Reported Earnings • Mar 16
Third quarter 2026 earnings released: EPS: AR$94.51 (vs AR$17.96 loss in 3Q 2025) Third quarter 2026 results: EPS: AR$94.51 (up from AR$17.96 loss in 3Q 2025). Revenue: AR$139.8b (up 49% from 3Q 2025). Net income: AR$17.0b (up AR$20.2b from 3Q 2025). Profit margin: 12% (up from net loss in 3Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 84% per year, which means it is well ahead of earnings. New Risk • Dec 19
New major risk - Revenue and earnings growth Earnings have declined by 5.8% 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 Interest payments are not well covered by earnings (0.6x net interest cover). Earnings have declined by 5.8% per year over the past 5 years. Reported Earnings • Sep 12
First quarter 2026 earnings released: AR$117 loss per share (vs AR$80.11 profit in 1Q 2025) First quarter 2026 results: AR$117 loss per share (down from AR$80.11 profit in 1Q 2025). Revenue: AR$111.9b (up 39% from 1Q 2025). Net loss: AR$21.1b (down 246% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 68% per year, which means it is well ahead of earnings. Tillkännagivande • Aug 01
Capex S.A., Annual General Meeting, Aug 20, 2025 Capex S.A., Annual General Meeting, Aug 20, 2025. Location: hotel sheraton buenos aires hotel and convention, center, buenos aires Argentina New Risk • Jul 24
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.4x 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.4x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Jul 14
Full year 2025 earnings released: EPS: AR$144 (vs AR$197 loss in FY 2024) Full year 2025 results: EPS: AR$144 (up from AR$197 loss in FY 2024). Revenue: AR$407.2b (up 23% from FY 2024). Net income: AR$25.9b (up AR$61.4b from FY 2024). Profit margin: 6.4% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 145% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AR$6,050, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 10x in the Oil and Gas industry in Argentina. Total returns to shareholders of 1,825% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to AR$4,690, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 8x in the Oil and Gas industry in Argentina. Total returns to shareholders of 1,766% over the past three years. New Risk • Mar 25
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.4x 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. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Large one-off items impacting financial results. Reported Earnings • Mar 19
Third quarter 2025 earnings released: AR$180 loss per share (vs AR$307 loss in 3Q 2024) Third quarter 2025 results: AR$180 loss per share (improved from AR$307 loss in 3Q 2024). Revenue: AR$94.1b (up 32% from 3Q 2024). Net loss: AR$3.23b (loss narrowed 94% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 227% per year, which means it is well ahead of earnings. Reported Earnings • Dec 17
Second quarter 2025 earnings released: EPS: AR$160 (vs AR$38.86 loss in 2Q 2024) Second quarter 2025 results: EPS: AR$160 (up from AR$38.86 loss in 2Q 2024). Revenue: AR$105.7b (up 37% from 2Q 2024). Net income: AR$28.7b (up AR$35.7b from 2Q 2024). Profit margin: 27% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 335% per year, which means it is well ahead of earnings. New Risk • Nov 26
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 Argentinean stocks, typically moving 6.6% 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 Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Reported Earnings • Jul 14
Full year 2024 earnings released Full year 2024 results: Revenue: AR$331.6b (up 265% from FY 2023). Net loss: AR$35.5b (down 254% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 348% per year, which means it is well ahead of earnings. Reported Earnings • Apr 11
Third quarter 2024 earnings released: AR$307 loss per share (vs AR$1.52 loss in 3Q 2023) Third quarter 2024 results: AR$307 loss per share (further deteriorated from AR$1.52 loss in 3Q 2023). Revenue: AR$71.1b (up 301% from 3Q 2023). Net loss: AR$55.2b (loss widened AR$54.9b from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 323% per year, which means it is well ahead of earnings. Reported Earnings • Dec 14
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: AR$26.3b (up 51% from 2Q 2023). Net loss: AR$2.38b (loss widened 63% from 2Q 2023). Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AR$4,940, the stock trades at a trailing P/E ratio of 79.4x. Average trailing P/E is 47x in the Oil and Gas industry in Argentina. Total returns to shareholders of 7,990% over the past three years. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to AR$4,463, the stock trades at a trailing P/E ratio of 71.8x. Average trailing P/E is 25x in the Oil and Gas industry in Argentina. Total returns to shareholders of 7,667% over the past three years. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to AR$4,455, the stock trades at a trailing P/E ratio of 71.6x. Average trailing P/E is 21x in the Oil and Gas industry in Argentina. Total returns to shareholders of 7,418% over the past three years. New Risk • Sep 22
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.9x 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 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. Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. New Risk • Sep 18
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.9x 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 (0.9x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 205% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (14% net profit margin). Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to AR$3,479, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 23x in the Oil and Gas industry in Argentina. Total returns to shareholders of 5,615% over the past three years. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to AR$2,801, the stock trades at a trailing P/E ratio of 21.8x. Average trailing P/E is 20x in the Oil and Gas industry in Argentina. Total returns to shareholders of 4,275% over the past three years. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to AR$2,399, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 17x in the Oil and Gas industry in Argentina. Total returns to shareholders of 3,375% over the past three years. New Risk • Jul 12
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 205% Paying a dividend despite having no free cash flows. High level of non-cash earnings (27% accrual ratio). Reported Earnings • Jul 11
Full year 2023 earnings released: EPS: AR$129 (vs AR$26.24 in FY 2022) Full year 2023 results: EPS: AR$129 (up from AR$26.24 in FY 2022). Revenue: AR$90.8b (up 128% from FY 2022). Net income: AR$23.1b (up 390% from FY 2022). Profit margin: 25% (up from 12% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has increased by 195% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to AR$1,190, the stock trades at a trailing P/E ratio of 63.2x. Average trailing P/E is 28x in the Oil and Gas industry in Argentina. Total returns to shareholders of 1,735% over the past three years. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AR$866, the stock trades at a trailing P/E ratio of 46x. Average trailing P/E is 9x in the Oil and Gas industry in South America. Total returns to shareholders of 1,662% over the past three years. Reported Earnings • Mar 17
Third quarter 2023 earnings released: AR$1.52 loss per share (vs AR$4.61 loss in 3Q 2022) Third quarter 2023 results: AR$1.52 loss per share (improved from AR$4.61 loss in 3Q 2022). Revenue: AR$17.7b (up 189% from 3Q 2022). Net loss: AR$273.3m (loss narrowed 67% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 148% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Dec 30
Second quarter 2023 earnings released: AR$12.60 loss per share (vs AR$15.70 profit in 2Q 2022) Second quarter 2023 results: AR$12.60 loss per share (down from AR$15.70 profit in 2Q 2022). Revenue: AR$12.1b (down 4.8% from 2Q 2022). Net loss: AR$2.27b (down 180% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 117% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Dec 14
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be AR$873, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 32%. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment improved over the past week After last week's 18% share price gain to AR$749, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 9x in the Oil and Gas industry in South America. Total returns to shareholders of 1,246% over the past three years. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Vice Chairman Pablo Alfredo Götz was the last director to join the board, commencing their role in 2004. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improved over the past week After last week's 19% share price gain to AR$710, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 6x in the Oil and Gas industry in South America. Total returns to shareholders of 1,135% over the past three years. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improved over the past week After last week's 23% share price gain to AR$800, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 12x in the Renewable Energy industry in South America. Total returns to shareholders of 1,442% over the past three years. Reported Earnings • Sep 24
First quarter 2023 earnings released: EPS: AR$32.20 (vs AR$7.33 in 1Q 2022) First quarter 2023 results: EPS: AR$32.20 (up from AR$7.33 in 1Q 2022). Revenue: AR$16.3b (up 110% from 1Q 2022). Net income: AR$5.79b (up 339% from 1Q 2022). Profit margin: 36% (up from 17% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 139% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 20% share price gain to AR$726, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 12x in the Renewable Energy industry in South America. Total returns to shareholders of 1,311% over the past three years. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 15% share price gain to AR$528, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 13x in the Renewable Energy industry in South America. Total returns to shareholders of 1,002% over the past three years. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 18% share price gain to AR$384, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 12x in the Renewable Energy industry in South America. Total returns to shareholders of 504% over the past three years. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improved over the past week After last week's 18% share price gain to AR$339, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 12x in the Renewable Energy industry in South America. Total returns to shareholders of 450% over the past three years. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improved over the past week After last week's 28% share price gain to AR$349, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 12x in the Renewable Energy industry in South America. Total returns to shareholders of 569% over the past three years. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Vice Chairman Pablo Alfredo Götz was the last director to join the board, commencing their role in 2004. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improved over the past week After last week's 20% share price gain to AR$203, the stock trades at a trailing P/E ratio of 12x. Average trailing P/E is 11x in the Renewable Energy industry in South America. Total returns to shareholders of 294% over the past three years. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 16% share price gain to AR$149, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 9x in the Renewable Energy industry in South America. Total returns to shareholders of 122% over the past three years. Reported Earnings • Dec 22
Second quarter 2022 earnings: EPS in line with expectations, revenues disappoint Second quarter 2022 results: EPS: AR$13.50 (up from AR$2.38 in 2Q 2021). Revenue: AR$10.7b (up 134% from 2Q 2021). Net income: AR$2.43b (up 466% from 2Q 2021). Profit margin: 23% (up from 9.4% in 2Q 2021). Revenue missed analyst estimates by 12%. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Reported Earnings • Sep 22
First quarter 2022 earnings released: EPS AR$6.68 (vs AR$2.98 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: AR$7.08b (up 58% from 1Q 2021). Net income: AR$1.20b (up AR$1.74b from 1Q 2021). Profit margin: 17% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Jul 18
Full year 2021 earnings released: AR$3.53 loss per share (vs AR$7.60 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: AR$18.0b (down 30% from FY 2020). Net loss: AR$634.1m (down 146% from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 10
New 90-day low: AR$63.90 The company is down 4.0% from its price of AR$66.40 on 09 December 2020. The Argentinean market is down 18% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Renewable Energy industry, which is flat over the same period. Is New 90 Day High Low • Feb 02
New 90-day low: AR$64.30 The company is down 1.0% from its price of AR$65.00 on 04 November 2020. The Argentinean market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 12% over the same period. Reported Earnings • Oct 03
Third quarter earnings released Over the last 12 months the company has reported total profits of AR$3.04b, up 120% from the prior year. Total revenue was AR$14.3b over the last 12 months, down 12% from the prior year.