New Risk • May 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 German stocks, typically moving 9.1% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 154% Cash payout ratio: 107% Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (9.1% average weekly change). Board Change • May 20
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. 10 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Director Wilfredo João Gomes was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Duyuru • Mar 31
Bradespar S.A., Annual General Meeting, Apr 27, 2026 Bradespar S.A., Annual General Meeting, Apr 27, 2026. Duyuru • Sep 22
Bradespar S.A.(BOVESPA:BRAP4) dropped from FTSE All-World Index (USD) Bradespar S.A.(BOVESPA:BRAP4) dropped from FTSE All-World Index (USD) Duyuru • Mar 27
Bradespar S.A., Annual General Meeting, Apr 25, 2025 Bradespar S.A., Annual General Meeting, Apr 25, 2025. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €3.08, the stock trades at a trailing P/E ratio of 3.8x. Average forward P/E is 9x in the Metals and Mining industry in Europe. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.68 per share. Duyuru • Sep 23
Bradespar S.A.(BOVESPA:BRAP3) dropped from FTSE All-World Index (USD) Bradespar S.A.(BOVESPA:BRAP3) dropped from FTSE All-World Index (USD) Buy Or Sell Opportunity • Jul 29
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to €2.74. The fair value is estimated to be €3.59, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 172% over the last 3 years. Earnings per share has declined by 33%. Revenue is forecast to grow by 10,172% in 2 years. Earnings are forecast to grow by 7.5% in the next 2 years. Buy Or Sell Opportunity • Jul 01
Now 19% undervalued after recent price drop Over the last 90 days, the stock has fallen 28% to €2.76. The fair value is estimated to be €3.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 172% over the last 3 years. Earnings per share has declined by 33%. Revenue is forecast to grow by 10,484% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Buy Or Sell Opportunity • Jun 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 30% to €2.70. The fair value is estimated to be €3.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 172% over the last 3 years. Earnings per share has declined by 33%. Revenue is forecast to grow by 10,484% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Buy Or Sell Opportunity • May 15
Now 21% overvalued Over the last 90 days, the stock has fallen 6.3% to €3.56. The fair value is estimated to be €2.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Upcoming Dividend • Apr 23
Upcoming dividend of R$1.07 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 56% but the company is paying out more than the cash it is generating. Trailing yield: 13%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.9%). Buy Or Sell Opportunity • Apr 22
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 2.7% to €3.82. The fair value is estimated to be €2.99, however this is not to be taken as a sell recommendation but rather should be used as a guide only. New Risk • Apr 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Revenue is less than US$1m. Minor Risk Dividend is not well covered by cash flows (107% cash payout ratio). Upcoming Dividend • Nov 15
Upcoming dividend of R$1.46 per share at 6.9% yield Eligible shareholders must have bought the stock before 22 November 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 3.4% but the company is paying out more than the cash it is generating. Trailing yield: 6.9%. Within top quartile of German dividend payers (5.1%). Lower than average of industry peers (8.6%). Upcoming Dividend • Apr 21
Upcoming dividend of R$1.12 per share at 6.4% yield Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 15 May 2023. Payout ratio is a comfortable 20% and the cash payout ratio is 91%. Trailing yield: 6.4%. Within top quartile of German dividend payers (4.6%). Lower than average of industry peers (8.2%). Board Change • Nov 16
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 9 non-independent directors. Director Rubens Alvarez was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Upcoming Dividend • Nov 03
Upcoming dividend of R$1.29 per share Eligible shareholders must have bought the stock before 10 November 2022. Payment date: 21 November 2022. Payout ratio is a comfortable 70% but the company is paying out more than the cash it is generating. Trailing yield: 31%. Within top quartile of German dividend payers (5.2%). Higher than average of industry peers (10.0%). Board Change • Apr 27
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 8 non-independent directors. Member of Fiscal Council Ricardo Reisen de Pinho was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 19% share price gain to €5.70, the stock trades at a trailing P/E ratio of 2.2x. Average forward P/E is 6x in the Metals and Mining industry in Germany. Total returns to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 19% share price gain to €5.70, the stock trades at a trailing P/E ratio of 2.2x. Average forward P/E is 6x in the Metals and Mining industry in Germany. Total returns to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 16% share price gain to €5.05, the stock trades at a trailing P/E ratio of 2x. Average forward P/E is 6x in the Metals and Mining industry in Germany. Total returns to shareholders of 31% over the past three years. Upcoming Dividend • Dec 10
Upcoming dividend of R$5.49 per share Eligible shareholders must have bought the stock before 17 December 2021. Payment date: 29 December 2021. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 8.7%. Within top quartile of German dividend payers (3.4%). Higher than average of industry peers (7.8%). Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improved over the past week After last week's 17% share price gain to R$10.40, the stock is trading at a trailing P/E ratio of 31.3x, up from the previous P/E ratio of 26.8x. This compares to an average P/E of 15x in the Metals and Mining industry in Europe. Total returns to shareholders over the past three years are 74%. Is New 90 Day High Low • Jan 08
New 90-day high: €9.35 The company is up 53% from its price of €6.10 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 48% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.92 per share. Is New 90 Day High Low • Dec 08
New 90-day high: €8.45 The company is up 42% from its price of €5.95 on 09 September 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.83 per share. Is New 90 Day High Low • Nov 07
New 90-day high: €6.55 The company is up 7.0% from its price of €6.10 on 07 August 2020. The German market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €0.82 per share. 
