Annonce • Jul 29
eMedia Holdings Limited, Annual General Meeting, Sep 01, 2026 eMedia Holdings Limited, Annual General Meeting, Sep 01, 2026. Location: offices of hosken consolidated investments limited, suite 801, 76 regent road, sea point, cape town 8005 South Africa New Risk • Jul 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South African stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (R1.17b market cap, or US$71.3m). Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to R2.14, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 9x in the Media industry in Africa. Total loss to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to R1.91, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 10x in the Media industry in Africa. Total loss to shareholders of 27% over the past three years. Reported Earnings • May 28
Full year 2026 earnings released Full year 2026 results: Revenue: R3.01b (down 5.1% from FY 2025). Net income: R247.4m (up 20% from FY 2025). Profit margin: 8.2% (up from 6.5% in FY 2025). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R2.60, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 8x in the Media industry in Africa. Negligible returns to shareholders over past three years. New Risk • Nov 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 44% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (44% increase in shares outstanding). 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 (9.0% average weekly change). Market cap is less than US$100m (R1.26b market cap, or US$73.8m). Declared Dividend • Nov 29
First half dividend of R0.14 announced Shareholders will receive a dividend of R0.14. Ex-date: 17th December 2025 Payment date: 22nd December 2025 Dividend yield will be 12%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 20% per year over the past 7 years. However, payments have been volatile during that time. Earnings per share has grown by 50% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Sep 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South African stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.9% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (R1.12b market cap, or US$64.5m). Annonce • Sep 17
Venfin Media Beleggings Proprietary Limited acquired an unknown minority stake in eMedia Holdings Limited (JSE:EMH). Venfin Media Beleggings Proprietary Limited acquired an unknown minority stake in eMedia Holdings Limited (JSE:EMH) on September 17, 2025. Venfin Media Beleggings Proprietary Limited has acquired a beneficial interest in N ordinary shares of the Company, such that Venfin now holds approximately 38.617% of the total N ordinary shares in the issued share capital of the Company. Shareholders are reminded that the N ordinary shares entitle the holder thereof to 1 vote per share, while the ordinary shares entitle the holder thereof to 100 votes per share. Accordingly, the shares acquired by Venfin only entitles it to exercise approximately 3.4% of the aggregate voting rights attaching to all issued shares.
Venfin Media Beleggings Proprietary Limited completed the acquisition of an unknown minority stake in eMedia Holdings Limited (JSE:EMH) on September 17, 2025. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to R2.23, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 6x in the Media industry in Africa. Total loss to shareholders of 20% over the past three years. Reported Earnings • Jul 31
Full year 2025 earnings released: EPS: R0.47 (vs R0.51 in FY 2024) Full year 2025 results: EPS: R0.47 (down from R0.51 in FY 2024). Revenue: R3.17b (up 3.2% from FY 2024). Net income: R206.2m (down 8.2% from FY 2024). Profit margin: 6.5% (down from 7.3% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Annonce • Jul 29
eMedia Holdings Limited, Annual General Meeting, Aug 29, 2025 eMedia Holdings Limited, Annual General Meeting, Aug 29, 2025. Location: hci: suite 801, 76 regent road, sea point, 8005, South Africa New Risk • Jul 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South African stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (R1.17b market cap, or US$65.9m). Declared Dividend • Jun 01
Final dividend of R0.15 announced Shareholders will receive a dividend of R0.15. Ex-date: 18th June 2025 Payment date: 23rd June 2025 Dividend yield will be 9.7%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 23% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 72% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 30
Full year 2025 earnings released: EPS: R0.47 (vs R0.51 in FY 2024) Full year 2025 results: EPS: R0.47 (down from R0.51 in FY 2024). Revenue: R3.17b (up 3.2% from FY 2024). Net income: R206.2m (down 8.2% from FY 2024). Profit margin: 6.5% (down from 7.3% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • May 13
Now 22% overvalued Over the last 90 days, the stock has fallen 14% to R3.05. The fair value is estimated to be R2.50, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 2.6%. New Risk • Feb 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South African stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Market cap is less than US$100m (R1.39b market cap, or US$75.5m). Reported Earnings • Dec 01
First half 2025 earnings released: EPS: R0.23 (vs R0.20 in 1H 2024) First half 2025 results: EPS: R0.23 (up from R0.20 in 1H 2024). Revenue: R1.59b (up 4.5% from 1H 2024). Net income: R99.9m (up 16% from 1H 2024). Profit margin: 6.3% (up from 5.7% in 1H 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 4% per year. Declared Dividend • Nov 27
First half dividend of R0.14 announced Shareholders will receive a dividend of R0.14. Ex-date: 11th December 2024 Payment date: 17th December 2024 Dividend yield will be 8.7%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (63% earnings payout ratio) but not covered by cash flows (108% cash payout ratio). The dividend has increased by an average of 26% per year over the past 6 years. However, payments have been volatile during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annonce • Nov 27
Emedia Holdings Limited Declares Cash Dividend Declaration for the Period Ended 30 September 2024, Payable on 17 December 2024 eMedia Holdings have resolved to declare an interim cash dividend for the period ended 30 September 2024 of 14.00000 cents per share (2023: 18.00000 cents). The dividend to shareholders relates to the ordinary shares (share code: EMH) and N ordinary shares (share code: EMN). The dividend will be subject to a local dividend withholding tax at a rate of 20%, which will result in a net final dividend to those shareholders not exempt from paying dividend withholding tax of 11.20000 cents per ordinary share and 14.00000 cents per ordinary share for those shareholders who are exempt from dividend withholding tax. In terms of dividend withholding tax legislation, any dividend withholding tax amount due will be withheld and paid over to the South African Revenue Service by a nominee company, stockbroker or Central Securities Depository Participant (collectively "regulated intermediary") on behalf of shareholders. All shareholders should declare their status to their regulated intermediary as they may qualify for a reduced dividend withholding tax rate or exemption. Commence trading ex dividend is 11 December 2024. Record date is 13 December 2024. Payment date is 17 December 2024. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R3.70, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 7x in the Media industry in Africa. Total returns to shareholders of 84% over the past three years. Reported Earnings • Aug 04
Full year 2024 earnings released: EPS: R0.51 (vs R0.58 in FY 2023) Full year 2024 results: EPS: R0.51 (down from R0.58 in FY 2023). Revenue: R3.08b (down 2.1% from FY 2023). Net income: R224.6m (down 13% from FY 2023). Profit margin: 7.3% (down from 8.2% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Annonce • Jul 30
eMedia Holdings Limited, Annual General Meeting, Aug 29, 2024 eMedia Holdings Limited, Annual General Meeting, Aug 29, 2024. Location: the offices of hci, suite 801, 76 regent road, sea point, 8005, Israel Declared Dividend • May 26
First half dividend of R0.16 announced Shareholders will receive a dividend of R0.16. Ex-date: 12th June 2024 Payment date: 18th June 2024 Dividend yield will be 10%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is covered by earnings (69% earnings payout ratio) but not adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 35% per year over the past 5 years. However, payments have been volatile during that time. Earnings per share has grown by 48% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to R3.70, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 116% over the past three years. New Risk • Dec 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of South African stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (94% cash payout ratio). Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (R1.53b market cap, or US$79.8m). Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to R3.11, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 3.7% over the past three years. Upcoming Dividend • Dec 06
Upcoming dividend of R0.18 per share at 9.1% yield Eligible shareholders must have bought the stock before 12 December 2023. Payment date: 18 December 2023. Payout ratio is a comfortable 69% but the company is paying out more than the cash it is generating. Trailing yield: 9.1%. Lower than top quartile of South African dividend payers (9.2%). Higher than average of industry peers (6.6%). Reported Earnings • Dec 01
First half 2024 earnings released: EPS: R0.20 (vs R0.22 in 1H 2023) First half 2024 results: EPS: R0.20 (down from R0.22 in 1H 2023). Revenue: R1.52b (flat on 1H 2023). Net income: R86.5m (down 11% from 1H 2023). Profit margin: 5.7% (down from 6.4% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to R3.24, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 20% over the past three years. Reported Earnings • Jul 31
Full year 2023 earnings released: EPS: R0.58 (vs R0.64 in FY 2022) Full year 2023 results: EPS: R0.58 (down from R0.64 in FY 2022). Revenue: R3.14b (flat on FY 2022). Net income: R256.7m (down 8.7% from FY 2022). Profit margin: 8.2% (down from 8.9% in FY 2022). Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Annonce • Jul 28
eMedia Holdings Limited, Annual General Meeting, Sep 01, 2023 eMedia Holdings Limited, Annual General Meeting, Sep 01, 2023, at 10:30 South Africa Standard Time. Location: offices of HCI, Suite 801, 76 Regent Road, Sea Point Cape Town South Africa Upcoming Dividend • Jun 06
Upcoming dividend of R0.20 per share at 11% yield Eligible shareholders must have bought the stock before 13 June 2023. Payment date: 19 June 2023. Payout ratio is on the higher end at 77%, and the cash payout ratio is above 100%. Trailing yield: 11%. Within top quartile of South African dividend payers (9.5%). Higher than average of industry peers (5.9%). Reported Earnings • May 28
Full year 2023 earnings released Full year 2023 results: Revenue: R3.14b (down 2.0% from FY 2022). Net income: R257.9m (down 11% from FY 2022). Profit margin: 8.2% (down from 9.0% in FY 2022). The decrease in margin was driven by lower revenue. Annonce • May 26
eMedia Holdings Limited Declares Final Cash Dividend for the Year Ended 31 March 2023, Payable on 19 June 2023 The directors of eMedia Holdings have resolved to declare a final cash dividend for the year ended 31 March 2023 of 20.00000 cents per share (2022: 25.00000 cents). The dividend to shareholders relates to the ordinary shares and N ordinary shares. The dividend will be subject to a local dividend withholding tax at a rate of 20%, which will result in a net final dividend to those shareholders not exempt from paying dividend withholding tax of 16.00000 cents per ordinary share and 20.00000 cents per ordinary share for those shareholders who are exempt from dividend withholding tax. In terms of dividend withholding tax legislation, any dividend withholding tax amount due will be withheld and paid over to the South African Revenue Service by a nominee company, stockbroker or Central Securities Depository Participant (collectively ‘regulated intermediary’) on behalf of shareholders. All shareholders should declare their status to their regulated intermediary as they may qualify for a reduced dividend withholding tax rate or exemption. The salient dates for the payment of the dividend are as follows: Last day to trade cum dividend is 12 June 2023; Commence trading ex dividend is 13 June 2023; Record date is 15 June 2023; Payment date is 19 June 2023. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 18% share price gain to R4.14, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 45% over the past three years. Upcoming Dividend • Dec 06
Upcoming dividend of R0.21 per share Eligible shareholders must have bought the stock before 13 December 2022. Payment date: 19 December 2022. Payout ratio is on the higher end at 77%, and the cash payout ratio is above 100%. Trailing yield: 13%. Within top quartile of South African dividend payers (8.6%). Higher than average of industry peers (5.1%). 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. 4 experienced directors. 4 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Non-Executive Director Logie Govender was the last independent director to join the board, commencing their role in 2015. 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 • Jun 07
Upcoming dividend of R0.25 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 20 June 2022. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 10%. Within top quartile of South African dividend payers (8.4%). Higher than average of industry peers (4.6%). Reported Earnings • May 28
Full year 2022 earnings released Full year 2022 results: Revenue: R3.21b (up 31% from FY 2021). Net income: R288.9m (up 181% from FY 2021). Profit margin: 9.0% (up from 4.2% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 22% share price decline to R3.52, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 9x in the Media industry in Africa. Total returns to shareholders of 40% over the past three years. Board Change • Apr 27
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. 4 experienced directors. 4 highly experienced directors. 3 independent directors (5 non-independent directors). Lead Independent Non-Executive Director Logie Govender was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improved over the past week After last week's 16% share price gain to R4.00, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 9x in the Media industry in Africa. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 33% share price gain to R4.60, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 74% over the past three years. Upcoming Dividend • Dec 07
Upcoming dividend of R0.22 per share Eligible shareholders must have bought the stock before 14 December 2021. Payment date: 20 December 2021. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 6.5%. Lower than top quartile of South African dividend payers (7.3%). Higher than average of industry peers (4.6%). Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 33% share price gain to R3.99, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 10x in the Media industry in Africa. Total returns to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 16% share price decline to R2.94, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 16x in the Media industry in Africa. Total returns to shareholders of 1.8% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 25% share price gain to R3.50, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 18x in the Media industry in Africa. Total returns to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment deteriorated over the past week After last week's 20% share price decline to R2.80, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 20x in the Media industry in Africa. Total loss to shareholders of 2.1% over the past three years. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 17% share price gain to R3.50, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 21x in the Media industry in Africa. Total returns to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorated over the past week After last week's 26% share price decline to R2.51, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 20x in the Media industry in Africa. Total loss to shareholders of 13% over the past three years. Upcoming Dividend • Jun 08
Upcoming dividend of R0.14 per share Eligible shareholders must have bought the stock before 15 June 2021. Payment date: 21 June 2021. Trailing yield: 3.9%. Lower than top quartile of South African dividend payers (7.7%). In line with average of industry peers (4.3%). Reported Earnings • May 28
Full year 2021 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: R2.44b (down 3.0% from FY 2020). Net income: R102.8m (up R1.98b from FY 2020). Profit margin: 4.2% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Is New 90 Day High Low • Feb 15
New 90-day low: R2.37 The company is down 41% from its price of R4.00 on 17 November 2020. The South African market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 6.0% over the same period. Reported Earnings • Nov 22
First half 2021 earnings released: EPS R0.023 The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: R1.06b (down 14% from 1H 2020). Net income: R10.4m (down 86% from 1H 2020). Profit margin: 1.0% (down from 5.9% in 1H 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. 
