Declared Dividend • May 25
First half dividend of JA$0.006 announced Shareholders will receive a dividend of JA$0.006. Ex-date: 28th May 2026 Payment date: 11th June 2026 Dividend yield will be 0.4%, which is lower than the industry average of 2.0%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 13x earnings). However, it is well covered by cash flows (18% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 1,414% to bring the payout ratio under control. However, EPS has declined by 56% over the last 5 years so the company would need to reverse this trend. Reported Earnings • May 20
Second quarter 2026 earnings released: EPS: JA$0.004 (vs JA$0.094 in 2Q 2025) Second quarter 2026 results: EPS: JA$0.004 (down from JA$0.094 in 2Q 2025). Revenue: JA$1.19b (up 12% from 2Q 2025). Net income: JA$1.81m (down 96% from 2Q 2025). Profit margin: 0.2% (down from 4.2% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • May 20
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. 3 experienced directors. 2 highly experienced directors. 1 independent director (4 non-independent directors). Independent Non-Executive Director Yaneek Page was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 04
Honey Bun (1982) Limited, Annual General Meeting, Mar 11, 2026 Honey Bun (1982) Limited, Annual General Meeting, Mar 11, 2026. Location: jamaica pegasus hotel, legacy suite, 81 knutsford boulevard, kingston 5 Jamaica Announcement • Feb 21
Honey Bun (1982) Limited, Annual General Meeting, Mar 26, 2025 Honey Bun (1982) Limited, Annual General Meeting, Mar 26, 2025. Location: courtleigh hotel & suites, 85 knutsford boulevard, kingston 5 Jamaica Announcement • Nov 29
Honey Bun (1982) Limited Approves Dividend Payment, Payable on December 27, 2024 Honey Bun (1982) Limited announced that its Board of Directors has approved a dividend payment of $0.09 per share payable on December 27, 2024, to shareholders on record as at December 11, 2024. The ex-dividend date is December 11, 2024. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JA$6.96, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 14x in the Food industry in Jamaica. Total loss to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JA$8.30, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 15x in the Food industry in Jamaica. Total loss to shareholders of 1.8% over the past three years. New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Dividend is not well covered by cash flows (130% cash payout ratio). Market cap is less than US$100m (JA$4.00b market cap, or US$25.5m). Buy Or Sell Opportunity • May 25
Now 25% undervalued Over the last 90 days, the stock has risen 3.6% to JA$7.10. The fair value is estimated to be JA$9.45, 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 8.8%. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JA$8.40, the stock trades at a trailing P/E ratio of 15.9x. Average trailing P/E is 15x in the Food industry in Jamaica. Total returns to shareholders of 76% over the past three years. Announcement • Mar 03
Honey Bun (1982) Limited, Annual General Meeting, Mar 06, 2024 Honey Bun (1982) Limited, Annual General Meeting, Mar 06, 2024, at 15:00 Coordinated Universal Time. Location: Courtleigh Hotel & Suites, Somerset Suite, 85 Knutsford Boulevard, Kingston 5 Jamaica Agenda: To receive and approve the Report of the Board of Directors and the Audited Accounts for the financial year ended September 30, 2023; to re-appoint Yaneek Page and Wayne Wray, who have retired by rotation in accordance with the Articles of Incorporation, and being eligible, offer themselves for re-election; to authorize the Board of Directors to fix the remuneration of Directors; to authorize the Board of Directors to appoint the auditors; to authorize the Board of Directors to fix the remuneration of the Auditors of the Company; to ratify a dividend of $0.12 per share paid on February 17, 2023, to shareholders on record as of February 3, 2023; and to ratify a dividend of $0.04 per share paid on July 5, 2023, and to shareholders on record as at July 5, 2023. Buy Or Sell Opportunity • Feb 22
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 7.0% to JA$6.70. The fair value is estimated to be JA$5.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 11%. Reported Earnings • Feb 18
First quarter 2024 earnings released: EPS: JA$0.18 (vs JA$0.14 in 1Q 2023) First quarter 2024 results: EPS: JA$0.18 (up from JA$0.14 in 1Q 2023). Revenue: JA$941.6m (up 11% from 1Q 2023). Net income: JA$86.5m (up 32% from 1Q 2023). Profit margin: 9.2% (up from 7.7% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 9% per year. Buy Or Sell Opportunity • Feb 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.4% to JA$6.69. The fair value is estimated to be JA$5.51, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 12%. Upcoming Dividend • Jan 30
Upcoming dividend of JA$0.13 per share at 2.5% yield Eligible shareholders must have bought the stock before 06 February 2024. Payment date: 21 February 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Jamaican dividend payers (3.4%). Higher than average of industry peers (2.1%). Announcement • Jan 29
Honey Bun (1982) Limited to Report Fiscal Year 2023 Results on Feb 02, 2024 Honey Bun (1982) Limited announced that they will report fiscal year 2023 results on Feb 02, 2024 Announcement • Jan 25
Honey Bun (1982) Limited Approves Dividend, Payable on February 21, 2024 Honey Bun (1982) Limited announced that its board of directors has approved a dividend payment of $0.13 per share payable on February 21, 2024, to shareholders on record as at February 7, 2024. The ex-dividend date is February 6, 2024. Reported Earnings • Aug 18
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: JA$866.1m (up 9.7% from 3Q 2022). Net income: JA$70.9m (up 45% from 3Q 2022). Profit margin: 8.2% (up from 6.2% in 3Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • May 21
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: JA$878.2m (up 24% from 2Q 2022). Net income: JA$61.8m (up 42% from 2Q 2022). Profit margin: 7.0% (up from 6.1% in 2Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Feb 01
Full year 2022 earnings released: EPS: JA$0.43 (vs JA$0.46 in FY 2021) Full year 2022 results: EPS: JA$0.43 (down from JA$0.46 in FY 2021). Revenue: JA$2.95b (up 38% from FY 2021). Net income: JA$203.5m (down 7.0% from FY 2021). Profit margin: 6.9% (down from 10% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improved over the past week After last week's 19% share price gain to JA$7.90, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 19x in the Food industry in Jamaica. Total returns to shareholders of 3.1% over the past three years. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Non-Executive Director Yaneek Page was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improved over the past week After last week's 16% share price gain to JA$8.10, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 19x in the Food industry in Jamaica. Total returns to shareholders of 22% 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 15% share price gain to JA$9.23, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 19x in the Food industry in Jamaica. Total returns to shareholders of 72% over the past three years. Upcoming Dividend • May 23
Upcoming dividend of JA$0.028 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 13 June 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Jamaican dividend payers (3.1%). Higher than average of industry peers (1.4%). Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Independent Non-Executive Director Yaneek Page was the last independent director to join the board, commencing their role in 2016. 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 • Dec 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JA$0.46 (up from JA$0.35 in FY 2020). Revenue: JA$2.15b (up 28% from FY 2020). Net income: JA$218.7m (up 31% from FY 2020). Profit margin: 10% (in line with FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Nov 30
Upcoming dividend of JA$0.13 per share Eligible shareholders must have bought the stock before 07 December 2021. Payment date: 05 January 2022. Trailing yield: 2.6%. Lower than top quartile of Jamaican dividend payers (3.3%). Higher than average of industry peers (1.3%). Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 30% share price gain to JA$11.72, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 21x in the Food industry in Jamaica. Total returns to shareholders of 207% over the past three years. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to JA$7.61, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 17x in the Food industry in Jamaica. Total returns to shareholders of 102% over the past three years. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 20% share price gain to JA$8.08, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 16x in the Food industry in Jamaica. Total returns to shareholders of 88% over the past three years. Reported Earnings • Aug 14
Third quarter 2021 earnings released: EPS JA$0.14 (vs JA$0.043 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JA$566.4m (up 54% from 3Q 2020). Net income: JA$64.9m (up 221% from 3Q 2020). Profit margin: 12% (up from 5.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 18
Upcoming dividend of JA$0.036 per share Eligible shareholders must have bought the stock before 25 May 2021. Payment date: 09 June 2021. Trailing yield: 1.9%. Lower than top quartile of Jamaican dividend payers (2.8%). Higher than average of industry peers (0.9%). Valuation Update With 7 Day Price Move • May 02
Investor sentiment improved over the past week After last week's 17% share price gain to JA$5.95, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 21x in the Food industry in Jamaica. Total returns to shareholders of 29% over the past three years. Reported Earnings • Feb 14
First quarter 2021 earnings released: EPS JA$0.074 (vs JA$0.10 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: JA$461.3m (up 9.2% from 1Q 2020). Net income: JA$34.8m (down 29% from 1Q 2020). Profit margin: 7.5% (down from 12% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jan 26
Upcoming Dividend of JA$0.09 Per Share Will be paid on the 16th of February to those who are registered shareholders by the 2nd of February. The trailing yield of 2.1% is below the top quartile of Jamaican dividend payers (2.9%), but it is higher than industry peers (1.3%). Valuation Update With 7 Day Price Move • Dec 10
Market bids up stock over the past week After last week's 16% share price gain to JA$5.70, the stock is trading at a trailing P/E ratio of 16.1x, up from the previous P/E ratio of 13.8x. This compares to an average P/E of 16x in the Food industry in Jamaica. Total returns to shareholders over the past three years are 47%. Is New 90 Day High Low • Dec 04
New 90-day high: JA$5.45 The company is up 7.0% from its price of JA$5.10 on 03 September 2020. The Jamaican market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 11% over the same period. Announcement • Dec 03
Honey Bun (1982) Limited Announces the Appointments to the Board Honey Bun (1982) Limited (HONBUN) announced that the following appointments were made at the Board of Directors’ meeting, dated November 26, 2020: Daniel Chong as Director; Wayne Wray as Chairman of the Audit & Risk Management Committee; Yaneek Page as Chairperson of the Compensation, Nomination & Corporate Governance Committee; and Paula Graham-Haynes as Corporate Secretary. Reported Earnings • Nov 30
Full year 2020 earnings released: EPS JA$0.35 The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: JA$1.67b (up 8.5% from FY 2019). Net income: JA$166.7m (up 6.6% from FY 2019). Profit margin: 10.0% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth.