Reported Earnings • May 31
Full year 2026 earnings released: EPS: ₹0.60 (vs ₹0.62 loss in FY 2025) Full year 2026 results: EPS: ₹0.60 (up from ₹0.62 loss in FY 2025). Revenue: ₹28.5b (down 2.0% from FY 2025). Net income: ₹337.7m (up ₹621.3m from FY 2025). Profit margin: 1.2% (up from net loss in FY 2025). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 71% per year, which means it is well ahead of earnings. Announcement • May 27
MSP Steel & Power Limited to Report Q4, 2026 Results on May 30, 2026 MSP Steel & Power Limited announced that they will report Q4, 2026 results at 12:08 PM, Indian Standard Time on May 30, 2026 Buy Or Sell Opportunity • May 05
Now 21% undervalued Over the last 90 days, the stock has risen 16% to ₹36.66. The fair value is estimated to be ₹46.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Apr 10
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at ₹34.91. The fair value is estimated to be ₹44.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Meanwhile, the company became loss making. Announcement • Mar 16
MSP Steel & Power Limited announced that it has received INR 245 million in funding from M.A. Hire Purchase Pvt. Ltd. On March 14, 2026, MSP Steel & Power Limited has closed the deal. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹0.10 (vs ₹0.21 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.10 (down from ₹0.21 in 3Q 2025). Revenue: ₹6.39b (down 11% from 3Q 2025). Net income: ₹54.9m (down 33% from 3Q 2025). Profit margin: 0.9% (down from 1.1% in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 54% per year, which means it is well ahead of earnings. Announcement • Feb 11
MSP Steel & Power Limited to Report Q3, 2026 Results on Feb 14, 2026 MSP Steel & Power Limited announced that they will report Q3, 2026 results at 4:00 PM, Indian Standard Time on Feb 14, 2026 Reported Earnings • Nov 17
Second quarter 2026 earnings released: ₹1.32 loss per share (vs ₹0.25 loss in 2Q 2025) Second quarter 2026 results: ₹1.32 loss per share (further deteriorated from ₹0.25 loss in 2Q 2025). Revenue: ₹6.78b (up 3.3% from 2Q 2025). Net loss: ₹747.6m (loss widened ₹652.3m from 2Q 2025). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 10
MSP Steel & Power Limited to Report Q2, 2026 Results on Nov 14, 2025 MSP Steel & Power Limited announced that they will report Q2, 2026 results on Nov 14, 2025 Announcement • Sep 03
MSP Steel & Power Limited, Annual General Meeting, Sep 25, 2025 MSP Steel & Power Limited, Annual General Meeting, Sep 25, 2025, at 15:00 Indian Standard Time. New Risk • Aug 05
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 Indian stocks, typically moving 6.8% 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: Major Risk Shareholders have been substantially diluted in the past year (47% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (6.8% average weekly change). Buy Or Sell Opportunity • Aug 05
Now 24% undervalued Over the last 90 days, the stock has risen 18% to ₹30.56. The fair value is estimated to be ₹40.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jul 31
First quarter 2026 earnings released: EPS: ₹0.31 (vs ₹0.18 in 1Q 2025) First quarter 2026 results: EPS: ₹0.31 (up from ₹0.18 in 1Q 2025). Revenue: ₹7.11b (down 7.8% from 1Q 2025). Net income: ₹178.4m (up 163% from 1Q 2025). Profit margin: 2.5% (up from 0.9% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Announcement • Jul 24
MSP Steel & Power Limited to Report Q1, 2026 Results on Jul 30, 2025 MSP Steel & Power Limited announced that they will report Q1, 2026 results on Jul 30, 2025 Buy Or Sell Opportunity • Jul 17
Now 22% undervalued Over the last 90 days, the stock has risen 15% to ₹32.48. The fair value is estimated to be ₹41.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jun 02
Full year 2025 earnings released: ₹0.62 loss per share (vs ₹0.37 profit in FY 2024) Full year 2025 results: ₹0.62 loss per share (down from ₹0.37 profit in FY 2024). Revenue: ₹29.1b (up 1.1% from FY 2024). Net loss: ₹283.5m (down 298% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Apr 07
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 34% to ₹26.88. The fair value is estimated to be ₹34.84, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 36%. Buy Or Sell Opportunity • Mar 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 43% to ₹26.58. The fair value is estimated to be ₹33.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 36%. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹27.31, the stock trades at a trailing P/E ratio of 80x. Average trailing P/E is 21x in the Metals and Mining industry in India. Total returns to shareholders of 123% over the past three years. New Risk • Feb 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 41% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Shareholders have been substantially diluted in the past year (41% increase in shares outstanding). Buy Or Sell Opportunity • Feb 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to ₹28.51. The fair value is estimated to be ₹36.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 36%. New Risk • Jan 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 26% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.0x net interest cover). Minor Risk Shareholders have been diluted in the past year (26% increase in shares outstanding). Reported Earnings • Nov 16
Second quarter 2025 earnings released: ₹0.25 loss per share (vs ₹0.04 loss in 2Q 2024) Second quarter 2025 results: ₹0.25 loss per share (further deteriorated from ₹0.04 loss in 2Q 2024). Revenue: ₹6.56b (down 2.5% from 2Q 2024). Net loss: ₹95.3m (loss widened 482% from 2Q 2024). 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 62% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹40.33, the stock trades at a trailing P/E ratio of 67.7x. Average trailing P/E is 26x in the Metals and Mining industry in India. Total returns to shareholders of 316% over the past three years. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹40.92, the stock trades at a trailing P/E ratio of 68.7x. Average trailing P/E is 26x in the Metals and Mining industry in India. Total returns to shareholders of 352% over the past three years. Buy Or Sell Opportunity • Oct 08
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 93% to ₹53.78. The fair value is estimated to be ₹43.15, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Sep 18
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 102% to ₹54.44. The fair value is estimated to be ₹43.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹46.89, the stock trades at a trailing P/E ratio of 78.7x. Average trailing P/E is 26x in the Metals and Mining industry in India. Total returns to shareholders of 376% over the past three years. Board Change • Sep 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non Executive Independent Director Pranab Chakraborty was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹43.32, the stock trades at a trailing P/E ratio of 72.8x. Average trailing P/E is 27x in the Metals and Mining industry in India. Total returns to shareholders of 358% over the past three years. Announcement • Aug 16
MSP Steel & Power Limited, Annual General Meeting, Sep 12, 2024 MSP Steel & Power Limited, Annual General Meeting, Sep 12, 2024, at 12:30 Indian Standard Time. Reported Earnings • Aug 15
First quarter 2025 earnings released: EPS: ₹0.18 (vs ₹0.05 loss in 1Q 2024) First quarter 2025 results: EPS: ₹0.18 (up from ₹0.05 loss in 1Q 2024). Revenue: ₹7.73b (up 15% from 1Q 2024). Net income: ₹67.8m (up ₹85.9m from 1Q 2024). Profit margin: 0.9% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Announcement • Aug 14
MSP Steel & Power Limited Approves Cessation of Board Members MSP Steel & Power Limited at its meeting held on 14th August 2024 approved Cessation of Mr. Ashok Kumar Soin and Mr. Navneet Jagatramka as Non-Executive Independent Directors of the Company on account of expiry of their second and final term of 5 (five) years, with effect from conclusion of the upcoming 55th Annual General Meeting of the Company to be held on 12th September 2024. Announcement • Aug 13
MSP Steel & Power Limited Announces Resignation of Prateek Bansal as Non-Executive Independent Director MSP Steel & Power Limited announced that Mr. Prateek Bansal has tendered his resignation as a Non-Executive Independent Director of the Company from the close of business hours of August 12, 2024. The resignation of Mr. Prateek Bansal will be placed on record with the Board of Directors in their upcoming Board Meeting. Resignation of Mr. Prateek Bansal due to other commitments and personal reasons. Announcement • Aug 10
MSP Steel & Power Limited to Report Q1, 2025 Results on Aug 14, 2024 MSP Steel & Power Limited announced that they will report Q1, 2025 results on Aug 14, 2024 Reported Earnings • May 30
Full year 2024 earnings released: EPS: ₹0.37 (vs ₹1.31 loss in FY 2023) Full year 2024 results: EPS: ₹0.37 (up from ₹1.31 loss in FY 2023). Revenue: ₹29.1b (up 14% from FY 2023). Net income: ₹143.6m (up ₹649.4m from FY 2023). Profit margin: 0.5% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to ₹30.60, the stock trades at a trailing P/E ratio of 55.8x. Average trailing P/E is 22x in the Metals and Mining industry in India. Total returns to shareholders of 297% over the past three years. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹25.70, the stock trades at a trailing P/E ratio of 46.9x. Average trailing P/E is 20x in the Metals and Mining industry in India. Total returns to shareholders of 229% over the past three years. Reported Earnings • Feb 13
Third quarter 2024 earnings released: EPS: ₹0.12 (vs ₹0.06 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.12 (up from ₹0.06 in 3Q 2023). Revenue: ₹7.87b (up 19% from 3Q 2023). Net income: ₹47.8m (up 91% from 3Q 2023). Profit margin: 0.6% (up from 0.4% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 53% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹30.05, the stock trades at a trailing P/E ratio of 61.5x. Average trailing P/E is 24x in the Metals and Mining industry in India. Total returns to shareholders of 301% over the past three years. Valuation Update With 7 Day Price Move • Nov 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹20.40, the stock trades at a trailing P/E ratio of 41.7x. Average trailing P/E is 20x in the Metals and Mining industry in India. Total returns to shareholders of 204% over the past three years. Reported Earnings • Nov 14
Second quarter 2024 earnings released: ₹0.04 loss per share (vs ₹1.51 loss in 2Q 2023) Second quarter 2024 results: ₹0.04 loss per share (improved from ₹1.51 loss in 2Q 2023). Revenue: ₹6.83b (up 16% from 2Q 2023). Net loss: ₹16.4m (loss narrowed 97% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 40% per year, which means it is well ahead of earnings. Reported Earnings • Aug 11
First quarter 2024 earnings released: ₹0.05 loss per share (vs ₹0.38 loss in 1Q 2023) First quarter 2024 results: ₹0.05 loss per share (improved from ₹0.38 loss in 1Q 2023). Revenue: ₹6.75b (up 8.1% from 1Q 2023). Net loss: ₹18.1m (loss narrowed 88% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Aug 04
MSP Steel & Power Limited to Report Q1, 2024 Results on Aug 10, 2023 MSP Steel & Power Limited announced that they will report Q1, 2024 results on Aug 10, 2023 New Risk • Jul 27
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 Indian stocks, typically moving 7.5% 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 (7.5% average weekly change). Market cap is less than US$100m (₹4.55b market cap, or US$55.5m). Reported Earnings • May 30
Full year 2023 earnings released: ₹1.31 loss per share (vs ₹0.67 profit in FY 2022) Full year 2023 results: ₹1.31 loss per share (down from ₹0.67 profit in FY 2022). Revenue: ₹25.6b (up 9.5% from FY 2022). Net loss: ₹505.8m (down 297% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 15
Third quarter 2023 earnings released: EPS: ₹0.06 (vs ₹0.18 loss in 3Q 2022) Third quarter 2023 results: EPS: ₹0.06 (up from ₹0.18 loss in 3Q 2022). Revenue: ₹6.62b (up 13% from 3Q 2022). Net income: ₹25.0m (up ₹93.8m from 3Q 2022). Profit margin: 0.4% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Jan 11
MSP Steel & Power Limited Appoints Pradip Kumar Dey as Additional Director- Executive MSP Steel & Power Limited informed that Board of Directors in the meeting held on 10th January, 2023 has passed the following resolution: Appointment of Additional Director- Executive: Mr. Pradip Kumar Dey (DIN: 00587842) was considered and was appointed by the Board of Directors on the recommendations of the Nomination and Remuneration Committee as an `Additional Director in the category of Executive Director', subject to the approval of shareholders at the upcoming General Meeting of the Company. Mr. Pradip Kumar Dey, aged about 60 years, (son of Mr. Subal Chandra Dey). He has done his Masters in Arts and is having a degree in Law. He is responsible for the day to day activities in pursuant to legal matters with government and non- government bodies and other Statutory Bodies on behalf of the company. Board Change • Nov 16
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. 5 highly experienced directors. Independent Director Prateek Bansal was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 11
First quarter 2023 earnings released: ₹0.38 loss per share (vs ₹0.22 profit in 1Q 2022) First quarter 2023 results: ₹0.38 loss per share (down from ₹0.22 profit in 1Q 2022). Revenue: ₹6.25b (up 19% from 1Q 2022). Net loss: ₹146.1m (down 271% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 31
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₹0.67 (up from ₹0.13 in FY 2021). Revenue: ₹23.4b (up 36% from FY 2021). Net income: ₹257.0m (up 425% from FY 2021). Profit margin: 1.1% (up from 0.3% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
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. 5 highly experienced directors. Non-Executive Independent Director Suneeta Mohanty 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. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 17% share price gain to ₹15.20, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 14x in the Metals and Mining industry in India. Total returns to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 28% share price gain to ₹13.90, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 6.9% over the past three years. Reported Earnings • Feb 13
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: ₹0.18 loss per share (down from ₹0.28 profit in 3Q 2021). Revenue: ₹5.89b (up 23% from 3Q 2021). Net loss: ₹68.8m (down 163% from profit in 3Q 2021). Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) missed analyst estimates by 40%. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 34% share price gain to ₹13.40, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 13x in the Metals and Mining industry in India. Total returns to shareholders of 1.9% over the past three years. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improved over the past week After last week's 20% share price gain to ₹10.70, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 11x in the Metals and Mining industry in India. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹9.15, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 11x in the Metals and Mining industry in India. Total loss to shareholders of 36% over the past three years. Reported Earnings • Aug 13
First quarter 2022 earnings released: EPS ₹0.22 (vs ₹0.41 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹5.27b (up 118% from 1Q 2021). Net income: ₹85.6m (up ₹245.1m from 1Q 2021). Profit margin: 1.6% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Reported Earnings • Jun 13
Full year 2021 earnings released: EPS ₹0.13 (vs ₹1.76 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹17.2b (up 12% from FY 2020). Net income: ₹48.9m (up ₹725.7m from FY 2020). Profit margin: 0.3% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.