Annuncio • May 21
University Press Plc to Report Fiscal Year 2026 Results on Jun 24, 2026 University Press Plc announced that they will report fiscal year 2026 results on Jun 24, 2026 New Risk • May 19
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 Nigerian stocks, typically moving 9.7% 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: Major Risk Market cap is less than US$10m (₦2.16b market cap, or US$1.57m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.7% average weekly change). Profit margins are more than 30% lower than last year (5.0% net profit margin). Revenue is less than US$5m (₦3.9b revenue, or US$2.8m). Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₦4.00, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 8x in the Media industry in Africa. Total returns to shareholders of 140% over the past three years. New Risk • May 06
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.0% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₦2.16b market cap, or US$1.59m). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (5.0% net profit margin). Revenue is less than US$5m (₦3.9b revenue, or US$2.9m). Reported Earnings • May 06
Full year 2026 earnings released: EPS: ₦0.45 (vs ₦1.05 in FY 2025) Full year 2026 results: EPS: ₦0.45 (down from ₦1.05 in FY 2025). Revenue: ₦3.89b (up 14% from FY 2025). Net income: ₦195.3m (down 57% from FY 2025). Profit margin: 5.0% (down from 13% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 41% per year. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₦5.80, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 8x in the Media industry in Africa. Total returns to shareholders of 213% over the past three years. New Risk • Jan 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% 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: Major Risk Market cap is less than US$10m (₦2.48b market cap, or US$1.79m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Revenue is less than US$5m (₦3.9b revenue, or US$2.8m). Board Change • Jan 05
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Tracie Utoh-Ezeajugha was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 10
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Tracie Utoh-Ezeajugha was the last independent director to join the board, commencing their role in 2023. 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 • Nov 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₦6.00, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 8x in the Media industry in Africa. Total returns to shareholders of 253% over the past three years. Reported Earnings • Nov 02
Second quarter 2026 earnings released: EPS: ₦1.24 (vs ₦1.96 in 2Q 2025) Second quarter 2026 results: EPS: ₦1.24 (down from ₦1.96 in 2Q 2025). Revenue: ₦2.76b (up 16% from 2Q 2025). Net income: ₦537.0m (down 37% from 2Q 2025). Profit margin: 19% (down from 36% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Sep 29
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Non-Executive Director Tracie Utoh-Ezeajugha was the last independent director to join the board, commencing their role in 2023. 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 • Sep 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₦5.99, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 259% over the past three years. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₦5.54, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 226% over the past three years. Upcoming Dividend • Aug 18
Upcoming dividend of ₦0.15 per share Eligible shareholders must have bought the stock before 25 August 2025. Payment date: 18 September 2025. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Nigerian dividend payers (4.0%). Lower than average of industry peers (7.2%). Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦6.15, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 222% over the past three years. Reported Earnings • Jul 31
First quarter 2026 earnings released: ₦0.42 loss per share (vs ₦0.38 loss in 1Q 2025) First quarter 2026 results: ₦0.42 loss per share (further deteriorated from ₦0.38 loss in 1Q 2025). Revenue: ₦342.6m (up 120% from 1Q 2025). Net loss: ₦179.1m (loss widened 9.2% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 03
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). High level of non-cash earnings (47% accrual ratio). Market cap is less than US$10m (₦2.39b market cap, or US$1.56m). Minor Risks Paying a dividend despite having no free cash flows. Revenue is less than US$5m (₦3.4b revenue, or US$2.2m). Board Change • Jul 03
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Non-Executive Director Tracie Utoh-Ezeajugha was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Declared Dividend • Jul 02
Dividend of ₦0.15 announced Shareholders will receive a dividend of ₦0.15. Ex-date: 25th August 2025 Payment date: 18th September 2025 Dividend yield will be 2.7%, which is lower than the industry average of 3.1%. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦6.02, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 132% over the past three years. New Risk • May 28
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 Nigerian stocks, typically moving 11% 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 (11% average weekly change). High level of non-cash earnings (47% accrual ratio). Market cap is less than US$10m (₦2.20b market cap, or US$1.39m). Minor Risk Revenue is less than US$5m (₦3.4b revenue, or US$2.1m). Annuncio • May 22
University Press Plc to Report Fiscal Year 2025 Results on Jun 18, 2025 University Press Plc announced that they will report fiscal year 2025 results on Jun 18, 2025 Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₦3.97, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 40% over the past three years. New Risk • May 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 47% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (47% accrual ratio). Market cap is less than US$10m (₦2.08b market cap, or US$1.30m). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Revenue is less than US$5m (₦3.4b revenue, or US$2.1m). Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦3.74, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 9x in the Media industry in Africa. Total returns to shareholders of 55% over the past three years. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₦5.60, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 12x in the Media industry in Africa. Total returns to shareholders of 140% over the past three years. New Risk • Jan 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 884% 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: Major Risk Market cap is less than US$10m (₦2.01b market cap, or US$1.31m). Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.9% net profit margin). Revenue is less than US$5m (₦3.3b revenue, or US$2.1m). Reported Earnings • Jan 24
Third quarter 2025 earnings released: ₦0.40 loss per share (vs ₦0.28 loss in 3Q 2024) Third quarter 2025 results: ₦0.40 loss per share (further deteriorated from ₦0.28 loss in 3Q 2024). Revenue: ₦483.8m (up 68% from 3Q 2024). Net loss: ₦172.6m (loss widened 45% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jan 14
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 89% to ₦4.81. The fair value is estimated to be ₦3.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 59%. Valuation Update With 7 Day Price Move • Jan 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₦4.45, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 8x in the Media industry in Africa. Total returns to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₦4.18, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 8x in the Media industry in Africa. Total returns to shareholders of 58% over the past three years. New Risk • Nov 25
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 1,804% 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: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (₦1.51b market cap, or US$893.9k). Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (₦3.1b revenue, or US$1.8m). Buy Or Sell Opportunity • Nov 13
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 49% to ₦3.60. The fair value is estimated to be ₦2.78, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has declined by 59%. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₦3.30, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 7x in the Media industry in Africa. Total returns to shareholders of 72% over the past three years. Reported Earnings • Oct 31
Second quarter 2025 earnings released: EPS: ₦1.96 (vs ₦1.03 in 2Q 2024) Second quarter 2025 results: EPS: ₦1.96 (up from ₦1.03 in 2Q 2024). Revenue: ₦2.38b (up 31% from 2Q 2024). Net income: ₦847.3m (up 91% from 2Q 2024). Profit margin: 36% (up from 25% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 29
Upcoming dividend of ₦0.025 per share Eligible shareholders must have bought the stock before 05 September 2024. Payment date: 26 September 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Nigerian dividend payers (6.8%). Lower than average of industry peers (7.3%). Reported Earnings • Jul 30
First quarter 2025 earnings released: ₦0.38 loss per share (vs ₦0.23 loss in 1Q 2024) First quarter 2025 results: ₦0.38 loss per share (further deteriorated from ₦0.23 loss in 1Q 2024). Revenue: ₦156.1m (down 43% from 1Q 2024). Net loss: ₦164.1m (loss widened 65% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Annuncio • Jul 06
University Press Plc, Annual General Meeting, Sep 26, 2024 University Press Plc, Annual General Meeting, Sep 26, 2024, at 11:00 W. Central Africa Standard Time. Valuation Update With 7 Day Price Move • May 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₦2.05, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 101% over the past three years. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₦3.00, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 165% over the past three years. Reported Earnings • Jan 23
Third quarter 2024 earnings released: ₦0.28 loss per share (vs ₦0.26 loss in 3Q 2023) Third quarter 2024 results: ₦0.28 loss per share (further deteriorated from ₦0.26 loss in 3Q 2023). Revenue: ₦287.5m (up 7.5% from 3Q 2023). Net loss: ₦119.0m (loss widened 7.9% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦2.90, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 166% over the past three years. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₦2.75, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 150% over the past three years. Reported Earnings • Oct 29
Second quarter 2024 earnings released: EPS: ₦1.03 (vs ₦1.13 in 2Q 2023) Second quarter 2024 results: EPS: ₦1.03 (down from ₦1.13 in 2Q 2023). Revenue: ₦1.81b (up 17% from 2Q 2023). Net income: ₦444.8m (down 10% from 2Q 2023). Profit margin: 25% (down from 32% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 25
Upcoming dividend of ₦0.10 per share at 4.2% yield Eligible shareholders must have bought the stock before 01 September 2023. Payment date: 21 September 2023. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Nigerian dividend payers (6.6%). Lower than average of industry peers (7.3%). New Risk • Aug 15
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 Nigerian stocks, typically moving 10% 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 Market cap is less than US$10m (₦975.0m market cap, or US$1.28m). Minor Risks Paying a dividend despite having no free cash flows. Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (10% average weekly change). Revenue is less than US$5m (₦2.2b revenue, or US$2.9m). Reported Earnings • Jul 30
First quarter 2024 earnings released: ₦0.22 loss per share (vs ₦0.38 loss in 1Q 2023) First quarter 2024 results: ₦0.22 loss per share (improved from ₦0.38 loss in 1Q 2023). Revenue: ₦275.8m (up 36% from 1Q 2023). Net loss: ₦95.6m (loss narrowed 42% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₦2.76, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 7x in the Media industry in Africa. Total returns to shareholders of 233% over the past three years. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₦2.75, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 7x in the Media industry in Africa. Total returns to shareholders of 232% over the past three years. Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₦2.05, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 140% over the past three years. Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: ₦0.32 (vs ₦0.48 in FY 2022) Full year 2023 results: EPS: ₦0.32 (down from ₦0.48 in FY 2022). Revenue: ₦2.16b (down 6.2% from FY 2022). Net income: ₦136.4m (down 34% from FY 2022). Profit margin: 6.3% (down from 9.0% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 27
Third quarter 2023 earnings released: ₦0.26 loss per share (vs ₦0.09 profit in 3Q 2022) Third quarter 2023 results: ₦0.26 loss per share (down from ₦0.09 profit in 3Q 2022). Revenue: ₦267.5m (down 36% from 3Q 2022). Net loss: ₦110.3m (down 376% from profit in 3Q 2022). 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 17% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
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. 6 non-independent directors. Independent Director Theodora Ezeigbo was the last independent director to join the board, commencing their role in 2013. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 26
Second quarter 2023 earnings released: EPS: ₦1.07 (vs ₦0.85 in 2Q 2022) Second quarter 2023 results: EPS: ₦1.07 (up from ₦0.85 in 2Q 2022). Revenue: ₦1.55b (up 12% from 2Q 2022). Net income: ₦462.4m (up 27% from 2Q 2022). Profit margin: 30% (up from 26% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% 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 • Aug 25
Upcoming dividend of ₦0.10 per share Eligible shareholders must have bought the stock before 01 September 2022. Payment date: 29 September 2022. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 5.3%. Lower than top quartile of Nigerien dividend payers (8.3%). In line with average of industry peers (5.1%). Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₦1.72, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 8x in the Media industry in Africa. Total returns to shareholders of 44% over the past three years. Reported Earnings • Jul 31
First quarter 2023 earnings released: ₦0.38 loss per share (vs ₦0.35 loss in 1Q 2022) First quarter 2023 results: ₦0.38 loss per share (down from ₦0.35 loss in 1Q 2022). Revenue: ₦202.4m (up 9.5% from 1Q 2022). Net loss: ₦164.7m (loss widened 9.4% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₦2.35, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 8x in the Media industry in Africa. Total returns to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₦2.60, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 8x in the Media industry in Africa. Total returns to shareholders of 71% over the past three years. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improved over the past week After last week's 20% share price gain to ₦2.94, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 9x in the Media industry in Africa. Total returns to shareholders of 106% over the past three years. Board Change • Apr 27
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 Theodora Ezeigbo was the last independent director to join the board, commencing their role in 2013. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment improved over the past week After last week's 19% share price gain to ₦2.91, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 6x in the Media industry in Africa. Total returns to shareholders of 60% over the past three years. Reported Earnings • Jan 29
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₦0.093 (down from ₦0.18 in 3Q 2021). Revenue: ₦415.0m (down 37% from 3Q 2021). Net income: ₦40.0m (down 50% from 3Q 2021). Profit margin: 9.6% (down from 12% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Board Change • Dec 06
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. 1 experienced director. 8 highly experienced directors. Independent Director Theodora Ezeigbo was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improved over the past week After last week's 28% share price gain to ₦2.94, the stock trades at a trailing P/E ratio of 3.2x. Average trailing P/E is 9x in the Media industry in Africa. Total returns to shareholders of 90% over the past three years. Reported Earnings • Oct 30
Second quarter 2022 earnings released: EPS ₦0.91 (vs ₦0.051 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₦1.38b (up ₦1.17b from 2Q 2021). Net income: ₦394.2m (up ₦416.5m from 2Q 2021). Profit margin: 28% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 20% share price gain to ₦1.80, the stock trades at a trailing P/E ratio of 52.9x. Average trailing P/E is 15x in the Media industry in Africa. Total returns to shareholders of 6.9% over the past three years. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improved over the past week After last week's 21% share price gain to ₦1.23, the stock trades at a trailing P/E ratio of 36.1x. Average trailing P/E is 15x in the Media industry in Africa. Total loss to shareholders of 22% over the past three years. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₦1.02, the stock trades at a trailing P/E ratio of 30x. Average trailing P/E is 19x in the Media industry in Africa. Total loss to shareholders of 34% over the past three years. Upcoming Dividend • Aug 25
Upcoming dividend of ₦0.05 per share Eligible shareholders must have bought the stock before 01 September 2021. Payment date: 23 September 2021. Trailing yield: 4.1%. Lower than top quartile of Nigerien dividend payers (7.3%). Lower than average of industry peers (5.2%). Reported Earnings • Aug 01
First quarter 2022 earnings released: ₦0.35 loss per share (vs ₦0.18 loss in 1Q 2021) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2022 results: Revenue: ₦184.9m (up 122% from 1Q 2021). Net loss: ₦150.4m (loss widened 98% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improved over the past week After last week's 20% share price gain to ₦1.40, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 14x in the Media industry in Africa. Total loss to shareholders of 17% over the past three years. Reported Earnings • May 05
Full year 2021 earnings released: EPS ₦0.093 (vs ₦0.29 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ₦1.42b (down 31% from FY 2020). Net income: ₦40.1m (down 69% from FY 2020). Profit margin: 2.8% (down from 6.2% in FY 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 52 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 18
New 90-day low: ₦1.20 The company is down 5.0% from its price of ₦1.26 on 20 November 2020. The Nigerien market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is down 2.0% over the same period. Reported Earnings • Jan 31
Third quarter 2021 earnings released: EPS ₦0.18 (vs ₦0.32 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₦661.7m (up 207% from 3Q 2020). Net income: ₦79.4m (up ₦216.1m from 3Q 2020). Profit margin: 12% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 68% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 01
First half earnings released Over the last 12 months the company has reported total losses of ₦310.8m, with earnings decreasing by ₦448.0m from the prior year. Total revenue was ₦702.6m over the last 12 months, down 68% from the prior year. Valuation Update With 7 Day Price Move • Oct 29
Market bids up stock over the past week After last week's 16% share price gain to ₦1.40, the stock is trading at a trailing P/E ratio of 3.7x, up from the previous P/E ratio of 3.2x. This compares to an average P/E of 8x in the Media industry in Africa. Total return to shareholders over the past three years is a loss of 17%. 
