Buy Or Sell Opportunity • Jun 11
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to R14.36. The fair value is estimated to be R11.71, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 10% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Upcoming Dividend • Jun 10
Upcoming dividend of R0.80 per share Eligible shareholders must have bought the stock before 17 June 2026. Payment date: 22 June 2026. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 13%. Within top quartile of South African dividend payers (7.7%). Higher than average of industry peers (2.2%). Board Change • Jun 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Deon Van Heerden was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Apr 07
Group CEO & Executive Director recently bought R198k worth of stock On the 30th of March, Ramasela Ganda bought around 15k shares on-market at roughly R13.28 per share. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Ramasela's only on-market trade for the last 12 months. Upcoming Dividend • Jan 28
Upcoming dividend of R1.26 per share Eligible shareholders must have bought the stock before 04 February 2026. Payment date: 09 February 2026. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 13%. Within top quartile of South African dividend payers (7.2%). Higher than average of industry peers (9.0%). Buy Or Sell Opportunity • Jan 15
Now 21% undervalued Over the last 90 days, the stock has risen 13% to R14.17. The fair value is estimated to be R17.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 8.5% per annum over the same time period. Annuncio • Dec 19
Zeda Limited, Annual General Meeting, Feb 11, 2026 Zeda Limited, Annual General Meeting, Feb 11, 2026. Reported Earnings • Nov 27
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: R3.60 (up from R3.20 in FY 2024). Revenue: R10.6b (up 1.7% from FY 2024). Net income: R672.5m (up 12% from FY 2024). Profit margin: 6.3% (up from 5.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 3.4%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Global Transportation industry. Upcoming Dividend • Jul 02
Upcoming dividend of R0.55 per share Eligible shareholders must have bought the stock before 09 July 2025. Payment date: 14 July 2025. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 8.6%. Within top quartile of South African dividend payers (8.3%). Higher than average of industry peers (6.4%). Annuncio • Jun 04
Zeda Limited to Report Fiscal Year 2025 Results on Nov 25, 2025 Zeda Limited announced that they will report fiscal year 2025 results on Nov 25, 2025 Reported Earnings • Jun 02
First half 2025 earnings released: EPS: R1.84 (vs R1.65 in 1H 2024) First half 2025 results: EPS: R1.84 (up from R1.65 in 1H 2024). Revenue: R5.19b (down 1.6% from 1H 2024). Net income: R342.7m (up 11% from 1H 2024). Profit margin: 6.6% (up from 5.9% in 1H 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Global Transportation industry. Price Target Changed • May 30
Price target decreased by 8.7% to R15.30 Down from R16.77, the current price target is an average from 3 analysts. New target price is 29% above last closing price of R11.85. Stock is up 0.4% over the past year. The company is forecast to post earnings per share of R3.22 for next year compared to R3.20 last year. Declared Dividend • May 29
First half dividend increased to R0.55 Dividend of R0.55 is 10% higher than last year. Ex-date: 9th July 2025 Payment date: 14th July 2025 Dividend yield will be 8.8%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 43% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 28
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: 8.3% 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 Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risk Paying a dividend despite having no free cash flows. Annuncio • May 27
Zeda Limited Declares Interim Dividend for the Half Year Ended 31 March 2025, Payable on 14 July 2025 Zeda Limited announced the board has declared an interim dividend (Dividend number 3) of 55 cents per share in respect of the half year ended 31 March 2025, on 27 May 2025, subject to the applicable dividend withholding tax rate of 20% levied in terms of the Income Tax Act (Act 58 of 1962) (as amended). Accordingly, for those shareholders not exempt from paying dividend withholding tax, the net ordinary dividend will be 44 cents per share. The
dividend has been declared out of income reserves, and the number of ordinary shares in issue at the date of this declaration is 189,641,787. The Company tax number is 9042025305. Last date to trade cum dividend is 8 July 2025. Ordinary shares trade ex-dividend is 9 July 2025. Record date is 11 July 2025. Payment date is 14 July 2025. New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R1.91b (US$98.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risk Market cap is less than US$100m (R1.91b market cap, or US$98.9m). Upcoming Dividend • Jan 29
Upcoming dividend of R0.50 per share Eligible shareholders must have bought the stock before 05 February 2025. Payment date: 10 February 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 8.2%. Within top quartile of South African dividend payers (7.9%). Higher than average of industry peers (5.3%). Price Target Changed • Jan 17
Price target increased by 13% to R16.77 Up from R14.83, the current price target is an average from 3 analysts. New target price is 32% above last closing price of R12.70. Stock is up 0.8% over the past year. The company is forecast to post earnings per share of R3.22 for next year compared to R3.20 last year. Annuncio • Dec 20
Zeda Limited, Annual General Meeting, Feb 19, 2025 Zeda Limited, Annual General Meeting, Feb 19, 2025. Reported Earnings • Nov 28
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: R3.20 (down from R3.87 in FY 2023). Revenue: R10.5b (up 14% from FY 2023). Net income: R599.0m (down 18% from FY 2023). Profit margin: 5.7% (down from 8.0% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 3.1%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Global Transportation industry. Annuncio • Nov 26
Zeda Limited Declares an Annual Dividend for the Year Ended 30 September 2024, Payable on 10 February 2025; Announces Change in Dividend Policy Zeda Limited announced on 25 November 2024 the board has declared an annual dividend (dividend number 2) of 50.00000 cents per share in respect of the gross annual dividend for the year ended 30 September 2024, subject to the applicable dividend withholding tax rate of 20% levied in terms of the Income Tax Act (Act No. 58 of 1962) (as amended). Accordingly, for those shareholders that are not exempt from paying dividend withholding tax, the net ordinary dividend will be 40.00000 cents per share. Ordinary shares trade ex-dividend date is 5 February 2025. Record date is 7 February 2025. Payment date is 10 February 2025.
The company announced change in dividend policy: Shareholder rewards are considered in the context of a holistic capital allocation framework wherein capital is allocated to reinvest in the business and return cash to the shareholders. The company dividend policy aligns with Zeda's capital allocation framework, which takes into account its long-term strategic growth and cash generation capabilities. Based on Zeda's growth ambitions and the expected cash to be generated by the business in the medium term, the Board has resolved to increase the dividend policy from 20% to 30% of profit after tax to an accumulative annual payout ratio within a range of 30% to 50% of profit after tax subject to sufficient cash available. The dividend policy is effective from the 2025 financial year. Notwithstanding its adopted dividend policy and intention, the Board retains absolute discretion to determine actual dividend declarations, and the company may revise its dividend policy from time to time. Annuncio • Sep 23
Zeda Limited Announces Appointment of Chioneso Sakutukwa as Group Company Secretary, Effective from 1 October 2024 Zeda Limited announced that Chioneso Sakutukwa has been appointed as the Group Company Secretary of Zeda with effect from 1 October 2024. Ms Sakutukwa is a Lawyer and Associate Chartered Company Secretary with over 15 years of experience in governance, legal and regulatory compliance. Licensed to practice as a corporate governance official in multiple countries including South Africa, Australia, China, Singapore, New Zealand, Hong Kong, Malaysia, Zimbabwe, England, and Ireland, she possesses a profound understanding of the corporate governance principles and is highly proficient with the Companies Act, No. 71 of 2008. Before joining Zeda as a Legal Executive, Ms Sakutukwa held key roles including Group Head of Legal and Company Secretary at Peermont Global, Group Legal Executive and Company Secretary at Goldrush Gaming Group, and Head of Corporate Statutory Services at RSM Africa. Ms Sakutukwa possesses an LLB from Rhodes University, a certification in Advanced Company Law from Witwatersrand University, and a certification in Business Management from GIBS. She also holds the esteemed Associate Chartered Secretary (SA) designation from the Chartered Governance Institute of Southern Africa. Recent Insider Transactions • Aug 10
Prescribed Officer recently sold R194k worth of stock On the 5th of August, Litha Nkombisa sold around 16k shares on-market at roughly R12.00 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth R345k. Insiders have been net sellers, collectively disposing of R1.1m more than they bought in the last 12 months. Recent Insider Transactions • Jul 28
Independent Non-Executive Director recently sold R345k worth of stock On the 19th of July, Donald Wilson sold around 30k shares on-market at roughly R11.50 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R895k more than they bought in the last 12 months. Annuncio • Jul 03
An undisclosed buyer acquired an unknown minority stake in Zeda Limited (JSE:ZZD) from Silchester International Investors LLP. An undisclosed buyer acquired an unknown minority stake in Zeda Limited (JSE:ZZD) from Silchester International Investors LLP on July 1, 2024. On completion, Silchester disposed of its entire interest in the securities of the Company, such that it now amounts to 0.00% of the total number of securities in issue.An undisclosed buyer completed the acquisition of an unknown minority stake in Zeda Limited (JSE:ZZD) from Silchester International Investors LLP on July 1, 2024. Buy Or Sell Opportunity • Jul 01
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to R12.93. The fair value is estimated to be R10.56, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last year. Earnings per share has grown by 5.3%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 9.6% per annum over the same time period. Annuncio • May 31
Zeda Limited Declares Interim Dividend for the Six Months Ended 31 March 2024, Payable on 15 July 2024 The board of Zeda Limited has declared an interim dividend of 50.00000 cents per share in respect of the six months ended 31 March 2024, on the 28th May 2024, subject to the applicable dividend withholding tax rate of 20% levied in terms of the Income Tax Act (Act No. 58 of 1962) (as amended). Accordingly, for those shareholders not exempt from paying dividend withholding tax, the net ordinary dividend will be 40.00000 cents per share. The following dates are applicable to the dividend: Last date to trade cum dividend: 9 July 2024. Ordinary shares trade ex-dividend: 10 July 2024. Record date: 12 July 2024. Payment date: 15 July 2024. Buy Or Sell Opportunity • May 24
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.3% to R12.00. The fair value is estimated to be R9.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 6.6% per annum over the same time period. Buy Or Sell Opportunity • May 06
Now 22% overvalued Over the last 90 days, the stock has fallen 2.4% to R12.05. The fair value is estimated to be R9.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 6.6% per annum over the same time period. Buy Or Sell Opportunity • Apr 09
Now 21% overvalued Over the last 90 days, the stock has fallen 4.2% to R11.88. The fair value is estimated to be R9.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 6.6% per annum over the same time period. Buy Or Sell Opportunity • Feb 27
Now 20% overvalued Over the last 90 days, the stock has fallen 8.6% to R11.80. The fair value is estimated to be R9.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 6.6% per annum over the same time period. Recent Insider Transactions • Feb 11
Prescribed Officer recently sold R550k worth of stock On the 5th of February, Litha Nkombisa sold around 44k shares on-market at roughly R12.62 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R450k more than they bought in the last 12 months. Reported Earnings • Nov 29
Full year 2023 earnings released: EPS: R3.87 (vs R2.96 in FY 2022) Full year 2023 results: EPS: R3.87 (up from R2.96 in FY 2022). Revenue: R9.14b (up 12% from FY 2022). Net income: R731.9m (up 30% from FY 2022). Profit margin: 8.0% (up from 6.9% in FY 2022). The increase in margin was driven by higher revenue. Annuncio • Nov 29
Zeda Limited Announces Formation of New Sub-Committee, Effective 1 December 2023 The board of directors of Zeda Limited has decided to separate the Audit and Risk Committee into two separate committees, being the Audit Committee and a newly formulated Information Technology and Risk Committe with effect from 1 December 2023. The composition of the Information Technology and Risk Committee and the Audit Committee will be as follows: Audit Committee: Chairman - Donald Wilson; and Members - Xoliswa Kakana, Yolanda Miya and Marna Roets. Information Technology and Risk Committee: Chairman - Xoliswa Kakana; and Members - Ngao Motsei and Marna Roets. The Board believes that the newly formed Information Technology and Risk Committee will allow the Audit Committee to focus on assurance and financial oversight, with the Information Technology and Risk Committee focussing on risk and information technology. Annuncio • Nov 15
Zeda Limited Provides Earnings Guidance for the Year Ended 30 September 2023 Zeda Limited provided earnings guidance for the year ended 30 September 2023. For the year the company expected EPS of 384.8 cents to 399.6 cents. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to R12.85, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 16x in the Transportation industry globally. Annuncio • Nov 14
Zeda Limited to Report Fiscal Year 2023 Results on Nov 27, 2023 Zeda Limited announced that they will report fiscal year 2023 results on Nov 27, 2023 Annuncio • Oct 18
Zeda Limited Announces Resignation of William Radcliffe as Company Secretary, with Effect from 31 January 2024 Zeda Limited announced William Radcliffe, will be resigning as company secretary of Zeda with effect from 31 January 2024. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to R11.52, the stock trades at a trailing P/E ratio of 3.5x. Average trailing P/E is 17x in the Transportation industry globally. Annuncio • Aug 03
Zeda Limited Appoints Ms Xoliswa Kakana to the Board of Directors as an Independent Non-Executive Directo Zeda Limited announced that Ms Xoliswa Kakana has been appointed to the board of directors of Zeda ("the Board") as an independent non-executive director with effect from 1 August 2023. Ms Kakana is an Electrical Engineer with over 25 years' experience in the electronic engineering and ICT sectors. She held senior Executive positions in various blue-chip technology companies. She is afounder of Spiritual Insight, a leadership development and coaching practice that services clients in the global tech and financial services sectors. She is also a founder and a former Chief Executive Officer of ICT-Works Proprietary Limited ("ICT-Works"), an innovative service delivery company in transportation solutions, supply chain solutions and enterprise architecture. She has been leading the ICT-Works' operations in South Africa and the rest of the African continent since it was founded in 1999. Prior to that, she worked for the Council for Scientific and Industrial Research (CSIR), Mikomtek, Hewlett Packard (HP) and Iridium Africa. Ms Kakana serves on the boards of Old Mutual Insure and is Executive Chairman of ICT-Works . She is currently the Council Chairperson of the University of Johannesburg. She previously served as the Chairperson of South African National Space Agency and served as non-executive director at Broadband Infraco and ZACR. She is the Founder of Women in ICT Forum. Ms Kakana possesses a Masters in Administration from Harvard University, a Masters of Business Administration ("MBA") in Technology Management from Massachusetts Institute of Technology, a MBA (Henley Management College), Meng in Electronics Engineering (F.H Giessen- Friedberg University), and BSc. Maths & Applied Maths (University of Transkei). New Risk • Jun 12
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 3.0x 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 30
First half 2023 earnings released First half 2023 results: EPS: R1.97. Revenue: R4.45b (up 20% from 1H 2022). Net income: R372.7m (up 22% from 1H 2022). Profit margin: 8.4% (up from 8.2% in 1H 2022). The increase in margin was driven by higher revenue. Annuncio • May 25
Zeda Limited to Report First Half, 2023 Results on May 29, 2023 Zeda Limited announced that they will report first half, 2023 results on May 29, 2023 Annuncio • May 24
Zeda Limited Provides Earnings Guidance for the Six Months Ended March 31, 2023 Zeda Limited provided earnings guidance for the six months ended March 31, 2023. for the six months, the company expects basic earnings per share in the range of 193.5 cents 201.2 cents. Recent Insider Transactions • Mar 27
Financial Director recently bought R100k worth of stock On the 20th of March, Thobeka Ntshiza bought around 9k shares on-market at roughly R11.07 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Thobeka's only on-market trade for the last 12 months. Annuncio • Feb 01
Zeda Limited, Annual General Meeting, Mar 28, 2023 Zeda Limited, Annual General Meeting, Mar 28, 2023, at 22:30 Coordinated Universal Time. Annuncio • Jan 31
Zeda Limited Announces Changes to the Composition of Board Committees Shareholders of Zeda Limited notified that, following on the appointment of Mr. Lwazi Bam as an independent non-executive director and his election as the chairman of the board of directors in December 2022, the board of directors of Zeda Limited reconstituted the board committees on 29 January 2023. The constitution of the board committees are now as follows: Nomination Committee: Lwazi Bam (Chairman), Yolanda Miya and Dr. Ngao Motsei - Social, Ethics & Transformation Committee: Sibani Mngomezulu (Chairman), Dr. Ngao Motsei and Ramasela Ganda- Audit & Risk Committee (no changes): Donald Wilson (Chairman), Dr. Ngao Motsei and Yolanda Miya - Remuneration Committee (no changes): Yolanda Miya (Chairman), Donald Wilson and Sibani Mngomezulu. Following the above changes, all Zeda board committees remain duly constituted. Annuncio • Dec 16
Zeda Limited Appoints Lwazi Loyiso Bam as an Independent Non-Executive Director Zeda Limited announced that Mr. Lwazi Loyiso Bam has been appointed to the board of directors of the company as an independent non-executive director with effect from 12 December 2022. The board elected Mr. Bam as chairman of the board on 14 December 2022. Mr. Bam was the chief executive officer of Deloitte Africa from 1 June 2012 until 31 May 2022. He also served as a member of the Deloitte Global Executive Committee, and prior to this, he served on the Deloitte Global Board. He was with Deloitte for close to 29 years prior to his early retirement. During his time at Deloitte, he held executive responsibility for the firm's strategy, corporate finance, and M&A advisory. He worked with clients across several industry sectors including transportation, fuel and fleet management, financial services, technology and media and services. He currently serves on the boards of Standard Bank and Nelson Mandela Nelson Mandela Foundation. He is a past President of the Association for the Advancement of Black Accountants in Southern Africa (ABASA) and a former Chairman of the South African Institute of Chartered Accountants (SAICA). Mr. Bam is a Chartered Accountant of South Africa who possess a BCom (Hons) (University of KwaZulu Natal), B. Compt (UNISA), Advanced Management Program (AMP) (Harvard Business School). Board Change • Dec 14
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 1 highly experienced director. No independent directors (10 non-independent directors). Non-Executive Chairman Glenn van Heerden was the last director to join the board, commencing their role in 2000. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 
