Reported Earnings • Aug 05
Second quarter 2026 earnings released: EPS: US$1.75 (vs US$1.10 in 2Q 2025) Second quarter 2026 results: EPS: US$1.75 (up from US$1.10 in 2Q 2025). Revenue: US$4.34b (up 10.0% from 2Q 2025). Net income: US$343.7m (up 60% from 2Q 2025). Profit margin: 7.9% (up from 5.5% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Metals and Mining industry in South America. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Board Change • May 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Lorenza Trigueros was the last independent 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: Minority of independent directors. Insufficient board refreshment. Duyuru • May 22
Ternium S.A. to Report Q2, 2026 Results on Aug 04, 2026 Ternium S.A. announced that they will report Q2, 2026 results at 4:00 PM, US Eastern Standard Time on Aug 04, 2026 Upcoming Dividend • May 07
Upcoming dividend of US$1.30 per share Eligible shareholders must have bought the stock before 14 May 2026. Payment date: 20 May 2026. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.6%. Lower than top quartile of Mexican dividend payers (5.7%). In line with average of industry peers (5.3%). Reported Earnings • May 06
First quarter 2026 earnings released: EPS: US$1.09 (vs US$0.34 in 1Q 2025) First quarter 2026 results: EPS: US$1.09 (up from US$0.34 in 1Q 2025). Revenue: US$3.93b (flat on 1Q 2025). Net income: US$213.0m (up 218% from 1Q 2025). Profit margin: 5.4% (up from 1.7% in 1Q 2025). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Metals and Mining industry in South America. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Declared Dividend • Apr 12
Final dividend of US$1.80 announced Shareholders will receive a dividend of US$1.80. Ex-date: 14th May 2026 Payment date: 20th May 2026 Dividend yield will be 2.6%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is not covered by earnings (125% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 38% to bring the payout ratio under control. EPS is expected to grow by 75% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Duyuru • Mar 23
Ternium S.A., Annual General Meeting, May 12, 2026 Ternium S.A., Annual General Meeting, May 12, 2026, at 09:00 W. Europe Standard Time. Location: ternium s.a.`s registered office, 26, boulevard royal 4th floor, l-2449 luxembourg, grand duchy of luxembourg, Luxembourg Duyuru • Feb 20
Ternium S.A. to Report Q1, 2026 Results on Apr 28, 2026 Ternium S.A. announced that they will report Q1, 2026 results on Apr 28, 2026 Reported Earnings • Feb 19
Full year 2025 earnings released: EPS: US$2.17 (vs US$0.27 loss in FY 2024) Full year 2025 results: EPS: US$2.17 (up from US$0.27 loss in FY 2024). Revenue: US$15.6b (down 12% from FY 2024). Net income: US$425.2m (up US$478.9m from FY 2024). Profit margin: 2.7% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 3.4% 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 remained flat, which means it is well ahead of earnings. Duyuru • Feb 18
Ternium S.A. Proposes Annual Dividend, Payable on May 15, 2026 Upon approval of Ternium S.A.'s 2025 annual accounts, the Board of Directors intends to propose, for the approval of the Annual General Shareholders' meeting to be held on May 12, 2026, the payment of an annual dividend of $0.27 per share ($ 2.70 per ADS), or approximately $530 million, which includes the interim dividend of $0.09 per outstanding share ($ 0.90 per ADS) or approximately $177 million, paid on November 12, 2025. If the annual dividend is approved by the shareholders, a dividend of $0.18 per share ($ 1.80 per ADS), or approximately $353 million will be paid on May 15, 2026, with an ex-dividend date of May 14, 2026. Board Change • Feb 05
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Lorenza Trigueros was the last independent 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: Minority of independent directors. Insufficient board refreshment. Declared Dividend • Nov 02
Dividend of US$0.90 announced Shareholders will receive a dividend of US$0.90. Ex-date: 10th November 2025 Payment date: 14th November 2025 Dividend yield will be 5.3%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is covered by earnings (61% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Oct 31
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 91% The company is paying a dividend despite having no free cash flows. Dividend yield: 7.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Paying a dividend despite having no free cash flows. Minor Risk Large one-off items impacting financial results. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: US$0.11 (vs US$0.16 in 3Q 2024) Third quarter 2025 results: EPS: US$0.11 (down from US$0.16 in 3Q 2024). Revenue: US$3.96b (down 12% from 3Q 2024). Net income: US$21.0m (down 34% from 3Q 2024). Profit margin: 0.5% (down from 0.7% in 3Q 2024). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Metals and Mining industry in South America. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Duyuru • Oct 30
Ternium S.A. to Report Q4, 2025 Results on Feb 17, 2026 Ternium S.A. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Feb 17, 2026 Board Change • Sep 17
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Lorenza Trigueros was the last independent 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: Minority of independent directors. Insufficient board refreshment. Duyuru • Jul 31
Ternium S.A. to Report Q3, 2025 Results on Oct 28, 2025 Ternium S.A. announced that they will report Q3, 2025 results on Oct 28, 2025 Reported Earnings • Jul 31
Second quarter 2025 earnings released: EPS: US$1.10 (vs US$3.71 loss in 2Q 2024) Second quarter 2025 results: EPS: US$1.10 (up from US$3.71 loss in 2Q 2024). Revenue: US$3.95b (down 13% from 2Q 2024). Net income: US$215.4m (up US$943.1m from 2Q 2024). Profit margin: 5.5% (up from net loss in 2Q 2024). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Metals and Mining industry in South America. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Duyuru • May 02
Ternium S.A. to Report Q2, 2025 Results on Jul 29, 2025 Ternium S.A. announced that they will report Q2, 2025 results on Jul 29, 2025 Reported Earnings • May 02
First quarter 2025 earnings released: EPS: US$0.34 (vs US$1.84 in 1Q 2024) First quarter 2025 results: EPS: US$0.34 (down from US$1.84 in 1Q 2024). Revenue: US$3.93b (down 18% from 1Q 2024). Net income: US$67.0m (down 82% from 1Q 2024). Profit margin: 1.7% (down from 7.6% in 1Q 2024). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Metals and Mining industry in South America. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. Declared Dividend • Apr 23
Final dividend of US$1.80 announced Shareholders will receive a dividend of US$1.80. Ex-date: 9th May 2025 Payment date: 19th May 2025 Dividend yield will be 3.7%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (dividend approximately 13x free cash flows). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. Reported Earnings • Mar 26
Full year 2024 earnings released: US$0.27 loss per share (vs US$3.44 profit in FY 2023) Full year 2024 results: US$0.27 loss per share (down from US$3.44 profit in FY 2023). Revenue: US$17.6b (flat on FY 2023). Net loss: US$53.7m (down 108% from profit in FY 2023). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Metals and Mining industry in South America. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Duyuru • Feb 20
Ternium S.A. to Report Q1, 2025 Results on Apr 29, 2025 Ternium S.A. announced that they will report Q1, 2025 results on Apr 29, 2025 Duyuru • Feb 19
Ternium S.A., Annual General Meeting, May 06, 2025 Ternium S.A., Annual General Meeting, May 06, 2025. Reported Earnings • Feb 19
Full year 2024 earnings released: US$0.28 loss per share (vs US$3.44 profit in FY 2023) Full year 2024 results: US$0.28 loss per share (down from US$3.44 profit in FY 2023). Revenue: US$17.6b (flat on FY 2023). Net loss: US$54.0m (down 108% from profit in FY 2023). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Metals and Mining industry in South America. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Board Change • Feb 11
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Lorenza Trigueros was the last independent 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: Minority of independent directors. Insufficient board refreshment. Declared Dividend • Nov 11
Dividend of US$0.90 announced Shareholders will receive a dividend of US$0.90. Ex-date: 18th November 2024 Payment date: 26th November 2024 Dividend yield will be 5.4%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 8x earnings) nor is it covered by cash flows (258% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 807% to bring the payout ratio under control. EPS is expected to grow by 315% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Duyuru • Nov 08
Ternium S.A. to Report Q4, 2024 Results on Feb 18, 2025 Ternium S.A. announced that they will report Q4, 2024 results at 4:00 PM, US Eastern Standard Time on Feb 18, 2025 Reported Earnings • Nov 06
Third quarter 2024 earnings released: EPS: US$0.16 (vs US$3.77 loss in 3Q 2023) Third quarter 2024 results: EPS: US$0.16 (up from US$3.77 loss in 3Q 2023). Revenue: US$4.48b (down 14% from 3Q 2023). Net income: US$32.0m (up US$771.1m from 3Q 2023). Profit margin: 0.7% (up from net loss in 3Q 2023). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Metals and Mining industry in South America. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Duyuru • Aug 06
Ternium S.A. to Report Q3, 2024 Results on Nov 05, 2024 Ternium S.A. announced that they will report Q3, 2024 results After-Market on Nov 05, 2024 Reported Earnings • Aug 01
Second quarter 2024 earnings released: US$3.71 loss per share (vs US$3.19 profit in 2Q 2023) Second quarter 2024 results: US$3.71 loss per share (down from US$3.19 profit in 2Q 2023). Revenue: US$4.51b (up 17% from 2Q 2023). Net loss: US$728.0m (down 216% from profit in 2Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 3.0% growth forecast for the Metals and Mining industry in South America. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Board Change • May 13
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Lorenza Trigueros was the last independent 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: Minority of independent directors. Insufficient board refreshment. Duyuru • May 01
Ternium S.A. Approves Annual Dividend, Payable on May 8, 2024 Ternium S.A. approved at its AGM held on April 30, 2024, annual dividend of $0.33 per share ($3.30 per ADS). The annual dividend includes the interim dividend of $0.11 per share ($1.10 per ADS) paid in November 2023. A net dividend of $0.22 per share ($2.20 per ADS) will be paid on May 8, 2024, to all shareholders of record as of May 3, 2024. Duyuru • Apr 28
Ternium S.A. to Report Q2, 2024 Results on Jul 30, 2024 Ternium S.A. announced that they will report Q2, 2024 results After-Market on Jul 30, 2024 Upcoming Dividend • Apr 25
Upcoming dividend of US$2.20 per share Eligible shareholders must have bought the stock before 02 May 2024. Payment date: 13 May 2024. Payout ratio and cash payout ratio are on the higher end at 96% and 90% respectively. Trailing yield: 7.7%. Within top quartile of Mexican dividend payers (6.6%). In line with average of industry peers (7.7%). Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: US$1.84 (vs US$1.91 in 1Q 2023) First quarter 2024 results: EPS: US$1.84 (down from US$1.91 in 1Q 2023). Revenue: US$4.78b (up 32% from 1Q 2023). Net income: US$361.0m (down 3.6% from 1Q 2023). Profit margin: 7.6% (down from 10% in 1Q 2023). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Metals and Mining industry in South America. Over the last 3 years on average, earnings per share has fallen by 43% 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. Declared Dividend • Apr 23
Final dividend of US$2.20 announced Shareholders will receive a dividend of US$2.20. Ex-date: 2nd May 2024 Payment date: 13th May 2024 Dividend yield will be 2.9%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio). However, it is covered by cash flows (62% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 6.5% to bring the payout ratio under control. EPS is expected to grow by 57% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Duyuru • Mar 16
Ternium S.A., Annual General Meeting, Apr 30, 2024 Ternium S.A., Annual General Meeting, Apr 30, 2024, at 12:00 Central Europe Standard Time. Location: 26, Boulevard Royal, 4th Floor, L-2449 Luxembourg, Grand Duchy of Luxembourg Grand-Duchy Luxembourg Agenda: To consider the Company’s 2023 Annual Report containing the consolidated management report and independent auditors report on the Company’s consolidated financial statements as of December 31, 2023, and the Company’s annual accounts as of December 31, 2023 and the independent auditors report thereon and approval of the Company’s consolidated financial statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021; to consider the independent auditor’s report on the Company’s annual accounts and approval of the Company’s annual accounts as at December 31, 2023; to consider the Allocation of results for the year ended December 31, 2023; to elect of the members of the Board of Directors; to consider authorization of the compensation to the members of the Board of Directors for the year 2024; and to consider other matters. New Risk • Feb 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 56% 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 Shares are highly illiquid. Minor Risks Dividend is not well covered by earnings (96% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.8% net profit margin). Duyuru • Feb 26
Ternium S.A. to Report Q1, 2024 Results on Apr 24, 2024 Ternium S.A. announced that they will report Q1, 2024 results at 4:00 PM, US Eastern Standard Time on Apr 24, 2024 New Risk • Feb 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 71% 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 Shares are highly illiquid. Minor Risks Dividend is not well covered by earnings (189% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: US$3.44 (vs US$9.00 in FY 2022) Full year 2023 results: EPS: US$3.44 (down from US$9.00 in FY 2022). Revenue: US$17.6b (up 7.3% from FY 2022). Net income: US$676.0m (down 62% from FY 2022). Profit margin: 3.8% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.2% growth forecast for the Metals and Mining industry in South America. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Duyuru • Feb 21
Ternium S.A. Proposes Interim Dividend, Payable on May 8, 2024 Ternium S.A.'s board of directors proposed that an annual dividend of $3.30 per ADS ($0.33 per share), or $649 million, be approved at the company's annual general shareholders' meeting, which is scheduled to be held on April 30, 2024. The annual dividend would include the interim dividend of $1.10 per ADS ($0.11 per share), or $216 million, paid in the fourth quarter. If the board of directors' proposal is approved at the shareholders' meeting, a net dividend of $2.20 per ADS ($0.22 per share), or $433 million, will be paid on May 8, 2024, with record-date on May 3, 2024. Board Change • Jan 25
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director Lorenza Trigueros was the last independent 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: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Dec 22
Now 21% undervalued Over the last 90 days, the stock is up 8.8%. The fair value is estimated to be Mex$923, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings is also forecast to grow by 21% per annum over the same time period. New Risk • Nov 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 71% 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 Shares are highly illiquid. Minor Risks Dividend is not well covered by earnings (189% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Duyuru • Nov 03
Ternium S.A. to Report Q4, 2023 Results on Feb 20, 2024 Ternium S.A. announced that they will report Q4, 2023 results After-Market on Feb 20, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: US$3.76 loss per share (vs US$0.78 profit in 3Q 2022) Third quarter 2023 results: US$3.76 loss per share (down from US$0.78 profit in 3Q 2022). Revenue: US$5.19b (up 26% from 3Q 2022). Net loss: US$739.0m (down US$891.8m from profit in 3Q 2022). Revenue is expected to decline by 3.2% 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 4.8%. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Duyuru • Nov 01
Ternium S.A. Approves Interim Dividend for 2023, Payable on November 16, 2023 Ternium S.A. board of directors approved the payment of an interim dividend for 2023 of $1.10 per ADS ($0.11 per share), or $216 million in the aggregate. The interim dividend will be paid on November 16, 2023 to shareholders on record as of November 13, 2023. This represents an increase of 20 cents per ADS, or 22%, compared to last year's interim dividend. Duyuru • Aug 05
Ternium S.A. to Report Q3, 2023 Results on Oct 31, 2023 Ternium S.A. announced that they will report Q3, 2023 results After-Market on Oct 31, 2023 Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: US$3.19 (vs US$4.07 in 2Q 2022) Second quarter 2023 results: EPS: US$3.19 (down from US$4.07 in 2Q 2022). Revenue: US$3.87b (down 13% from 2Q 2022). Net income: US$627.0m (down 22% from 2Q 2022). Profit margin: 16% (down from 18% in 2Q 2022). The decrease in margin was driven by lower revenue. 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 25% per year whereas the company’s share price has increased by 27% per year. Duyuru • May 05
Ternium S.A. to Report Q2, 2023 Results on Aug 01, 2023 Ternium S.A. announced that they will report Q2, 2023 results at 4:00 PM, US Eastern Standard Time on Aug 01, 2023 Upcoming Dividend • Apr 27
Upcoming dividend of US$1.80 per share at 6.4% yield Eligible shareholders must have bought the stock before 04 May 2023. Payment date: 15 May 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 6.4%. Lower than top quartile of Mexican dividend payers (6.7%). Lower than average of industry peers (7.3%). Reported Earnings • Apr 26
First quarter 2023 earnings released: EPS: US$1.91 (vs US$3.95 in 1Q 2022) First quarter 2023 results: EPS: US$1.91 (down from US$3.95 in 1Q 2022). Revenue: US$3.62b (down 16% from 1Q 2022). Net income: US$374.0m (down 52% from 1Q 2022). Profit margin: 10% (down from 18% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.9% growth forecast for the Metals and Mining industry in Mexico. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 18
Ternium S.A. to Report Q1, 2023 Results on Apr 25, 2023 Ternium S.A. announced that they will report Q1, 2023 results at 4:00 PM, US Eastern Standard Time on Apr 25, 2023 Reported Earnings • Feb 16
Full year 2022 earnings released: EPS: US$9.01 (vs US$19.49 in FY 2021) Full year 2022 results: EPS: US$9.01 (down from US$19.49 in FY 2021). Revenue: US$16.4b (up 2.0% from FY 2021). Net income: US$1.77b (down 54% from FY 2021). Profit margin: 11% (down from 24% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 4.9% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Mexico are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 15
Ternium S.A. Proposes Annual Dividend, Payable on May 10, 2023 The board of directors of Ternium S.A. proposed that an annual dividend of $0.27 per share ($2.70 per ADS), or $530.0 million in the aggregate, be approved at the company's annual general shareholders' meeting, which is scheduled to be held on May 2, 2023. This proposal is 10 cents per ADS higher than the annual dividend approved for 2021. The annual dividend would include the interim dividend of $0.09 per share ($0.90 per ADS), or $176.7 million in the aggregate, paid in November 2022. If the board of directors' proposal is approved at the shareholders' meeting, a net dividend of $0.18 per share ($1.80 per ADS), or $353.4 million in the aggregate, will be paid on May 10, 2023, with record-date on May 5, 2023. Buying Opportunity • Feb 09
Now 20% undervalued Over the last 90 days, the stock is up 23%. The fair value is estimated to be Mex$913, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 72%. For the next 3 years, revenue is forecast to decline by 4.7% per annum. Earnings is also forecast to decline by 28% per annum over the same time period. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Lorenza Trigueros 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. Duyuru • Nov 11
Ternium S.A. to Report Q4, 2022 Results on Feb 14, 2023 Ternium S.A. announced that they will report Q4, 2022 results on Feb 14, 2023 Reported Earnings • Nov 05
Third quarter 2022 earnings released: EPS: US$0.78 (vs US$6.12 in 3Q 2021) Third quarter 2022 results: EPS: US$0.78 (down from US$6.12 in 3Q 2021). Revenue: US$4.13b (down 10% from 3Q 2021). Net income: US$152.8m (down 87% from 3Q 2021). Profit margin: 3.7% (down from 26% in 3Q 2021). The decrease in margin was primarily driven by higher expenses. 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 Mexico are expected to grow by 1.6%. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: US$4.07 (vs US$5.21 in 2Q 2021) Second quarter 2022 results: EPS: US$4.07 (down from US$5.21 in 2Q 2021). Revenue: US$4.44b (up 13% from 2Q 2021). Net income: US$799.3m (down 22% from 2Q 2021). Profit margin: 18% (down from 26% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is expected to shrink by 14% compared to a 2.1% decline forecast for the industry in Mexico. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 28
Upcoming dividend of US$1.80 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 16 May 2022. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 8.3%. Within top quartile of Mexican dividend payers (5.3%). Lower than average of industry peers (13%). Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Vincent Gilles Decalf was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 19
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: US$19.49 (up from US$3.97 in FY 2020). Revenue: US$16.1b (up 84% from FY 2020). Net income: US$3.83b (up 391% from FY 2020). Profit margin: 24% (up from 8.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Over the next year, revenue is expected to shrink by 10% compared to a 4.0% growth forecast for the mining industry in Mexico. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorated over the past week After last week's 16% share price decline to Mex$831, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 5x in the Metals and Mining industry in South America. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$1,644 per share. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS US$6.12 (vs US$0.74 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$4.59b (up 115% from 3Q 2020). Net income: US$1.20b (up US$1.06b from 3Q 2020). Profit margin: 26% (up from 6.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorated over the past week After last week's 15% share price decline to Mex$888, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 4x in the Metals and Mining industry in South America. Total returns to shareholders of 74% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at Mex$1,596 per share. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS US$5.21 (vs US$0.22 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$3.92b (up 125% from 2Q 2020). Net income: US$1.02b (up US$978.1m from 2Q 2020). Profit margin: 26% (up from 2.5% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Executive Departure • May 07
Independent Director has left the company On the 3rd of May, Ubaldo José Aguirre's tenure as Independent Director ended after 15.3 years in the role. We don't have any record of a personal shareholding under Ubaldo's name. Ubaldo is the only executive to leave the company over the last 12 months. Reported Earnings • Apr 29
First quarter 2021 earnings released: EPS US$3.07 (vs US$0.059 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$3.25b (up 43% from 1Q 2020). Net income: US$602.9m (up US$614.5m from 1Q 2020). Profit margin: 19% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 28
Upcoming dividend of US$2.10 per share Eligible shareholders must have bought the stock before 05 May 2021. Payment date: 14 May 2021. Trailing yield: 5.1%. Within top quartile of Mexican dividend payers (4.8%). In line with average of industry peers (5.1%). Reported Earnings • Mar 22
Full year 2020 earnings released: EPS US$3.97 (vs US$2.87 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$8.74b (down 14% from FY 2019). Net income: US$778.5m (up 38% from FY 2019). Profit margin: 8.9% (up from 5.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 03
New 90-day high: Mex$706 The company is up 25% from its price of Mex$565 on 01 December 2020. The Mexican market is up 3.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 26% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$1,047 per share. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS US$3.97 (vs US$2.87 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$8.74b (down 14% from FY 2019). Net income: US$778.5m (up 38% from FY 2019). Profit margin: 8.9% (up from 5.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 25
Revenue beats expectations Revenue exceeded analyst estimates by 3.1%. Over the next year, revenue is forecast to grow 17%, compared to a 30% growth forecast for the Metals and Mining industry in Mexico. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 18% share price gain to US$655, the stock is trading at a trailing P/E ratio of 25x, up from the previous P/E ratio of 21.1x. This compares to an average P/E of 17x in the Metals and Mining industry in South America. Total returns to shareholders over the past three years are 5.1%. Is New 90 Day High Low • Jan 07
New 90-day high: Mex$640 The company is up 47% from its price of Mex$436 on 08 October 2020. The Mexican market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 42% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$905 per share. Is New 90 Day High Low • Nov 07
New 90-day high: Mex$450 The company is up 22% from its price of Mex$370 on 07 August 2020. The Mexican market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$831 per share. Analyst Estimate Surprise Post Earnings • Nov 04
Revenue beats expectations Revenue exceeded analyst estimates by 5.6%. Over the next year, revenue is forecast to stay flat compared to a 15% growth forecast for the Metals and Mining industry in Mexico. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS US$0.74 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: US$2.14b (down 12% from 3Q 2019). Net income: US$145.6m (up 54% from 3Q 2019). Profit margin: 6.8% (up from 3.9% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 24
New 90-day high: Mex$447 The company is up 38% from its price of Mex$325 on 24 July 2020. The Mexican market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$797 per share. Is New 90 Day High Low • Oct 07
New 90-day high: Mex$429 The company is up 32% from its price of Mex$326 on 09 July 2020. The Mexican market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$830 per share. Is New 90 Day High Low • Sep 19
New 90-day high: Mex$421 The company is up 15% from its price of Mex$366 on 19 June 2020. The Mexican market is down 4.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Metals and Mining industry, which is also up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is Mex$800 per share. 
