Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AU$19.69, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 12x in the Machinery industry in Australia. Total returns to shareholders of 230% over the past three years. Announcement • Jan 23
Korvest Ltd Announces Fully Franked Ordinary Dividend for the Six Months Ended December 31, 2025, Payable on March 3, 2026 Korvest Ltd. announced fully franked ordinary dividend of AUD 0.25000000 per share for the six months ended December 31, 2025. Ex-date: February 12, 2026. Record date: February 13, 2026. Payment date: March 3, 2026. Announcement • Sep 22
Korvest Ltd, Annual General Meeting, Oct 31, 2025 Korvest Ltd, Annual General Meeting, Oct 31, 2025. Location: kpmg boardroom, level 7, 151 pirie street, sa 5000, adelaide Australia Announcement • Jan 20
Korvest Ltd Determines to Pay a Ordinary Fully Franked Interim Dividend for the Half Year Ended December 31, 2024, Payable on 7 March 2025 On 20th January 2025 the Directors of Korvest Ltd. determined to pay a ordinary fully franked interim dividend of 25.0 cents per share for the half year ended December 31, 2024 against 25.0 cents a year ago, with a record date of 14 February 2025, ex-date on 13 February 2025 and a payment date of 7 March 2025. Announcement • Aug 28
Korvest Ltd, Annual General Meeting, Oct 25, 2024 Korvest Ltd, Annual General Meeting, Oct 25, 2024. Buy Or Sell Opportunity • Aug 15
Now 22% undervalued Over the last 90 days, the stock has risen 20% to AU$10.58. The fair value is estimated to be AU$13.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 12%. Reported Earnings • Jul 29
Full year 2024 earnings released: EPS: AU$0.95 (vs AU$0.97 in FY 2023) Full year 2024 results: EPS: AU$0.95 (down from AU$0.97 in FY 2023). Revenue: AU$103.2m (down 4.0% from FY 2023). Net income: AU$11.0m (down 1.2% from FY 2023). Profit margin: 11% (in line with FY 2023). Declared Dividend • Jul 29
First half dividend of AU$0.40 announced Shareholders will receive a dividend of AU$0.40. Ex-date: 15th August 2024 Payment date: 6th September 2024 Dividend yield will be 6.7%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 2.7% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 43% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jul 01
Now 19% undervalued Over the last 90 days, the stock has risen 3.2% to AU$8.81. The fair value is estimated to be AU$10.92, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 23%. Buy Or Sell Opportunity • Jun 26
Now 20% undervalued Over the last 90 days, the stock has risen 2.8% to AU$8.78. The fair value is estimated to be AU$11.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 23%. Buy Or Sell Opportunity • Mar 20
Now 21% undervalued Over the last 90 days, the stock has risen 3.7% to AU$8.50. The fair value is estimated to be AU$10.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 23%. Buy Or Sell Opportunity • Feb 23
Now 20% undervalued Over the last 90 days, the stock has risen 11% to AU$8.58. The fair value is estimated to be AU$10.75, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 23%. Upcoming Dividend • Feb 08
Upcoming dividend of AU$0.25 per share at 6.5% yield Eligible shareholders must have bought the stock before 15 February 2024. Payment date: 05 March 2024. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 6.5%. Lower than top quartile of Australian dividend payers (6.6%). Higher than average of industry peers (2.7%). Reported Earnings • Jan 24
First half 2024 earnings released: EPS: AU$0.49 (vs AU$0.39 in 1H 2023) First half 2024 results: EPS: AU$0.49 (up from AU$0.39 in 1H 2023). Revenue: AU$52.0m (down 1.8% from 1H 2023). Net income: AU$5.72m (up 27% from 1H 2023). Profit margin: 11% (up from 8.5% in 1H 2023). The increase in margin was driven by lower expenses. Announcement • Jan 22
Korvest Ltd. Announces Fully Franked Ordinary Dividend for the Six Months Ended December 31, 2023, Payable on March 3, 2024 Korvest Ltd. announced fully franked ordinary dividend for the six months ended December 31, 2023 of AUD 0.25000000 per share. Ex-date is February 15, 2024. Record date is February 16, 2024. Payment date is March 3, 2024. Buying Opportunity • Dec 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be AU$9.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 30%. Buying Opportunity • Nov 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.5%. The fair value is estimated to be AU$9.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 30%. Buying Opportunity • Nov 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be AU$9.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 30%. Announcement • Sep 27
Korvest Ltd Announces Director Changes Korvest Ltd. announced that Gerard Hutchinson has notified Korvest of his intention to retire as a director at the conclusion of the annual general meeting on 31 October 2023. Mr. Hutchinson joined the Board in November 2014 as a non-executive director and during his time on the Board has served as Chairman of the Audit Committee and as a member of the Remuneration and Nomination committees. The Board advise that as a replacement for Gerard Hutchinson, Warrick Ranson will be appointed as a director effective from 1 November 2023. Mr. Ranson will be the Chairman of the Audit Committee. Mr. Ranson brings broad commercial and financial experience across board, C-suite and advisory roles in listed entities, large businesses and community focused organizations to the Korvest Board. His roles have included senior finance and governance stewardship; strategy and thought leadership; merger and acquisition oversight; and developing and driving ESG, risk, and assurance frameworks. Mr. Ranson has had an extensive career in the mining industry, including as Chief Financial Officer at OZ Minerals Limited and over 18 years at Rio Tinto where he held various senior executive financial, commercial and transformation roles. Prior to joining OZ Minerals, he was with German-headquartered diversified industrial group, thyssenkrupp. At OZ Minerals, he was an ex-officio member of the board, with nominated executive responsibility for the Audit Committee. He is a member of the Finance, Audit & Compliance Committee of Surf Life Saving Australia; a member of the Advisory Board for the University of Adelaide School of Mechanical Engineering; and a past director of Palabora Mining Company Limited (South Africa), Anglesey Aluminium Metal Ltd. (United Kingdom), and the Northparkes Mine Joint Venture Committee. Warrick is a Fellow of the Institute of Chartered Accountants in Australia, a graduate of the Australian Institute of Company Directors, and holds an MBA from the University of Oxford. Announcement • Sep 15
Korvest Ltd, Annual General Meeting, Oct 31, 2023 Korvest Ltd, Annual General Meeting, Oct 31, 2023. Buying Opportunity • Aug 18
Now 20% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be AU$10.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 30%. Upcoming Dividend • Aug 10
Upcoming dividend of AU$0.35 per share at 7.0% yield Eligible shareholders must have bought the stock before 17 August 2023. Payment date: 06 September 2023. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 7.0%. Lower than top quartile of Australian dividend payers (7.4%). Higher than average of industry peers (2.9%). Reported Earnings • Jul 25
Full year 2023 earnings released: EPS: AU$0.97 (vs AU$0.99 in FY 2022) Full year 2023 results: EPS: AU$0.97 (down from AU$0.99 in FY 2022). Revenue: AU$107.5m (up 8.3% from FY 2022). Net income: AU$11.2m (down 1.4% from FY 2022). Profit margin: 10% (down from 11% in FY 2022). The decrease in margin was driven by higher expenses. Announcement • Jul 24
Korvest Ltd Announces Fully Franked Final Dividend, to Be Paid on 6 September 2023 Korvest Ltd. announced a fully franked final dividend of 35.0 cents per share (2022: 35.0 cents per share) following an interim dividend of 25.0 cents per share at the half year (2022: 25.0 cents per share). The Dividend Reinvestment Plan (DRP) will remain suspended for the final dividend. The dividend will be paid on 6 September 2023 with a record date of 18 August 2023. Upcoming Dividend • Feb 09
Upcoming dividend of AU$0.25 per share at 7.4% yield Eligible shareholders must have bought the stock before 16 February 2023. Payment date: 03 March 2023. Payout ratio and cash payout ratio are on the higher end at 78% and 86% respectively. Trailing yield: 7.4%. Within top quartile of Australian dividend payers (6.7%). Higher than average of industry peers (2.8%). Reported Earnings • Jan 25
First half 2023 earnings released: EPS: AU$0.39 (vs AU$0.61 in 1H 2022) First half 2023 results: EPS: AU$0.39 (down from AU$0.61 in 1H 2022). Revenue: AU$53.0m (up 2.7% from 1H 2022). Net income: AU$4.52m (down 36% from 1H 2022). Profit margin: 8.5% (down from 14% in 1H 2022). The decrease in margin was driven by higher expenses. Upcoming Dividend • Aug 11
Upcoming dividend of AU$0.35 per share Eligible shareholders must have bought the stock before 18 August 2022. Payment date: 02 September 2022. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 8.7%. Within top quartile of Australian dividend payers (6.3%). Higher than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • May 07
Investor sentiment improved over the past week After last week's 16% share price gain to AU$7.94, the stock trades at a trailing P/E ratio of 8.9x. Average forward P/E is 14x in the Machinery industry in Australia. Total returns to shareholders of 274% over the past three years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to AU$6.85, the stock trades at a trailing P/E ratio of 7.6x. Average forward P/E is 16x in the Machinery industry in Australia. Total returns to shareholders of 209% over the past three years. Upcoming Dividend • Feb 10
Upcoming dividend of AU$0.25 per share Eligible shareholders must have bought the stock before 17 February 2022. Payment date: 04 March 2022. Payout ratio is a comfortable 50% but the company is paying out more than the cash it is generating. Trailing yield: 6.2%. Within top quartile of Australian dividend payers (5.4%). Higher than average of industry peers (3.0%). Reported Earnings • Jan 23
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: AU$0.61 (up from AU$0.25 in 1H 2021). Revenue: AU$51.6m (up 58% from 1H 2021). Net income: AU$7.04m (up 148% from 1H 2021). Profit margin: 14% (up from 8.7% in 1H 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is expected to shrink by 8.4% compared to a 294% growth forecast for the industry in Australia. 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 47% per year. 
