Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JA$1.45, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 16x in the Retail Distributors industry globally. Total loss to shareholders of 26% over the past three years. Reported Earnings • May 23
Second quarter 2026 earnings released: JA$0.02 loss per share (vs JA$0.001 profit in 2Q 2025) Second quarter 2026 results: JA$0.02 loss per share (down from JA$0.001 profit in 2Q 2025). Revenue: JA$1.63b (flat on 2Q 2025). Net loss: JA$34.1m (down JA$35.3m from profit in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Jody Gager-Rose was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Mar 12
Tropical Battery Company Limited, Annual General Meeting, Mar 20, 2025 Tropical Battery Company Limited, Annual General Meeting, Mar 20, 2025. Annuncio • Nov 27
Tropical Battery Company Limited to Report Fiscal Year 2024 Results on Dec 30, 2024 Tropical Battery Company Limited announced that they will report fiscal year 2024 results on Dec 30, 2024 Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JA$2.72, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 18x in the Retail Distributors industry globally. Total returns to shareholders of 116% over the past three years. New Risk • Sep 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.3x net interest cover). High level of non-cash earnings (22% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (4.1% net profit margin). Shareholders have been diluted in the past year (5.0% increase in shares outstanding). Market cap is less than US$100m (JA$3.26b market cap, or US$20.6m). Reported Earnings • Aug 09
Third quarter 2024 earnings released: EPS: JA$0.08 (vs JA$0.02 in 3Q 2023) Third quarter 2024 results: EPS: JA$0.08 (up from JA$0.02 in 3Q 2023). Revenue: JA$1.91b (up 144% from 3Q 2023). Net income: JA$104.8m (up 248% from 3Q 2023). Profit margin: 5.5% (up from 3.8% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 20% per year. Reported Earnings • May 18
Second quarter 2024 earnings released: EPS: JA$0.02 (vs JA$0.04 in 2Q 2023) Second quarter 2024 results: EPS: JA$0.02 (down from JA$0.04 in 2Q 2023). Revenue: JA$1.55b (up 121% from 2Q 2023). Net income: JA$22.4m (down 55% from 2Q 2023). Profit margin: 1.4% (down from 7.1% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 27% per year. Annuncio • Mar 17
Tropical Battery Company Limited, Annual General Meeting, Apr 25, 2024 Tropical Battery Company Limited, Annual General Meeting, Apr 25, 2024, at 15:00 Coordinated Universal Time. Agenda: To receive the report of the Board of Directors and the Audited Financial Statements for the Year ended September 30, 2023 circulated herewith; to elect Directors; to consider Capital raise; to consider Share issue for Rose Acquisition; to appoint Auditors and authorize the Directors to fix the remuneration of the Auditors; and to fix the fees fees of Directors. Annuncio • Feb 21
Tropical Battery Company Limited Announces Board Appointments Tropical Battery Company Limited announced the appointment of Mr. Itamar Frankenthal and Mr. Andrew Cramer as new directors to the Board of Tropical Battery Company Limited, effective February 12, 2024. Mr. Itamar Frankenthal is a distinguished professional with a multifaceted career spanning engineering, entrepreneurship, and academia. He holds a B.S. in Electrical Engineering from the City University of New York where he led his team to win the capstone robotics competition and graduated summa cum laude. He also holds an M.B.A. from Harvard Business School where he graduated with EC Honors. As the CEO of Rose Batteries, Mr. Frankenthal was instrumental in the company’s significant growth and innovation, focusing on providing customized solutions for original equipment manufacturers (OEMs). His tenure was marked by strategic leadership that enhanced the company’s reputation for reliable and essential power solutions. Following the acquisition of Rose Batteries by Tropical Battery, Mr. Frankenthal transitioned to a Consultant role before taking up his current position as Director. His tenure as CEO at Rose Batteries was marked by innovation and phenomenal growth. His leadership played a crucial role in building Rose Batteries’ reputation for reliable and essential power solutions. As an Electrical Engineer, Mr. Frankenthal is well versed with batteries and the technology industry at large. He gained technical experience as a systems and software engineer at the Information and Electronic Warfare division of BAE Systems where Mr. Frankenthal developed next generation technology for the F-15 radar system and counter-missile defense systems for the Department of Homeland Security. Mr. Frankenthal gained financial skills as a quantitative financial analyst at Sanford Bernstein Alliance Capital (“AB”). At AB, Itamar researched and created modules for a patented model to forecast global capital markets and asset classes using advanced regression techniques resulting in analysis of $50B in investments and new business of $1B in Europe and Asia. Mr. Frankenthal gained production, operational, management and marketing experience at Global Foods International (“GFI”), a niche custom-foods specialty manufacturer, where he led a division, reported directly to the CEO and was one of three members of the executive team. Mr. Andrew Cramer is a co-founder and COO of KAYA and oversees project development and implementation processes. He is a frequent speaker at regional energy and technology conferences – including the MIT Technology Review’s EmTech and the Caribbean Renewable Energy Forum – on topics including the role disruptive technologies like machine learning will play in the renewable energy industry. Prior to KAYA, Mr. Cramer worked with the United Nations as a post-conflict electoral consultant in countries including Timor-Leste, Nepal, Sudan, Comoros, Afghanistan and Libya. In 2017, Mr. Cramer was selected to be among 90 thought leaders from around the world to participate in a program – funded by Google and based on the NASA Ames Research Facility in Silicon Valley – to examine how exponential technologies can be leveraged to address the negative impacts of climate change. Mr. Cramer has a degree in Environmental Sciences from Loyola University Chicago and a Master of International Affairs from Columbia University. Annuncio • Feb 07
Tropical Battery Company Limited to Report Fiscal Year 2023 Results on Feb 27, 2024 Tropical Battery Company Limited announced that they will report fiscal year 2023 results on Feb 27, 2024 Reported Earnings • Dec 22
Third quarter 2023 earnings released: EPS: JA$0.02 (vs JA$0.04 in 3Q 2022) Third quarter 2023 results: EPS: JA$0.02 (down from JA$0.04 in 3Q 2022). Revenue: JA$782.8m (up 18% from 3Q 2022). Net income: JA$30.1m (down 44% from 3Q 2022). Profit margin: 3.8% (down from 8.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 19
Third quarter 2023 earnings released: EPS: JA$0.03 (vs JA$0.04 in 3Q 2022) Third quarter 2023 results: EPS: JA$0.03 (down from JA$0.04 in 3Q 2022). Revenue: JA$782.8m (up 18% from 3Q 2022). Net income: JA$30.1m (down 44% from 3Q 2022). Profit margin: 3.8% (down from 8.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • May 16
Second quarter 2023 earnings released: EPS: JA$0.04 (vs JA$0.029 in 2Q 2022) Second quarter 2023 results: EPS: JA$0.04 (up from JA$0.029 in 2Q 2022). Revenue: JA$700.4m (up 10% from 2Q 2022). Net income: JA$49.8m (up 48% from 2Q 2022). Profit margin: 7.1% (up from 5.3% in 2Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Feb 20
First quarter 2023 earnings released: EPS: JA$0.03 (vs JA$0.04 in 1Q 2022) First quarter 2023 results: EPS: JA$0.03 (down from JA$0.04 in 1Q 2022). Revenue: JA$649.4m (down 1.9% from 1Q 2022). Net income: JA$44.2m (down 22% from 1Q 2022). Profit margin: 6.8% (down from 8.6% in 1Q 2022). Upcoming Dividend • Jan 09
Upcoming dividend of JA$0.04 per share Eligible shareholders must have bought the stock before 16 January 2023. Payment date: 30 January 2023. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Jamaican dividend payers (3.8%). Lower than average of industry peers (2.2%). Reported Earnings • Dec 19
Full year 2022 earnings released: EPS: JA$0.15 (vs JA$0.068 in FY 2021) Full year 2022 results: EPS: JA$0.15 (up from JA$0.068 in FY 2021). Revenue: JA$2.63b (up 32% from FY 2021). Net income: JA$197.0m (up 123% from FY 2021). Profit margin: 7.5% (up from 4.4% in FY 2021). The increase in margin was driven by higher revenue. 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. 6 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 19
Third quarter 2022 earnings released: EPS: JA$0.04 (vs JA$0.02 in 3Q 2021) Third quarter 2022 results: EPS: JA$0.04 (up from JA$0.02 in 3Q 2021). Revenue: JA$661.8m (up 27% from 3Q 2021). Net income: JA$53.8m (up 118% from 3Q 2021). Profit margin: 8.1% (up from 4.7% in 3Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improved over the past week After last week's 18% share price gain to JA$3.08, the stock trades at a trailing P/E ratio of 28.5x. Average trailing P/E is 16x in the Retail Distributors industry globally. Total returns to shareholders of 119% over the past year. Reported Earnings • May 22
Second quarter 2022 earnings released: EPS: JA$0.02 (vs JA$0.018 in 2Q 2021) Second quarter 2022 results: EPS: JA$0.02 (up from JA$0.018 in 2Q 2021). Revenue: JA$635.1m (up 33% from 2Q 2021). Net income: JA$30.0m (up 93% from 2Q 2021). Profit margin: 4.7% (up from 3.3% in 2Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 16% share price gain to JA$3.20, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 14x in the Retail Distributors industry globally. Total returns to shareholders of 173% over the past year. 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. 6 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . 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 • Mar 04
Investor sentiment improved over the past week After last week's 17% share price gain to JA$1.99, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 16x in the Retail Distributors industry globally. Total returns to shareholders of 76% over the past year. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 16% share price gain to JA$1.52, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 17x in the Retail Distributors industry globally. Total returns to shareholders of 33% over the past year. Upcoming Dividend • Dec 30
Upcoming dividend of JA$0.02 per share Eligible shareholders must have bought the stock before 06 January 2022. Payment date: 31 January 2022. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Jamaican dividend payers (3.3%). Lower than average of industry peers (1.7%). Reported Earnings • Dec 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JA$0.068 (up from JA$0.034 in FY 2020). Revenue: JA$2.00b (up 7.0% from FY 2020). Net income: JA$88.3m (up 201% from FY 2020). Profit margin: 4.4% (up from 1.6% in FY 2020). Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 18% share price gain to JA$1.43, the stock trades at a trailing P/E ratio of 28.7x. Average trailing P/E is 17x in the Retail Distributors industry globally. Total returns to shareholders of 20% over the past year. Reported Earnings • Aug 18
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JA$521.2m (up 24% from 3Q 2020). Net income: JA$24.7m (up 379% from 3Q 2020). Profit margin: 4.7% (up from 1.2% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 18% share price gain to JA$1.45, the stock trades at a trailing P/E ratio of 41.8x. Average trailing P/E is 20x in the Retail Distributors industry globally. Reported Earnings • Feb 18
First quarter 2021 earnings released: EPS JA$0.022 (vs JA$0.015 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: JA$451.0m (down 8.4% from 1Q 2020). Net income: JA$19.0m (up 46% from 1Q 2020). Profit margin: 4.2% (up from 2.6% in 1Q 2020). The increase in margin was driven by lower expenses. Reported Earnings • Jan 19
Full year 2020 earnings released: EPS JA$0.034 The company reported a soft full year result with weaker earnings and profit margins, although revenues were improved. Full year 2020 results: Revenue: JA$1.87b (up 7.1% from FY 2019). Net income: JA$29.3m (down 53% from FY 2019). Profit margin: 1.6% (down from 3.6% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Jan 18
New 90-day low: JA$1.00 The company is down 12% from its price of JA$1.14 on 20 October 2020. The Jamaican market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is up 6.0% over the same period. 
