Bekanntmachung • Feb 13
Mustek Limited to Report First Half, 2026 Results on Feb 25, 2026 Mustek Limited announced that they will report first half, 2026 results on Feb 25, 2026 Bekanntmachung • Oct 10
Mustek Limited, Annual General Meeting, Nov 20, 2025 Mustek Limited, Annual General Meeting, Nov 20, 2025. Location: mustek`s head office, 322 15th road, randjespark, midrand, South Africa New Risk • Sep 23
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 27% per year over the past 5 years. Minor Risk Market cap is less than US$100m (R741.6m market cap, or US$43.0m). Declared Dividend • Sep 22
Dividend of R0.14 announced Shareholders will receive a dividend of R0.14. Ex-date: 8th October 2025 Payment date: 13th October 2025 Dividend yield will be 1.0%, which is higher than the industry average of 0.9%. Reported Earnings • Sep 21
Full year 2025 earnings released: EPS: R0.72 (vs R0.37 in FY 2024) Full year 2025 results: EPS: R0.72 (up from R0.37 in FY 2024). Revenue: R7.18b (down 16% from FY 2024). Net income: R38.8m (up 81% from FY 2024). Profit margin: 0.5% (up from 0.3% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Bekanntmachung • Sep 17
Mustek Limited to Report Fiscal Year 2025 Results on Sep 19, 2025 Mustek Limited announced that they will report fiscal year 2025 results on Sep 19, 2025 Board Change • Aug 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Non-Executive Chairman Lenamile Mophatlane was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 11
First half 2025 earnings released: EPS: R0.23 (vs R0.91 in 1H 2024) First half 2025 results: EPS: R0.23 (down from R0.91 in 1H 2024). Revenue: R3.66b (down 14% from 1H 2024). Net income: R12.5m (down 76% from 1H 2024). Profit margin: 0.3% (down from 1.2% in 1H 2024). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Mar 06
New major risk - Revenue and earnings growth Earnings have declined by 13% 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 Risk Earnings have declined by 13% per year over the past 5 years. Minor Risk Market cap is less than US$100m (R823.9m market cap, or US$45.4m). Bekanntmachung • Mar 03
Mustek Limited to Report First Half, 2025 Results on Mar 06, 2025 Mustek Limited announced that they will report first half, 2025 results on Mar 06, 2025 Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to R15.29, the stock trades at a trailing P/E ratio of 38.7x. Average trailing P/E is 22x in the Tech industry globally. Total returns to shareholders of 31% over the past three years. Bekanntmachung • Oct 07
Mustek Limited, Annual General Meeting, Nov 21, 2024 Mustek Limited, Annual General Meeting, Nov 21, 2024. Location: mustek`s head office at 322, 15th road, randjespark, midrand, South Africa New Risk • Sep 25
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (R758.4m market cap, or US$44.1m). Declared Dividend • Sep 22
Dividend reduced to R0.075 Dividend of R0.075 is 90% lower than last year. Ex-date: 9th October 2024 Payment date: 14th October 2024 Dividend yield will be 0.5%, which is lower than the industry average of 0.9%. Sustainability & Growth Dividend is covered by earnings (31% 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 11% 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 65% to shift the payout ratio to a potentially unsustainable range, which is more than the 24% EPS decline seen over the last 5 years. New Risk • Sep 20
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: 0.3% Last year net profit margin: 2.2% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (R802.7m market cap, or US$45.7m). Reported Earnings • Sep 20
Full year 2024 earnings released: EPS: R0.37 (vs R3.77 in FY 2023) Full year 2024 results: EPS: R0.37 (down from R3.77 in FY 2023). Revenue: R8.51b (down 16% from FY 2023). Net income: R21.4m (down 90% from FY 2023). Profit margin: 0.3% (down from 2.2% in FY 2023). 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 2% per year, which means it is well ahead of earnings. Bekanntmachung • Sep 12
Mustek Limited to Report Fiscal Year 2024 Results on Sep 19, 2024 Mustek Limited announced that they will report fiscal year 2024 results on Sep 19, 2024 Board Change • Aug 09
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. 4 non-independent directors. Independent Non-Executive Director Pamella Marlowe was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Bekanntmachung • Jul 25
An undisclosed buyer acquired an unknown minority stake in Mustek Limited (JSE:MST) from Old Mutual Limited (JSE:OMU). An undisclosed buyer acquired an unknown minority stake in Mustek Limited (JSE:MST) from Old Mutual Limited (JSE:OMU) on July 24, 2024. After completion, Old Mutual now holds 4.65% stake in Mustek.
An undisclosed buyer completed the acquisition of an unknown minority stake in Mustek Limited (JSE:MST) from Old Mutual Limited (JSE:OMU) on July 24, 2024. New Risk • Jul 24
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 South African stocks, typically moving 6.8% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (R698.0m market cap, or US$37.9m). Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R10.99, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 24x in the Tech industry globally. Total returns to shareholders of 19% over the past three years. Reported Earnings • Mar 10
First half 2024 earnings released: EPS: R0.91 (vs R2.19 in 1H 2023) First half 2024 results: EPS: R0.91 (down from R2.19 in 1H 2023). Revenue: R4.27b (down 13% from 1H 2023). Net income: R52.4m (down 60% from 1H 2023). Profit margin: 1.2% (down from 2.6% in 1H 2023). The decrease in margin was driven by lower revenue. 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 1% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 29
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to R10.23, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 23x in the Tech industry globally. Total returns to shareholders of 28% over the past three years. Bekanntmachung • Feb 24
Mustek Limited to Report First Half, 2024 Results on Mar 06, 2024 Mustek Limited announced that they will report first half, 2024 results on Mar 06, 2024 New Risk • Feb 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Market cap is less than US$100m (R725.7m market cap, or US$38.9m). Upcoming Dividend • Oct 04
Upcoming dividend of R0.77 per share at 5.1% yield Eligible shareholders must have bought the stock before 11 October 2023. Payment date: 16 October 2023. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 5.1%. Lower than top quartile of South African dividend payers (9.7%). Higher than average of industry peers (0.9%). New Risk • Sep 23
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (R914.5m market cap, or US$48.8m). Bekanntmachung • Sep 20
Mustek Limited Declares Final Dividend for the Year Ended 30 June 2023, Payable on 16 October 2023 Mustek Limited announced that a final dividend of 77 cents per ordinary share for the year ended 30 June 2023 is declared, payable to shareholders recorded in the books of the company at the close of business on the record date appearing below. The salient dates applicable to the final dividend are as follows: First day to trade ex dividend is 11 October 2023. Record date is 13 October 2023. Payment date is 16 October 2023. Reported Earnings • Sep 19
Full year 2023 earnings released Full year 2023 results: Revenue: R10.1b (up 14% from FY 2022). Net income: R219.6m (flat on FY 2022). Profit margin: 2.2% (down from 2.5% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Bekanntmachung • Aug 24
Mustek Limited Appoints Isaac Mophatlane as an Independent Non-Executive Director, Effective 1 September 2023 Mustek Limited announced that Mr. Isaac Mophatlane is appointed as an independent non-executive director of the company, effective 1 September 2023. Isaac started his career at Software Connexion and soon became the youngest director on the board of a listed company. Together with his late brother, Benjamin, Isaac co-founded BCX (then known as Business Connection) in 1996. In 2004 the company merged with Comparex Africa and he was then appointed as Group Executive: Client Engagement Public Sector. Isaac also fulfilled the roles of Group Executive: Innovation and Group Executive: Smart Office Connexion before becoming Group Chief Executive Officer of BCX following the passing of Benjamin. In 2015 BCX was sold to Telkom, creating the ICT services business on the African continent. Isaac co-founded the Randvest Group, a South African, majority black-owned, diversified investment holding company in 2017. Isaac has a depth of experience in building a business from a small company to a large, listed entity with operations across multiple countries, both in Africa and abroad. He has an extensive network in the ICT, Financial Services, and Retail industries in several African countries. Isaac currently serves as an independent non-executive director on the board of Pepkor Holdings Limited and is a member of the Pepkor Human Resources and Remuneration and Nomination Committees. He previously served as an independent non-executive director on the board of Exxaro Resources Limited and was a member of the Exxaro Audit Committee, the Social and Ethics Committee and the Investment Committee. Isaac is a non-executive director on the boards of several of Randvest's investments and is also deputy non-executive chairman of the Catholic Education Investment Company. Reported Earnings • Mar 10
First half 2023 earnings released: EPS: R2.19 (vs R2.33 in 1H 2022) First half 2023 results: EPS: R2.19 (down from R2.33 in 1H 2022). Revenue: R4.91b (up 17% from 1H 2022). Net income: R129.3m (down 14% from 1H 2022). Profit margin: 2.6% (down from 3.6% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Global Tech industry. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 36% per year. 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. 4 non-independent directors. Independent Non-Executive Director Pamella Marlowe was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 28
Upcoming dividend of R0.76 per share Eligible shareholders must have bought the stock before 05 October 2022. Payment date: 10 October 2022. Payout ratio is a comfortable 22% and the cash payout ratio is 75%. Trailing yield: 5.2%. Lower than top quartile of South African dividend payers (9.0%). Higher than average of industry peers (1.1%). Reported Earnings • Sep 14
Full year 2022 earnings released: EPS: R3.51 (vs R4.25 in FY 2021) Full year 2022 results: EPS: R3.51 (down from R4.25 in FY 2021). Revenue: R8.91b (up 11% from FY 2021). Net income: R220.0m (down 25% from FY 2021). Profit margin: 2.5% (down from 3.7% in FY 2021). The decrease in margin was driven by higher expenses. 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 20% per year, which means it is significantly lagging earnings growth. Board Change • Jul 24
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. 4 non-independent directors. Independent Non-Executive Director Pamella Marlowe was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 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. 4 non-independent directors. Independent Non-Executive Director Pamella Marlowe was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 06
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: R2.33 (up from R1.97 in 1H 2021). Revenue: R4.19b (up 13% from 1H 2021). Net income: R150.1m (up 8.7% from 1H 2021). Profit margin: 3.6% (down from 3.7% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 51% 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 • Sep 29
Upcoming dividend of R0.90 per share Eligible shareholders must have bought the stock before 06 October 2021. Payment date: 11 October 2021. Trailing yield: 6.8%. Lower than top quartile of South African dividend payers (8.1%). Higher than average of industry peers (1.1%). Reported Earnings • Sep 10
Full year 2021 earnings released: EPS R4.25 (vs R1.24 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: R8.04b (up 26% from FY 2020). Net income: R293.8m (up 238% from FY 2020). Profit margin: 3.7% (up from 1.4% in FY 2020). The increase in margin was driven by higher revenue. 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 19% per year, which means it is significantly lagging earnings growth. Executive Departure • Apr 02
Lead Independent Non-Executive Director has left the company On the 31st of March, Mduduzi Gama's tenure as Lead Independent Non-Executive Director ended after 18.6 years in the role. We don't have any record of a personal shareholding under Mduduzi's name. A total of 2 executives have left over the last 12 months. Reported Earnings • Mar 07
First half 2021 earnings released: EPS R1.97 (vs R0.76 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: R3.72b (up 24% from 1H 2020). Net income: R138.1m (up 161% from 1H 2020). Profit margin: 3.7% (up from 1.8% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Executive Departure • Mar 03
Independent Non-Executive Director has left the company On the 28th of February, Lindani Dhlamini's tenure as Independent Non-Executive Director ended after 5.2 years in the role. We don't have any record of a personal shareholding under Lindani's name. Lindani is the only executive to leave the company over the last 12 months. Bekanntmachung • Feb 24
Mustek Limited Announces Resignation of Dr. Mdu Gama as Independent Non-Executive Director and Chairman of Social & Ethics Committee and Member of Audit & Risk Committee, Effective 31 March 2021 Mustek Limited announced that Dr. Mdu Gama has resigned from Mustek Board as Independent Non-Executive Director and as Chairman of Social & Ethics Committee and member of Audit & Risk Committee with effect from 31 March 2021. Is New 90 Day High Low • Feb 08
New 90-day high: R9.50 The company is up 27% from its price of R7.50 on 10 November 2020. The South African market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is up 20% over the same period. Bekanntmachung • Feb 05
Lindani Dhlamini Resigns from Mustek Limited Board as Independent Non-Executive Director and Audit & Risk Committee Chairman, with Effect from 28 February 2021 Mustek Limited announced that Ms Lindani Dhlamini has resigned from the Mustek Board as Independent Non-Executive Director and Audit & Risk Committee Chairman with effect from 28 February 2021. Is New 90 Day High Low • Dec 28
New 90-day high: R7.97 The company is up 14% from its price of R6.98 on 29 September 2020. The South African market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Tech industry, which is up 18% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: R7.66 The company is up 11% from its price of R6.87 on 26 August 2020. The South African market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is down 3.0% over the same period. Is New 90 Day High Low • Nov 04
New 90-day high: R7.15 The company is up 19% from its price of R6.00 on 06 August 2020. The South African market is down 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tech industry, which is down 1.0% over the same period. Is New 90 Day High Low • Oct 06
New 90-day high: R7.10 The company is up 1.0% from its price of R7.03 on 08 July 2020. The South African market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Tech industry, which is up 17% over the same period. Upcoming Dividend • Sep 30
Upcoming Dividend of R0.26 Per Share Will be paid on the 12th of October to those who are registered shareholders by the 7th of October. The trailing yield of 3.7% is below the top quartile of South African dividend payers (10%), but it is higher than industry peers (1.2%). Bekanntmachung • Jul 24
An unknown buyer acquire an unknown stake in Mustek Limited (JSE:MST) from Old Mutual Limited (JSE:OMU). An unknown buyer acquire an unknown stake in Mustek Limited (JSE:MST) from Old Mutual Limited (JSE:OMU) on July 23, 2020. As a result of the transaction, Old Mutual Limited now owns 24.29% stake in Mustek Limited.
An unknown buyer completed the acquisition of an unknown stake in Mustek Limited (JSE:MST) from Old Mutual Limited (JSE:OMU) on July 23, 2020. 
