Valuation Update With 7 Day Price Move • 4h
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to MU₨59.25, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 10x in the Insurance industry in Africa. Total loss to shareholders of 31% over the past three years. New Risk • Jul 06
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 Mauritian stocks, typically moving 4.4% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (4.4% average weekly change). Market cap is less than US$100m (MU₨3.30b market cap, or US$70.2m). Reported Earnings • Jul 01
First quarter 2026 earnings released: EPS: MU₨1.95 (vs MU₨1.86 in 1Q 2025) First quarter 2026 results: EPS: MU₨1.95 (up from MU₨1.86 in 1Q 2025). Revenue: MU₨2.04b (up 5.2% from 1Q 2025). Net income: MU₨108.3m (up 5.6% from 1Q 2025). Profit margin: 5.3% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. New Risk • Jun 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. 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 Risks Earnings have declined by 6.6% per year over the past 5 years. High level of non-cash earnings (38% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Paying a dividend despite having no free cash flows. Market cap is less than US$100m (MU₨2.58b market cap, or US$54.6m). Declared Dividend • May 20
Dividend of MU₨0.80 announced Dividend of MU₨0.80 is the same as last year. Ex-date: 2nd June 2026 Payment date: 30th June 2026 Dividend yield will be 5.7%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (37% 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 1.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 2.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Ankündigung • Nov 03
MUA Ltd, Annual General Meeting, Nov 21, 2025 MUA Ltd, Annual General Meeting, Nov 21, 2025, at 10:00 Arabian Standard Time. Location: registered office of the company, level 2, barkly wharf, le caudan waterfront, port louis, Mauritius Ankündigung • Nov 16
MUA Ltd Declares Final Dividend in Respect of Its Financial Year Ending 31 December 2024, Payable on or About 27 December 2024 MUA Ltd. has declared a final dividend of MUR 2.10 per ordinary share payable to shareholders registered at the close of business on 06 December 2024 in respect of its financial year ending 31 December 2024. The dividend will be paid on or about 27 December 2024. The shares of the Company will be traded cum-dividend up to the market day of 03 December 2024 and ex-dividend as from 04 December 2024. New Risk • Nov 15
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2023 fiscal period end). Revenue has declined by 18% over the past year. High level of non-cash earnings (30% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (MU₨4.16b market cap, or US$87.9m). Ankündigung • Nov 15
MUA Ltd, Annual General Meeting, Dec 06, 2024 MUA Ltd, Annual General Meeting, Dec 06, 2024, at 10:00 Arabian Standard Time. Location: 4 leoville l`homme street, port-louis, Mauritius New Risk • Sep 27
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 Mauritian stocks, typically moving 3.9% 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 Earnings have declined by 4.1% per year over the past 5 years. High level of non-cash earnings (30% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Share price has been volatile over the past 3 months (3.9% average weekly change). Market cap is less than US$100m (MU₨4.11b market cap, or US$89.5m). Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to MU₨70.00, the stock trades at a trailing P/E ratio of 17.7x. Average trailing P/E is 6x in the Insurance industry in Africa. Total loss to shareholders of 37% over the past three years. New Risk • Jul 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Mauritian stocks, typically moving 4.8% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (4.8% average weekly change). Earnings have declined by 4.1% per year over the past 5 years. High level of non-cash earnings (30% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (MU₨3.22b market cap, or US$68.6m). New Risk • Jun 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. 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 Risks Earnings have declined by 4.1% per year over the past 5 years. High level of non-cash earnings (30% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (4.5% average weekly change). Market cap is less than US$100m (MU₨3.89b market cap, or US$84.1m). Declared Dividend • May 22
Dividend of MU₨0.80 announced Dividend of MU₨0.80 is the same as last year. Ex-date: 3rd June 2024 Payment date: 25th June 2024 Dividend yield will be 4.1%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (73% 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 1.5% 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 decline by 19% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.5% EPS decline seen over the last 5 years. Ankündigung • May 18
MUA Ltd Declares an Interim Dividend for the Financial Year Ending 31 December 2024, Payable on or About 25 June 2024 MUA Ltd. has declared an interim dividend of MUR 0.80 per share payable to the shareholders registered at the close of business on 05 June 2024 in respect of its financial year ending 31 December 2024. The dividend will be paid on or about the 25 June 2024. The shares of the Company will be traded cum-dividend up to the market day of 31 May 2024 and ex-dividend as from 03 June 2024. New Risk • May 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: MU₨4.16b (US$89.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 4.1% per year over the past 5 years. High level of non-cash earnings (30% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (3.6% average weekly change). Market cap is less than US$100m (MU₨4.16b market cap, or US$89.8m). New Risk • Jan 02
New major risk - Revenue and earnings growth Earnings have declined by 4.1% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 have declined by 4.1% per year over the past 5 years. High level of non-cash earnings (30% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Upcoming Dividend • Nov 22
Upcoming dividend of MU₨2.10 per share at 2.9% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 20 December 2023. Payout ratio is a comfortable 73% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Mauritian dividend payers (5.9%). Lower than average of industry peers (4.3%). Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: MU₨1.28b (down 3.5% from 3Q 2022). Net loss: MU₨41.2m (loss widened 8.0% from 3Q 2022). Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: MU₨2.80 (vs MU₨3.40 in 2Q 2022) Second quarter 2023 results: EPS: MU₨2.80 (down from MU₨3.40 in 2Q 2022). Revenue: MU₨1.26b (down 14% from 2Q 2022). Net income: MU₨143.5m (down 18% from 2Q 2022). Profit margin: 11% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Ankündigung • Jun 09
MUA Ltd, Annual General Meeting, Jun 20, 2023 MUA Ltd, Annual General Meeting, Jun 20, 2023, at 10:00 Mauritius Standard Time. Location: MUA Ltd, 4 Léoville L'Homme Street Port Louis Mauritius Agenda: To consider the annual report and the report of the auditors, and to adopt the audited financial statements of the Company and of its subsidiaries for the year ended 31 December 2022; to re-appoint under separate resolution the following persons as directors of the Company: Bruno de FROBERVILLE, Olivier de GRIVEL, Mélanie FAUGIER, Catherine MCILRAITH, Mushtaq OOSMAN; to appoint Joerg WEBER as director of the Company; to appoint Brian AH-CHUEN as director of the Company; to take note of the automatic reappointment of PricewaterhouseCoopers as external auditors of the Company in compliance with Section 200 of the Companies Act 2001 and to authorize the Board of Directors to fix their remuneration; and to consider other matters. Upcoming Dividend • May 23
Upcoming dividend of MU₨0.80 per share at 2.9% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 16 June 2023. Trailing yield: 2.9%. Lower than top quartile of Mauritian dividend payers (6.1%). Lower than average of industry peers (5.7%). Reported Earnings • May 17
First quarter 2023 earnings released: MU₨1.07 loss per share (vs MU₨0.09 profit in 1Q 2022) First quarter 2023 results: MU₨1.07 loss per share (down from MU₨0.09 profit in 1Q 2022). Revenue: MU₨1.22b (up 3.3% from 1Q 2022). Net loss: MU₨59.7m (down MU₨63.7m from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 22
Upcoming dividend of MU₨2.10 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 19 December 2022. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Mauritian dividend payers (4.9%). Lower than average of industry peers (5.4%). Ankündigung • Nov 17
MUA Ltd Declares Final Dividend for the Financial Year Ending 31 December 2022, Payable on or About 19 December 2022 MUA Ltd. has declared a final dividend of MUR 2.10 per share payable to shareholders registered at the close of business on 1 December 2022 in respect of its financial year ending 31 December 2022. The dividend will be paid on or about 19 December 2022. The shares of the Company will be traded cum-dividend up to the market day of 28 November 2022 and ex-dividend as from 29 November 2022. Reported Earnings • Nov 17
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: MU₨1.32b (up 6.0% from 3Q 2021). Net loss: MU₨38.2m (down 270% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Non-Executive Director Olivier de Grivel was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: MU₨3.40 (vs MU₨3.44 in 2Q 2021) Second quarter 2022 results: EPS: MU₨3.40 (down from MU₨3.44 in 2Q 2021). Revenue: MU₨1.47b (up 25% from 2Q 2021). Net income: MU₨174.0m (flat on 2Q 2021). Profit margin: 12% (down from 15% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Ankündigung • Jun 30
MUA Ltd Announces CEO Changes The Board of Directors of MUA Ltd. informed its shareholders and the public in general that it has approved the appointment of Jörg Weber as the new Group CEO. This appointment, which is still subject to regulatory approval, will be effective as from 16 August 2022. The incoming Group CEO will work closely with Bertrand Casteres to ensure a proper handover. Mr. Casteres will remain with MUA until 30 September 2022 in an advisory role and to support a smooth transition. Mr. Weber is a German national with 26 years of experience in the insurance and investment sectors, 20 of which with the Allianz Group. Whilst at Allianz he occupied several executive roles in different countries (Germany, Belgium, Netherlands) and most recently as `Directeur Général' at Allianz Maroc, where he spent the last 4 years. Ankündigung • Jun 24
MUA Ltd, Annual General Meeting, Jul 15, 2022 MUA Ltd, Annual General Meeting, Jul 15, 2022, at 10:00 Mauritius Standard Time. Location: 4 Léoville L'Homme Street, Port-Louis Mauritius Agenda: To consider the annual report and the report of the auditors, and to adopt the audited financial statements of the Company and of its subsidiaries for the year ended 31 December 2021; to consider in accordance with Section 138(6) of the Companies Act 2001 to re-appoint Mr. Vincent AH CHUEN as director of the Company to consider in accordance with Section 138(6) of the Companies Act 2001 to re-appoint Mr. Alfred BOUCKAERT as director of the Company; to take note of the automatic reappointment of PricewaterhouseCoopers (`PwC') as external auditors of the Company in compliance with Section 200 of the Companies Act 2001 and to authorize the Board of Directors to fix their remuneration; and to consider other matters. Upcoming Dividend • May 27
Upcoming dividend of MU₨0.80 per share Eligible shareholders must have bought the stock before 03 June 2022. Payment date: 23 June 2022. Trailing yield: 2.1%. Lower than top quartile of Mauritian dividend payers (3.8%). Lower than average of industry peers (5.0%). Ankündigung • May 20
MUA Ltd Has Declares Interim Dividend, Payable on or About the 23 June 2022 MUA Ltd. has declared an interim dividend of MUR 0.80 per share payable to shareholders registered at the close of business on 7 June 2022, in respect of its financial year ending 31 December 2022. The dividend will be paid on or about the 23 June 2022. The shares of the Company will be traded cum-dividend up to the market day of 2 June 2022 and ex-dividend as from 3 June 2022. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: MU₨0.09 (vs MU₨0.69 in 1Q 2021) First quarter 2022 results: EPS: MU₨0.09 (down from MU₨0.69 in 1Q 2021). Revenue: MU₨1.18b (up 9.9% from 1Q 2021). Net income: MU₨4.04m (down 87% from 1Q 2021). Profit margin: 0.3% (down from 3.0% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Board Change • Apr 27
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. 7 non-independent directors. Independent Non-Executive Director Olivier de Grivel was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Apr 03
Mua Ltd Announces Resignation of Bertrand Casteres as CEO, Effective 30 September 2022 The Board of Directors of MUA Ltd. informed its shareholders and the public in general that Mr. Bertrand Casteres, Group Chief Executive Officer of MUA, has resigned and will step down from his current position to relocate abroad by no later than 30 September 2022. Recruitment of a new Group Chief Executive Officer has been initiated. Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: MU₨7.71 (vs MU₨7.24 in FY 2020) Full year 2021 results: EPS: MU₨7.71 (up from MU₨7.24 in FY 2020). Revenue: MU₨4.67b (flat on FY 2020). Net income: MU₨390.5m (up 17% from FY 2020). Profit margin: 8.4% (up from 7.1% in FY 2020). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Nov 22
Upcoming dividend of MU₨2.10 per share Eligible shareholders must have bought the stock before 29 November 2021. Payment date: 17 December 2021. Trailing yield: 2.2%. Lower than top quartile of Mauritian dividend payers (3.3%). Lower than average of industry peers (3.5%). Reported Earnings • Nov 13
Third quarter 2021 earnings released: EPS MU₨0.37 (vs MU₨0.76 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: MU₨1.25b (up 12% from 3Q 2020). Net income: MU₨22.5m (down 35% from 3Q 2020). Profit margin: 1.8% (down from 3.1% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 21
Upcoming dividend of MU₨0.80 per share Eligible shareholders must have bought the stock before 27 May 2021. Payment date: 15 June 2021. Trailing yield: 2.4%. Lower than top quartile of Mauritian dividend payers (4.3%). Lower than average of industry peers (4.0%). Reported Earnings • May 13
First quarter 2021 earnings released: EPS MU₨0.69 (vs MU₨1.02 in 1Q 2020) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: MU₨1.07b (up 34% from 1Q 2020). Net income: MU₨32.0m (down 30% from 1Q 2020). Profit margin: 3.0% (down from 5.7% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 04
Full year 2020 earnings released: EPS MU₨7.41 (vs MU₨8.47 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: MU₨3.83b (down 16% from FY 2019). Net income: MU₨334.0m (down 13% from FY 2019). Profit margin: 8.7% (up from 8.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 15% per year. Is New 90 Day High Low • Feb 20
New 90-day high: MU₨94.75 The company is up 10.0% from its price of MU₨86.00 on 20 November 2020. The Mauritian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Insurance industry, which is also up 10.0% over the same period. Is New 90 Day High Low • Feb 04
New 90-day high: MU₨93.50 The company is up 11% from its price of MU₨84.50 on 05 November 2020. The Mauritian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Insurance industry, which is up 13% over the same period. Is New 90 Day High Low • Jan 09
New 90-day high: MU₨91.25 The company is up 8.0% from its price of MU₨84.50 on 09 October 2020. The Mauritian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Insurance industry, which is up 14% over the same period. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS MU₨0.76 The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: MU₨1.11b (up 31% from 3Q 2019). Net income: MU₨34.3m (down 53% from 3Q 2019). Profit margin: 3.1% (down from 8.5% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS MU₨0.76 The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: MU₨1.11b (up 31% from 3Q 2019). Net income: MU₨34.3m (down 53% from 3Q 2019). Profit margin: 3.1% (down from 8.5% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 13% per year. Ankündigung • Nov 06
MUA Ltd has completed a Follow-on Equity Offering in the amount of MRO 415.83 million. MUA Ltd has completed a Follow-on Equity Offering in the amount of MRO 415.83 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,010,000
Price\Range: MRO 83
Transaction Features: Rights Offering 
