Annonce • 3h
Raubex Group Limited Announces Management Changes Raubex Group Limited announced that Dirk Lourens will take early retirement and step down as Chief Operating Officer and Executive Director of the Board of Raubex, effective August 31, 2026. Dirk joined Raubex in July 2012 and played a pivotal role in establishing and developing Raubex Infra (Pty) Ltd. His operational leadership, commercial acumen, and deep understanding of the construction and infrastructure sectors contributed meaningfully to strengthening the Group's position in the South African infrastructure market. Dirk was appointed Divisional Managing Director of the Infrastructure Division in May 2017, and effective 1 August 2022, he assumed the role of Chief Operating Officer. Over more than fourteen years of service, Dirk made a significant contribution to Raubex, progressing from divisional leadership to one of the Group's most senior executive roles. His legacy includes the establishment and growth of key operational platforms, the mentoring of future leaders, and the strengthening of operational governance and execution across the Group. Dirk will remain involved with Raubex as Executive Advisor: Operations for the period from 1 September 2026 to 31 May 2027. In this role, he will support the handover to the incoming Chief Operating Officer and focus on urgent and impactful business priorities, including a defined set of priority initiatives. The Board has appointed Jacob (Jaco) van der Bijl as Chief Operating Officer and Executive Director of the Board of Raubex, effective September 1, 2026. Jaco began his career in 1990 as a student engineer at Murray & Roberts and has more than 36 years of experience in the construction sector. He joined the Raubex Group in 2013 and has built a distinguished track record within the Roads and Earthworks Division, including as Managing Director of Roadmac Surfacing. His operational experience, technical expertise, and commercial leadership have established him as a respected leader within the Group's road construction and surfacing operations. Effective 1 June 2022, Jaco was appointed Divisional Managing Director of the Roads & Earthworks Division, assuming responsibility for one of Raubex's largest and most strategically important operating divisions. Since his appointment, he has played a significant role in strengthening the division's operational performance, market position, and long-term sustainability. Under Jaco's leadership, the Roads & Earthworks Division has continued to strengthen its reputation as a leading provider of road construction, rehabilitation, surfacing, and related infrastructure services, with a clear focus on operational excellence, disciplined project execution, safety, innovation, and client service delivery. He has also contributed to building a strong management team within the division, fostering accountability, continuous improvement, and succession development. His appointment as Chief Operating Officer reflects the Board's confidence in his leadership capabilities and his contribution to the Group's ongoing success. Jaco holds a National Higher Diploma in Civil Engineering and is a Professional Construction Manager (Pr.CM) and Professional Construction Project Manager (Pr.CPM) registered with the South African Council for the Project and Construction Management Professions (SACPMP). Annonce • Jul 24
Raubex Group Limited Announces Committee Membership Changes Raubex Group Limited at its AGM held on 24 July 2026, approved appointment of Election of SR Bogatsu, Independent Non-Executive director, as member of the Audit Committee and the Social and Ethics Committee Election of C van Schalkwyk, Prescribed Officer, as member of the Social and Ethics Committee. Following Bryan Kent's permanent retirement as an Independent Non-Executive Director at the Annual General Meeting, and in accordance with paragraph 6.71(c) of the JSE Limited Listings Requirements, the board of directors of the Company advises shareholders that Mr. Louis Raubenheimer, who was appointed to
the board with effect from 1 March 2026, has been appointed as a member of the above committees with effect from 1 August 2026, replacing Bryan Kent. Annonce • Jun 27
Raubex Group Limited, Annual General Meeting, Jul 24, 2026 Raubex Group Limited, Annual General Meeting, Jul 24, 2026. Upcoming Dividend • May 20
Upcoming dividend of R1.21 per share Eligible shareholders must have bought the stock before 27 May 2026. Payment date: 01 June 2026. Payout ratio is a comfortable 33% but the company is paying out more than the cash it is generating. Trailing yield: 3.7%. Lower than top quartile of South African dividend payers (7.6%). Higher than average of industry peers (1.0%). Reported Earnings • May 12
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: R6.10 (up from R6.02 in FY 2025). Revenue: R22.0b (up 4.6% from FY 2025). Net income: R1.10b (up 1.6% from FY 2025). Profit margin: 5.0% (in line with FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.9%. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Global Construction industry. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 07
Now 25% undervalued Over the last 90 days, the stock has risen 22% to R50.91. The fair value is estimated to be R67.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 36% in the next 2 years. Buy Or Sell Opportunity • Feb 15
Now 20% undervalued Over the last 90 days, the stock has risen 31% to R52.19. The fair value is estimated to be R65.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 21% in 2 years. Earnings are forecast to grow by 36% in the next 2 years. Major Estimate Revision • Jan 17
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from R23.8b to R21.9b. EPS estimate also fell from R6.51 per share to R5.81 per share. Net income forecast to grow 15% next year vs 19% growth forecast for Construction industry in South Africa. Consensus price target of R66.00 unchanged from last update. Share price was steady at R46.38 over the past week. Annonce • Nov 18
An undisclosed buyer acquired an unknown minority stake in Raubex Group Limited (JSE:RBX) from Public Investment Corporation Limited. An undisclosed buyer acquired an unknown minority stake in Raubex Group Limited (JSE:RBX) from Public Investment Corporation Limited on November 18, 2025. The total beneficial interest in the ordinary shares of Raubex Group held by Public Investment Corporation, is now 24.278% of the total issued ordinary shares of Raubex Group.
An undisclosed buyer completed the acquisition of an unknown minority stake in Raubex Group Limited (JSE:RBX) from Public Investment Corporation Limited on November 18, 2025. Reported Earnings • Nov 16
First half 2026 earnings: EPS and revenues miss analyst expectations First half 2026 results: EPS: R2.45 (down from R2.86 in 1H 2025). Revenue: R10.8b (down 1.0% from 1H 2025). Net income: R441.6m (down 14% from 1H 2025). Profit margin: 4.1% (down from 4.7% in 1H 2025). Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Global Construction industry. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Nov 13
CEO, Governance recently bought R1.0m worth of stock On the 10th of November, Ntombi Msiza bought around 25k shares on-market at roughly R40.58 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Ntombi has been a net seller over the last 12 months, reducing personal holdings by R3.2m. Annonce • Oct 23
Raubex Group Limited to Report Q2, 2026 Results on Nov 10, 2025 Raubex Group Limited announced that they will report Q2, 2026 results on Nov 10, 2025 Recent Insider Transactions • Aug 06
Non-Executive Chairman recently sold R9.1m worth of stock On the 30th of July, Rudolf Fourie sold around 200k shares on-market at roughly R45.54 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Rudolf has been a net seller over the last 12 months, reducing personal holdings by R24m. Annonce • Jul 25
Raubex Group Limited Appoints Moses Zolinjani Ndese (Zweli) as Member of the Audit Committee, Risk Committee and Social and Ethics Committee Effective 1 August 2025 Raubex Group Limited at its AGM held on July 25, 2025 approved appointment of Mr. Moses Zolinjani Ndese (Zweli) as member of the Audit Committee, Risk Committee and Social and Ethics Committee effective 1 August 2025. Annonce • Jun 27
Raubex Group Limited, Annual General Meeting, Jul 25, 2025 Raubex Group Limited, Annual General Meeting, Jul 25, 2025. Upcoming Dividend • Jun 11
Upcoming dividend of R1.04 per share Eligible shareholders must have bought the stock before 18 June 2025. Payment date: 23 June 2025. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of South African dividend payers (8.0%). Higher than average of industry peers (1.9%). Price Target Changed • Jun 04
Price target increased by 10% to R66.00 Up from R60.00, the current price target is provided by 1 analyst. New target price is 39% above last closing price of R47.47. Stock is up 37% over the past year. The company is forecast to post earnings per share of R7.93 for next year compared to R6.02 last year. Annonce • Jun 03
Raubex Group Limited Declares Gross Final Cash Dividend for the Year Ended 28 February 2025, Payable on 23 June 2025 The board of Raubex Group Limited has declared a gross final cash dividend from income reserves of 104 cents per share on 29 May 2025 for the year ended 28 February 2025. The salient dates for the payment of the dividend are as follows: Commence trading ex dividend, 18 June 2025; Record date: 20 June 2025 and Payment date: 23 June 2025. Reported Earnings • Jun 02
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: R6.02 (up from R4.72 in FY 2024). Revenue: R21.1b (up 21% from FY 2024). Net income: R1.08b (up 28% from FY 2024). Profit margin: 5.1% (up from 4.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 2.5%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Global Construction industry. 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 4% per year, which means it is significantly lagging earnings growth. Annonce • May 09
Raubex Group Limited to Report Fiscal Year 2025 Results on May 12, 2025 Raubex Group Limited announced that they will report fiscal year 2025 results on May 12, 2025 New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 2024. 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: Minor Risks Latest financial reports are more than 6 months old (reported August 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Annonce • Jan 27
Raubex Group Limited Appoints of Moses Zolinjani Ndese as Independent Non-Executive Director Raubex Group Limited announced that Mr. Moses Zolinjani Ndese ("Zweli"), has been appointed as an Independent Non-Executive Director of the Board of Raubex with effect from 24 January 2025. Zweli has a National Higher Diploma in Metalliferous Mining from the Technikon Witwatersrand, a Mine Manager's Certificate of Competency from the Department of Minerals and Energy, and a Master of Business Administration from the Milpark Business School. He also has a Certificate in Leadership Development from the University of Johannesburg, and a Certificate of competence in Safety, Health and Environmental Risk Management from the University of the Witwatersrand. Zweli is an experienced executive with a career spanning over 25 years in the mining industry. He brings a wealth of experience in strategic planning to develop and implement robust medium and long-term business plans that drive sustainable growth, operational excellence to ensure the achievement of business plans across key areas including production, costs, quality, health and safety, people development and succession planning. He is also well versed in business improvement to initiate and execute projects that drive growth. His experience also includes project execution and stakeholder management. After completing the Management Trainee Program at Anglogold Ashanti, Zweli went on to hold senior mine operations roles at various reputable mining companies including Goldfields, Anglo American Platinum and Sibanye-Stillwater, with his most recent executive position being Regional General Manager Operations, at Harmony Gold Mining Company Limited until his early retirement in May 2024. Much earlier in his career he also gathered experience in the Department of Mineral Resources as a Mining Inspector in the Directorate of Mine Health and Safety. Recent Insider Transactions • Nov 24
Non-Executive Chairman recently sold R15m worth of stock On the 19th of November, Rudolf Fourie sold around 300k shares on-market at roughly R51.04 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Rudolf has been a net seller over the last 12 months, reducing personal holdings by R24m. Declared Dividend • Nov 13
First half dividend increased to R0.94 Dividend of R0.94 is 49% higher than last year. Ex-date: 27th November 2024 Payment date: 2nd December 2024 Dividend yield will be 4.0%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Sep 18
Raubex Group Limited to Report First Half, 2025 Results on Nov 11, 2024 Raubex Group Limited announced that they will report first half, 2025 results on Nov 11, 2024 Recent Insider Transactions • Aug 10
Non-Executive Chairman recently sold R8.5m worth of stock On the 6th of August, Rudolf Fourie sold around 192k shares on-market at roughly R44.07 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Rudolf's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to R47.20, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Construction industry globally. Total returns to shareholders of 81% over the past three years. Declared Dividend • May 15
Final dividend increased to R0.92 Dividend of R0.92 is 21% higher than last year. Ex-date: 28th May 2024 Payment date: 3rd June 2024 Dividend yield will be 4.5%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (2% 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 7.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 13
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: R4.72 (up from R3.91 in FY 2023). Revenue: R17.4b (up 14% from FY 2023). Net income: R847.6m (up 20% from FY 2023). Profit margin: 4.9% (up from 4.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.6%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Construction industry in Africa. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Annonce • Apr 30
Raubex Group Limited to Report Fiscal Year 2024 Results on May 13, 2024 Raubex Group Limited announced that they will report fiscal year 2024 results on May 13, 2024 Annonce • Mar 06
Raubex Group Limited, Annual General Meeting, Jul 26, 2024 Raubex Group Limited, Annual General Meeting, Jul 26, 2024. Annonce • Feb 28
Raubex Group Limited Announces Changes to Board Committees Raubex Group Limited approved Succession Policy, the Board of Directors of the Company wishes to advise shareholders of the restructuring of the following Board Committees with immediate effect - Audit Committee: Mr. Bryan Kent will step down as the Chairman of the Audit Committee but will remain a member of the Committee to achieve continuity and a smooth succession and transfer of historical knowledge to Ms Modi Hlobo, who will be taking over as Chairperson of the Committee. Ms Modi Hlobo is appointed as Chairperson of the Audit Committee. Following implementation of above, the Audit Committee members will be as follows - Modi Hlobo (Chairperson), Bryan Kent (Member), Setshego Bogatsu (Member) and Nosisa Fubu (Member). Risk Committee: Mr. Bryan Kent will step down as the Chairman of the Risk Committee but will remain a member of the Committee to achieve continuity and a smooth succession and transfer of historical knowledge to Ms Modi Hlobo, who will be taking over as Chairperson of the Committee. Ms Modi Hlobo is appointed as Chairperson of the Risk Committee. Mr. Jaco Louw has resigned as a member of the Risk Committee. Mr. Sam Odendaal has been appointed as a member of the Risk Committee. Following implementation of above, the Risk Committee members will be as follows - Modi Hlobo (Chairperson), Bryan Kent (Member), Felicia Msiza (Member), Nosisa Fubu (Member) and Sam Odendaal (Member). Remuneration and Nomination Committee (Remco): Ms Setshego Bogatsu will step down as Chairperson of Remco but will remain a member of the Committee to achieve continuity and a smooth succession and transfer of historical knowledge to Ms Nosisa Fubu, who will be taking over as Chairperson of the Committee. Ms Nosisa Fubu is appointed as Chairperson of Remco. Following implementation of above, the Remco members will be as follows -Nosisa Fubu (Chairperson), Setshego Bogatsu (Member), Bryan Kent (Member) and Rudolf Fourie (Member). Upcoming Dividend • Nov 22
Upcoming dividend of R0.63 per share at 4.7% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 4.7%. Lower than top quartile of South African dividend payers (9.1%). Higher than average of industry peers (4.0%). Reported Earnings • Nov 19
First half 2024 earnings released: EPS: R1.93 (vs R1.62 in 1H 2023) First half 2024 results: EPS: R1.93 (up from R1.62 in 1H 2023). Revenue: R8.45b (up 14% from 1H 2023). Net income: R346.1m (up 19% from 1H 2023). Profit margin: 4.1% (up from 4.0% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Construction industry in Africa. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 09
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 7.0%. The fair value is estimated to be R33.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 53%. Annonce • Oct 01
Raubex Group Limited Announces Board Changes The board of directors of Raubex Group Limited announced the following change to the risk committee with immediate effect. Risk Committee: Robert Shedlock has resigned as a member of the Risk Committee; Jaco Louw is appointed as a member of the Risk Committee. Following implementation of above, the Risk Committee members will be as follows: Bryan Kent (Chairman); Felicia Msiza (Member); Nosisa Fubu (Member); Modi Hlobo (Member); Jaco Louw (Member). Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R29.24, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Construction industry globally. Total returns to shareholders of 66% over the past three years. Buying Opportunity • Aug 31
Now 21% undervalued Over the last 90 days, the stock is up 5.8%. The fair value is estimated to be R32.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 53%. Buying Opportunity • Aug 11
Now 23% undervalued Over the last 90 days, the stock is up 2.8%. The fair value is estimated to be R32.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 53%. New Risk • Aug 10
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: R6.3m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. 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 (7.3% average weekly change). Significant insider selling over the past 3 months (R6.3m sold). Recent Insider Transactions • Aug 10
Executive Director recently sold R3.7m worth of stock On the 8th of August, Dirk Lourens sold around 149k shares on-market at roughly R25.10 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R17m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to R29.16, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Construction industry globally. Total returns to shareholders of 30% over the past three years. Recent Insider Transactions • Jun 12
Executive Director recently bought R161k worth of stock On the 8th of June, Dirk Lourens bought around 7k shares on-market at roughly R23.28 per share. This transaction amounted to 6.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold R78m more in shares than they bought in the last 12 months. Annonce • May 30
Raubex Group Limited Appoints Modi Hlobo as Independent Non-Executive Director of the Board Raubex Group Limited announced that Ms. Modi Hlobo ("Modi") has been appointed as an Independent Non-Executive Director of the Board of Raubex with effect from 29 May 2023. Modi is a Chartered Accountant (SA) and also holds a BCom, BCompt (Hons), CTA, Masters in Financial Management and PhD (Accounting) degrees. She is currently a Senior Lecturer in Financial Management at the School of Accounting at the University of Johannesburg. Modi was previously a Private Equity and Investment Banking Senior Investment and Portfolio Officer at the Development Bank of South Africa. She also worked at the National Empowerment Fund for two years. She completed her articles at ABSA Group Ltd. as an Internal Auditor (Commercial Banking). Modi has held a number of Non-Executive Director positions at various public and private organisations, including Acsion Limited and PSG Group Limited. She has also served on a number of Audit Committees as Chairperson. Further to above appointment, including also the SENS announcement dated 21 April 2023 wherein shareholders were advised of the passing of Les Maxwell, and in accordance with paragraph 3.59(c) of the JSE Listings Requirements, shareholders are now advised of the following changes to the Board Committees with effect from 29 May 2023: Audit Committee: Ms Modi Hlobo is appointed as a member of the Audit Committee, subject to approval by shareholders of the Company at the next Annual General Meeting. Mr. Bryan Kent is appointed as the Chairman of the Audit Committee. Following above, the Audit Committee members will be as follows: Bryan Kent (Chairman); Setshego Bogatsu (Member); Nosisa Fubu (Member); Modi Hlobo (Member). Risk Committee: Ms Modi Hlobo is appointed as a member of the Risk Committee. Following implementation of above, the Risk Committee members will be as follows: Bryan Kent (Chairman); Robert Shedlock (Member); Felicia Msiza (Member); Nosisa Fubu (Member); Modi Hlobo (Member). Remuneration and Nomination Committee (Remco): Ms Setshego Bogatsu is appointed as the Chairperson of Remco. Ms Nosisa Fubu is appointed as a member of Remco. Following above, the Remco members will be as follows: Setshego Bogatsu (Chairperson); Bryan Kent (Member); Rudolf Fourie (Member); Nosisa Fubu (Member). Upcoming Dividend • May 24
Upcoming dividend of R0.76 per share at 5.0% yield Eligible shareholders must have bought the stock before 31 May 2023. Payment date: 05 June 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of South African dividend payers (9.9%). Higher than average of industry peers (2.9%). Reported Earnings • May 19
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: R3.91 (up from R3.06 in FY 2022). Revenue: R15.3b (up 32% from FY 2022). Net income: R704.3m (up 28% from FY 2022). Profit margin: 4.6% (down from 4.8% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Global Construction industry. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Annonce • May 17
Raubex Group Limited Declares Final Cash Dividend for the Year Ended 28 February 2023, Payable on June 5, 2023 Raubex Group Limited declared a gross final cash dividend from income reserves of 76 cents per share on 9 May 2023 for the period ended 28 February 2023. The salient dates for the payment of the dividend are as: Last day to trade cum dividend; 30 May 2023, Commence trading ex dividend; 31 May 2023. Record date; 2 June 2023. Payment date; 5 June 2023. Board Change • Apr 28
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 Nosisa Fubu was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to R27.40, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Construction industry globally. Total returns to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to R21.40, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Construction industry globally. Total returns to shareholders of 32% over the past three years. Annonce • Jan 10
Public Investment Corporation Limited acquired additional unknown minority stake in Raubex Group Limited (JSE:RBX). Public Investment Corporation Limited acquired additional unknown minority stake in Raubex Group Limited (JSE:RBX) on January 9, 2023. Public Investment Corporation Limited increase its ownership to 25.07%.
Public Investment Corporation Limited completed the acquisition of additional unknown minority stake in Raubex Group Limited (JSE:RBX) on January 9, 2023. Valuation Update With 7 Day Price Move • Dec 02
Investor sentiment deteriorated over the past week After last week's 16% share price decline to R24.83, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Construction industry globally. Total returns to shareholders of 15% over the past three years. Upcoming Dividend • Nov 23
Upcoming dividend of R0.53 per share Eligible shareholders must have bought the stock before 30 November 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of South African dividend payers (8.4%). In line with average of industry peers (3.9%). Price Target Changed • Nov 18
Price target decreased to R43.35 Down from R50.25, the current price target is provided by 1 analyst. New target price is 31% above last closing price of R33.00. Stock is down 10% over the past year. The company is forecast to post earnings per share of R3.53 for next year compared to R3.06 last 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 Setshego Bogatsu was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 08
First half 2023 earnings released: EPS: R1.62 (vs R1.41 in 1H 2022) First half 2023 results: EPS: R1.62 (up from R1.41 in 1H 2022). Revenue: R7.38b (up 23% from 1H 2022). Net income: R291.7m (up 15% from 1H 2022). Profit margin: 4.0% (down from 4.2% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Global Construction industry. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Aug 17
Non-Executive Deputy Chairman recently sold R11m worth of stock On the 12th of August, Rudolf Fourie sold around 314k shares on-market at roughly R35.30 per share. In the last 3 months, they made an even bigger sale worth R71m. Rudolf has been a seller over the last 12 months, reducing personal holdings by R82m. Upcoming Dividend • May 25
Upcoming dividend of R0.54 per share Eligible shareholders must have bought the stock before 01 June 2022. Payment date: 06 June 2022. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of South African dividend payers (7.8%). In line with average of industry peers (3.0%). Reported Earnings • May 16
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: R3.06 (up from R0.87 in FY 2021). Revenue: R11.6b (up 31% from FY 2021). Net income: R552.0m (up 249% from FY 2021). Profit margin: 4.8% (up from 1.8% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 8.0%. Over the next year, revenue is forecast to grow 22%, compared to a 15% growth forecast for the industry in South Africa. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to R43.70 Up from R40.25, the current price target is provided by 1 analyst. New target price is 6.2% above last closing price of R41.14. Stock is up 46% over the past year. The company is forecast to post earnings per share of R3.32 for next year compared to R0.87 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Setshego Bogatsu was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Nov 24
Upcoming dividend of R0.47 per share Eligible shareholders must have bought the stock before 01 December 2021. Payment date: 06 December 2021. Trailing yield: 2.7%. Lower than top quartile of South African dividend payers (7.6%). In line with average of industry peers (2.7%). Reported Earnings • Nov 10
First half 2022 earnings released: EPS R1.41 (vs R0.25 loss in 1H 2021) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2022 results: Revenue: R5.99b (up 52% from 1H 2021). Net income: R254.1m (up R299.6m from 1H 2021). Profit margin: 4.2% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improved over the past week After last week's 21% share price gain to R36.15, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Construction industry globally. Total returns to shareholders of 79% over the past three years. Recent Insider Transactions Derivative • Aug 07
CEO & Executive Director exercised options to buy R4.5m worth of stock. On the 1st of August, Rudolf Fourie exercised options to buy 148k shares at a strike price of around R28.50, costing a total of R4.2m. This transaction amounted to 4.2% of their direct individual holding at the time of the trade. Since September 2020, Rudolf's direct individual holding has decreased from 4.60m shares to 3.54m. Company insiders have collectively sold R28m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Jul 16
CEO & Executive Director recently sold R32m worth of stock On the 13th of July, Rudolf Fourie sold around 1m shares on-market at roughly R30.35 per share. This was the largest sale by an insider in the last 3 months. This was Rudolf's only on-market trade for the last 12 months. Executive Departure • Jun 01
Financial Director & Executive Director has left the company On the 31st of May, James Gibson's tenure as Financial Director & Executive Director ended after 7.9 years in the role. As of March 2021, James personally held 365.73k shares (R10m worth at the time). James is the only executive to leave the company over the last 12 months. Price Target Changed • Jun 01
Price target increased to R39.08 Up from R30.15, the current price target is an average from 2 analysts. New target price is 19% above last closing price of R32.88. Stock is up 69% over the past year. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improved over the past week After last week's 18% share price gain to R34.00, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Construction industry globally. Total returns to shareholders of 56% over the past three years. Upcoming Dividend • May 19
Upcoming dividend of R0.29 per share Eligible shareholders must have bought the stock before 26 May 2021. Payment date: 31 May 2021. Trailing yield: 1.8%. Lower than top quartile of South African dividend payers (7.6%). Lower than average of industry peers (2.7%). Reported Earnings • May 16
Full year 2021 earnings released: EPS R0.87 (vs R1.39 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: R8.85b (up 1.3% from FY 2020). Net income: R158.1m (down 37% from FY 2020). Profit margin: 1.8% (down from 2.9% in FY 2020). The decrease in margin was driven by higher expenses. 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 9% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 01
New 90-day high: R25.51 The company is up 29% from its price of R19.70 on 03 November 2020. The South African market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R38.17 per share. Price Target Changed • Jan 21
Price target raised to R30.15 Up from R27.25, the current price target is an average from 2 analysts. The new target price is 29% above the current share price of R23.40. As of last close, the stock is down 3.5% over the past year. Is New 90 Day High Low • Nov 21
New 90-day high: R25.32 The company is up 2.0% from its price of R24.74 on 21 August 2020. The South African market is also up 2.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Construction industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R33.29 per share. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 17% share price gain to R23.99, the stock is trading at a trailing P/E ratio of 48.7x, up from the previous P/E ratio of 41.8x. This compares to an average P/E of 10x in the Construction industry in Africa. Total returns to shareholders over the past three years are 36%. Reported Earnings • Nov 12
First half 2021 earnings released: R0.25 loss per share The company reported a poor first half result with weaker earnings, revenues and control over expenses. First half 2021 results: Revenue: R3.94b (down 11% from 1H 2020). Net loss: R45.5m (down 139% from profit in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Nov 10
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates by 3.5%. Over the next year, revenue is forecast to grow 18%, compared to a 6.7% growth forecast for the Construction industry in South Africa. Valuation Update With 7 Day Price Move • Oct 31
Market pulls back on stock over the past week After last week's 16% share price decline to R20.01, the stock is trading at a trailing P/E ratio of 14.4x, down from the previous P/E ratio of 17.1x. This compares to an average P/E of 10x in the Construction industry in Africa. Total returns to shareholders over the past three years are 9.6%. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 16% share price decline to R21.18, the stock is trading at a trailing P/E ratio of 15.2x, down from the previous P/E ratio of 18.2x. This compares to an average P/E of 10x in the Construction industry in Africa. Total returns to shareholders over the past three years are 11%. Is New 90 Day High Low • Oct 02
New 90-day low: R18.48 The company is down 16% from its price of R21.87 on 03 July 2020. The South African market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R3.05 per share. 