Board Change • May 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Anna Roets was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • May 20
Dividend increased to MU₨11.00 Dividend of MU₨11.00 is 4.8% higher than last year. Ex-date: 8th June 2026 Payment date: 8th July 2026 Dividend yield will be 6.1%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (21% payout ratio) and is expected to be well covered in 3 years' time (36% forecast payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Annuncio • Oct 24
MCB Group Limited, Annual General Meeting, Nov 14, 2025 MCB Group Limited, Annual General Meeting, Nov 14, 2025, at 10:30 Arabian Standard Time. Location: mcb ltd auditorium, 3rd floor, mcb st jean, st jean roundabout, quatre bornes, Mauritius Reported Earnings • Nov 15
First quarter 2025 earnings released: EPS: MU₨18.85 (vs MU₨14.27 in 1Q 2024) First quarter 2025 results: EPS: MU₨18.85 (up from MU₨14.27 in 1Q 2024). Revenue: MU₨9.35b (up 26% from 1Q 2024). Net income: MU₨4.81b (up 35% from 1Q 2024). Profit margin: 52% (up from 48% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 13
Upcoming dividend of MU₨13.50 per share Eligible shareholders must have bought the stock before 20 November 2024. Payment date: 20 December 2024. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 5.1%. Lower than top quartile of Mauritian dividend payers (5.5%). In line with average of industry peers (4.9%). Annuncio • Oct 25
MCB Group Limited, Annual General Meeting, Nov 15, 2024 MCB Group Limited, Annual General Meeting, Nov 15, 2024, at 10:30 Arabian Standard Time. Location: mcb ltd auditorium, 3rd floor, mcb st jean, st jean roundabout, quatre bornes, Mauritius Reported Earnings • Sep 29
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: MU₨63.69 (up from MU₨57.67 in FY 2023). Revenue: MU₨33.2b (up 18% from FY 2023). Net income: MU₨16.0b (up 14% from FY 2023). Profit margin: 48% (down from 50% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.6%. Earnings per share (EPS) also surpassed analyst estimates by 3.2%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Africa. 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 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 31
Upcoming dividend of MU₨9.50 per share Eligible shareholders must have bought the stock before 07 June 2024. Payment date: 09 July 2024. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of Mauritian dividend payers (6.2%). In line with average of industry peers (5.8%). Declared Dividend • May 16
Dividend of MU₨9.50 announced Shareholders will receive a dividend of MU₨9.50. Ex-date: 7th June 2024 Payment date: 9th July 2024 Dividend yield will be 5.3%, which is higher than the industry average of 4.8%. Sustainability & Growth Dividend is well covered by earnings (19% payout ratio) and is expected to be well covered in 3 years' time (34% forecast payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Feb 21
Price target increased by 11% to MU₨581 Up from MU₨521, the current price target is provided by 1 analyst. New target price is 76% above last closing price of MU₨330. Stock is up 4.4% over the past year. The company is forecast to post earnings per share of MU₨61.70 for next year compared to MU₨57.67 last year. Reported Earnings • Feb 15
Second quarter 2024 earnings released: EPS: MU₨16.74 (vs MU₨15.99 in 2Q 2023) Second quarter 2024 results: EPS: MU₨16.74 (up from MU₨15.99 in 2Q 2023). Revenue: MU₨8.79b (up 23% from 2Q 2023). Net income: MU₨4.22b (up 8.2% from 2Q 2023). Profit margin: 48% (down from 55% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 15
Upcoming dividend of MU₨11.75 per share at 6.9% yield Eligible shareholders must have bought the stock before 22 November 2023. Payment date: 22 December 2023. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 6.9%. Within top quartile of Mauritian dividend payers (5.9%). Higher than average of industry peers (5.5%). Annuncio • Oct 28
MCB Group Limited, Annual General Meeting, Nov 17, 2023 MCB Group Limited, Annual General Meeting, Nov 17, 2023, at 10:30 Mauritius Standard Time. Location: MCB Ltd Auditorium, 3rd Floor, MCB St Jean, St Jean Roundabout, Quatre Bornes Mauritius Agenda: To consider the Annual Report of the Company for the year ended 30th June 2023;to receive the Auditor's report; to consider and approve the Group's and the Company's Financial Statements for the year ended 30th June 2023;to re-elect as Director of the Company Mrs. Karuna Bhoojedhur-Obeegadoo who retires by rotation and, being eligible, offers herself for re-election in accordance with the Constitution of the Company; to re-elect as Director of the Company Mr. Stephen Davidson who retires by rotation and, being eligible, offers himself for re-election in accordance with the Constitution of the Company; to re-elect as Director of the Company Mr. Michael Lising who retires by rotation and, being eligible, offers himself for re-election in accordance with the Constitution of the Company. New Risk • Oct 13
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Reported Earnings • Sep 29
Full year 2023 earnings released: EPS: MU₨57.67 (vs MU₨40.14 in FY 2022) Full year 2023 results: EPS: MU₨57.67 (up from MU₨40.14 in FY 2022). Revenue: MU₨28.1b (up 38% from FY 2022). Net income: MU₨14.1b (up 47% from FY 2022). Profit margin: 50% (up from 47% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 17% per year. Upcoming Dividend • May 31
Upcoming dividend of MU₨8.50 per share at 5.1% yield Eligible shareholders must have bought the stock before 07 June 2023. Payment date: 07 July 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of Mauritian dividend payers (6.3%). Lower than average of industry peers (6.4%). Reported Earnings • May 20
Third quarter 2023 earnings released: EPS: MU₨16.69 (vs MU₨9.66 in 3Q 2022) Third quarter 2023 results: EPS: MU₨16.69 (up from MU₨9.66 in 3Q 2022). Revenue: MU₨7.66b (up 53% from 3Q 2022). Net income: MU₨4.11b (up 77% from 3Q 2022). Profit margin: 54% (up from 47% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Feb 15
Second quarter 2023 earnings released: EPS: MU₨15.99 (vs MU₨11.10 in 2Q 2022) Second quarter 2023 results: EPS: MU₨15.99 (up from MU₨11.10 in 2Q 2022). Revenue: MU₨7.15b (up 35% from 2Q 2022). Net income: MU₨3.90b (up 47% from 2Q 2022). Profit margin: 55% (up from 50% in 2Q 2022). 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 10% growth forecast for the Banks industry in Africa. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 23
Price target increased to MU₨521 Up from MU₨481, the current price target is provided by 1 analyst. New target price is 70% above last closing price of MU₨306. Stock is down 5.6% over the past year. The company is forecast to post earnings per share of MU₨50.90 for next year compared to MU₨40.14 last year. Upcoming Dividend • Nov 16
Upcoming dividend of MU₨8.00 per share Eligible shareholders must have bought the stock before 22 November 2022. Payment date: 22 December 2022. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 4.4%. Lower than top quartile of Mauritian dividend payers (4.9%). Lower than average of industry peers (5.7%). Upcoming Dividend • Jun 01
Upcoming dividend of MU₨5.90 per share Eligible shareholders must have bought the stock before 08 June 2022. Payment date: 08 July 2022. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 4.8%. Within top quartile of Mauritian dividend payers (3.9%). Lower than average of industry peers (5.4%). Price Target Changed • May 03
Price target increased to MU₨481 Up from MU₨419, the current price target is provided by 1 analyst. New target price is 44% above last closing price of MU₨335. Stock is up 46% over the past year. The company posted earnings per share of MU₨33.51 last year. Reported Earnings • Feb 13
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: EPS: MU₨11.10 (up from MU₨7.77 in 2Q 2021). Revenue: MU₨5.28b (up 22% from 2Q 2021). Net income: MU₨2.66b (up 43% from 2Q 2021). Profit margin: 50% (up from 43% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 22%. 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 5% per year, which means it is well ahead of earnings. Reported Earnings • Nov 18
First quarter 2022 earnings released: EPS MU₨9.35 (vs MU₨8.05 in 1Q 2021) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2022 results: Revenue: MU₨4.84b (up 15% from 1Q 2021). Net income: MU₨2.24b (up 16% from 1Q 2021). Profit margin: 46% (in line with 1Q 2021). 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 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 15
Upcoming dividend of MU₨9.50 per share Eligible shareholders must have bought the stock before 22 November 2021. Payment date: 21 December 2021. Trailing yield: 5.8%. Within top quartile of Mauritian dividend payers (3.6%). Higher than average of industry peers (4.4%). Reported Earnings • Oct 01
Full year 2021 earnings released: EPS MU₨33.51 (vs MU₨33.10 in FY 2020) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2021 results: Revenue: MU₨17.6b (up 4.5% from FY 2020). Net income: MU₨8.02b (up 1.3% from FY 2020). Profit margin: 46% (down from 47% in FY 2020). The decrease in margin was driven by higher expenses. Cost-to-income ratio: 36.9% (up from 35.5% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • May 24
Upcoming dividend of MU₨7.25 per share Eligible shareholders must have bought the stock before 31 May 2021. Payment date: 05 July 2021. Trailing yield: 5.7%. Within top quartile of Mauritian dividend payers (4.3%). Higher than average of industry peers (3.5%). Is New 90 Day High Low • Feb 15
New 90-day low: MU₨227 The company is down 1.0% from its price of MU₨230 on 17 November 2020. The Mauritian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is MU₨99.29 per share. Reported Earnings • Feb 12
Second quarter 2021 earnings released: EPS MU₨7.77 (vs MU₨11.53 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: MU₨4.34b (down 16% from 2Q 2020). Net income: MU₨1.86b (down 33% from 2Q 2020). Profit margin: 43% (down from 53% in 2Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 02
New 90-day low: MU₨205 The company is down 11% from its price of MU₨232 on 03 July 2020. The Mauritian market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is MU₨149 per share. 
