Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to R9.90, the stock trades at a trailing P/E ratio of 71.2x. Average trailing P/E is 8x in the Specialty Retail industry in South Africa. Total loss to shareholders of 29% over the past three years. New Risk • Apr 02
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 8.6% 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: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$100m (R238.4m market cap, or US$14.1m). Annonce • Mar 25
Rex Trueform Group Limited to Report First Half, 2026 Results on Mar 30, 2026 Rex Trueform Group Limited announced that they will report first half, 2026 results on Mar 30, 2026 Buy Or Sell Opportunity • Feb 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to R14.94. The fair value is estimated to be R12.39, 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. Meanwhile, the company has become profitable. Annonce • Oct 14
Rex Trueform Group Limited, Annual General Meeting, Nov 13, 2025 Rex Trueform Group Limited, Annual General Meeting, Nov 13, 2025. Reported Earnings • Sep 26
Full year 2025 earnings released: EPS: R127 (vs R0.039 loss in FY 2024) Full year 2025 results: EPS: R127 (up from R0.039 loss in FY 2024). Revenue: R681.5m (down 3.1% from FY 2024). Net income: R27.7m (up R28.6m from FY 2024). Profit margin: 4.1% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 152% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Annonce • Sep 23
Rex Trueform Group Limited to Report Q4, 2025 Results on Sep 25, 2025 Rex Trueform Group Limited announced that they will report Q4, 2025 results on Sep 25, 2025 Annonce • Aug 27
Rex Trueform Group Limited (JSE:RTN) entered into a sale of shares agreement to acquire an additional 21% stake in Byte Orbit Proprietary Limited from Amit Ramdath for ZAR 21 million. Rex Trueform Group Limited (JSE:RTN) entered into a sale of shares agreement to acquire an additional 21% stake in Byte Orbit Proprietary Limited from Amit Ramdath for ZAR 21 million on August 26, 2025. Upon completion, Rex Trueform will increase its stake in Byte Orbit Proprietary Limited from 30.02% to 51.02%. In terms of the Sale Agreement, Rex Trueform will acquire a further 21% equity interest in Byte Orbit by acquiring 2,047 Byte Orbit ordinary shares for a purchase consideration of ZAR 21 million which consideration will be satisfied through the issue of 1,694,915 new Rex Trueform “N” ordinary shares at an issue price of ZAR 12.39 per share. The sale sgreement contains warranties that are normal for a transaction of this nature.
For the period ending June 30, 2025, Byte Orbit Proprietary Limited reported total common equity of ZAR 33.5 million.
All conditions precedent to the transaction have been fulfilled. The effective date of the transaction is September 1, 2025. New Risk • Mar 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 8.1% 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: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (R230.3m market cap, or US$12.7m). Annonce • Oct 08
Rex Trueform Group Limited, Annual General Meeting, Nov 12, 2024 Rex Trueform Group Limited, Annual General Meeting, Nov 12, 2024. Reported Earnings • Sep 29
Full year 2024 earnings released: R0.039 loss per share (vs R3.95 profit in FY 2023) Full year 2024 results: R0.039 loss per share (down from R3.95 profit in FY 2023). Revenue: R703.5m (down 2.2% from FY 2023). Net loss: R835.0k (down 101% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Annonce • Sep 27
Rex Trueform Group Limited to Report Fiscal Year 2024 Results on Sep 27, 2024 Rex Trueform Group Limited announced that they will report fiscal year 2024 results on Sep 27, 2024 Annonce • Jul 11
Rex Trueform Group Limited (JSE:RTN) entered into a sale agreement to acquire an additional minority stake in Telemedia (PTY) Ltd. from Stephen Mark Bretherick. Rex Trueform Group Limited (JSE:RTN) entered into a sale agreement to acquire an additional minority stake in Telemedia (PTY) Ltd. from Stephen Mark Bretherick on July 10, 2024. The board of directors of Rex Trueform is pleased to announce the conclusion of seven separate sale agreements, in terms of which Rex Trueform will increase its stake in Telemedia Proprietary Limited (“Telemedia”) to 88.71% (the “Transaction”) by acquiring a further 25% interest from the minority shareholders of Telemedia (excluding African and Overseas Enterprises Limited (“AOE”)), being Stephen Mark Bretherick, Ryan David Bretherick, Andrew Victor Louis, Divesh Debidayal Maharaj, Humbulani Beverly Silwalivhathu, Quentin Grant Barkhuizen and John-Paul Meeser (the “vendors”). The aggregate purchase consideration payable to the vendors is an amount of ZAR 14.1 million in cash. Each sale agreement is subject to the fulfilment or waiver of the condition that the remaining vendors of Telemedia waive any pre-emptive rights that they might have to their respective interest in Telemedia. New Risk • Jun 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 7.9% 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: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.0% net profit margin). Market cap is less than US$100m (R249.1m market cap, or US$13.4m). Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to R11.48, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 7x in the Specialty Retail industry in South Africa. Total returns to shareholders of 4.5% over the past three years. New Risk • Mar 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (7.0% net profit margin). Market cap is less than US$100m (R280.6m market cap, or US$14.8m). Annonce • Mar 28
Rex Trueform Group Limited Announces Management Changes Rex Trueform Group Limited announced that Ms Luntu Sebatane has resigned from the board of directors with effect from 28 March 2024. The board thanks Luntu for her invaluable contribution to the board and the board sub-committees on which she served, including the audit committee, the remuneration committee and the nomination committee. The board welcomed Ms Bulelwa Ntshingwa as an independent non-executive director with effect from 1 April 2024. Bulelwa holds a Bachelor of Commerce (Accounting) degree from the University of Cape Town, as well a postgraduate diploma in Development Finance from Stellenbosch University. She is an investment professional who has held various positions over time with RMB Asset Management, the Eskom Pension Fund, Old Mutual Investment Group, Inspired Evolution Investment Management, Stem Power International, PAPE Fund Managers and Mergence Investment Managers. Bulelwa is currently the founder and managing director of Stem WP, a black woman-owned and led advisory and investment firm active in sub-Saharan Africa, with a focus on renewable energy and battery storage. Bulelwa will, in addition, serve on the audit committee, the nomination committee and the remuneration committee of the company. Annonce • Mar 15
Rex Trueform Group Limited to Report First Half, 2024 Results on Mar 18, 2024 Rex Trueform Group Limited announced that they will report first half, 2024 results on Mar 18, 2024 Annonce • Dec 06
Rex Trueform Group Limited Announces Appointment of Ms Anita Gihwala as Company Secretary with Effect from 7 August 2023 Rex Trueform Group Limited announced that shareholders are referred to the SENS announcement released by Rex Trueform on 13 March 2023, in terms of which shareholders were advised of the resignation of the Ms Ardilah Mohamed-Mushabe as the company secretary of Rex Trueform with effect from 31 May 2023. Shareholders were further advised that the process of identifying Ardilah's successor had commenced and that they would be advised of the appointment in due course. The company announced that Ms Anita Gihwala (BComm, LLB, MBA) has been appointed as Rex Trueform's new company secretary with effect from 7 August 2023. Anita, who is an admitted attorney, has extensive experience in the banking, financial services, regulatory and private equity industries. New Risk • Nov 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (54% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (R310.9m market cap, or US$16.6m). New Risk • Oct 13
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 54% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (54% net debt to equity). Market cap is less than US$100m (R310.7m market cap, or US$16.4m). Annonce • Oct 12
Rex Trueform Group Limited to Report Fiscal Year 2023 Results on Oct 13, 2023 Rex Trueform Group Limited announced that they will report fiscal year 2023 results on Oct 13, 2023 Reported Earnings • Apr 16
First half 2023 earnings released First half 2023 results: Revenue: R386.3m (up 28% from 1H 2022). Net income: R58.4m (up 136% from 1H 2022). Profit margin: 15% (up from 8.3% in 1H 2022). The increase in margin was driven by higher revenue. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Executive Director Catherine Lloyd was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 05
Full year 2022 earnings released Full year 2022 results: Revenue: R598.8m (up 29% from FY 2021). Net income: R53.8m (up 139% from FY 2021). Profit margin: 9.0% (up from 4.8% in FY 2021). The increase in margin was driven by higher revenue. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. CEO & Executive Director Catherine Lloyd was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 01
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down R904.0k from profit in 1H 2021). Profit margin: (down from 0.4% in 1H 2021). The decrease in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Mar 29
Investor sentiment improved over the past week After last week's 24% share price gain to R13.50, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 10x in the Specialty Retail industry in South Africa. Total loss to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment deteriorated over the past week After last week's 20% share price decline to R10.03, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 11x in the Specialty Retail industry in South Africa. Total loss to shareholders of 50% over the past three years. Recent Insider Transactions • Dec 30
Non-Executive Chairman recently bought R125k worth of stock On the 21st of December, Marcell Jonathan Golding bought around 12k shares on-market at roughly R10.50 per share. In the last 3 months, they made an even bigger purchase worth R10m. Marcell Jonathan has been a buyer over the last 12 months, purchasing a net total of R11m worth in shares. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment deteriorated over the past week After last week's 21% share price decline to R9.50, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 10x in the Specialty Retail industry in South Africa. Total loss to shareholders of 53% over the past three years. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 20% share price gain to R11.00, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 9x in the Specialty Retail industry in South Africa. Total loss to shareholders of 45% over the past three years. Recent Insider Transactions • Oct 29
Financial Director & Executive Director recently bought R99k worth of stock On the 22nd of October, Damien Franklin bought around 11k shares on-market at roughly R8.82 per share. This was the largest purchase by an insider in the last 3 months. This was Damien's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorated over the past week After last week's 19% share price decline to R9.53, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 10x in the Specialty Retail industry in South Africa. Total loss to shareholders of 52% over the past three years. Reported Earnings • Oct 10
Full year 2021 earnings released: EPS R1.08 (vs R3.50 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: R465.0m (down 18% from FY 2020). Net income: R22.5m (up R95.2m from FY 2020). Profit margin: 4.8% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 30
First half 2021 earnings released: EPS R0.043 (vs R0.86 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: R227.0m (down 39% from 1H 2020). Net income: R904.0k (down 95% from 1H 2020). Profit margin: 0.4% (down from 4.8% in 1H 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 23
New 90-day low: R13.60 The company is down 17% from its price of R16.31 on 25 November 2020. The South African market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 14% over the same period. Is New 90 Day High Low • Feb 05
New 90-day low: R15.00 The company is down 8.0% from its price of R16.31 on 06 November 2020. The South African market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 19% over the same period. Reported Earnings • Nov 01
Full year earnings released Over the last 12 months the company has reported total losses of R74.2m, with earnings decreasing by R116.6m from the prior year. Total revenue was R578.7m over the last 12 months, down 15% from the prior year.