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January 5, 2016

A guide to understanding Tecnoglass share debuting on the BVC

In the past year the share value for the company from Barranquilla has increased more than 38% in Nasdaq, where it has been negotiating for months, and this week shares will begin trading in Colombia. Dinero has a guide for share and an investment profile.

As of today investors can buy Tecnoglass shares in the Colombia Stock Exchange, a company from Barranquilla dedicated to the manufacture of glass and windows. The initial opening price is COP $ 43,220.07.

The company has been listed in the Nasdaq technology stock exchange since early 2014 and last year increased its value over 38%, this implies that it fared better than the broader market. During the same period the Nasdaq Composite index gained 4.8% while the Industrial S&P rose 2.67%. If it had been listed in Colombia, the share would also have had a higher than COLCAP performance.

From now on the share will be negotiated simultaneously in both markets as is the case with other shares like: Aval, Bogota, the Canacol and Avianca, among others. It will also respond simultaneously to the SEC and Colombian authorities.

The company earned US $ 7.6 million in the third quarter of 2015 representing a decrease of 32.4% from the previous year and includes accounting losses for $ 3.1 million. However, operational results were positive and the adjusted EBITDA increased by 115%. In 2016 the company might have an adjusted EBITDA of US $ 85 million, 30.7% higher than expected for 2015.

Tecnoglass reports its financial results in dollars so rising currency is bad for sales in Colombia. For example, while sales to the domestic market grew by 20% annually in pesos it fell in dollars. However, the company exports 60% of its production to other markets including the United States, where it grew by 43% annually.

Last June, the members of the Daes family were majority stockholders they are also at the forefront of operations and management positions. They are followed by the Red Oak Partners with 7.5% of the shares while other smaller investors own 9.6%.

At press time Dinero was unable to obtain reports of risk rating agencies about the company and found that in the analyst community which is only covered by Dougherty & Co the recommendation is ‘buy’.

Source: Dinero

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