Context: How Bolsa de Valores de Asuncion works, and what it makes issuers disclose · Paraguay on the LatAm Power Map
Paraguay’s oldest music retailer — a family business that started selling records in 1958 — now imports guitars, sound equipment and grand pianos for a nation of music lovers, and just made its bond-market debut to build a flagship store.
| Full name | Music Hall S.A.E.C.A. (Sociedad Anónima Emisora de Capital Abierto) |
| Ticker / exchange | MHALL.PY — Bolsa de Valores de Asunción (BVA); bonds only publicly listed |
| Headquarters | Asunción / Fernando de la Mora, Paraguay |
| Sector | Specialty retail — musical instruments & professional audio |
| Employees | Not disclosed in available primary sources (approx. 100–249 per aggregator) |
| Market value (equity) | Not publicly quoted (equity shares are not exchange-listed) |
| Yearly sales (revenue, FY 2023) | Gs. 36,216M (~USD 5.99M) |
| Revenue Jan–Sep 2024 | Gs. 30,535M (~USD 5.05M); +22.2% vs same period 2023 |
| Net operating margin (Sep 2024) | 5.7% |
| EBITDA margin (Sep 2024) | 6.4% |
| Total equity (Sep 2024) | Gs. 19,740M (~USD 3.26M) |
| Net debt (Sep 2024, our calc.) | Gs. 13,950M (~USD 2.31M) |
| Bond credit rating | BBB-py, Stable (Feller Rate, December 2024) |
| Price-to-earnings / dividend yield | N/A — equity not listed |
| Website | musichall.com.py |
What it is
Music Hall was founded in 1958 and began as a record shop; today it imports, distributes and sells musical instruments, accessories, and both home and professional audio equipment, holding the position of principal instrument importer in Paraguay.
The company holds the exclusive Yamaha representation in Paraguay and carries contracts with brands including Fender, Marantz, and Audio Technica. It operates six branches in Paraguay — a head office and four further outlets in Asunción plus one in Ciudad del Este — and runs a subsidiary, Music Hall Chile S.p.A., in Santiago.
Who owns it
The Feller Rate credit report published in December 2024 states explicitly that Music Hall S.A.I.C. — the controlling entity — is owned 50% by Genaro Ojeda Cantero and 50% by María Cantero de Ojeda.
The Ojeda family has run the business across two generations, from the founders to the current leadership.
The company was founded by Juan M. Ojeda Saldivar and Carlos Ojeda Saldivar.
The free float is not disclosed in available sources; bonds, not equity shares, are the instruments traded publicly.
Who runs it
Genaro Raúl Ojeda Cantero serves as president of Music Hall. He is also identified as CEO in trade-press sources, confirming his role as both chairman and chief executive — a common structure in Paraguayan family companies.
A separate CFO or independent board chair is not disclosed in available sources.
The money, in plain words
In the first nine months of 2024, the company took in Gs. 30,535M (~USD 5.05M) in sales, a 22.2% rise on the same period a year earlier — a strong recovery toward pre-pandemic levels for a niche retailer in a small economy.
After costs, the cash-earnings margin — what analysts call the EBITDA margin — reached 6.4% in the third quarter of 2024, up from 5.5% at the close of 2023; for a specialist retailer that buys in dollars and sells in guaraníes, that is a thin but improving cushion.
The balance sheet carries more debt than it used to. By September 2024, adjusted financial debt had climbed to Gs.
15,364M (~USD 2.54M), a 36.5% increase versus the prior year-end. Net debt (debt minus cash, our calculation) stood at Gs.
13,950M (~USD 2.31M) against annualised cash earnings of roughly Gs. 2,254M — a net-debt-to-EBITDA ratio of about 6.2x, elevated for a company of this size.
Dividend payouts in 2023 and 2024 shrank the owners’ equity to Gs. 19,740M by September 2024 and pushed the financial leverage ratio to 0.8x — meaning for every guaraní of equity the owners hold, the company carries about 80 cents of financial debt, a number that rating analysts are watching closely.
Interest coverage — how many times operating cash earnings cover the annual interest bill — fell to 1.1x by September 2024, from 2.3x a year earlier; that leaves very little spare room if sales stall or borrowing costs rise.
What it is doing now
In early 2024 Music Hall completed its first-ever public bond issue — Gs. 2,000M in its opening series — as part of a Gs.
8,500M programme designed to finance the acquisition and construction of a new flagship store called Mega Store Carmelitas.
In August 2024, Paraguay’s securities regulator (Superintendencia de Valores) automatically suspended the company from issuing new securities for missing a required quarterly filing. The suspension was lifted on 23 January 2025 after the company submitted the overdue quarterly report.
The episode was resolved, but it underscores the compliance demands that come with being a listed issuer.
What to watch
- Debt headroom. An interest-coverage ratio of just 1.1x leaves almost no margin for error; any revenue softening or rate rise could stress the bond programme.
- Currency risk. The Paraguayan market is exposed to guaraní depreciation, which squeezes margins when the currency weakens, since goods are imported and priced partly in US dollars.
- Mega Store Carmelitas. The new flagship store is the central investment driving the bond issuance; its completion and trading performance will determine whether the leverage built up since 2022 pays off.
- Reporting discipline. The 2024 filing suspension was remedied, but regular, timely disclosure is now a credibility issue with bondholders — an area where the family management will need to prove consistency.
Sources
- Feller Rate Clasificadora de Riesgo — Music Hall S.A.E.C.A. Informe de Calificación, Diciembre 2024 (hosted on BVA; read directly — primary source for all financial figures, ownership structure, founding year, and business description)
- Bolsa de Valores de Asunción — Music Hall SAECA issuer page
- Superintendencia de Valores, Banco Central del Paraguay — Music Hall S.A.E.C.A. regulatory page (suspension and lifting notices, Aug 2024 and Jan 2025)
- Bolsa de Valores de Asunción, bond notice — Series 3 & 4 placement, March 2024
- Revista Plus — Music Hall emite bonos por G. 6,500 millones, September 2024 (president identification)
- Música y Mercado — Music Hall nuevo distribuidor dBTechnologies (CEO identification)
- Music Hall company website — musichall.com.py
- Market data: EODHD.
This is news, not investment advice.
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