Buy Or Sell Opportunity • Nov 19
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 59% to AU$0.013. The fair value is estimated to be AU$0.017, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Upcoming Dividend • Nov 12
Upcoming dividend of AU$0.015 per share Eligible shareholders must have bought the stock before 19 November 2025. Payment date: 28 November 2025. Trailing yield: 567%. Within top quartile of Australian dividend payers (5.7%). Higher than average of industry peers (4.7%). New Risk • Nov 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.4m (US$9.98m) This is considered a major 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 Risks Share price has been highly volatile over the past 3 months (27% average weekly change). Earnings have declined by 36% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$15.4m market cap, or US$9.98m). Minor Risk Significant insider selling over the past 3 months (AU$343k sold). Announcement • Oct 14
Wellard Limited, Annual General Meeting, Nov 14, 2025 Wellard Limited, Annual General Meeting, Nov 14, 2025. Location: wellard limited, manning buildings, suite 20, level 1 135 high street, wa, 6160, fremantle Australia New Risk • Sep 03
New major risk - Revenue and earnings growth Earnings have declined by 36% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 36% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$18.6m market cap, or US$12.1m). Reported Earnings • Aug 31
Full year 2025 earnings released: EPS: US$0.003 (vs US$0.002 loss in FY 2024) Full year 2025 results: EPS: US$0.003 (up from US$0.002 loss in FY 2024). Revenue: US$26.8m (down 23% from FY 2024). Net income: US$1.33m (up US$2.14m from FY 2024). Profit margin: 4.9% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 25% per year. New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings have declined by 43% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 43% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AU$17.0m market cap, or US$11.1m). New Risk • Aug 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 24% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (24% average weekly change). Minor Risk Market cap is less than US$100m (AU$18.1m market cap, or US$11.7m). Upcoming Dividend • Aug 06
Upcoming dividend of AU$0.15 per share Eligible shareholders must have bought the stock before 12 August 2025. Payment date: 28 August 2025. Trailing yield: 11%. Within top quartile of Australian dividend payers (5.8%). Higher than average of industry peers (4.5%). Upcoming Dividend • Jul 29
Upcoming dividend of AU$0.15 per share Eligible shareholders must have bought the stock before 05 August 2025. Payment date: 28 August 2025. Trailing yield: 11%. Within top quartile of Australian dividend payers (5.8%). Higher than average of industry peers (3.6%). Reported Earnings • Feb 24
First half 2025 earnings released: US$0.004 loss per share (vs US$0.001 profit in 1H 2024) First half 2025 results: US$0.004 loss per share (down from US$0.001 profit in 1H 2024). Revenue: US$14.1m (down 22% from 1H 2024). Net loss: US$2.30m (down US$2.85m from profit in 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. New Risk • Nov 28
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 Australian stocks, typically moving 14% 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 Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (AU$31.3m market cap, or US$20.4m). Reported Earnings • Aug 30
Full year 2024 earnings released Full year 2024 results: Revenue: US$34.9m (down 9.6% from FY 2023). Net loss: US$815.0k (loss narrowed 95% from FY 2023). New Risk • May 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.3m (US$9.54m) This is considered a major 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. This is currently the only risk that has been identified for the company. Board Change • Nov 24
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. Independent Non-Executive Director John Stevenson was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 29
Wellard Limited, Annual General Meeting, Oct 19, 2023 Wellard Limited, Annual General Meeting, Oct 19, 2023, at 10:00 W. Australia Standard Time. Location: Manning Buildings, Suite 20, Level 1 135 High Street Fremantle Australia Agenda: To receive and consider the Annual Report of the Company and its controlled entities for the year ended 30 June 2023, which includes the Financial Report, the Directors' Report, and the Auditor's Report; to consider remuneration report; and to consider re-election of directors. Reported Earnings • Aug 30
Full year 2023 earnings released: US$0.029 loss per share (vs US$0.019 profit in FY 2022) Full year 2023 results: US$0.029 loss per share (down from US$0.019 profit in FY 2022). Revenue: US$38.7m (down 14% from FY 2022). Net loss: US$15.5m (down 256% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. New Risk • Aug 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Large one-off items impacting financial results. Market cap is less than US$100m (AU$25.0m market cap, or US$16.0m). Reported Earnings • Feb 17
First half 2023 earnings released: US$0.009 loss per share (vs US$0.001 profit in 1H 2022) First half 2023 results: US$0.009 loss per share (down from US$0.001 profit in 1H 2022). Revenue: US$22.8m (down 1.7% from 1H 2022). Net loss: US$5.01m (down US$5.51m from profit in 1H 2022). Over the last 3 years on average, earnings per share has increased by 136% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director John Stevenson was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 15
Wellard Limited, Annual General Meeting, Oct 20, 2022 Wellard Limited, Annual General Meeting, Oct 20, 2022, at 11:00 W. Australia Standard Time. Location: City of Fremantle Council Offices Walyalup Civic Centre Moodjar Meeting Room, Level 1 151 High Street, Fremantle, WA, 6160 Fremantle Western Australia Australia Agenda: To consider Remuneration Report; to consider Re-Election of Director: Mr Kanda Lu; and to consider changes to the Constitution. Reported Earnings • Aug 24
Full year 2022 earnings released: EPS: US$0.019 (vs US$0.004 in FY 2021) Full year 2022 results: EPS: US$0.019 (up from US$0.004 in FY 2021). Revenue: US$45.0m (up 3.7% from FY 2021). Net income: US$9.93m (up 434% from FY 2021). Profit margin: 22% (up from 4.3% in FY 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 134% per year but the company’s share price has only increased by 22% 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. 4 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Independent Non-Executive Director Philip Clausius was the last independent director to join the board, commencing their role in 2015. 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 • Feb 24
First half 2022 earnings: EPS in line with expectations, revenues disappoint First half 2022 results: EPS: US$0.001 (up from US$0.003 loss in 1H 2021). Revenue: US$23.2m (up 27% from 1H 2021). Net income: US$500.0k (up US$2.10m from 1H 2021). Profit margin: 2.2% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 15%. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Sep 03
Wellard Limited Auditor Raises 'Going Concern' Doubt Wellard Limited filed its Annual on Aug 26, 2020 for the period ending Jun 30, 2020. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.