Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to RM6.15, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 15x in the Basic Materials industry in Asia. Total returns to shareholders of 191% over the past three years. Declared Dividend • Mar 01
First half dividend increased to RM0.06 Dividend of RM0.06 is 20% higher than last year. Ex-date: 13th March 2026 Payment date: 27th March 2026 Dividend yield will be 1.5%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (19% 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 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
Second quarter 2026 earnings released: EPS: RM0.17 (vs RM0.14 in 2Q 2025) Second quarter 2026 results: EPS: RM0.17 (up from RM0.14 in 2Q 2025). Revenue: RM1.26b (up 9.5% from 2Q 2025). Net income: RM233.0m (up 26% from 2Q 2025). Profit margin: 19% (up from 16% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 55% per year whereas the company’s share price has increased by 56% per year. Price Target Changed • Feb 27
Price target increased by 27% to RM10.25 Up from RM8.06, the current price target is an average from 5 analysts. New target price is 19% above last closing price of RM8.60. Stock is up 73% over the past year. The company is forecast to post earnings per share of RM0.60 for next year compared to RM0.50 last year. Major Estimate Revision • Dec 04
Consensus EPS estimates increase by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from RM4.81b to RM5.07b. EPS estimate increased from RM0.442 to RM0.563 per share. Net income forecast to grow 1.2% next year vs 18% growth forecast for Basic Materials industry in Malaysia. Consensus price target up from RM7.43 to RM8.06. Share price was steady at RM6.79 over the past week. Price Target Changed • Nov 28
Price target increased by 8.1% to RM8.04 Up from RM7.43, the current price target is an average from 5 analysts. New target price is 20% above last closing price of RM6.71. Stock is up 40% over the past year. The company is forecast to post earnings per share of RM0.51 for next year compared to RM0.50 last year. Reported Earnings • Nov 04
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: RM0.50 (up from RM0.33 in FY 2024). Revenue: RM4.53b (up 1.8% from FY 2024). Net income: RM672.4m (up 57% from FY 2024). Profit margin: 15% (up from 9.6% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Annonce • Oct 30
Malayan Cement Berhad, Annual General Meeting, Dec 04, 2025 Malayan Cement Berhad, Annual General Meeting, Dec 04, 2025, at 15:30 Singapore Standard Time. Location: mayang sari grand ballroom, lower level 3, jw marriott hotel kuala lumpur, 183 jalan bukit bintang, 55100 kuala lumpur, Malaysia Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to RM7.15, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Basic Materials industry in Asia. Total returns to shareholders of 304% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM12.05 per share. Upcoming Dividend • Sep 04
Upcoming dividend of RM0.07 per share Eligible shareholders must have bought the stock before 11 September 2025. Payment date: 02 October 2025. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Malaysian dividend payers (5.6%). In line with average of industry peers (2.3%). New Risk • Aug 23
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 22
Full year 2025 earnings released: EPS: RM0.50 (vs RM0.33 in FY 2024) Full year 2025 results: EPS: RM0.50 (up from RM0.33 in FY 2024). Revenue: RM4.53b (up 1.8% from FY 2024). Net income: RM672.4m (up 57% from FY 2024). Profit margin: 15% (up from 9.6% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 29
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from RM4.66b to RM4.73b. EPS estimate increased from RM0.382 to RM0.447 per share. Net income forecast to shrink 0.9% next year vs 38% growth forecast for Basic Materials industry in Malaysia . Consensus price target broadly unchanged at RM6.96. Share price rose 4.9% to RM5.09 over the past week. New Risk • May 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 23
Third quarter 2025 earnings released: EPS: RM0.14 (vs RM0.077 in 3Q 2024) Third quarter 2025 results: EPS: RM0.14 (up from RM0.077 in 3Q 2024). Revenue: RM1.10b (flat on 3Q 2024). Net income: RM182.8m (up 81% from 3Q 2024). Profit margin: 17% (up from 9.2% in 3Q 2024). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 26
Upcoming dividend of RM0.05 per share Eligible shareholders must have bought the stock before 05 March 2025. Payment date: 27 March 2025. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Malaysian dividend payers (5.5%). Lower than average of industry peers (2.5%). Reported Earnings • Feb 21
Second quarter 2025 earnings released: EPS: RM0.14 (vs RM0.092 in 2Q 2024) Second quarter 2025 results: EPS: RM0.14 (up from RM0.092 in 2Q 2024). Revenue: RM1.15b (flat on 2Q 2024). Net income: RM184.7m (up 52% from 2Q 2024). Profit margin: 16% (up from 11% in 2Q 2024). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 27
First quarter 2025 earnings released: EPS: RM0.10 (vs RM0.073 in 1Q 2024) First quarter 2025 results: EPS: RM0.10 (up from RM0.073 in 1Q 2024). Revenue: RM1.17b (up 1.9% from 1Q 2024). Net income: RM139.4m (up 45% from 1Q 2024). Profit margin: 12% (up from 8.4% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 22
Upcoming dividend of RM0.06 per share Eligible shareholders must have bought the stock before 29 October 2024. Payment date: 15 November 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Malaysian dividend payers (4.8%). In line with average of industry peers (2.4%). New Risk • Sep 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Declared Dividend • Aug 23
Final dividend of RM0.06 announced Shareholders will receive a dividend of RM0.06. Ex-date: 29th October 2024 Payment date: 15th November 2024 Dividend yield will be 1.9%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (16% 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 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 22
Full year 2024 earnings released: EPS: RM0.33 (vs RM0.12 in FY 2023) Full year 2024 results: EPS: RM0.33 (up from RM0.12 in FY 2023). Revenue: RM4.45b (up 18% from FY 2023). Net income: RM428.7m (up 170% from FY 2023). Profit margin: 9.6% (up from 4.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. New Risk • Jun 12
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jun 03
Upcoming dividend of RM0.04 per share Eligible shareholders must have bought the stock before 10 June 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Malaysian dividend payers (4.4%). Lower than average of industry peers (2.4%). Annonce • May 26
Malayan Cement Berhad Reports Property, Plant and Equipment Written Off for the Quarter Ended March 31, 2024 Malayan Cement Berhad reported Property, plant and equipment written off for the quarter ended March 31, 2024. For the quarter, the company reported Property, plant and equipment written off of MYR 1,000. Price Target Changed • May 25
Price target increased by 12% to RM6.60 Up from RM5.87, the current price target is an average from 5 analysts. New target price is 24% above last closing price of RM5.30. Stock is up 93% over the past year. The company is forecast to post earnings per share of RM0.31 for next year compared to RM0.12 last year. Annonce • May 25
Malayan Cement Berhad Announces Interim Dividend in Respect of the Financial Year Ending 30 June 2024, Payable on June 26, 2024 Malayan Cement Berhad announced Interim dividend of 4 sen per ordinary share in respect of the financial year ending 30 June 2024. Ex-Date is 10 June 2024. Entitlement date is 11 June 2024. Payment Date is 26 June 2024. Reported Earnings • Feb 23
Second quarter 2024 earnings released: EPS: RM0.093 (vs RM0.012 in 2Q 2023) Second quarter 2024 results: EPS: RM0.093 (up from RM0.012 in 2Q 2023). Revenue: RM1.16b (up 29% from 2Q 2023). Net income: RM121.2m (up RM105.9m from 2Q 2023). Profit margin: 11% (up from 1.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Basic Materials industry in Asia are expected to grow by 2.2%. Major Estimate Revision • Nov 30
Consensus EPS estimates increase by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from RM3.92b to RM4.11b. EPS estimate increased from RM0.161 to RM0.207 per share. Net income forecast to grow 15% next year vs 34% growth forecast for Basic Materials industry in Malaysia. Consensus price target up from RM4.49 to RM4.94. Share price rose 5.1% to RM4.14 over the past week. Reported Earnings • Nov 02
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: RM0.12 (up from RM0.068 in FY 2022). Revenue: RM3.76b (up 39% from FY 2022). Net income: RM159.0m (up 90% from FY 2022). Profit margin: 4.2% (up from 3.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 1.0%. Revenue is forecast to stay flat during the next 3 years compared to a 2.1% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Annonce • Oct 31
Malayan Cement Berhad, Annual General Meeting, Dec 05, 2023 Malayan Cement Berhad, Annual General Meeting, Dec 05, 2023, at 16:30 Singapore Standard Time. Agenda: To lay before the meeting the Audited Financial Statements for the financial year ended 30 June 2023 together with the Reports of the Directors and Auditors thereon; to re-elect the Directors; to approve the payment of fees to the Non-Executive Directors amounting to RM903,014 for the financial year ended 30 June 2023; to approve the payment of meeting attendance allowance of RM1,000 per meeting for each Non-Executive Director for the period from January 2024 to December 2024; to re-appoint HLB Ler Lum Chew PLT as Auditors of the Company and to authorise the Directors to fix their remuneration; and to consider other matters. Upcoming Dividend • Oct 25
Upcoming dividend of RM0.06 per share at 1.7% yield Eligible shareholders must have bought the stock before 01 November 2023. Payment date: 21 November 2023. Trailing yield: 1.7%. Lower than top quartile of Malaysian dividend payers (5.2%). Lower than average of industry peers (2.8%). Price Target Changed • Aug 26
Price target increased by 12% to RM4.39 Up from RM3.93, the current price target is an average from 5 analysts. New target price is 22% above last closing price of RM3.60. Stock is up 63% over the past year. The company is forecast to post earnings per share of RM0.16 for next year compared to RM0.12 last year. Reported Earnings • Aug 25
Full year 2023 earnings released: EPS: RM0.12 (vs RM0.068 in FY 2022) Full year 2023 results: EPS: RM0.12 (up from RM0.068 in FY 2022). Revenue: RM3.76b (up 39% from FY 2022). Net income: RM159.0m (up 90% from FY 2022). Profit margin: 4.2% (up from 3.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 2.5% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to RM3.87, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 12x in the Basic Materials industry in Asia. Total returns to shareholders of 101% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM6.43 per share. Price Target Changed • Aug 15
Price target increased by 7.7% to RM3.93 Up from RM3.65, the current price target is an average from 5 analysts. New target price is 17% above last closing price of RM3.37. Stock is up 59% over the past year. The company is forecast to post earnings per share of RM0.089 for next year compared to RM0.068 last year. Price Target Changed • Jul 28
Price target increased by 7.2% to RM3.84 Up from RM3.58, the current price target is an average from 5 analysts. New target price is 19% above last closing price of RM3.23. Stock is up 53% over the past year. The company is forecast to post earnings per share of RM0.087 for next year compared to RM0.068 last year. Major Estimate Revision • Jun 01
Consensus EPS estimates increase by 72% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from RM3.43b to RM3.52b. EPS estimate increased from RM0.05 to RM0.085 per share. Net income forecast to grow 10% next year vs 35% growth forecast for Basic Materials industry in Malaysia. Consensus price target up from RM2.63 to RM3.13. Share price fell 7.0% to RM2.66 over the past week. Price Target Changed • May 26
Price target increased by 25% to RM3.13 Up from RM2.50, the current price target is an average from 5 analysts. New target price is 14% above last closing price of RM2.75. Stock is up 12% over the past year. The company is forecast to post earnings per share of RM0.062 for next year compared to RM0.068 last year. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to RM2.81, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 12x in the Basic Materials industry in Asia. Total returns to shareholders of 1.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at RM4.08 per share. Reported Earnings • Feb 24
Second quarter 2023 earnings released: EPS: RM0.012 (vs RM0.042 in 2Q 2022) Second quarter 2023 results: EPS: RM0.012 (down from RM0.042 in 2Q 2022). Revenue: RM897.0m (up 9.2% from 2Q 2022). Net income: RM15.3m (down 72% from 2Q 2022). Profit margin: 1.7% (down from 6.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 129% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Major Estimate Revision • Dec 01
Consensus EPS estimates fall by 39% The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from RM3.33b to RM3.29b. EPS estimate also fell from RM0.08 per share to RM0.05 per share. Net income forecast to shrink 27% next year vs 24% growth forecast for Basic Materials industry in Malaysia . Consensus price target broadly unchanged at RM2.50. Share price fell 7.1% to RM2.08 over the past week. Reported Earnings • Nov 25
First quarter 2023 earnings released First quarter 2023 results: Revenue: RM858.9m (up 202% from 1Q 2022). Net income: RM953.0k (up RM24.7m from 1Q 2022). Profit margin: 0.1% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 4 independent directors (5 non-independent directors). Independent & Non Executive Director Michael Tan was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 01
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: RM0.068 (up from RM0.009 in FY 2021). Revenue: RM2.71b (up 98% from FY 2021). Net income: RM83.5m (up RM76.2m from FY 2021). Profit margin: 3.1% (up from 0.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 9.9%. Earnings per share (EPS) exceeded analyst estimates by 3.3%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Annonce • Nov 01
Malayan Cement Berhad, Annual General Meeting, Dec 06, 2022 Malayan Cement Berhad, Annual General Meeting, Dec 06, 2022, at 16:30 Singapore Standard Time. Agenda: To lay before the meeting the Audited Financial Statements for the financial year ended 30 June 2022 together with the Reports of the Directors and Auditors thereon; to re-elect the Directors who retire pursuant to Article 85 of the Company's Constitution; to approve the payment of fees to the Non-Executive Directors amounting to MYR 920,000 for the financial year ended 30 June 2022; to approve the payment of meeting attendance allowance of MYR 1,000 per meeting for each Non-Executive Director for the period from January 2023 to December 2023; to re-appoint HLB Ler Lum Chew PLT as Auditors of the Company and to authorize the Directors to fix their remuneration; and to discuss other matters. Price Target Changed • Aug 26
Price target decreased to RM2.69 Down from RM2.91, the current price target is an average from 5 analysts. New target price is 22% above last closing price of RM2.21. Stock is down 22% over the past year. The company is forecast to post earnings per share of RM0.09 for next year compared to RM0.068 last year. Major Estimate Revision • Jun 02
Consensus revenue estimates fall by 17% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from RM3.64b to RM3.00b. EPS estimate fell from RM0.07 to RM0.05 per share. Net income forecast to grow 110% next year vs 15% growth forecast for Basic Materials industry in Malaysia. Consensus price target down from RM3.14 to RM2.91. Share price fell 10% to RM2.34 over the past week. Reported Earnings • May 28
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: RM0.014 (up from RM0.011 in 3Q 2021). Revenue: RM794.9m (up 188% from 3Q 2021). Net income: RM18.2m (up 85% from 3Q 2021). Profit margin: 2.3% (down from 3.6% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 25%. Earnings per share (EPS) exceeded analyst estimates by 218%. Over the next year, revenue is forecast to grow 58%, compared to a 12% growth forecast for the industry in Malaysia. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.