Recent Insider Transactions • May 22
Non-Executive Director recently sold R1.3m worth of stock On the 19th of May, Hilgard Meyer sold around 35k shares on-market at roughly R37.28 per share. This transaction amounted to 4.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought R2.1m more than they sold in the last 12 months. Major Estimate Revision • Mar 26
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from R4.70 to R5.20. Revenue forecast unchanged at R63.8b. Net income forecast to grow 13% next year vs 13% growth forecast for Insurance industry in South Africa. Consensus price target broadly unchanged at R43.36. Share price was steady at R36.32 over the past week. Declared Dividend • Mar 22
First half dividend of R1.10 announced Shareholders will receive a dividend of R1.10. Ex-date: 8th April 2026 Payment date: 13th April 2026 Dividend yield will be 5.8%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 1.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 20
Momentum Group Limited to Report Fiscal Year 2026 Results on Sep 17, 2026 Momentum Group Limited announced that they will report fiscal year 2026 results on Sep 17, 2026 Announcement • Nov 22
Momentum Group Limited Approves Board Changes Momentum Group Limited held its AGM held on 20 November 2025, Ms Linda de Beer has resigned as Chair and member of the SETC with effect from 20 November 2025. Ms de Beer continues to serve as an independent non-executive director of the Company and MML. She remains Chair of the Group's Audit Committee, and a member of the Nominations, Remuneration, as well as Risk, Capital and Compliance committees. Dr Frannie Leautier has resigned as a member of the SETC with effect from 20 November 2025. Dr Leautier continues to serve as an independent non-executive director of the Company and MML. She remains Chair of the Group's Remuneration Committee, and a member of the Investments, Nominations, as well as Risk, Capital and Compliance committees. Ms Sharoda Rapeti has been appointed as Chair of the SETC with effect from 21 November 2025. Ms. Rapeti is an existing independent non-executive director of the Company and MML, and remains a member of the Group's Risk, Capital and Compliance Committee. These changes were made pursuant to the policy dealing with the nomination and evaluation of directors of the Group. Buy Or Sell Opportunity • Nov 12
Now 25% overvalued The stock has been flat over the last 90 days, currently trading at R35.75. The fair value is estimated to be R28.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 5.1% per annum over the same time period. Buy Or Sell Opportunity • Oct 06
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at R34.15. The fair value is estimated to be R28.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 4.9% per annum over the same time period. Upcoming Dividend • Oct 03
Upcoming dividend of R0.90 per share Eligible shareholders must have bought the stock before 08 October 2025. Payment date: 13 October 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of South African dividend payers (8.5%). Higher than average of industry peers (4.2%). Announcement • Oct 03
Momentum Group Limited, Annual General Meeting, Nov 20, 2025 Momentum Group Limited, Annual General Meeting, Nov 20, 2025. Location: momentum group offices, 268 west avenue, centurion, South Africa Recent Insider Transactions • Sep 25
Insider recently bought R2.5m worth of stock On the 22nd of September, Hilgard Meyer bought around 75k shares on-market at roughly R33.49 per share. This transaction amounted to 9.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought R4.3m more in shares than they have sold in the last 12 months. Declared Dividend • Sep 19
Final dividend increased to R0.90 Dividend of R0.90 is 38% higher than last year. Ex-date: 8th October 2025 Payment date: 13th October 2025 Dividend yield will be 5.2%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is well covered by both earnings (6% earnings payout ratio) and cash flows (47% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 7.2% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 17
Full year 2025 earnings released: EPS: R4.45 (vs R2.83 in FY 2024) Full year 2025 results: EPS: R4.45 (up from R2.83 in FY 2024). Revenue: R62.0b (up 11% from FY 2024). Net income: R5.98b (up 55% from FY 2024). Profit margin: 9.6% (up from 6.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 36% decline forecast for the Insurance industry in South Africa. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 25
Momentum Group Limited to Report Fiscal Year 2025 Results on Sep 17, 2025 Momentum Group Limited announced that they will report fiscal year 2025 results Pre-Market on Sep 17, 2025 Recent Insider Transactions • Apr 11
Group CEO & Executive Director recently bought R413k worth of stock On the 4th of April, Jeanette Marais bought around 14k shares on-market at roughly R29.50 per share. This transaction increased Jeanette's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Jeanette has been a buyer over the last 12 months, purchasing a net total of R599k worth in shares. Price Target Changed • Apr 10
Price target increased by 14% to R35.48 Up from R31.06, the current price target is an average from 4 analysts. New target price is 20% above last closing price of R29.58. Stock is up 42% over the past year. The company is forecast to post earnings per share of R3.91 for next year compared to R2.83 last year. Declared Dividend • Mar 23
First half dividend increased to R0.85 Dividend of R0.85 is 42% higher than last year. Ex-date: 9th April 2025 Payment date: 14th April 2025 Dividend yield will be 4.6%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (41% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 22
Momentum Group Limited Announces Changes to Board Committees Momentum Group Limited announced that in view of the upcoming retirement of Mr. Peter Cooper from the Group boards effective 20 November 2025, Dr Frannie Leautier, an existing member of the Group's Remuneration Committee ("Remco"), will be taking over from Mr. Cooper as the new Chair of Remco. In order to allow sufficient time for the handover, Dr Leautier's appointment as Chair of Remco will be effective 1 July 2025. Mr. Cooper will remain a member of Remco until his retirement in November 2025. Dr Leautier is an existing independent non-executive director of Momentum Group and MML and a member of the Group's Investments; Nominations; Risk, Capital and Compliance as well as Social, Ethics and Transformation committees. Reported Earnings • Mar 20
First half 2025 earnings released: EPS: R2.44 (vs R1.57 in 1H 2024) First half 2025 results: EPS: R2.44 (up from R1.57 in 1H 2024). Revenue: R31.2b (up 15% from 1H 2024). Net income: R3.32b (up 54% from 1H 2024). Profit margin: 11% (up from 7.9% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 40% decline forecast for the Insurance industry in South Africa. Over the last 3 years on average, earnings per share has increased by 23% per year and the company’s share price has also increased by 23% per year. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to R32.68, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Insurance industry in South Africa. Total returns to shareholders of 124% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R18.22 per share. Announcement • Mar 20
The Momentum Group Declares Interim Dividend for the First Half of 2025, Payable on 14 April 2025 The Momentum Group declared an interim dividend of 85 cents per ordinary share for the first half of 2025. This dividend represents a payout ratio of 35% of Net Headline Earnings (NHE), which is close to the lower end of the Group's dividend payout range of 33% to 50% of NHE. The interim dividend is payable from income reserves to all holders of ordinary shares recorded in the Company's register on the record date, which is 11 April 2025. The dividend is subject to a local dividend withholding tax at a rate of 20%, resulting in a net interim dividend of 68 cents per ordinary share for those shareholders who are not exempt from paying dividend tax. The payment date for the dividend is 14 April 2025. The Group's policy of declaring dividends within the specified range remains unchanged, and a review of the current capital coverage targets and dividend policy is underway, with outcomes to be communicated in the year-end results announcement. Last date to trade cum-dividend is on 8 April 2025. Announcement • Feb 26
Momentum Group Limited to Report Q2, 2025 Results on Mar 20, 2025 Momentum Group Limited announced that they will report Q2, 2025 results at 9:00 AM, South Africa Standard Time on Mar 20, 2025 Announcement • Feb 20
Momentum Group Limited and Momentum Metropolitan Life Limited Announces Appointment of Jacobus Johannes (Kobus) Sieberhagen as Independent Non-Executive Director, Effective 1 March 2025 Momentum Group Limited and Momentum Metropolitan Life Limited announced the appointment of Dr. Jacobus Johannes (Kobus) Sieberhagen as an independent non-executive director of the company, with effect from 1 March 2025. Dr. Sieberhagen has over 30 years of experience in the financial services industry, with expertise in insurance, fintech, agriculture, and tourism. He is the owner of Sweetspot Consulting, where he consults in the areas of leadership development and business strategy. He previously spent over 20 years at Momentum Group Limited, managing Advice and Distribution, including Momentum Financial Planning and Momentum Distribution Services. He played a key role in business strategy, sales, distribution and marketing. After leaving Momentum Group Limited in 2008, he continued to support executives within the Group in leadership and business development for eight years. Dr Sieberhagen holds a BA Hons in Psychology, Masters and PhD in Clinical Psychology, as well as an Advanced Management Program from Oxford. He is an existing member of the Group's Fair Practices Committee and his appointment, which was made in accordance with the Group's Nomination and Evaluation of Directors Policy, will enhance the skill set of the Group boards. Recent Insider Transactions • Nov 24
Key Executive recently bought R300k worth of stock On the 20th of November, Risto Ketola bought around 10k shares on-market at roughly R30.00 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Risto has been a buyer over the last 12 months, purchasing a net total of R585k worth in shares. Announcement • Nov 22
Momentum Group Limited Announces Board Committee Changes Momentum Group Limited announced changes to board committees: Mr. Dumo Mbethe has been appointed as a member of the Group's Risk, Capital and Compliance Committee effective 1 December 2024. Mr. Mbethe is an existing executive director of Momentum Group and MML, and a member of the Group's Fair Practices Committees. Ms. Jeanette Marais has been appointed as a member of the Group's Investments Committee, effective 1 December 2024 and will resign as a member of the Group's Risk, Capital and Compliance Committee, with effect from 30 November 2024. Ms. Marais is an existing executive director of Momentum Group and MML, and a member of the Group's Social, Ethics and Transformation Committee. Recent Insider Transactions • Nov 03
Key Executive recently bought R285k worth of stock On the 29th of October, Risto Ketola bought around 10k shares on-market at roughly R28.45 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Risto's only on-market trade for the last 12 months. Major Estimate Revision • Oct 04
Consensus revenue estimates fall by 13% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from R71.2b to R61.8b. EPS estimate fell from R3.52 to R3.21 per share. Net income forecast to grow 19% next year vs 8.8% growth forecast for Insurance industry in South Africa. Consensus price target up from R27.95 to R30.03. Share price was steady at R29.41 over the past week. Price Target Changed • Oct 02
Price target increased by 10% to R30.03 Up from R27.28, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of R28.97. Stock is up 53% over the past year. The company is forecast to post earnings per share of R3.21 for next year compared to R2.83 last year. Declared Dividend • Sep 30
Final dividend reduced to R0.65 Dividend of R0.65 is 7.1% lower than last year. Ex-date: 16th October 2024 Payment date: 21st October 2024 Dividend yield will be 4.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (4% 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 decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 51% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 29
Full year 2024 earnings released: EPS: R2.83 (vs R3.13 in FY 2023) Full year 2024 results: EPS: R2.83 (down from R3.13 in FY 2023). Revenue: R56.0b (down 56% from FY 2023). Net income: R3.85b (down 11% from FY 2023). Profit margin: 6.9% (up from 3.4% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 41% decline forecast for the Insurance industry in South Africa. 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 12% per year, which means it is significantly lagging earnings growth. Announcement • Sep 27
Momentum Metropolitan Holdings Limited Declares Final Dividend for the Year Ended June 30, 2024, Payable on 21 October 2024 The Momentum Group has declared a final dividend of 65 cents per ordinary share for the year ended June 30, 2024, resulting in a total dividend of 125 cents per ordinary share for the full year. The total dividend represents a payout ratio of 40% of NHE, close to the mid-point of the Group's dividend payout range. The Group's policy of declaring dividends within a range of 33% to 50% of NHE remains unchanged. Record date is 18 October 2024 and Payment date is 21 October 2024. Trading ex-dividend is 16 October 2024. Buy Or Sell Opportunity • Aug 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to R26.08. The fair value is estimated to be R21.65, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 8.8% per annum. Earnings are forecast to grow by 8.9% per annum over the same time period. Price Target Changed • Aug 06
Price target increased by 8.1% to R27.28 Up from R25.24, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of R26.26. Stock is up 38% over the past year. The company is forecast to post earnings per share of R3.24 for next year compared to R3.13 last year. Buy Or Sell Opportunity • Jul 01
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to R23.48. The fair value is estimated to be R19.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 44% in 2 years. Earnings are forecast to grow by 12% in the next 2 years. Buy Or Sell Opportunity • Jun 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.1% to R22.10. The fair value is estimated to be R18.37, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 44% in 2 years. Earnings are forecast to grow by 12% in the next 2 years. Major Estimate Revision • May 22
Consensus revenue estimates decrease by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from R74.5b to R65.6b. EPS estimate unchanged from R3.20 per share at last update. Insurance industry in South Africa expected to see average net income growth of 11% next year. Consensus price target broadly unchanged at R23.96. Share price rose 3.4% to R22.80 over the past week. Buy Or Sell Opportunity • May 20
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to R22.84. The fair value is estimated to be R18.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to decline by 37% in 2 years. Earnings are forecast to grow by 12% in the next 2 years. Major Estimate Revision • Apr 15
Consensus EPS estimates increase by 22% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from R2.62 to R3.20. Revenue forecast unchanged at R79.6b. Net income forecast to grow 3.6% next year vs 11% growth forecast for Insurance industry in South Africa. Consensus price target broadly unchanged at R23.61. Share price was steady at R20.33 over the past week. Upcoming Dividend • Apr 10
Upcoming dividend of R0.60 per share Eligible shareholders must have bought the stock before 17 April 2024. Payment date: 22 April 2024. Payout ratio is a comfortable 39% and the cash payout ratio is 83%. Trailing yield: 6.3%. Lower than top quartile of South African dividend payers (9.1%). Higher than average of industry peers (4.8%). Reported Earnings • Mar 30
First half 2024 earnings released: EPS: R1.60 (vs R1.45 in 1H 2023) First half 2024 results: EPS: R1.60 (up from R1.45 in 1H 2023). Revenue: R25.8b (up 16% from 1H 2023). Net income: R2.19b (up 6.4% from 1H 2023). Profit margin: 8.5% (down from 9.3% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 6.4% p.a. on average during the next 3 years compared to a 33% decline forecast for the Insurance industry in South Africa. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Mar 08
Momentum Metropolitan Holdings Limited Announces Appointment of Hilgard Pieter (Hillie) Meyer as A Non-Executive Director, Effective from 1 April 2024 Momentum Metropolitan Holdings Limited announce the appointment of Mr. Hilgard Pieter (Hillie) Meyer as a non-executive director of both MMH and MML, with effect from 1 April 2024. Hillie, an actuary with more than 36 years' experience in the financial services industry, is no stranger to the Group. He has held leadership positions in insurance, pensions, investments and banking. Hillie joined the Momentum Group in 1988 and served in various roles, before becoming its Chief Executive Officer ("CEO") from 1996 to 2005. He left the Momentum Group to become an active investor in private companies and became the founding shareholder and managing partner of a private equity manager in 2009. In early 2018, Hillie returned to Momentum Metropolitan as Group CEO, a position he held until his retirement in late 2023. Hillie's appointment will enhance the skills set of the boards and was made in accordance with the Group Nomination and Evaluation of Directors Policy. Announcement • Dec 15
Momentum Metropolitan Promotes Ravikumaran Govender as Group Chief Digital and Technology Officer, Effective 1 January 2024 Momentum Metropolitan promoted its group digital transformation executive, Ravikumaran Govender, to serve as group chief digital and technology officer (CDTO), effective 1 January 2024. In a statement, the company says Govender has over 15 years of experience in the financial services andconsulting industries. He is responsible for making sure that the group's digital activities and innovations are aligned with the market needs, and synchronized across all businesses in the group. Marais adds that Momentum continues to invest in and partner with international fintech startups to offer innovative technology solutions to clients. Govender holds a Bachelor of Medicine and Surgery (MBChB) degree from the University of Cape Town and an MSc degree in Management from the University of Edinburgh. He is also a Certified Retail Banker. Announcement • Nov 24
Momentum Metropolitan Holdings Limited and Momentum Metropolitan Life Limited Announce Appointment of Dumo Mhlotyana Mbethe as Executive Director Momentum Metropolitan Holdings Limited and Momentum Metropolitan Life Limited announced appointment of Mr. Dumo Mhlotyana Mbethe as an executive director of both MMH and MML, with effect from 22 November 2023. An experienced executive and business leader with more than 20 years spent in the financial services industry, Dumo joined the Group in January 2017 as Chief Operating Officer of the Africa and Asia business and became Chief Executive of the Africa business in October 2017. In September 2019, he was appointed as the Chief Executive responsible for the Momentum Corporate business, a position he continues to hold. Dumo is an existing member of the Group's Fair Practices Committee. He has previously served on various country level boards within Momentum Metropolitan Africa and is currently a non-executive director on the Metropolitan International Holdings and Metropolitan International Support boards. He is also a member of the Actuarial Governance Board, which oversees the professional conduct of actuaries in South Africa. Dumo is a qualified Chartered Accountant who has completed the Advanced Management Programme from the Harvard Business School. He holds a BCom (Accounting and Information Systems) from WITS, B Com Hons from UKZN and is a member of the Information Systems Audit and Control Association. Upcoming Dividend • Sep 27
Upcoming dividend of R0.70 per share at 6.0% yield Eligible shareholders must have bought the stock before 04 October 2023. Payment date: 09 October 2023. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of South African dividend payers (9.6%). Higher than average of industry peers (4.2%). Announcement • Sep 18
Momentum Metropolitan Holdings Limited(JSE:MTM) dropped from FTSE All-World Index (USD) Momentum Metropolitan Holdings Limited(JSE:MTM) dropped from FTSE All-World Index (USD) New Risk • Sep 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% 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 Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.4% net profit margin). New Risk • Sep 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.4% Last year net profit margin: 5.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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. Profit margins are more than 30% lower than last year (3.4% net profit margin). Announcement • Sep 14
Momentum Metropolitan Holdings Limited Declares Final Dividend, Payable on 9 October 2023 Momentum Metropolitan Holdings Limited declares final dividend of 70 cents per ordinary share. Together with the interim dividend of 50 cents per ordinary share, the total dividend for the 12 months ended 30 June 2023 is 120 cents per ordinary share, an increase of 20% from the 100 cents per ordinary share declared in the prior year. The F2023 total dividend represents a payout ratio of 35% of normalised headline earnings. Trading ex-dividend, 4 October 2023. Record date, 6 October 2023. Payment date, 9 October 2023. Announcement • Sep 13
Momentum Metropolitan Holdings Limited (JSE:MTM) entered into agreement to acquire unknown stake in RMI Investment Managers Group Proprietary Ltd. from OUTsurance Group Limited (JSE:OUT). Momentum Metropolitan Holdings Limited (JSE:MTM) entered into agreement to acquire unknown stake in RMI Investment Managers Group Proprietary Ltd. from OUTsurance Group Limited (JSE:OUT) on September 12, 2023. The transaction is subject to customary terms and conditions, including approval by the competition authorities. New Risk • Sep 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 5.5% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Aug 25
Momentum Metropolitan Holdings Limited Provides Earnings Guidance for the Twelve Months Ended 30 June 2023 Momentum Metropolitan Holdings Limited provided earnings guidance for the twelve Months Ended 30 June 2023. For the year, the company expects Earnings per share of 300 cents to 325 cents. Headline earnings per share of 303 cents to 318 cents. Normalised headline earnings per share of 330 cents to 350 cents. Price Target Changed • Jul 30
Price target increased by 7.1% to R22.50 Up from R21.00, the current price target is provided by 1 analyst. New target price is 19% above last closing price of R18.96. Stock is up 30% over the past year. The company is forecast to post earnings per share of R2.67 for next year compared to R2.61 last year. Price Target Changed • Jun 02
Price target decreased by 8.7% to R21.00 Down from R23.00, the current price target is provided by 1 analyst. New target price is 24% above last closing price of R16.98. Stock is up 12% over the past year. The company is forecast to post earnings per share of R2.50 for next year compared to R2.61 last year. Announcement • Jun 02
Momentum Metropolitan Holdings Limited and Momentum Metropolitan Life Limited Announce Board Changes Momentum Metropolitan announce the appointment of Dr Frannie Leautier as an independent non-executive director of both Momentum Metropolitan Holdings Limited (MMH) and Momentum Metropolitan Life Limited (MML), with effect from 1 June 2023. Dr Leautier is also appointed as a member of the Group's Investments as well as Risk, Capital and Compliance committees, with effect from 1 June 2023. Dr Leautier is a Tanzanian national, residing in the USA. She is a seasoned finance and development expert with long-standing global experience leading and transforming organizations in the private, public and not-for-profit spheres. She is currently Senior Partner at SouthBridge Group and chief executive officer (CEO) of SouthBridge Investments. In addition to her global experience in finance, she brings deep knowledge and experience working in Africa and in board governance matters. Dr Leautier holds a BSc in Civil Engineering from the University of Dar es Salaam, an MSc in Transportation and a PhD in Engineering from the Massachusetts Institute of Technology, as well as a doctorate in Law from Lancaster University. She received an honorary doctorate in Humane Letters from North Central College, in recognition The Group announced the appointment of Mr. Phillip Matlakala as an independent non-executive director of both MMH and MML, with effect from 1 June 2023. Mr. Matlakala is also appointed as a member of the Group's Fair Practices as well as Social, Ethics and Transformation committees, with effect from 1 June 2023. Mr. Matlakala is a highly experienced businessman and independent non-executive director, having spent over 30 years in the insurance industry, both in South Africa and in the rest of Africa regions. He spent many years in Momentum Metropolitan, serving in various roles, including as CEO of Metropolitan Retail prior to his retirement in 2014. Mr. Matlakala has a B Juris and B Proc, and also completed a Programme in Taxation and Financial Planning from UNISA. The Group announced the appointment of Mr. Tyrone Soondarjee as an independent non-executive director of both MMH and MML, with effect from 1 June 2023. Mr. Soondarjee is also appointed as a member of the Group' Audit as well as Social, Ethics and Transformation committees, with effect from 1 June 2023. Mr. Soondarjee is a seasoned and commercially orientated Chartered Accountant with over 35 years' experience in the Corporate Sector. He has held a wide range of senior executive roles in the Financial Services, Telecoms and Professional Services industries. His previous roles include Chairman of Grindrod Bank Limited and CFO of Cell C Limited. He was also Group Financial Director of the Sasfin Banking Group for a period of 10 years and Director of Finance at Deloitte, for a period of 10 years as well. Mr. Soondarjee has a Bachelor of Accounting Science, Honours in Bachelor of Accounting Science and Postgraduate diploma in Auditing from UNISA. Upcoming Dividend • Mar 22
Upcoming dividend of R0.50 per share at 6.5% yield Eligible shareholders must have bought the stock before 29 March 2023. Payment date: 03 April 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 6.5%. Lower than top quartile of South African dividend payers (8.9%). Higher than average of industry peers (5.8%). Price Target Changed • Feb 08
Price target increased by 9.5% to R23.00 Up from R21.00, the current price target is provided by 1 analyst. New target price is 17% above last closing price of R19.65. Stock is down 3.2% over the past year. The company is forecast to post earnings per share of R2.52 for next year compared to R2.61 last year. Announcement • Feb 03
Momentum Metropolitan Holdings Limited, Annual General Meeting, Nov 23, 2023 Momentum Metropolitan Holdings Limited, Annual General Meeting, Nov 23, 2023. Recent Insider Transactions • Dec 08
Key Executive recently bought R179k worth of stock On the 5th of December, Risto Ketola bought around 10k shares on-market at roughly R17.90 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R928k. Risto has been a buyer over the last 12 months, purchasing a net total of R683k worth in shares. Recent Insider Transactions • Oct 22
Group CEO & Executive Director recently bought R796k worth of stock On the 18th of October, Hillie Meyer bought around 50k shares on-market at roughly R15.98 per share. This transaction amounted to 7.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Hillie's only on-market trade for the last 12 months. Upcoming Dividend • Sep 28
Upcoming dividend of R0.65 per share Eligible shareholders must have bought the stock before 05 October 2022. Payment date: 10 October 2022. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 5.9%. Lower than top quartile of South African dividend payers (9.0%). In line with average of industry peers (5.8%). Reported Earnings • Sep 15
Full year 2022 earnings released: EPS: R2.61 (vs R0.31 in FY 2021) Full year 2022 results: EPS: R2.61 (up from R0.31 in FY 2021). Revenue: R70.2b (down 35% from FY 2021). Net income: R3.71b (up R3.26b from FY 2021). Profit margin: 5.3% (up from 0.4% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 23
Upcoming dividend of R0.35 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 04 April 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.7%. Lower than top quartile of South African dividend payers (7.3%). Lower than average of industry peers (4.4%). Reported Earnings • Mar 11
First half 2022 earnings: EPS misses analyst expectations First half 2022 results: EPS: R0.48 (down from R0.63 in 1H 2021). Revenue: R66.5b (up 70% from 1H 2021). Net income: R697.0m (down 23% from 1H 2021). Profit margin: 1.0% (down from 2.3% in 1H 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 61%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Price Target Changed • Mar 09
Price target increased to R23.30 Up from R21.00, the current price target is provided by 1 analyst. New target price is 36% above last closing price of R17.08. Stock is down 7.8% over the past year. The company is forecast to post earnings per share of R2.01 for next year compared to R0.31 last year. Executive Departure • Dec 01
Independent Chairman Non-Executive Director Matthews Moloko has left the company On the 25th of November, Matthews Moloko's tenure as Independent Chairman Non-Executive Director ended after less than a year in the role. We don't have any record of a personal shareholding under Matthews' name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 4.67 years. Executive Departure • Dec 01
Non-Executive Independent Director Frans Johannes Truter has left the company On the 25th of November, Frans Johannes Truter's tenure as Non-Executive Independent Director ended after 11.0 years in the role. As of September 2021, Frans Johannes still personally held 477.00k shares (R10.0m worth at the time). A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 4.67 years. Executive Departure • Nov 30
Non-Executive Independent Director Fatima Daniels has left the company On the 25th of November, Fatima Daniels' tenure as Non-Executive Independent Director ended after 11.0 years in the role. We don't have any record of a personal shareholding under Fatima's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 4.67 years. Upcoming Dividend • Sep 22
Upcoming dividend of R0.15 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 04 October 2021. Trailing yield: 1.5%. Lower than top quartile of South African dividend payers (8.0%). Lower than average of industry peers (4.1%). 
