Aankondiging • Apr 06
Mix Telematics Files Form 15 MiX Telematics Limited has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its American Depositary Shares (“ADSs”), each representing 25 ordinary shares having no par value and ordinary shares having no par value under the Securities Exchange Act of 1934, as amended. Aankondiging • Feb 02
Mix Telematics Limited Declares Dividend for the Third Quarter of Fiscal Year 202, Payable on February 26, 2024 MiX Telematics Limited advised that the board of directors have declared a dividend of 4.50000 South African cents, in respect of the third quarter of fiscal year 2024 which ended on December 31, 2023. Record date: February 23, 2024, Payment date: February 26, 2024. Aankondiging • Feb 01
MiX Telematics Limited Announces Dividend Payment, Payable on March 7, 2024 MiX Telematics Limited announced dividend payment of 4.50000 South African cents (0.2 U.S. cents) per ordinary share and 1.12500 South African Rand (6 U.S. cents) per ADS was paid on December 14, 2023 to ADS holders on record on December 1, 2023. A dividend of 4.50000 South African cents per ordinary share and 1.12500 South African Rand per ADS will be paid on March 7, 2024 to ADS holders on record as of the close of business on February 23, 2023. Aankondiging • Jan 19
MiX Telematics Limited to Report Q3, 2024 Results on Feb 01, 2024 MiX Telematics Limited announced that they will report Q3, 2024 results Pre-Market on Feb 01, 2024 Aankondiging • Nov 08
MiX Telematics Limited Provides Earnings Guidance for the Six Months Ended September 30, 2023 MiX Telematics Limited provided earnings guidance for the six months ended September 30, 2023. The company expects basic earnings per share ("EPS") and basic headline earnings per share ("HEPS") for the six months ended September 30, 2023 to be 7.0 cents per share compared to the EPS loss and HEPS loss of 0.4 cents per share and 0.5 cents respectively for the six months ended September 30, 2022. Aankondiging • Oct 27
MiX Telematics Limited to Report Q2, 2024 Results on Nov 08, 2023 MiX Telematics Limited announced that they will report Q2, 2024 results on Nov 08, 2023 Aankondiging • Oct 12
MiX Telematics Limited (JSE:MIX) entered into a definitive agreement to acquire PowerFleet, Inc. (NasdaqGM:PWFL) for $18.7 million in a reverse merger transaction. MiX Telematics Limited (JSE:MIX) entered into a definitive agreement to acquire PowerFleet, Inc. (NasdaqGM:PWFL) for $18.7 million in a reverse merger transaction on October 10, 2023. Pursuant to the agreement, PowerFleet will acquire all of MiX’s issued ordinary share in exchange for 0.12762 newly issued shares of PowerFleet common stock per share and in the case of holders of MiX American Depositary Shares (“MiX ADSs”), 3.19056 shares of PowerFleet Common Stock for each MiX ADS. MiX shareholders will own approximately 65.5% and current PowerFleet shareholders will own approximately 34.5% of the combined entity immediately following the closing of the transaction. Upon close, the combined business will be branded as PowerFleet, with its primary listing on Nasdaq. In case of termination of the transaction under certain specified circumstances, each party would be required to pay the other party a termination fee of $1.5 million or an amount equal to 1% of the value of the transaction consideration shares. Following the transaction, Steve Towe will remain CEO of PowerFleet and David Wilson will remain CFO. Stefan Joselowitz, current CEO of MiX, will be retiring. A new board of directors of PowerFleet will be formed. Michael Brodsky will be Chairman. Steve Towe will be on the board. Ian Jacobs, MiX Telematics’ current Chairman, will be joining the board. MiX will appoint one additional board member and further board member appointments will be made by mutual consent.
The closing of the transaction is subject to customary conditions, including effectiveness of a registration statement on Form S-4 relating to the Transactions, approval by the JSE, of a prospectus to be issued in South Africa relating to the Transactions, receipt of required regulatory approvals, including the issuance by the South African Takeover Regulation Panel of a compliance certificate in respect of the Scheme, approval of applicable competition authorities to implement the transaction, approval of the JSE with respect to the transaction and the delisting of MiX Ordinary Shares from the JSE, and approval of the South African Reserve Bank as required under South African Exchange Control Regulations in respect of the Scheme, receipt of approvals of applicable regulatory authorities for distribution of a scheme circular to MiX Telematics’ shareholders, approval for listing on Nasdaq and the JSE of the transaction consideration shares, shareholders exercising appraisal rights, court approval, the transaction should qualify as a “reorganization” within the meaning of Section 368(a) of the Code, and approval of PowerFleet and MiX shareholders. MiX and PowerFleet boards of directors approved the transaction. The transaction is expected to close in the first quarter of calendar year 2024.
William Blair & Company L.L.C. is acting as financial advisor, and Michael R. Neidell and Honghui S. Yu of Olshan Frome Wolosky LLP and Webber Wentzel are acting as legal advisors to PowerFleet. Raymond James and Java Capital are acting as financial advisors to MiX, and Marjorie S. Adams and Sidney Burke of DLA Piper LLP (US) and Java Capital are acting as legal advisors to MiX Telematics. BDO Corporate Finance Proprietary Limited is fairness opinion provider to MiX. Aankondiging • Oct 11
MiX Telematics to Delist from the JSE After the Transaction with PowerFleet PowerFleet Inc. and MiX Telematics Limited have entered into a definitive agreement to form one of the largest mobile asset internet of things (IOT) software-as-a-service (SaaS) providers in the world. In a joint statement on October 10, 2023, the firms say this combination will form a scaled, global entity. The transaction is expected to close in the first quarter of calendar year 2024. Upon close, the combined business will be branded as Powerfleet, with its primary listing on Nasdaq. MiX will delist from the JSE after the transaction. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to R5.19, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 29x in the Software industry globally. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at R7.10 per share. Aankondiging • Aug 03
MiX Telematics Limited Declares Dividend for the First Quarter of Fiscal Year Ended June 30, 2023, Payable on August 28, 2023 The board of directors of MiX Telematics Limited have declared a dividend of 4.50000 South African cents, in respect of the first quarter of fiscal year 2024 which ended on June 30, 2023. Securities trade ex-dividend is on August 23, 2023 with Record date is on August 25, 2023 and Payment date is on August 28, 2023. Aankondiging • Jul 23
MiX Telematics Limited to Report Q1, 2024 Results on Aug 02, 2023 MiX Telematics Limited announced that they will report Q1, 2024 results on Aug 02, 2023 Aankondiging • Jun 15
MiX Telematics Limited announced delayed annual 10-K filing On 06/14/2023, MiX Telematics Limited announced that they will be unable to file their next 10-K by the deadline required by the SEC. Upcoming Dividend • Jun 06
Upcoming dividend of R0.045 per share at 3.0% yield Eligible shareholders must have bought the stock before 13 June 2023. Payment date: 19 June 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.0%. Lower than top quartile of South African dividend payers (9.5%). Lower than average of industry peers (3.6%). Reported Earnings • May 26
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: US$0.008 (down from US$0.016 in FY 2022). Revenue: US$145.0m (up 1.2% from FY 2022). Net income: US$4.52m (down 50% from FY 2022). Profit margin: 3.1% (down from 6.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Global Software industry. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Aankondiging • May 26
MiX Telematics Limited Announces Dividend, Payable on June 29, 2023 MiX Telematics Limited announced that a dividend of 4.50000 South African cents per ordinary share and SAR 1.12500 per ADS will be paid on June 29, 2023 to ADS holders on record as of the close of business on June 16, 2023. Ex dividend on New York Stock Exchange is June 15, 2023. Aankondiging • May 17
MiX Telematics Limited to Report Q4, 2023 Results on May 25, 2023 MiX Telematics Limited announced that they will report Q4, 2023 results on May 25, 2023 Buying Opportunity • May 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.3%. The fair value is estimated to be R6.89, 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 declined by 28%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 196% in the next 2 years. Recent Insider Transactions Derivative • Mar 03
COO & Executive Director exercised options to buy R2.9m worth of stock. On the 28th of February, Charles W. Tasker exercised options to buy 460k shares at a strike price of around R4.77, costing a total of R2.2m. This transaction amounted to 5.6% of their direct individual holding at the time of the trade. Since March 2022, Charles W.'s direct individual holding has increased from 7.77m shares to 8.17m. Company insiders have collectively bought R8.4m more than they sold, via options and on-market transactions, in the last 12 months. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to R7.00, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 33x in the Software industry globally. Total loss to shareholders of 6.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R6.70 per share. Recent Insider Transactions Derivative • Feb 15
Insider exercised options to buy R648k worth of stock. On the 7th of February, Gert Pretorius exercised options to buy 109k shares at a strike price of around R4.58, costing a total of R500k. This transaction amounted to 8.7% of their direct individual holding at the time of the trade. Since March 2022, Gert has owned 1.25m shares directly. Company insiders have collectively bought R43m more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Feb 08
Upcoming dividend of R0.04 per share at 2.7% yield Eligible shareholders must have bought the stock before 15 February 2023. Payment date: 20 February 2023. Payout ratio is on the higher end at 98% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of South African dividend payers (8.9%). Lower than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to R6.00, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 31x in the Software industry globally. Total loss to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R6.28 per share. Reported Earnings • Jan 26
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: US$0.005 (up from US$0.001 in 3Q 2022). Revenue: US$37.8m (up 4.4% from 3Q 2022). Net income: US$2.79m (up 343% from 3Q 2022). Profit margin: 7.4% (up from 1.7% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 53%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Global Software industry. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Aankondiging • Jan 19
MiX Telematics Limited to Report Q3, 2023 Results on Jan 26, 2023 MiX Telematics Limited announced that they will report Q3, 2023 results on Jan 26, 2023 Upcoming Dividend • Nov 09
Upcoming dividend of R0.04 per share Eligible shareholders must have bought the stock before 16 November 2022. Payment date: 21 November 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.6%. Lower than top quartile of South African dividend payers (8.8%). Higher than average of industry peers (1.2%). Reported Earnings • Oct 28
Second quarter 2023 earnings released: US$0.002 loss per share (vs US$0.002 profit in 2Q 2022) Second quarter 2023 results: US$0.002 loss per share (down from US$0.002 profit in 2Q 2022). Revenue: US$35.3m (down 2.3% from 2Q 2022). Net loss: US$1.21m (down 193% from profit in 2Q 2022). Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Global Software industry. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improved over the past week After last week's 18% share price gain to R5.95, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 27x in the Software industry globally. Total loss to shareholders of 15% over the past three years. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improved over the past week After last week's 17% share price gain to R6.16, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 27x in the Software industry globally. Total loss to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improved over the past week After last week's 17% share price gain to R5.40, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 27x in the Software industry globally. Total loss to shareholders of 28% over the past three years. Reported Earnings • Jul 28
First quarter 2023 earnings released: EPS: US$0.001 (vs US$0.006 in 1Q 2022) First quarter 2023 results: EPS: US$0.001 (down from US$0.006 in 1Q 2022). Revenue: US$35.1m (flat on 1Q 2022). Net income: US$678.0k (down 81% from 1Q 2022). Profit margin: 1.9% (down from 10% in 1Q 2022). Over the next year, revenue is forecast to grow 6.6%, compared to a 20% growth forecast for the industry in South Africa. Over the last 3 years on average, earnings per share has fallen by 24% per year whereas the company’s share price has fallen by 19% per year. Board Change • Jun 25
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Non-Executive Director Charmel Flemming was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 07
Upcoming dividend of R0.04 per share Eligible shareholders must have bought the stock before 14 June 2022. Payment date: 20 June 2022. Payout ratio is a comfortable 67% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of South African dividend payers (8.4%). Higher than average of industry peers (1.0%). Reported Earnings • May 27
Full year 2022 earnings released: EPS: US$0.016 (vs US$0.027 in FY 2021) Full year 2022 results: EPS: US$0.016 (down from US$0.027 in FY 2021). Revenue: US$143.3m (up 13% from FY 2021). Net income: US$8.95m (down 39% from FY 2021). Profit margin: 6.2% (down from 12% in FY 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.2%, compared to a 29% growth forecast for the industry in South Africa. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 13% per year. Recent Insider Transactions Derivative • Mar 13
COO & Executive Director exercised options to buy R3.3m worth of stock. On the 10th of March, Charles W. Tasker exercised options to buy 448k shares at a strike price of around R2.86, costing a total of R1.3m. This transaction amounted to 6.1% of their direct individual holding at the time of the trade. Since June 2021, Charles W.'s direct individual holding has increased from 6.84m shares to 7.32m. Company insiders have collectively bought R11m more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Feb 16
Upcoming dividend of R0.04 per share Eligible shareholders must have bought the stock before 23 February 2022. Payment date: 28 February 2022. Payout ratio is a comfortable 72% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Lower than top quartile of South African dividend payers (7.3%). Higher than average of industry peers (0.9%). Recent Insider Transactions Derivative • Feb 14
Insider exercised options to buy R921k worth of stock. On the 9th of February, Paul Dell exercised options to buy 124k shares at a strike price of around R3.66, costing a total of R453k. This transaction amounted to 12,357% of their direct individual holding at the time of the trade. Since June 2021, Paul has owned 1.00k shares directly. Company insiders have collectively bought R5.1m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Feb 04
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$0.001 (down from US$0.011 in 3Q 2021). Revenue: US$36.2m (up 6.2% from 3Q 2021). Net income: US$630.0k (down 89% from 3Q 2021). Profit margin: 1.7% (down from 17% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 1,969%. Over the next year, revenue is forecast to grow 6.0%, compared to a 156% growth forecast for the industry in South Africa. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Buying Opportunity • Jan 26
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 9.6%. The fair value is estimated to be US$9.30, 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 declined by 6.6% per annum over the last 3 years. Recent Insider Transactions Derivative • Jan 06
President exercised options to buy R4.7m worth of stock. On the 28th of December, Stefan Joselowitz exercised options to buy 620k shares at a strike price of around R3.15, costing a total of R2.0m. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. Since June 2021, Stefan's direct individual holding has increased from 18.09m shares to 19.33m. Company insiders have collectively bought R4.7m more than they sold, via options and on-market transactions, in the last 12 months. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 17% share price gain to R8.90, the stock trades at a trailing P/E ratio of 23.4x. Average forward P/E is 35x in the Software industry in Africa. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R9.30 per share. Upcoming Dividend • Nov 10
Upcoming dividend of R0.04 per share Eligible shareholders must have bought the stock before 17 November 2021. Payment date: 22 November 2021. Trailing yield: 2.2%. Lower than top quartile of South African dividend payers (7.5%). Higher than average of industry peers (0.8%). Reported Earnings • Oct 29
Second quarter 2022 earnings released: EPS US$0.002 (vs US$0.006 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: US$36.1m (up 17% from 2Q 2021). Net income: US$1.30m (down 62% from 2Q 2021). Profit margin: 3.6% (down from 11% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 9% per year. Board Change • Oct 29
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. CFO, Executive VP & Director John Granara was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
First half earnings released Over the last 12 months the company has reported total profits of US$8.52m, down 47% from the prior year. Total revenue was US$131.2m over the last 12 months, down 4.6% from the prior year. Valuation Update With 7 Day Price Move • Oct 23
Market pulls back on stock over the past week After last week's 18% share price decline to US$5.06, the stock is trading at a trailing P/E ratio of 20.4x, down from the previous P/E ratio of 24.8x. This compares to an average P/E of 12x in the Software industry in South Africa. Total return to shareholders over the past three years is a loss of 5.2%. Is New 90 Day High Low • Oct 21
New 90-day low: R5.50 The company is down 22% from its price of R7.09 on 23 July 2020. The South African market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 53% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R5.04 per share.