Reported Earnings • May 19
First quarter 2026 earnings: Revenues miss analyst expectations First quarter 2026 results: Revenue: R$343.2m (up 26% from 1Q 2025). Net income: R$28.3m (down 31% from 1Q 2025). Profit margin: 8.3% (down from 15% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.1%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Consumer Durables industry in Brazil. 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 7% per year, which means it is significantly lagging earnings growth. New Risk • May 18
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 Brazilian 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: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 18x cash flows per share). Share price has been volatile over the past 3 months (6.6% average weekly change). Duyuru • Mar 18
Trisul S.A., Annual General Meeting, Apr 16, 2026 Trisul S.A., Annual General Meeting, Apr 16, 2026. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to R$5.63, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Consumer Durables industry in Brazil. Total returns to shareholders of 212% over the past three years. Reported Earnings • Mar 10
Full year 2025 earnings: Revenues miss analyst expectations Full year 2025 results: Revenue: R$1.38b (up 2.4% from FY 2024). Net income: R$203.8m (up 19% from FY 2024). Profit margin: 15% (up from 13% in FY 2024). Revenue missed analyst estimates by 6.5%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Consumer Durables industry in Brazil. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R$7.16, the stock trades at a trailing P/E ratio of 7.8x. Average forward P/E is 6x in the Consumer Durables industry in Brazil. Total returns to shareholders of 223% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$3.95 per share. Major Estimate Revision • Jan 21
Consensus EPS estimates increase by 30% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from R$1.17 to R$1.52. Revenue forecast unchanged at R$1.57b. Net income forecast to grow 32% next year vs 32% growth forecast for Consumer Durables industry in Brazil. Consensus price target up from R$7.00 to R$8.10. Share price rose 3.6% to R$6.26 over the past week. Price Target Changed • Jan 20
Price target increased by 20% to R$7.53 Up from R$6.29, the current price target is an average from 4 analysts. New target price is 23% above last closing price of R$6.12. Stock is up 56% over the past year. The company is forecast to post earnings per share of R$1.52 for next year compared to R$0.73 last year. New Risk • Dec 15
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 Brazilian stocks, typically moving 5.3% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.3% average weekly change). Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to R$6.91, the stock trades at a trailing P/E ratio of 5.8x. Average forward P/E is 6x in the Consumer Durables industry in Brazil. Total returns to shareholders of 154% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$5.17 per share. Reported Earnings • Nov 17
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: R$0.29 (up from R$0.21 in 3Q 2024). Revenue: R$372.6m (up 22% from 3Q 2024). Net income: R$51.5m (up 35% from 3Q 2024). Profit margin: 14% (up from 12% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.2%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$8.74, the stock trades at a trailing P/E ratio of 7.9x. Average forward P/E is 6x in the Consumer Durables industry in Brazil. Total returns to shareholders of 168% over the past three years. Reported Earnings • Aug 17
Second quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2025 results: EPS: R$0.27 (up from R$0.17 in 2Q 2024). Revenue: R$293.7m (down 7.8% from 2Q 2024). Net income: R$48.0m (up 58% from 2Q 2024). Profit margin: 16% (up from 9.6% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2025 earnings: EPS misses analyst expectations First quarter 2025 results: EPS: R$0.23 (up from R$0.17 in 1Q 2024). Revenue: R$272.0m (down 10% from 1Q 2024). Net income: R$41.2m (up 36% from 1Q 2024). Profit margin: 15% (up from 10.0% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.4%. Revenue is forecast to stay flat during the next 2 years compared to a 12% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. New Risk • May 02
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Upcoming Dividend • Apr 21
Upcoming dividend of R$0.30 per share Eligible shareholders must have bought the stock before 28 April 2025. Payment date: 30 September 2025. Trailing yield: 1.0%. Lower than top quartile of Brazilian dividend payers (10.0%). Lower than average of industry peers (6.0%). Declared Dividend • Mar 30
Final dividend of R$0.30 announced Shareholders will receive a dividend of R$0.30. Ex-date: 28th April 2025 Payment date: 30th September 2025 Dividend yield will be 4.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Duyuru • Mar 28
Trisul S.A. announces Annual dividend, payable on September 30, 2025 Trisul S.A. announced Annual dividend of BRL 0.1500 per share payable on September 30, 2025, ex-date on April 28, 2025 and record date on April 25, 2025. Duyuru • Mar 25
Trisul S.A., Annual General Meeting, Apr 25, 2025 Trisul S.A., Annual General Meeting, Apr 25, 2025. Price Target Changed • Nov 26
Price target decreased by 9.1% to R$7.50 Down from R$8.25, the current price target is an average from 4 analysts. New target price is 33% above last closing price of R$5.66. Stock is up 1.1% over the past year. The company is forecast to post earnings per share of R$1.07 for next year compared to R$0.68 last year. Reported Earnings • Nov 10
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: R$0.21 (up from R$0.13 in 3Q 2023). Revenue: R$306.5m (up 21% from 3Q 2023). Net income: R$38.1m (up 66% from 3Q 2023). Profit margin: 12% (up from 9.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 5.2%. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • Oct 18
Trisul S.A. to Report Q3, 2024 Results on Nov 07, 2024 Trisul S.A. announced that they will report Q3, 2024 results After-Market on Nov 07, 2024 Price Target Changed • Aug 26
Price target increased by 8.3% to R$8.67 Up from R$8.00, the current price target is an average from 3 analysts. New target price is 82% above last closing price of R$4.75. Stock is down 17% over the past year. The company is forecast to post earnings per share of R$1.28 for next year compared to R$0.68 last year. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: R$0.17 (vs R$0.16 in 2Q 2023) Second quarter 2024 results: EPS: R$0.17 (up from R$0.16 in 2Q 2023). Revenue: R$318.5m (up 19% from 2Q 2023). Net income: R$30.5m (up 6.0% from 2Q 2023). Profit margin: 9.6% (down from 11% 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 12% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Jul 01
Now 27% overvalued Over the last 90 days, the stock has fallen 13% to R$4.83. The fair value is estimated to be R$3.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 27% in a year. Earnings are forecast to grow by 90% in the next year. Buy Or Sell Opportunity • Jun 19
Now 23% overvalued Over the last 90 days, the stock has fallen 21% to R$4.67. The fair value is estimated to be R$3.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 27% in a year. Earnings are forecast to grow by 90% in the next year. Duyuru • Jun 15
Trisul S.A. to Report Q2, 2024 Results on Aug 13, 2024 Trisul S.A. announced that they will report Q2, 2024 results on Aug 13, 2024 Reported Earnings • May 10
First quarter 2024 earnings released: EPS: R$0.17 (vs R$0.15 in 1Q 2023) First quarter 2024 results: EPS: R$0.17 (up from R$0.15 in 1Q 2023). Revenue: R$302.7m (up 25% from 1Q 2023). Net income: R$30.4m (up 9.7% from 1Q 2023). Profit margin: 10.0% (down from 11% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • May 03
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at R$4.66. The fair value is estimated to be R$3.86, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Earnings per share has declined by 24%. Revenue is forecast to grow by 40% in 2 years. Earnings are forecast to grow by 111% in the next 2 years. Upcoming Dividend • Apr 18
Upcoming dividend of R$0.16 per share Eligible shareholders must have bought the stock before 25 April 2024. Payment date: 30 September 2024. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Brazilian dividend payers (8.7%). Lower than average of industry peers (3.2%). Buy Or Sell Opportunity • Apr 16
Now 21% overvalued Over the last 90 days, the stock has fallen 5.9% to R$4.66. The fair value is estimated to be R$3.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Earnings per share has declined by 24%. Revenue is forecast to grow by 40% in 2 years. Earnings are forecast to grow by 111% in the next 2 years. New Risk • Apr 16
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 Brazilian stocks, typically moving 6.5% 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 (0.1% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to R$4.53, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 7x in the Consumer Durables industry in Brazil. Total loss to shareholders of 50% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$3.86 per share. Duyuru • Apr 13
Trisul S.A. to Report Q1, 2024 Results on May 09, 2024 Trisul S.A. announced that they will report Q1, 2024 results After-Market on May 09, 2024 Reported Earnings • Mar 16
Full year 2023 earnings: Revenues miss analyst expectations Full year 2023 results: Revenue: R$1.05b (up 38% from FY 2022). Net income: R$123.9m (up 82% from FY 2022). Profit margin: 12% (up from 8.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.9%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Consumer Durables industry in Brazil. Buy Or Sell Opportunity • Feb 27
Now 24% overvalued Over the last 90 days, the stock has fallen 13% to R$4.81. The fair value is estimated to be R$3.87, 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 29%. Revenue is forecast to grow by 51% in 2 years. Earnings are forecast to grow by 136% in the next 2 years. Duyuru • Jan 19
Trisul S.A. to Report Q4, 2023 Results on Mar 14, 2024 Trisul S.A. announced that they will report Q4, 2023 results After-Market on Mar 14, 2024 New Risk • Nov 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (22% accrual ratio). Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to R$5.84, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Consumer Durables industry in Brazil. Total loss to shareholders of 49% over the past three years. Major Estimate Revision • Aug 17
Consensus revenue estimates increase by 16% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from R$924.0m to R$1.08b. EPS estimate increased from R$0.47 to R$0.71 per share. Net income forecast to grow 93% next year vs 37% growth forecast for Consumer Durables industry in Brazil. Consensus price target up from R$4.67 to R$6.00. Share price was steady at R$6.55 over the past week. Reported Earnings • Aug 13
Second quarter 2023 earnings: Revenues exceed analyst expectations Second quarter 2023 results: Revenue: R$267.1m (up 27% from 2Q 2022). Net income: R$28.8m (up 41% from 2Q 2022). Profit margin: 11% (up from 9.8% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Consumer Durables industry in Brazil. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R$6.01, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 9x in the Consumer Durables industry in Brazil. Total loss to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to R$4.40, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Consumer Durables industry in Brazil. Total loss to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$2.49 per share. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to R$3.00, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Consumer Durables industry in Brazil. Total loss to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$2.53 per share. Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: R$0.37 (vs R$0.65 in FY 2021) Full year 2022 results: EPS: R$0.37 (down from R$0.65 in FY 2021). Revenue: R$760.3m (down 1.8% from FY 2021). Net income: R$67.9m (down 44% from FY 2021). Profit margin: 8.9% (down from 16% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has fallen by 28% per year whereas the company’s share price has fallen by 24% per year. Price Target Changed • Mar 07
Price target decreased by 19% to R$5.20 Down from R$6.40, the current price target is an average from 5 analysts. New target price is 62% above last closing price of R$3.21. Stock is down 29% over the past year. The company is forecast to post earnings per share of R$0.27 for next year compared to R$0.65 last year. Reported Earnings • Nov 20
Third quarter 2022 earnings: Revenues exceed analyst expectations Third quarter 2022 results: Revenue: R$182.3m (down 4.2% from 3Q 2021). Net income: R$10.1m (down 70% from 3Q 2021). Profit margin: 5.5% (down from 17% in 3Q 2021). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 12%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director & Member of Fiscal Council Márcio Álvaro Caruso was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings: Revenues exceed analyst expectations Third quarter 2022 results: Revenue: R$182.3m (down 4.2% from 3Q 2021). Net income: R$10.1m (down 70% from 3Q 2021). Profit margin: 5.5% (down from 17% in 3Q 2021). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 12%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Consumer Durables industry in Brazil. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorated over the past week After last week's 15% share price decline to R$4.28, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 8x in the Consumer Durables industry in Brazil. Total loss to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$5.99 per share. Buying Opportunity • Nov 08
Now 23% undervalued Over the last 90 days, the stock is up 2.0%. The fair value is estimated to be R$5.99, however this is not to be taken as a buy 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 9.5%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Buying Opportunity • Oct 12
Now 22% undervalued Over the last 90 days, the stock is up 34%. The fair value is estimated to be R$6.49, however this is not to be taken as a buy 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 9.5%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: R$0.11 (vs R$0.19 in 2Q 2021) Second quarter 2022 results: EPS: R$0.11 (down from R$0.19 in 2Q 2021). Revenue: R$209.8m (flat on 2Q 2021). Net income: R$20.5m (down 42% from 2Q 2021). Profit margin: 9.8% (down from 17% in 2Q 2021). Over the next year, revenue is forecast to grow 28%, compared to a 12% growth forecast for the industry in Brazil. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 17% share price gain to R$4.58, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 6x in the Consumer Durables industry in Brazil. Total loss to shareholders of 38% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: R$0.055 (down from R$0.19 in 1Q 2021). Revenue: R$164.2m (down 19% from 1Q 2021). Net income: R$10.1m (down 71% from 1Q 2021). Profit margin: 6.1% (down from 17% in 1Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) also missed analyst estimates by 1.2%. Over the next year, revenue is forecast to grow 41%, compared to a 17% growth forecast for the industry in Brazil. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to R$10.20 Down from R$14.48, the current price target is an average from 2 analysts. New target price is 154% above last closing price of R$4.01. Stock is down 59% over the past year. The company is forecast to post earnings per share of R$0.86 for next year compared to R$0.65 last year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 20
Upcoming dividend of R$0.21 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 31 May 2022. Trailing yield: 5.0%. Lower than top quartile of Brazilian dividend payers (6.4%). Lower than average of industry peers (8.9%). Reported Earnings • Mar 18
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: R$774.2m (down 12% from FY 2020). Net income: R$120.6m (down 29% from FY 2020). Profit margin: 16% (down from 19% in FY 2020). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.5%. Over the next year, revenue is forecast to grow 37%, compared to a 18% growth forecast for the industry in Brazil. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Major Estimate Revision • Feb 24
Consensus revenue estimates fall by 25% The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from R$1.00b to R$755.6m. EPS estimate fell from R$1.06 to R$0.66 per share. Net income forecast to shrink 1.3% next year vs 20% growth forecast for Consumer Durables industry in Brazil . Consensus price target down from R$14.48 to R$12.10. Share price fell 7.3% to R$5.37 over the past week. Price Target Changed • Feb 18
Price target decreased to R$13.10 Down from R$14.98, the current price target is an average from 3 analysts. New target price is 134% above last closing price of R$5.61. Stock is down 46% over the past year. The company is forecast to post earnings per share of R$1.06 for next year compared to R$0.91 last year. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment deteriorated over the past week After last week's 15% share price decline to R$5.58, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Consumer Durables industry in Brazil. Total returns to shareholders of 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R$8.16 per share. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorated over the past week After last week's 15% share price decline to R$5.66, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 6x in the Consumer Durables industry in Brazil. Total returns to shareholders of 93% over the past three years. Reported Earnings • Nov 14
Third quarter 2021 earnings released: EPS R$0.18 (vs R$0.26 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: R$190.2m (down 25% from 3Q 2020). Net income: R$33.1m (down 31% from 3Q 2020). Profit margin: 17% (down from 19% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
Second quarter 2021 earnings released The company reported a solid second quarter result with improved revenues, although earnings and profit margins were flat. Second quarter 2021 results: Revenue: R$210.9m (up 5.4% from 2Q 2020). Net income: R$35.5m (flat on 2Q 2020). Profit margin: 17% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 27
First quarter 2021 earnings released: EPS R$0.19 (vs R$0.17 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: R$202.2m (up 18% from 1Q 2020). Net income: R$35.1m (up 13% from 1Q 2020). Profit margin: 17% (in line with 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 increased by 56% per year, which means it is tracking significantly ahead of earnings growth.