New Risk • May 19
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: 0.6% Last year net profit margin: 5.0% 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: Minor Risks Profit margins are more than 30% lower than last year (0.6% net profit margin). Market cap is less than US$100m (AR$24.5b market cap, or US$17.5m). Tillkännagivande • Mar 17
Carboclor S.A., Annual General Meeting, Apr 30, 2026 Carboclor S.A., Annual General Meeting, Apr 30, 2026. Location: held remotely, Argentina New Risk • Jan 28
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 9.3% 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: Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (AR$30.8b market cap, or US$21.3m). Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to AR$32.60, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 14x in the Infrastructure industry in South America. Total returns to shareholders of 1,220% over the past three years. Reported Earnings • Nov 10
Third quarter 2025 earnings released: EPS: AR$0.65 (vs AR$0.04 in 3Q 2024) Third quarter 2025 results: EPS: AR$0.65 (up from AR$0.04 in 3Q 2024). Revenue: AR$3.95b (up 42% from 3Q 2024). Net income: AR$709.0m (up AR$665.5m from 3Q 2024). Profit margin: 18% (up from 1.6% in 3Q 2024). 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 119% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AR$22.05, the stock trades at a trailing P/E ratio of 38.4x. Average trailing P/E is 14x in the Infrastructure industry in South America. Total returns to shareholders of 778% over the past three years. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AR$28.80, the stock trades at a trailing P/E ratio of 58.4x. Average trailing P/E is 16x in the Infrastructure industry in South America. Total returns to shareholders of 1,085% over the past three years. Reported Earnings • May 12
First quarter 2025 earnings released: EPS: AR$0.28 (vs AR$0.44 loss in 1Q 2024) First quarter 2025 results: EPS: AR$0.28 (up from AR$0.44 loss in 1Q 2024). Revenue: AR$3.27b (up 30% from 1Q 2024). Net income: AR$308.9m (up AR$787.8m from 1Q 2024). Profit margin: 9.4% (up from net loss in 1Q 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has increased by 138% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Feb 10
Carboclor S.A., Annual General Meeting, Mar 20, 2025 Carboclor S.A., Annual General Meeting, Mar 20, 2025. Location: platform, Argentina New Risk • Feb 07
New major risk - Revenue and earnings growth Earnings have declined by 35% 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 Risk Earnings have declined by 35% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AR$32.1b market cap, or US$30.5m). Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: AR$0.04 (vs AR$0.20 loss in 3Q 2023) Third quarter 2024 results: EPS: AR$0.04 (up from AR$0.20 loss in 3Q 2023). Revenue: AR$2.79b (up 253% from 3Q 2023). Net income: AR$43.5m (up AR$257.8m from 3Q 2023). Profit margin: 1.6% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 130% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: AR$0.032 (vs AR$0.051 in 2Q 2023) Second quarter 2024 results: EPS: AR$0.032 (down from AR$0.051 in 2Q 2023). Revenue: AR$2.47b (up 156% from 2Q 2023). Net income: AR$34.7m (down 38% from 2Q 2023). Profit margin: 1.4% (down from 5.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 135% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 29
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to AR$33.85. The fair value is estimated to be AR$27.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • May 02
Now 21% overvalued Over the last 90 days, the stock has fallen 24% to AR$33.55. The fair value is estimated to be AR$27.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 55% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Apr 11
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 117% to AR$34.10. The fair value is estimated to be AR$27.72, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 55% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Feb 24
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 237% to AR$34.70. The fair value is estimated to be AR$28.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 55% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Feb 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Revenue is less than US$5m (AR$1.6b revenue, or US$1.9m). Market cap is less than US$100m (AR$37.1b market cap, or US$44.4m). New Risk • Feb 02
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 15% 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: Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Revenue is less than US$5m (AR$1.6b revenue, or US$1.9m). Market cap is less than US$100m (AR$44.3b market cap, or US$53.5m). New Risk • Aug 15
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: AR$1.5b (US$4.3m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 27% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Revenue is less than US$5m (AR$1.5b revenue, or US$4.3m). Market cap is less than US$100m (AR$7.98b market cap, or US$22.8m). New Risk • Jun 22
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 Argentinean stocks, typically moving 8.7% 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 Risks Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings have declined by 27% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AR$8.14b market cap, or US$32.3m). Reported Earnings • Feb 18
Full year 2022 earnings released: AR$0.16 loss per share (vs AR$0.044 loss in FY 2021) Full year 2022 results: AR$0.16 loss per share (further deteriorated from AR$0.044 loss in FY 2021). Revenue: AR$1.39b (up 74% from FY 2021). Net loss: AR$171.0m (loss widened 254% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 138 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improved over the past week After last week's 25% share price gain to AR$2.16, the stock trades at a trailing P/E ratio of 19.6x. Average trailing P/E is 21x in the Infrastructure industry in South America. Total returns to shareholders of 121% over the past three years. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improved over the past week After last week's 17% share price gain to AR$1.86, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 19x in the Infrastructure industry in South America. Total returns to shareholders of 39% over the past three years. Is New 90 Day High Low • Feb 18
New 90-day low: AR$1.79 The company is down 33% from its price of AR$2.66 on 19 November 2020. The Argentinean market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment deteriorated over the past week After last week's 15% share price decline to AR$1.98, the stock is trading at a trailing P/E ratio of 44.1x, down from the previous P/E ratio of 52.1x. This compares to an average P/E of 27x in the Infrastructure industry in South America. Total returns to shareholders over the past three years are 54%. Is New 90 Day High Low • Jan 29
New 90-day low: AR$2.02 The company is down 24% from its price of AR$2.65 on 30 October 2020. The Argentinean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 18% over the same period. Is New 90 Day High Low • Jan 11
New 90-day low: AR$2.44 The company is down 17% from its price of AR$2.95 on 13 October 2020. The Argentinean market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 19% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: AR$2.47 The company is down 12% from its price of AR$2.82 on 22 September 2020. The Argentinean market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 23% over the same period. Reported Earnings • Nov 05
Third quarter 2020 earnings released: EPS AR$0.017 The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: AR$127.5m (up 33% from 3Q 2019). Net income: AR$19.1m (down 60% from 3Q 2019). Profit margin: 15% (down from 50% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Oct 20
Pure Life General Trading LLC agreed to acquire 84.1% stake in Carboclor S.A. (BASE:CARC) from Ancsol S.A. for €39 million. Pure Life General Trading LLC agreed to acquire 84.1% stake in Carboclor S.A. (BASE:CARC) from Ancsol S.A. for €39 million on October 19, 2020. Is New 90 Day High Low • Oct 17
New 90-day high: AR$3.23 The company is up 96% from its price of AR$1.65 on 17 July 2020. The Argentinean market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is up 2.0% over the same period. Tillkännagivande • Oct 01
Ancap Receives More Expressions of Interest for Carboclor Administracion Nacional de Combustibles Alcohol y Portland (Ancap) received several expressions of interest from foreign companies to acquire its 84.1% stake in Carboclor S.A. (BASE:CARC), Uruguay's industry, energy and mining minister Omar Paganini told BNamericas. "There were interested parties, but we can't call them offers, but rather positions of interest, people who said 'It could interest me too'. For that reason, it was decided to hold a shortened tender," said the official. As previously reported, Ancap will launch a tender in the coming weeks to sell the stake in Carboclor after the government of Luis Lacalle Pou asked the company to make a decision on the $45 million offer presented by Pure Life General Trading for the logistics firm. Is New 90 Day High Low • Sep 24
New 90-day high: AR$2.88 The company is up 110% from its price of AR$1.37 on 26 June 2020. The Argentinean market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 8.0% over the same period. 
