Buying Opportunity • Jan 20
Now 87% undervalued after recent price drop Over the last 90 days, the stock is down 67%. The fair value is estimated to be €0.0039, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 6.9%. Reported Earnings • Nov 30
Third quarter 2022 earnings released: R0.014 loss per share (vs R0.054 loss in 3Q 2021) Third quarter 2022 results: R0.014 loss per share (improved from R0.054 loss in 3Q 2021). Revenue: R195.9m (up 72% from 3Q 2021). Net loss: R6.07m (loss narrowed 73% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Oct 15
Now 68% undervalued after recent price drop Over the last 90 days, the stock is down 81%. The fair value is estimated to be €0.0046, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years, while earnings per share has been flat. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: R0.032 (vs R0.008 in 2Q 2021) Second quarter 2022 results: EPS: R0.032 (up from R0.008 in 2Q 2021). Revenue: R96.3m (up 3.5% from 2Q 2021). Net income: R13.5m (up 281% from 2Q 2021). Profit margin: 14% (up from 3.8% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 147% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Aug 20
Now 71% undervalued after recent price drop Over the last 90 days, the stock is down 81%. The fair value is estimated to be €0.0051, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years, while earnings per share has been flat. Reported Earnings • May 29
First quarter 2022 earnings released: R0.072 loss per share (vs R0.14 loss in 1Q 2021) First quarter 2022 results: R0.072 loss per share (up from R0.14 loss in 1Q 2021). Revenue: R91.0m (up 12% from 1Q 2021). Net loss: R30.4m (loss narrowed 49% from 1Q 2021). Reported Earnings • Apr 09
Full year 2021 earnings released: R0.11 loss per share (vs R0.005 loss in FY 2020) Full year 2021 results: R0.11 loss per share (down from R0.005 loss in FY 2020). Revenue: R374.0m (up 16% from FY 2020). Net loss: R45.7m (loss widened R43.7m from FY 2020). 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 104% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 19
Third quarter 2021 earnings released: R0.054 loss per share (vs R0.013 profit in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: R113.8m (up 74% from 3Q 2020). Net loss: R22.6m (down R28.0m from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has increased by 126% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 20
Second quarter 2021 earnings released: EPS R0.008 (vs R0.045 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: R93.1m (up 25% from 2Q 2020). Net income: R3.53m (down 81% from 2Q 2020). Profit margin: 3.8% (down from 25% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has increased by 100% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 28
Full year 2020 earnings released: R0.005 loss per share (vs R0.087 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: R321.3m (down 20% from FY 2019). Net loss: R2.02m (down 106% from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 64% per year whereas the company’s share price has increased by 59% per year. Reported Earnings • Nov 22
Third quarter 2020 earnings released: EPS R0.013 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: R65.5m (down 34% from 3Q 2019). Net income: R5.39m (up R27.0m from 3Q 2019). Profit margin: 8.2% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings.