are forecast to grow by 126% in the next 2 years. Buy Or Sell Opportunity • Jun 09
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 45% to Mex$505. The fair value is estimated to be Mex$417, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to decline by 2.3% in 2 years. Earnings are forecast to grow by 126% in the next 2 years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Mex$467, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 8x in the Metals and Mining industry in South America. Total returns to shareholders of 130% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$415 per share. Price Target Changed • May 06
Price target increased by 9.6% to Mex$335 Up from Mex$306, the current price target is an average from 6 analysts. New target price is 20% below last closing price of Mex$420. Stock is up 67% over the past year. The company is forecast to post earnings per share of US$1.54 for next year compared to US$0.18 last year. Reported Earnings • May 02
First quarter 2025 earnings released: EPS: US$0.47 (vs US$0.098 loss in 1Q 2024) First quarter 2025 results: EPS: US$0.47 (up from US$0.098 loss in 1Q 2024). Revenue: US$1.80b (up 29% from 1Q 2024). Net income: US$185.9m (up US$224.9m from 1Q 2024). Profit margin: 10% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Revenue is expected to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in South America are expected to grow by 2.6%. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Price Target Changed • Apr 09
Price target increased by 8.1% to Mex$314 Up from Mex$291, the current price target is an average from 6 analysts. New target price is 9.8% below last closing price of Mex$348. Stock is up 9.9% over the past year. The company is forecast to post earnings per share of US$1.54 for next year compared to US$0.18 last year. 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 New Risk • Mar 18
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 7.7% 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 Risk Share price has been highly volatile over the past 3 months (7.7% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (1.1% net profit margin). 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 Reported Earnings • Mar 07
Full year 2024 earnings released: EPS: US$0.18 (vs US$0.37 in FY 2023) Full year 2024 results: EPS: US$0.18 (down from US$0.37 in FY 2023). Revenue: US$6.65b (up 12% from FY 2023). Net income: US$73.3m (down 50% from FY 2023). Profit margin: 1.1% (down from 2.5% in FY 2023). The decrease in margin was driven by higher expenses. Production and reserves: Silver Production: 146,902.9 troy koz (150,232.9 troy koz in FY 2023) Gold Production: 1,558.6 troy koz (1,649.5 troy koz in FY 2023) Zinc Production: 0.512 Mt (0.534 Mt in FY 2023) Revenue is expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in South America are expected to grow by 3.2%. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to Mex$276, the stock trades at a trailing P/E ratio of 64.3x. Average forward P/E is 8x in the Metals and Mining industry in South America. Total returns to shareholders of 14% over the past three years. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: US$0.10 (vs US$0.039 in 3Q 2023) Third quarter 2024 results: EPS: US$0.10 (up from US$0.039 in 3Q 2023). Revenue: US$1.73b (up 15% from 3Q 2023). Net income: US$40.1m (up 156% from 3Q 2023). Profit margin: 2.3% (up from 1.0% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 3.4% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in South America are expected to grow by 3.0%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. New Risk • Aug 02
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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.5% average weekly change). Minor Risk Large one-off items impacting financial results. Buy Or Sell Opportunity • Aug 02
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.3% to Mex$270. The fair value is estimated to be Mex$224, 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 • 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 2.0% growth forecast for the Metals and Mining industry in South America. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as 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: Major Risk Share price has been highly volatile over the past 3 months (5.9% average weekly change). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to Mex$281, the stock trades at a trailing P/E ratio of 45.8x. Average forward P/E is 8x in the Metals and Mining industry in South America. Total returns to shareholders of 4.4% over the past three years. New Risk • Mar 27
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 Mexican stocks, typically moving 4.7% 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. 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 South America are expected to grow by 2.0%. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Mex$260, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 9x in the Metals and Mining industry in South America. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$454 per share. 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. Price Target Changed • Oct 31
Price target decreased by 8.2% to Mex$236 Down from Mex$257, the current price target is an average from 6 analysts. New target price is 15% above last closing price of Mex$205. Stock is down 14% over the past year. The company is forecast to post a net loss per share of US$0.10 compared to earnings per share of US$0.46 last year. 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 expected to decline by 1.9% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in South America are expected to grow by 5.5%. 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 16% per year, which means it is significantly lagging earnings. Major Estimate Revision • Aug 08
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$5.73b to US$5.66b. EPS estimate also fell from US$0.492 per share to US$0.38 per share. Net income forecast to grow 330% next year vs 1.7% decline forecast for Metals and Mining industry in Mexico. Consensus price target broadly unchanged at Mex$257. Share price fell 4.2% to Mex$223 over the past week. Reported Earnings • Aug 04
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 South America. 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 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Mex$260, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 6x in the Metals and Mining industry in South America. Total returns to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$152 per share. Major Estimate Revision • Mar 14
Consensus EPS estimates fall by 30% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$5.93b to US$5.84b. EPS estimate also fell from US$0.539 per share to US$0.38 per share. Net income forecast to grow 70% next year vs 0.5% decline forecast for Metals and Mining industry in Mexico. Consensus price target broadly unchanged at Mex$269. Share price rose 8.1% to Mex$238 over the past week. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 19% share price gain to Mex$286, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 9x in the Metals and Mining industry in South America. Total returns to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$163 per share. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 16% share price gain to Mex$240, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 7x in the Metals and Mining industry in South America. Total returns to shareholders of 1.7% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$176 per share.