Announcement • Mar 19
Egyptian Arabian Company (Themar) for securities Brokerage EAC, Annual General Meeting, Apr 09, 2026 Egyptian Arabian Company (Themar) for securities Brokerage EAC, Annual General Meeting, Apr 09, 2026, at 15:00 Egypt Standard Time. Location: cairo Egypt New Risk • May 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (28% accrual ratio). Revenue is less than US$1m (ج.م43m revenue, or US$868k). Market cap is less than US$10m (ج.م386.1m market cap, or US$7.74m). Minor Risk Dividend is not well covered by cash flows (194% cash payout ratio). Board Change • May 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. No highly experienced directors. No independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Mar 20
Egyptian Arabian Company (Themar) for securities Brokerage EAC, Annual General Meeting, Apr 17, 2025 Egyptian Arabian Company (Themar) for securities Brokerage EAC, Annual General Meeting, Apr 17, 2025, at 15:00 Egypt Standard Time. Location: cairo Egypt Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: ج.م0.10 (vs ج.م0.073 in 3Q 2023) Third quarter 2024 results: EPS: ج.م0.10 (up from ج.م0.073 in 3Q 2023). Revenue: ج.م12.7m (up 25% from 3Q 2023). Net income: ج.م9.25m (up 39% from 3Q 2023). Profit margin: 73% (up from 65% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ج.م4.60, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 9x in the Capital Markets industry in Egypt. Total returns to shareholders of 302% over the past three years. Upcoming Dividend • Oct 02
Upcoming dividend of ج.م0.10 per share Eligible shareholders must have bought the stock before 09 October 2024. Payment date: 13 October 2024. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Egyptian dividend payers (5.9%). Lower than average of industry peers (12%). Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ج.م5.04, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 9x in the Capital Markets industry in Egypt. Total returns to shareholders of 415% over the past three years. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ج.م2.53, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 8x in the Capital Markets industry in Egypt. Total returns to shareholders of 159% over the past three years. Reported Earnings • Aug 21
Second quarter 2024 earnings released: EPS: ج.م0.01 (vs ج.م0.06 in 2Q 2023) Second quarter 2024 results: EPS: ج.م0.01 (down from ج.م0.06 in 2Q 2023). Revenue: ج.م7.14m (down 9.0% from 2Q 2023). Net income: ج.م1.13m (down 79% from 2Q 2023). Profit margin: 16% (down from 68% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ج.م2.19, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 9x in the Capital Markets industry in Egypt. Total returns to shareholders of 88% over the past three years. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ج.م3.04, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 9x in the Capital Markets industry in Egypt. Total returns to shareholders of 161% over the past three years. Reported Earnings • Jun 05
First quarter 2024 earnings released: EPS: ج.م0.12 (vs ج.م0.044 in 1Q 2023) First quarter 2024 results: EPS: ج.م0.12 (up from ج.م0.044 in 1Q 2023). Revenue: ج.م18.0m (up 132% from 1Q 2023). Net income: ج.م11.6m (up 194% from 1Q 2023). Profit margin: 65% (up from 51% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ج.م3.77, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 9x in the Capital Markets industry in Egypt. Total returns to shareholders of 261% over the past three years. New Risk • Apr 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 50% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (50% accrual ratio). Market cap is less than US$10m (ج.م413.1m market cap, or US$8.69m). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (39% net profit margin). Revenue is less than US$5m (ج.م55m revenue, or US$1.1m). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 94% After last week's 94% share price gain to ج.م4.59, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 15x in the Capital Markets industry in Egypt. Total returns to shareholders of 963% over the past three years. Reported Earnings • Mar 23
First half 2024 earnings released: EPS: ج.م0.26 (vs ج.م0.22 in 1H 2023) First half 2024 results: EPS: ج.م0.26 (up from ج.م0.22 in 1H 2023). Revenue: ج.م64.6m (up 73% from 1H 2023). Net income: ج.م21.1m (up 30% from 1H 2023). Profit margin: 33% (down from 44% in 1H 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 06
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ج.م420.8m (US$8.49m) 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 (15% average weekly change). Revenue is less than US$1m (ج.م44m revenue, or US$892k). Market cap is less than US$10m (ج.م420.8m market cap, or US$8.49m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ج.م8.76, the stock trades at a trailing P/E ratio of 32.4x. Average trailing P/E is 20x in the Capital Markets industry in Egypt. Total returns to shareholders of 649% over the past three years. Upcoming Dividend • Dec 20
Upcoming dividend of ج.م0.08 per share at 1.7% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 25 March 2024. Payout ratio is a comfortable 60% and the cash payout ratio is 75%. Trailing yield: 1.7%. Lower than top quartile of Egyptian dividend payers (7.4%). Lower than average of industry peers (14%). Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 54% After last week's 54% share price gain to ج.م7.06, the stock trades at a trailing P/E ratio of 33.5x. Average trailing P/E is 16x in the Capital Markets industry in Egypt. Total returns to shareholders of 906% over the past three years. New Risk • Dec 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2023. 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: Major Risk Revenue is less than US$1m (ج.م28m revenue, or US$912k). Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (ج.م377.9m market cap, or US$12.2m). Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ج.م4.58, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 22x in the Capital Markets industry in Egypt. Total returns to shareholders of 531% over the past three years. Valuation Update With 7 Day Price Move • Apr 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ج.م5.65, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 16x in the Capital Markets industry in Egypt. Total returns to shareholders of 1,534% over the past three years. Upcoming Dividend • Apr 11
Upcoming dividend of ج.م0.10 per share at 3.0% yield Eligible shareholders must have bought the stock before 18 April 2023. Payment date: 20 April 2023. Payout ratio is a comfortable 73% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Egyptian dividend payers (8.0%). Lower than average of industry peers (8.3%). Reported Earnings • Mar 05
Full year 2022 earnings released: EPS: ج.م0.19 (vs ج.م0.16 in FY 2021) Full year 2022 results: EPS: ج.م0.19 (up from ج.م0.16 in FY 2021). Revenue: ج.م37.3m (down 3.8% from FY 2021). Net income: ج.م16.3m (up 35% from FY 2021). Profit margin: 44% (up from 31% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 119% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ج.م4.71, the stock trades at a trailing P/E ratio of 41.4x. Average trailing P/E is 19x in the Capital Markets industry in Egypt. Total returns to shareholders of 1,093% over the past three years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ج.م3.42, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 19x in the Capital Markets industry in Egypt. Total returns to shareholders of 767% over the past three years. Board Change • Nov 16
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. 9 experienced directors. No highly experienced directors. 2 independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Sep 27
Upcoming dividend of ج.م0.04 per share Eligible shareholders must have bought the stock before 04 October 2022. Payment date: 09 October 2022. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of Egyptian dividend payers (10%). Lower than average of industry peers (7.2%). 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. 9 experienced directors. No highly experienced directors. 2 independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 13
Upcoming dividend of ج.م0.12 per share Eligible shareholders must have bought the stock before 20 April 2022. Payment date: 26 April 2022. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Egyptian dividend payers (11%). Lower than average of industry peers (5.2%). Reported Earnings • Mar 07
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ج.م38.8m (up 32% from FY 2020). Net income: ج.م12.0m (up 74% from FY 2020). Profit margin: 31% (up from 23% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improved over the past week After last week's 20% share price gain to ج.م2.91, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 11x in the Capital Markets industry in Egypt. Total returns to shareholders of 474% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improved over the past week After last week's 17% share price gain to ج.م1.76, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 22x in the Capital Markets industry in Egypt. Total returns to shareholders of 194% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 17% share price gain to ج.م1.35, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 24x in the Capital Markets industry in Egypt. Total returns to shareholders of 104% over the past three years. Upcoming Dividend • Apr 06
Inaugural dividend of ج.م0.08 per share Eligible shareholders must have bought the stock before 13 April 2021. Payment date: 15 April 2021. The company last paid an ordinary dividend in April 2018. The average dividend yield among industry peers is 5.7%. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ج.م1.19, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 20x in the Capital Markets industry in Egypt. Total returns to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ج.م1.38, the stock is trading at a trailing P/E ratio of 21.5x, down from the previous P/E ratio of 25.5x. This compares to an average P/E of 20x in the Capital Markets industry in Egypt. Total returns to shareholders over the past three years are 60%. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 16% share price gain to ج.م1.34, the stock is trading at a trailing P/E ratio of 20.9x, up from the previous P/E ratio of 18x. This compares to an average P/E of 15x in the Capital Markets industry in Egypt. Total returns to shareholders over the past three years are 65%. Is New 90 Day High Low • Feb 03
New 90-day high: ج.م1.25 The company is up 33% from its price of ج.م0.94 on 05 November 2020. The Egyptian market is up 15% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Capital Markets industry, which is also up 33% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: ج.م1.17 The company is up 5.0% from its price of ج.م1.11 on 29 September 2020. The Egyptian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 20% share price gain to ج.م1.17, the stock is trading at a trailing P/E ratio of 18.2x, up from the previous P/E ratio of 15.1x. This compares to an average P/E of 12x in the Capital Markets industry in Egypt. Total returns to shareholders over the past three years are 43%. Is New 90 Day High Low • Sep 24
New 90-day high: ج.م0.98 The company is up 108% from its price of ج.م0.47 on 25 June 2020. The Egyptian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 7.0% over the same period.