Announcement • May 27
Carreras Limited, Annual General Meeting, Jun 11, 2026 Carreras Limited, Annual General Meeting, Jun 11, 2026. Location: ac hotel, 38-42 lady musgrave road, kingston 5., Jamaica Reported Earnings • May 20
First quarter 2026 earnings released: EPS: JA$0.52 (vs JA$0.29 in 1Q 2025) First quarter 2026 results: EPS: JA$0.52 (up from JA$0.29 in 1Q 2025). Revenue: JA$6.93b (up 57% from 1Q 2025). Net income: JA$2.51b (up 78% from 1Q 2025). Profit margin: 36% (up from 32% in 1Q 2025). 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 increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 20
First quarter dividend of JA$0.46 announced Shareholders will receive a dividend of JA$0.46. Ex-date: 27th May 2026 Payment date: 18th June 2026 Dividend yield will be 6.9%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio). However, it is covered by cash flows (71% cash payout ratio). The dividend has increased by an average of 4.9% 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 9.4% to bring the payout ratio under control, which is less than the 16% EPS growth achieved over the last 5 years. Announcement • Jun 11
Carreras Limited, Annual General Meeting, Jun 11, 2025 Carreras Limited, Annual General Meeting, Jun 11, 2025. Location: ac hotel, 38-42 lady musgrave road, kingston 5 Jamaica Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: JA$0.36 (vs JA$0.23 in 3Q 2023) Third quarter 2024 results: EPS: JA$0.36 (up from JA$0.23 in 3Q 2023). Revenue: JA$5.23b (up 28% from 3Q 2023). Net income: JA$1.73b (up 58% from 3Q 2023). Profit margin: 33% (up from 27% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. Announcement • Nov 08
Carreras Limited Announces Resignation of Raoul Glynn from the Board Carreras Limited (CAR) announced the resignation of Mr. Raoul Glynn from the Board effective November 1, 2024. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JA$11.45, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 18x in the Retail Distributors industry globally. Total returns to shareholders of 86% over the past three years. Buy Or Sell Opportunity • Sep 21
Now 20% undervalued Over the last 90 days, the stock has risen 6.6% to JA$9.65. The fair value is estimated to be JA$12.10, 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. Earnings per share has grown by 4.6%. Buy Or Sell Opportunity • Sep 06
Now 22% undervalued Over the last 90 days, the stock has risen 5.9% to JA$9.50. The fair value is estimated to be JA$12.12, 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. Earnings per share has grown by 4.6%. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: JA$0.29 (vs JA$0.22 in 2Q 2023) Second quarter 2024 results: EPS: JA$0.29 (up from JA$0.22 in 2Q 2023). Revenue: JA$4.78b (up 11% from 2Q 2023). Net income: JA$1.41b (up 34% from 2Q 2023). Profit margin: 30% (up from 24% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Buy Or Sell Opportunity • Jun 05
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at JA$8.97. The fair value is estimated to be JA$7.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has grown by 2.8%. Announcement • Apr 26
Carreras Limited, Annual General Meeting, Jun 05, 2024 Carreras Limited, Annual General Meeting, Jun 05, 2024, at 14:00 US Eastern Standard Time. Location: AC Hotel, 38-42 Lady Musgrave Road Kingston Jamaica Agenda: To receive the Audited Financial Statements and the Reports of the Directors and Auditors for the period ended December 31, 2023; to appoint Auditors and authorize the Directors to fix the remuneration of the Auditors; and to discuss other matters. Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: JA$0.97 (vs JA$0.78 in FY 2022) Full year 2023 results: EPS: JA$0.97 (up from JA$0.78 in FY 2022). Revenue: JA$18.5b (up 11% from FY 2022). Net income: JA$4.70b (up 25% from FY 2022). Profit margin: 26% (up from 23% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 2% per year. Announcement • Mar 05
Carreras Limited Dividend Interim Dividend, Payable on April 4, 2024 Carreras Limited advised that at a meeting of the Board of Directors on March 1, 2024, the Directors declared an interim dividend of $0.25 per stock unit be paid out of accumulated profits on April 4, 2024, to stockholders as shown by the Register of Members on March 18, 2024. The ex-dividend date is March 15, 2024. Buy Or Sell Opportunity • Jan 23
Now 22% undervalued Over the last 90 days, the stock has risen 1.4% to JA$8.25. The fair value is estimated to be JA$10.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years, while earnings per share has been flat. Buying Opportunity • Jan 18
Now 24% undervalued Over the last 90 days, the stock is up 1.5%. The fair value is estimated to be JA$10.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years, while earnings per share has been flat. Announcement • Jan 12
Carreras Limited Appoints Rochelle Lee as Assistant Company Secretary Carreras Limited advised that Ms. Rochelle Lee, Legal Executive, was appointed as Assistant Company Secretary, effective January 1, 2024. Buying Opportunity • Jan 02
Now 20% undervalued Over the last 90 days, the stock is up 5.9%. The fair value is estimated to be JA$10.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years, while earnings per share has been flat. Upcoming Dividend • Nov 20
Upcoming dividend of JA$0.23 per share at 9.6% yield Eligible shareholders must have bought the stock before 27 November 2023. Payment date: 19 December 2023. Payout ratio and cash payout ratio are on the higher end at 96% and 82% respectively. Trailing yield: 9.6%. Within top quartile of Jamaican dividend payers (3.8%). Higher than average of industry peers (2.5%). Reported Earnings • Nov 17
Second quarter 2024 earnings released: EPS: JA$0.23 (vs JA$0.19 in 2Q 2023) Second quarter 2024 results: EPS: JA$0.23 (up from JA$0.19 in 2Q 2023). Revenue: JA$4.07b (flat on 2Q 2023). Net income: JA$1.10b (up 19% from 2Q 2023). Profit margin: 27% (up from 23% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 18
First quarter 2024 earnings released: EPS: JA$0.22 (vs JA$0.14 in 1Q 2023) First quarter 2024 results: EPS: JA$0.22 (up from JA$0.14 in 1Q 2023). Revenue: JA$4.31b (up 24% from 1Q 2023). Net income: JA$1.05b (up 51% from 1Q 2023). Profit margin: 24% (up from 20% 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 3% per year whereas the company’s share price has increased by 7% per year. New Risk • Jun 08
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 104% Cash payout ratio: 94% Dividend yield: 9.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Upcoming Dividend • Feb 21
Upcoming dividend of JA$0.23 per share at 9.4% yield Eligible shareholders must have bought the stock before 28 February 2023. Payment date: 22 March 2023. The company is paying out more than 100% of its profits and is paying out 87% of its cash flow. Trailing yield: 9.4%. Within top quartile of Jamaican dividend payers (3.5%). Higher than average of industry peers (2.0%). Reported Earnings • Feb 18
Third quarter 2023 earnings released: EPS: JA$0.23 (vs JA$0.24 in 3Q 2022) Third quarter 2023 results: EPS: JA$0.23 (down from JA$0.24 in 3Q 2022). Revenue: JA$5.00b (up 10% from 3Q 2022). Net income: JA$1.13b (down 1.6% from 3Q 2022). Profit margin: 23% (down from 25% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Nov 18
Second quarter 2023 earnings released: EPS: JA$0.19 (vs JA$0.21 in 2Q 2022) Second quarter 2023 results: EPS: JA$0.19 (down from JA$0.21 in 2Q 2022). Revenue: JA$4.04b (up 7.3% from 2Q 2022). Net income: JA$923.1m (down 11% from 2Q 2022). Profit margin: 23% (down from 28% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Nov 17
Upcoming dividend of JA$0.19 per share Eligible shareholders must have bought the stock before 24 November 2022. Payment date: 14 December 2022. The company is paying out more than 100% of its profits and is paying out 82% of its cash flow. Trailing yield: 9.9%. Within top quartile of Jamaican dividend payers (4.0%). Higher than average of industry peers (2.1%). Board Change • Nov 16
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. No independent directors (6 non-independent directors). Director Nirala Singh is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Upcoming Dividend • Aug 16
Upcoming dividend of JA$0.13 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 07 September 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 9.0%. Within top quartile of Jamaican dividend payers (3.2%). Higher than average of industry peers (2.1%). Reported Earnings • Jun 02
Full year 2022 earnings released: EPS: JA$0.84 (vs JA$0.77 in FY 2021) Full year 2022 results: EPS: JA$0.84 (up from JA$0.77 in FY 2021). Revenue: JA$15.8b (up 13% from FY 2021). Net income: JA$4.07b (up 9.0% from FY 2021). Profit margin: 26% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Non-Executive & independent Director Matthew Hogarth was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 14
Second quarter 2022 earnings released: EPS JA$0.21 (vs JA$0.19 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JA$3.76b (up 8.8% from 2Q 2021). Net income: JA$1.04b (up 14% from 2Q 2021). Profit margin: 28% (up from 26% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 02
First quarter 2022 earnings released: EPS JA$0.18 (vs JA$0.13 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JA$3.43b (up 27% from 1Q 2021). Net income: JA$862.5m (up 32% from 1Q 2021). Profit margin: 25% (up from 24% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Board Change • Jul 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Non-Executive & independent Director Matthew Hogarth was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 02
Full year 2021 earnings released: EPS JA$0.77 (vs JA$0.74 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JA$14.0b (down 1.1% from FY 2020). Net income: JA$3.74b (up 4.3% from FY 2020). Profit margin: 27% (up from 25% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • May 30
Upcoming dividend of JA$0.25 per share Eligible shareholders must have bought the stock before 06 June 2021. Payment date: 23 June 2021. Trailing yield: 6.2%. Within top quartile of Jamaican dividend payers (3.0%). Higher than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improved over the past week After last week's 25% share price gain to JA$10.00, the stock is trading at a trailing P/E ratio of 13x, up from the previous P/E ratio of 10.4x. This compares to an average P/E of 17x in the Retail Distributors industry. Total returns to shareholders over the past three years are 28%. Is New 90 Day High Low • Feb 25
New 90-day high: JA$7.70 The company is up 20% from its price of JA$6.43 on 27 November 2020. The Jamaican market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is up 4.0% over the same period. Announcement • Jan 09
Carreras Limited (CAR) Expends Product Line Carreras Limited has advised of its intention, that as part of its strategic plan, has decided on expanding its product line; specifically, exploring the possibility of selling cigarette lighters, rolling paper, shavers and razors. Carreras anticipates their roll out date for the new products will be January 18, 2021. Is New 90 Day High Low • Dec 24
New 90-day high: JA$7.35 The company is up 13% from its price of JA$6.50 on 25 September 2020. The Jamaican market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is up 9.0% over the same period. Announcement • Nov 21
Carreras Limited (CAR) Appoints Bjorn Spence as Deputy Company Secretary/Authorized Official Carreras Limited (CAR) appointed Bjorn Spence as Deputy Company Secretary/Authorized Official, effective October 15, 2020. 
