Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$0.14 (vs NT$0.096 in 1Q 2025) First quarter 2026 results: EPS: NT$0.14 (up from NT$0.096 in 1Q 2025). Revenue: NT$649.2m (up 45% from 1Q 2025). Net income: NT$5.61m (up 45% from 1Q 2025). Profit margin: 0.9% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Apr 05
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.8x 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 Risks Interest payments are not well covered by earnings (0.8x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 12x earnings per share. Paying a dividend despite having no free cash flows. Earnings have declined by 47% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.09% net profit margin). Market cap is less than US$100m (NT$831.4m market cap, or US$26.0m). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.05 (vs NT$0.61 in FY 2024) Full year 2025 results: EPS: NT$0.05 (down from NT$0.61 in FY 2024). Revenue: NT$2.15b (up 20% from FY 2024). Net income: NT$1.98m (down 91% from FY 2024). Profit margin: 0.1% (down from 1.2% 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 49% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Annuncio • Mar 13
V-TAC Technology Co.,Ltd., Annual General Meeting, Jun 30, 2026 V-TAC Technology Co.,Ltd., Annual General Meeting, Jun 30, 2026. Location: no,13 ln.751, k`ang ning st., sijhih district, new taipei city Taiwan Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: NT$0.26 (vs NT$0.12 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.26 (up from NT$0.12 in 3Q 2024). Revenue: NT$616.6m (up 25% from 3Q 2024). Net income: NT$10.6m (up 146% from 3Q 2024). Profit margin: 1.7% (up from 0.9% in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 17
Second quarter 2025 earnings released: NT$0.38 loss per share (vs NT$0.43 profit in 2Q 2024) Second quarter 2025 results: NT$0.38 loss per share (down from NT$0.43 profit in 2Q 2024). Revenue: NT$515.4m (down 5.0% from 2Q 2024). Net loss: NT$15.4m (down 200% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Jul 10
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 17 July 2025. Payment date: 13 August 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.1%. Lower than top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (2.2%). Declared Dividend • Jun 23
Dividend increased to NT$1.00 Dividend of NT$1.00 is 100% higher than last year. Ex-date: 17th July 2025 Payment date: 13th August 2025 Dividend yield will be 4.0%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is not covered by earnings (146% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.5% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 62% to bring the payout ratio under control, which is more than the 1.2% EPS growth achieved over the last 5 years. Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.10 (vs NT$0.008 in 1Q 2024) First quarter 2025 results: EPS: NT$0.10 (up from NT$0.008 in 1Q 2024). Revenue: NT$449.1m (up 81% from 1Q 2024). Net income: NT$3.87m (up NT$3.59m from 1Q 2024). Profit margin: 0.9% (up from 0.1% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. New Risk • May 05
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 Taiwanese stocks, typically moving 8.7% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 165% Paying a dividend despite having no free cash flows. Earnings have declined by 14% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.7% average weekly change). Market cap is less than US$100m (NT$1.15b market cap, or US$38.7m). Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$26.45, the stock trades at a trailing P/E ratio of 49.2x. Average trailing P/E is 23x in the Semiconductor industry in Taiwan. Total loss to shareholders of 4.5% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$20.75, the stock trades at a trailing P/E ratio of 38.6x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total loss to shareholders of 34% over the past three years. Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$0.61 (vs NT$0.054 in FY 2023) Full year 2024 results: EPS: NT$0.61 (up from NT$0.054 in FY 2023). Revenue: NT$1.80b (up 63% from FY 2023). Net income: NT$21.7m (up NT$19.8m from FY 2023). Profit margin: 1.2% (up from 0.2% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Annuncio • Mar 14
V-TAC Technology Co.,Ltd., Annual General Meeting, Jun 17, 2025 V-TAC Technology Co.,Ltd., Annual General Meeting, Jun 17, 2025. Location: no,13 ln.751, k`ang ning st., sijhih district, new taipei city Taiwan New Risk • Feb 25
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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 Risk Earnings have declined by 7.5% per year over the past 5 years. 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 (NT$1.06b market cap, or US$32.4m). Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.12 (vs NT$0.27 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.12 (down from NT$0.27 in 3Q 2023). Revenue: NT$493.8m (up 61% from 3Q 2023). Net income: NT$4.32m (down 54% from 3Q 2023). Profit margin: 0.9% (down from 3.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$37.70, the stock trades at a trailing P/E ratio of 39.3x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total returns to shareholders of 11% over the past three years. Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.43 (vs NT$0.028 loss in 2Q 2023) Second quarter 2024 results: EPS: NT$0.43 (up from NT$0.028 loss in 2Q 2023). Revenue: NT$542.5m (up 91% from 2Q 2023). Net income: NT$15.4m (up NT$16.5m from 2Q 2023). Profit margin: 2.8% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$37.05, the stock trades at a trailing P/E ratio of 74.4x. Average trailing P/E is 31x in the Semiconductor industry in Taiwan. Total loss to shareholders of 11% over the past three years. Upcoming Dividend • Jul 11
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 18 July 2024. Payment date: 13 August 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.1%. Lower than top quartile of Taiwanese dividend payers (4.2%). Lower than average of industry peers (1.9%). Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.01 (vs NT$0.44 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.01 (up from NT$0.44 loss in 1Q 2023). Revenue: NT$248.9m (up 12% from 1Q 2023). Net income: NT$278.0k (up NT$15.8m from 1Q 2023). Profit margin: 0.1% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Mar 22
Full year 2023 earnings released: EPS: NT$0.05 (vs NT$2.22 in FY 2022) Full year 2023 results: EPS: NT$0.05 (down from NT$2.22 in FY 2022). Revenue: NT$1.10b (down 31% from FY 2022). Net income: NT$1.93m (down 98% from FY 2022). Profit margin: 0.2% (down from 4.9% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Annuncio • Mar 21
V-TAC Technology Co.,Ltd., Annual General Meeting, Jun 20, 2024 V-TAC Technology Co.,Ltd., Annual General Meeting, Jun 20, 2024. New Risk • Jan 25
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 Taiwanese stocks, typically moving 5.5% 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 Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (5.5% average weekly change). Market cap is less than US$100m (NT$1.21b market cap, or US$38.7m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: NT$0.03 loss per share (vs NT$0.84 profit in 2Q 2022) Second quarter 2023 results: NT$0.03 loss per share (down from NT$0.84 profit in 2Q 2022). Revenue: NT$283.8m (down 35% from 2Q 2022). Net loss: NT$1.01m (down 103% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Jul 12
Upcoming dividend of NT$1.60 per share at 5.7% yield Eligible shareholders must have bought the stock before 19 July 2023. Payment date: 08 August 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.7%. Within top quartile of Taiwanese dividend payers (5.5%). Higher than average of industry peers (3.2%). Reported Earnings • Mar 29
Full year 2022 earnings released: EPS: NT$2.22 (vs NT$4.49 in FY 2021) Full year 2022 results: EPS: NT$2.22 (down from NT$4.49 in FY 2021). Revenue: NT$1.60b (down 24% from FY 2021). Net income: NT$79.1m (down 51% from FY 2021). Profit margin: 4.9% (down from 7.6% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. 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. 5 experienced directors. 3 highly experienced directors. 1 independent director (4 non-independent directors). Chairman of the Board of Directors Jian Lang Xu was the last director to join the board, commencing their role in 2012. 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 • Nov 13
Third quarter 2022 earnings released: EPS: NT$0.58 (vs NT$1.81 in 3Q 2021) Third quarter 2022 results: EPS: NT$0.58 (down from NT$1.81 in 3Q 2021). Revenue: NT$400.2m (down 38% from 3Q 2021). Net income: NT$20.5m (down 68% from 3Q 2021). Profit margin: 5.1% (down from 10.0% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Nov 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be NT$31.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 74%. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to NT$24.00, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 11x in the Semiconductor industry in Taiwan. Total returns to shareholders of 70% over the past three years. Buying Opportunity • Aug 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.5%. The fair value is estimated to be NT$38.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 74%. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.84 (vs NT$1.22 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.84 (down from NT$1.22 in 2Q 2021). Revenue: NT$436.2m (down 21% from 2Q 2021). Net income: NT$30.1m (down 31% from 2Q 2021). Profit margin: 6.9% (down from 7.9% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 17% share price gain to NT$29.75, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 12x in the Semiconductor industry in Taiwan. Total returns to shareholders of 175% over the past three years. Upcoming Dividend • Jul 06
Upcoming dividend of NT$2.50 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 09 August 2022. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 9.0%. Within top quartile of Taiwanese dividend payers (6.6%). Higher than average of industry peers (4.0%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.98 (vs NT$0.56 in 1Q 2021) First quarter 2022 results: EPS: NT$0.98 (up from NT$0.56 in 1Q 2021). Revenue: NT$402.2m (up 8.4% from 1Q 2021). Net income: NT$35.0m (up 76% from 1Q 2021). Profit margin: 8.7% (up from 5.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. 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. 5 experienced directors. 3 highly experienced directors. 1 independent director (4 non-independent directors). Chairman of the Board of Directors Jian Lang Xu was the last director to join the board, commencing their role in 2012. 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 • Mar 31
Full year 2021 earnings released: EPS: NT$4.49 (vs NT$1.32 in FY 2020) Full year 2021 results: EPS: NT$4.49 (up from NT$1.32 in FY 2020). Revenue: NT$2.11b (up 21% from FY 2020). Net income: NT$160.0m (up 239% from FY 2020). Profit margin: 7.6% (up from 2.7% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS NT$1.81 (vs NT$0.81 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: NT$645.4m (up 39% from 3Q 2020). Net income: NT$64.6m (up 125% from 3Q 2020). Profit margin: 10.0% (up from 6.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year whereas the company’s share price has increased by 58% per year. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 16% share price gain to NT$48.30, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 21x in the Semiconductor industry in Taiwan. Total returns to shareholders of 328% over the past three years. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$1.22 (vs NT$0.46 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: NT$551.7m (up 11% from 2Q 2020). Net income: NT$43.5m (up 164% from 2Q 2020). Profit margin: 7.9% (up from 3.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 49% per year. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorated over the past week After last week's 19% share price decline to NT$40.70, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 26x in the Semiconductor industry in Taiwan. Total returns to shareholders of 280% over the past three years. Upcoming Dividend • Jul 30
Upcoming dividend of NT$1.02 per share Eligible shareholders must have bought the stock before 06 August 2021. Payment date: 31 August 2021. Trailing yield: 2.0%. Lower than top quartile of Taiwanese dividend payers (4.9%). In line with average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 24% share price gain to NT$40.70, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 25x in the Semiconductor industry in Taiwan. Total returns to shareholders of 216% over the past three years. Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.56 (vs NT$0.12 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$371.1m (up 41% from 1Q 2020). Net income: NT$19.9m (up NT$24.1m from 1Q 2020). Profit margin: 5.4% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorated over the past week After last week's 17% share price decline to NT$26.55, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 22x in the Semiconductor industry in Taiwan. Total returns to shareholders of 105% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 21% share price gain to NT$40.75, the stock trades at a trailing P/E ratio of 30.9x. Average trailing P/E is 28x in the Semiconductor industry in Taiwan. Total returns to shareholders of 179% over the past three years. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS NT$1.31 (vs NT$0.59 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$1.75b (up 12% from FY 2019). Net income: NT$47.2m (up 123% from FY 2019). Profit margin: 2.7% (up from 1.4% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 17% share price gain to NT$31.45, the stock is trading at a trailing P/E ratio of 26.2x, up from the previous P/E ratio of 22.4x. This compares to an average P/E of 28x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 99%. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 23% share price gain to NT$35.90, the stock is trading at a trailing P/E ratio of 30x, up from the previous P/E ratio of 24.3x. This compares to an average P/E of 26x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 139%. Is New 90 Day High Low • Dec 23
New 90-day high: NT$30.40 The company is up 41% from its price of NT$21.60 on 25 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Semiconductor industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: NT$29.15 The company is up 1.0% from its price of NT$29.00 on 09 September 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 22% over the same period. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 21% share price gain to NT$26.10, the stock is trading at a trailing P/E ratio of 21.8x, up from the previous P/E ratio of 18x. This compares to an average P/E of 22x in the Semiconductor industry in Taiwan. Total returns to shareholders over the past three years are 50%. Reported Earnings • Nov 15
Third quarter 2020 earnings released: EPS NT$0.81 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: NT$463.6m (down 11% from 3Q 2019). Net income: NT$28.7m (up 57% from 3Q 2019). Profit margin: 6.2% (up from 3.5% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.