Major Estimate Revision • Jun 05
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2027 has deteriorated. 2027 revenue forecast decreased from R11.5b to R10.8b. EPS estimate also fell from R1.43 per share to R1.23 per share. Net income forecast to shrink 8.3% next year vs 19% growth forecast for Hospitality industry in South Africa . Consensus price target up from R7.80 to R8.45. Share price was steady at R7.62 over the past week. Declared Dividend • May 29
First half dividend of R0.30 announced Shareholders will receive a dividend of R0.30. Ex-date: 22nd July 2026 Payment date: 27th July 2026 Dividend yield will be 5.9%, which is lower than the industry average of 7.4%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (23% 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 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Dec 04
Price target decreased by 29% to R8.20 Down from R11.53, the current price target is provided by 1 analyst. New target price is 27% above last closing price of R6.46. Stock is down 39% over the past year. The company is forecast to post earnings per share of R1.36 for next year compared to R1.20 last year. Reported Earnings • Nov 29
First half 2026 earnings released: EPS: R0.65 (vs R0.70 in 1H 2025) First half 2026 results: EPS: R0.65 (down from R0.70 in 1H 2025). Revenue: R5.56b (flat on 1H 2025). Net income: R675.0m (down 7.2% from 1H 2025). Profit margin: 12% (in line with 1H 2025). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Hospitality industry in Africa. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 17% per year. Declared Dividend • Nov 29
First half dividend reduced to R0.15 Dividend of R0.15 is 50% lower than last year. Ex-date: 17th December 2025 Payment date: 22nd December 2025 Dividend yield will be 6.4%, which is lower than the industry average of 7.4%. Sustainability & Growth Dividend is well covered by both earnings (39% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 26% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 04
Full year 2025 earnings released: EPS: R1.20 (vs R1.47 in FY 2024) Full year 2025 results: EPS: R1.20 (down from R1.47 in FY 2024). Revenue: R11.1b (down 3.1% from FY 2024). Net income: R1.24b (down 19% from FY 2024). Profit margin: 11% (down from 13% in FY 2024). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Hospitality industry in Africa. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Annonce • Aug 01
Tsogo Sun Limited, Annual General Meeting, Aug 29, 2025 Tsogo Sun Limited, Annual General Meeting, Aug 29, 2025. Location: the main boardroom, hosken consolidated investments limited, suite 801, 76 regent road, sea point, 8005, cape town South Africa Upcoming Dividend • Jul 16
Upcoming dividend of R0.30 per share Eligible shareholders must have bought the stock before 23 July 2025. Payment date: 28 July 2025. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 8.1%. Lower than top quartile of South African dividend payers (8.3%). Higher than average of industry peers (5.8%). Annonce • Jul 02
Ninety One SA (Pty) Ltd. acquired 5% stake in Tsogo Sun Limited (JSE:TSG). Ninety One SA (Pty) Ltd. acquired 5% stake in Tsogo Sun Limited (JSE:TSG) on June 18, 2025.
Ninety One SA (Pty) Ltd. completed the acquisition of 5% stake in Tsogo Sun Limited (JSE:TSG) on June 18, 2025. Annonce • May 30
Tsogo Sun Limited Declares Final Gross Cash Dividend in Respect of the Year Ended 31 March 2025, Payable on 28 July 2025 The board of directors of Tsogo Sun Limited has resolved to declare a final gross cash dividend of 30.0 (thirty) cents per share in respect of the year ended 31 March 2025 from distributable reserves. The dividend will be paid in cash to shareholders recorded in the register of the company at close of business 25 July 2025. The dividend will be subject to a local dividend tax rate of 20%, which will result in a net dividend of 24.0 (twenty-four) cents per share to those shareholders who, are not exempt from paying dividend tax. Trading ex-dividend commences: 23 July 2025; Record date: 25 July 2025; Payment date: 28 July 2025. Reported Earnings • May 29
Full year 2025 earnings released: EPS: R1.20 (vs R1.47 in FY 2024) Full year 2025 results: EPS: R1.20 (down from R1.47 in FY 2024). Revenue: R11.2b (down 2.5% from FY 2024). Net income: R1.24b (down 19% from FY 2024). Profit margin: 11% (down from 13% in FY 2024). Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 2.4% growth forecast for the Hospitality industry in Africa. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. New Risk • May 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 High level of debt (138% net debt to equity). Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Dec 13
Upcoming dividend of R0.30 per share Eligible shareholders must have bought the stock before 18 December 2024. Payment date: 23 December 2024. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 6.6%. Lower than top quartile of South African dividend payers (7.9%). Higher than average of industry peers (5.0%). Declared Dividend • Nov 29
First half dividend of R0.30 announced Dividend of R0.30 is the same as last year. Ex-date: 18th December 2024 Payment date: 23rd December 2024 Dividend yield will be 6.6%, which is lower than the industry average of 7.4%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 41% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.8% EPS decline seen over the last 5 years. Annonce • Nov 28
Tsogo Sun Limited Declares an Interim Gross Cash Dividend for the Period Ended 30 September 2024, Payable on 23 December 2024 Tsogo Sun Limited board of directors has resolved to declare an interim gross cash dividend of 30.0 cents per share in respect of the period ended 30 September 2024 from distributable reserves. The dividend will be paid in cash to shareholders recorded in the register of the company at close of business 20 December 2024. The dividend will be subject to a local dividend tax rate of 20%, which will result in a net dividend of 24.00000 cents per share to those shareholders who are not exempt from paying dividend tax. The salient dates are as follows: Last date to trade cum dividend: 17 December 2024l Trading ex-dividend commences: 18 December 2024; Record date: 20 December 2024; Payment date: 23 December 2024. Buy Or Sell Opportunity • Nov 14
Now 20% undervalued Over the last 90 days, the stock has risen 3.1% to R11.86. The fair value is estimated to be R14.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 37%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Buy Or Sell Opportunity • Oct 22
Now 20% undervalued Over the last 90 days, the stock has risen 9.4% to R12.14. The fair value is estimated to be R15.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 37%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Buy Or Sell Opportunity • Oct 03
Now 21% undervalued Over the last 90 days, the stock has risen 9.2% to R12.37. The fair value is estimated to be R15.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 37%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Buy Or Sell Opportunity • Sep 18
Now 21% undervalued Over the last 90 days, the stock has risen 6.9% to R12.23. The fair value is estimated to be R15.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 37%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Aug 05
Full year 2024 earnings released: EPS: R1.47 (vs R1.67 in FY 2023) Full year 2024 results: EPS: R1.47 (down from R1.67 in FY 2023). Revenue: R11.4b (up 1.8% from FY 2023). Net income: R1.53b (down 12% from FY 2023). Profit margin: 13% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Annonce • Aug 01
Tsogo Sun Limited, Annual General Meeting, Sep 02, 2024 Tsogo Sun Limited, Annual General Meeting, Sep 02, 2024. Location: the main boardroom, of hosken consolidated investment limited, suite 801, 76 regent road, sea point, cape town 8005 South Africa Upcoming Dividend • Jul 17
Upcoming dividend of R0.40 per share Eligible shareholders must have bought the stock before 24 July 2024. Payment date: 29 July 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 6.3%. Lower than top quartile of South African dividend payers (8.7%). In line with average of industry peers (5.8%). Declared Dividend • May 26
First half dividend reduced to R0.40 Dividend of R0.40 is 30% lower than last year. Ex-date: 24th July 2024 Payment date: 29th July 2024 Dividend yield will be 6.2%, which is lower than the industry average of 7.4%. Sustainability & Growth Dividend is well covered by both earnings (46% earnings payout ratio) and cash flows (47% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • May 23
Tsogo Sun Limited Declares Final Gross Cash Dividend for the Year Ended 31 March 2024, Payable on July 29, 2024 The board of directors of Tsogo Sun Limited has resolved to declare a final gross cash dividend of 40.00 cents per share in respect of the year ended 31 March 2024 from distributable reserves. The dividend will be paid in cash to shareholders recorded in the register of the company at close of business 26 July 2024. The number of ordinary shares in issue at the date of this declaration is 1,042,596,816. The dividend will be subject to a local dividend tax rate of 20%, which will result in a net dividend of 32.00000 cents per share to those shareholders who are not exempt from paying dividend tax. The salient dates are as follows: Last date to trade cum dividend is 23 July 2024, Trading ex-dividend commences is 24 July 2024, Record date is 26 July 2024 and Payment date is 29 July 2024. Upcoming Dividend • Dec 05
Upcoming dividend of R0.30 per share at 6.8% yield Eligible shareholders must have bought the stock before 12 December 2023. Payment date: 18 December 2023. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 6.8%. Lower than top quartile of South African dividend payers (9.1%). In line with average of industry peers (7.3%). Reported Earnings • Nov 29
First half 2024 earnings released: EPS: R0.86 (vs R0.64 in 1H 2023) First half 2024 results: EPS: R0.86 (up from R0.64 in 1H 2023). Revenue: R5.74b (up 7.3% from 1H 2023). Net income: R896.0m (up 34% from 1H 2023). Profit margin: 16% (up from 13% in 1H 2023). The increase in margin was driven by higher revenue. 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 30% per year, which means it is significantly lagging earnings growth. Annonce • Nov 29
Tsogo Sun Limited Declares Interim Gross Dividend for the Period Ended 30 September 2023, Payable on 18 December 2023 Tsogo Sun Limited has resolved to declare an interim gross cash dividend of 30.0 (thirty) cents per share in respect of the period ended 30 September 2023 from distributable reserves. The dividend will be paid in cash to shareholders recorded in the register of the company at close of business 14 December 2023. Trading ex-dividend commences date is 12 December 2023. Payment date is 18 December 2023. Board Change • Oct 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. 5 highly experienced directors. CFO & Executive Director Greg Lunga was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Aug 01
Tsogo Sun Limited, Annual General Meeting, Aug 29, 2023 Tsogo Sun Limited, Annual General Meeting, Aug 29, 2023, at 13:00 South Africa Standard Time. Location: The main boardroom of Hosken Consolidated Investments Limited Suite 801, 76 Regent Road, Sea Point Cape Town South Africa Upcoming Dividend • Jul 05
Upcoming dividend of R0.57 per share at 6.8% yield Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 17 July 2023. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 6.8%. Lower than top quartile of South African dividend payers (9.5%). In line with average of industry peers (7.2%). Reported Earnings • May 26
Full year 2023 earnings released: EPS: R1.67 (vs R1.34 in FY 2022) Full year 2023 results: EPS: R1.67 (up from R1.34 in FY 2022). Revenue: R11.3b (up 29% from FY 2022). Net income: R1.74b (up 24% from FY 2022). Profit margin: 15% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 79% per year, which means it is significantly lagging earnings growth. Annonce • May 25
Tsogo Sun Gaming Limited Declares Final Gross Cash Dividend for the Year Ended 31 March 2023, Payable on 17 July 2023 The board of directors of Tsogo Sun Gaming Limited has resolved to declare a final gross cash dividend of 57.0 (fifty-seven) cents per share in respect of the year ended 31 March 2023 from distributable reserves. The dividend will be paid in cash to shareholders recorded in the register of the company at close of business 14 July 2023. The number of ordinary shares in issue at the date of this declaration is 1 049 604 443 (excluding the 583 857 treasury shares). The dividend will be subject to a local dividend tax rate of 20%, which will result in a net dividend of 45.60000 (forty-five point six) cents per share to those shareholders who are not exempt from paying dividend tax. The company's income tax reference number is 9250039717. Salient dates for payment of the dividend are: Record date is 14 July 2023. Payment date is 17 July 2023. Annonce • May 19
Tsogo Sun Gaming Limited to Report Fiscal Year 2023 Results on May 25, 2023 Tsogo Sun Gaming Limited announced that they will report fiscal year 2023 results on May 25, 2023 Upcoming Dividend • Dec 14
Upcoming dividend of R0.30 per share Eligible shareholders must have bought the stock before 21 December 2022. Payment date: 28 December 2022. Trailing yield: 5.0%. Lower than top quartile of South African dividend payers (8.7%). In line with average of industry peers (4.8%). Reported Earnings • Nov 25
First half 2023 earnings released: EPS: R0.64 (vs R0.31 in 1H 2022) First half 2023 results: EPS: R0.64 (up from R0.31 in 1H 2022). Revenue: R5.46b (up 43% from 1H 2022). Net income: R671.0m (up 107% from 1H 2022). Profit margin: 12% (up from 8.5% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 28
Upcoming dividend of R0.19 per share Eligible shareholders must have bought the stock before 05 October 2022. Payment date: 10 October 2022. Trailing yield: 1.6%. Lower than top quartile of South African dividend payers (9.0%). Lower than average of industry peers (3.2%). Reported Earnings • Aug 02
Full year 2022 earnings released: EPS: R1.34 (vs R0.02 in FY 2021) Full year 2022 results: EPS: R1.34 (up from R0.02 in FY 2021). Revenue: R8.94b (up 57% from FY 2021). Net income: R1.41b (up R1.38b from FY 2021). Profit margin: 16% (up from 0.4% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 10% per year. 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. 2 experienced directors. 5 highly experienced directors. Independent Non Executive Director Farzanah Mall was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jul 02
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. 2 experienced directors. 5 highly experienced directors. Independent Non Executive Director Farzanah Mall was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 28
Full year 2022 earnings released: EPS: R1.34 (vs R0.02 in FY 2021) Full year 2022 results: EPS: R1.34 (up from R0.02 in FY 2021). Revenue: R8.94b (up 57% from FY 2021). Net income: R1.41b (up R1.38b from FY 2021). Profit margin: 16% (up from 0.4% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 15% per year. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 15% share price gain to R12.22, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 19x in the Hospitality industry in Africa. Total loss to shareholders of 29% over the past three years. Executive Departure • Oct 07
CFO & Director Annelize Hoyer has left the company During their tenure, the company went from making losses to turning a profit. On the 30th of September, Annelize Hoyer left the company after 1.2 years in the role. We don't have any record of a personal shareholding under Annelize's name. Annelize is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.33 years. Reported Earnings • May 29
Full year 2021 earnings released: EPS R0.02 (vs R0.34 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: R5.69b (down 51% from FY 2020). Net income: R21.0m (up R378.0m from FY 2020). Profit margin: 0.4% (up from net loss in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 10
New 90-day high: R6.16 The company is up 45% from its price of R4.26 on 11 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 Hospitality industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day high: R4.31 The company is up 14% from its price of R3.78 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 Hospitality industry, which is flat over the same period. Reported Earnings • Nov 22
First half 2021 earnings released: R0.53 loss per share The company reported a poor first half result with weaker earnings, revenues and control over expenses. First half 2021 results: Revenue: R1.57b (down 74% from 1H 2020). Net loss: R550.0m (down 185% from profit in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 79% per year but the company’s share price has only fallen by 41% per year, which means it has not declined as severely as earnings. Annonce • Oct 03
Steyn Capital Management Proprietary Limited on behalf of its underlying clients acquired an undisclosed stake in Tsogo Sun Gaming Limited (JSE:TSG). Steyn Capital Management Proprietary Limited on behalf of its underlying clients acquired an undisclosed stake in Tsogo Sun Gaming Limited (JSE:TSG) on October 2, 2020. After this transaction, clients of Steyn Capital Management hold 5.38% stake in Tsogo Sun Gaming.
Steyn Capital Management Proprietary Limited on behalf of its underlying clients completed the acquisition of an undisclosed stake in Tsogo Sun Gaming Limited (JSE:TSG) on October 2, 2020. Annonce • Sep 19
Tsogo Sun Gaming Limited Announces Management Changes Tsogo Sun Gaming Limited announced that Mohamed Gani has resigned from the board of director due to ill health. Further, Farzanah Mall has been appointed as an independent non-executive director and as chair of the Audit and Risk Committee. She has over 20 years' experience in auditing, financial management, risk management, governance, board and business optimisation, marketing, brand positioning and communication, including various roles at Deloitte, PWC and KPMG. Mall is currently the CEO of Komorebi Holdings. Rachel Watson has been appointed as chair of the Social and Ethics Committee. Further, Rachel Watson has been appointed as chair of the Social and Ethics Committee. Further, Elias Mphande has been appointed as a member of the Social and Ethics Committee, and as a member of the Remuneration Committee. Annonce • Aug 12
Tsogo Sun Gaming Limited Auditor Raises 'Going Concern' Doubt Tsogo Sun Gaming Limited filed its Annual on Aug 03, 2020 for the period ending Mar 31, 2020. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.