Declared Dividend • May 16
Dividend increased to LK₨12.75 Dividend of LK₨12.75 is 9.0% higher than last year. Ex-date: 25th May 2026 Payment date: 11th June 2026 Dividend yield will be 2.7%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 29% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Nov 10
Upcoming dividend of LK₨5.75 per share Eligible shareholders must have bought the stock before 17 November 2025. Payment date: 05 December 2025. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Sri Lankan dividend payers (4.3%). Lower than average of industry peers (3.4%). Board Change • Sep 09
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Suren De Silva was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 13
First quarter 2026 earnings released: EPS: LK₨8.79 (vs LK₨6.05 in 1Q 2025) First quarter 2026 results: EPS: LK₨8.79 (up from LK₨6.05 in 1Q 2025). Revenue: LK₨66.7b (up 11% from 1Q 2025). Net income: LK₨2.27b (up 45% from 1Q 2025). Profit margin: 3.4% (up from 2.6% 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 11% 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 • Aug 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to LK₨717, the stock trades at a trailing P/E ratio of 25.6x. Average trailing P/E is 17x in the Consumer Retailing industry in Asia. Total returns to shareholders of 386% over the past three years. Board Change • Jul 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Suren De Silva was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 30
Full year 2025 earnings released: EPS: LK₨28.03 (vs LK₨22.85 in FY 2024) Full year 2025 results: EPS: LK₨28.03 (up from LK₨22.85 in FY 2024). Revenue: LK₨241.8b (up 8.2% from FY 2024). Net income: LK₨7.22b (up 23% from FY 2024). Profit margin: 3.0% (up from 2.6% in FY 2024). The increase in margin was driven by higher revenue. Like-for-like sales growth: 8.5% vs FY 2024 Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 27
Cargills (Ceylon) PLC, Annual General Meeting, Jul 22, 2025 Cargills (Ceylon) PLC, Annual General Meeting, Jul 22, 2025, at 09:30 Sri Lanka Standard Time. Location: institute of chartered accountants of sri lanka, no. 30a, malalasekara mawatha, 07, colombo Sri Lanka Reported Earnings • May 29
Full year 2025 earnings released: EPS: LK₨28.03 (vs LK₨22.85 in FY 2024) Full year 2025 results: EPS: LK₨28.03 (up from LK₨22.85 in FY 2024). Revenue: LK₨241.8b (up 8.2% from FY 2024). Net income: LK₨7.22b (up 23% from FY 2024). Profit margin: 3.0% (up from 2.6% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 26
Dividend of LK₨11.70 announced Shareholders will receive a dividend of LK₨11.70. Ex-date: 29th May 2025 Payment date: 17th June 2025 Dividend yield will be 2.9%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 27% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to LK₨569, the stock trades at a trailing P/E ratio of 20.8x. Average forward P/E is 16x in the Consumer Retailing industry in Asia. Total returns to shareholders of 304% over the past three years. Reported Earnings • Feb 12
Third quarter 2025 earnings released: EPS: LK₨6.36 (vs LK₨4.40 in 3Q 2024) Third quarter 2025 results: EPS: LK₨6.36 (up from LK₨4.40 in 3Q 2024). Revenue: LK₨61.9b (up 9.1% from 3Q 2024). Net income: LK₨1.64b (up 45% from 3Q 2024). Profit margin: 2.7% (up from 2.0% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Nov 15
Deputy Chairman & CEO recently bought LK₨28m worth of stock On the 8th of November, Valentine Page bought around 70k shares on-market at roughly LK₨395 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨44m worth in shares. Reported Earnings • Nov 06
Second quarter 2025 earnings released: EPS: LK₨7.82 (vs LK₨6.24 in 2Q 2024) Second quarter 2025 results: EPS: LK₨7.82 (up from LK₨6.24 in 2Q 2024). Revenue: LK₨60.5b (up 8.9% from 2Q 2024). Net income: LK₨2.01b (up 25% from 2Q 2024). Profit margin: 3.3% (up from 2.9% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Oct 18
Upcoming dividend of LK₨4.80 per share Eligible shareholders must have bought the stock before 25 October 2024. Payment date: 14 November 2024. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Sri Lankan dividend payers (8.1%). Higher than average of industry peers (2.2%). Recent Insider Transactions • Aug 29
Non-Executive Non-Independent Chairman recently bought LK₨3.0m worth of stock On the 26th of August, Louis Page bought around 8k shares on-market at roughly LK₨375 per share. This transaction amounted to 5.5% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth LK₨3.0m. Louis has been a buyer over the last 12 months, purchasing a net total of LK₨7.5m worth in shares. Reported Earnings • Aug 15
First quarter 2025 earnings released: EPS: LK₨6.05 (vs LK₨5.14 in 1Q 2024) First quarter 2025 results: EPS: LK₨6.05 (up from LK₨5.14 in 1Q 2024). Revenue: LK₨59.9b (up 5.6% from 1Q 2024). Net income: LK₨1.56b (up 18% from 1Q 2024). Profit margin: 2.6% (up from 2.3% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • Jul 12
Full year 2024 earnings released: EPS: LK₨22.85 (vs LK₨20.82 in FY 2023) Full year 2024 results: EPS: LK₨22.85 (up from LK₨20.82 in FY 2023). Revenue: LK₨223.4b (up 14% from FY 2023). Net income: LK₨5.89b (up 9.7% from FY 2023). Profit margin: 2.6% (down from 2.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year and the company’s share price has also increased by 15% per year. Announcement • Jul 11
Cargills (Ceylon) PLC, Annual General Meeting, Aug 01, 2024 Cargills (Ceylon) PLC, Annual General Meeting, Aug 01, 2024, at 09:30 Sri Lanka Standard Time. Location: institute of chartered accountants of sri lanka, no. 30a, malalasekara mawatha, colombo 07, Sri Lanka Recent Insider Transactions • Jul 07
Deputy Chairman & CEO recently bought LK₨563k worth of stock On the 4th of July, Valentine Page bought around 2k shares on-market at roughly LK₨375 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth LK₨3.0m. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨233m worth in shares. Recent Insider Transactions • Jun 27
Insider recently bought LK₨1.9m worth of stock On the 24th of June, P. Page bought around 5k shares on-market at roughly LK₨375 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth LK₨3.0m. Insiders have collectively bought LK₨246m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 15
Deputy Chairman & CEO recently bought LK₨1.6m worth of stock On the 11th of June, Valentine Page bought around 4k shares on-market at roughly LK₨375 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth LK₨3.0m. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨232m worth in shares. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: LK₨22.83 (vs LK₨20.82 in FY 2023) Full year 2024 results: EPS: LK₨22.83 (up from LK₨20.82 in FY 2023). Revenue: LK₨223.4b (up 14% from FY 2023). Net income: LK₨5.89b (up 9.7% from FY 2023). Profit margin: 2.6% (down from 2.7% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 16% per year. Upcoming Dividend • May 22
Upcoming dividend of LK₨10.50 per share Eligible shareholders must have bought the stock before 29 May 2024. Payment date: 19 June 2024. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Sri Lankan dividend payers (8.1%). Higher than average of industry peers (2.1%). Reported Earnings • Feb 16
Third quarter 2024 earnings released: EPS: LK₨4.40 (vs LK₨3.15 in 3Q 2023) Third quarter 2024 results: EPS: LK₨4.40 (up from LK₨3.15 in 3Q 2023). Revenue: LK₨56.7b (up 14% from 3Q 2023). Net income: LK₨1.13b (up 40% from 3Q 2023). Profit margin: 2.0% (up from 1.6% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Feb 02
Deputy Chairman & CEO recently bought LK₨6.0m worth of stock On the 30th of January, Valentine Page bought around 18k shares on-market at roughly LK₨330 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth LK₨70m. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨249m worth in shares. Announcement • Dec 16
Cargills (Ceylon) plc Appoints Asite Talwatte as Senior Independent Director Cargills (Ceylon) PLC announced that Mr. Asite Talwatte was appointed as the senior Independent Director of the company by the Board of Directors of the company on December 14, 2023. Recent Insider Transactions • Dec 12
Deputy Chairman & CEO recently bought LK₨8.4m worth of stock On the 5th of December, Valentine Page bought around 23k shares on-market at roughly LK₨360 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth LK₨70m. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨261m worth in shares. Recent Insider Transactions • Nov 10
Deputy Chairman & CEO recently bought LK₨70m worth of stock On the 7th of November, Valentine Page bought around 187k shares on-market at roughly LK₨375 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨255m worth in shares. Reported Earnings • Nov 03
Second quarter 2024 earnings released: EPS: LK₨6.24 (vs LK₨4.63 in 2Q 2023) Second quarter 2024 results: EPS: LK₨6.24 (up from LK₨4.63 in 2Q 2023). Revenue: LK₨55.6b (up 13% from 2Q 2023). Net income: LK₨1.61b (up 35% from 2Q 2023). Profit margin: 2.9% (up from 2.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 24% per year and the company’s share price has also increased by 24% per year. Recent Insider Transactions • Oct 07
Non-Executive Non-Independent Chairman recently bought LK₨1.2m worth of stock On the 4th of October, Louis Page bought around 3k shares on-market at roughly LK₨347 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth LK₨145m. Louis has been a buyer over the last 12 months, purchasing a net total of LK₨5.4m worth in shares. Price Target Changed • Sep 08
Price target increased by 10% to LK₨356 Up from LK₨323, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of LK₨350. Stock is up 64% over the past year. The company posted earnings per share of LK₨20.82 last year. New Risk • Aug 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.5% Last year net profit margin: 3.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Dividend is not well covered by cash flows (318% cash payout ratio). Profit margins are more than 30% lower than last year (2.5% net profit margin). Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: LK₨5.14 (vs LK₨6.04 in 1Q 2023) First quarter 2024 results: EPS: LK₨5.14 (down from LK₨6.04 in 1Q 2023). Revenue: LK₨56.8b (up 18% from 1Q 2023). Net income: LK₨1.32b (down 15% from 1Q 2023). Profit margin: 2.3% (down from 3.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jul 20
Deputy Chairman & CEO recently bought LK₨4.3m worth of stock On the 17th of July, Valentine Page bought around 15k shares on-market at roughly LK₨285 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth LK₨12m. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨47m worth in shares. Reported Earnings • Jul 08
Full year 2023 earnings released: EPS: LK₨20.82 (vs LK₨17.63 in FY 2022) Full year 2023 results: EPS: LK₨20.82 (up from LK₨17.63 in FY 2022). Revenue: LK₨195.6b (up 43% from FY 2022). Net income: LK₨5.37b (up 18% from FY 2022). Profit margin: 2.7% (down from 3.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Jul 06
Cargills (Ceylon) PLC, Annual General Meeting, Jul 28, 2023 Cargills (Ceylon) PLC, Annual General Meeting, Jul 28, 2023, at 09:00 Sri Lanka Standard Time. Location: Institute of Chartered Accountants of Sri Lanka, No. 30A Malalasekara Mawatha Colombo 07 Sri Lanka Agenda: To receive and consider the Annual Report of the Directors and the Financial Statements for the year ended 31 March 2023, with the Report of the Auditors thereon; to authorize the Directors to determine contributions to charities for the financial year 2023/24; to authorize the Directors to determine the remuneration of the Auditors, Messrs. KPMG, who are deemed reappointed as Auditors at the Annual General Meeting of the Company in terms of Section 158 of the Companies Act No. 07 of 2007; and to consider other matters. Reported Earnings • Jun 01
Full year 2023 earnings released: EPS: LK₨20.82 (vs LK₨17.63 in FY 2022) Full year 2023 results: EPS: LK₨20.82 (up from LK₨17.63 in FY 2022). Revenue: LK₨195.6b (up 43% from FY 2022). Net income: LK₨5.37b (up 18% from FY 2022). Profit margin: 2.7% (down from 3.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • May 29
Deputy Chairman & CEO recently bought LK₨6.0m worth of stock On the 25th of May, Valentine Page bought around 24k shares on-market at roughly LK₨250 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth LK₨12m. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨42m worth in shares. Recent Insider Transactions • Apr 25
Deputy Chairman & CEO recently bought LK₨12m worth of stock On the 21st of April, Valentine Page bought around 51k shares on-market at roughly LK₨238 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨36m worth in shares. Price Target Changed • Apr 20
Price target increased by 11% to LK₨303 Up from LK₨272, the current price target is an average from 2 analysts. New target price is 26% above last closing price of LK₨241. Stock is up 39% over the past year. The company posted earnings per share of LK₨17.63 last year. Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: LK₨3.15 (vs LK₨5.50 in 3Q 2022) Third quarter 2023 results: EPS: LK₨3.15 (down from LK₨5.50 in 3Q 2022). Revenue: LK₨49.9b (up 33% from 3Q 2022). Net income: LK₨810.7m (down 43% from 3Q 2022). Profit margin: 1.6% (down from 3.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jan 05
Deputy Chairman & CEO recently bought LK₨635k worth of stock On the 2nd of January, Valentine Page bought around 3k shares on-market at roughly LK₨235 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth LK₨2.3m. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨6.2m worth in shares. Recent Insider Transactions • Dec 11
Deputy Chairman & CEO recently bought LK₨2.3m worth of stock On the 8th of December, Valentine Page bought around 10k shares on-market at roughly LK₨225 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨5.6m worth in shares. Reported Earnings • Nov 09
Second quarter 2023 earnings released: EPS: LK₨4.63 (vs LK₨2.71 in 2Q 2022) Second quarter 2023 results: EPS: LK₨4.63 (up from LK₨2.71 in 2Q 2022). Revenue: LK₨49.2b (up 70% from 2Q 2022). Net income: LK₨1.19b (up 71% from 2Q 2022). Profit margin: 2.4% (in line with 2Q 2022). Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Consumer Retailing industry in Asia. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Sep 01
Deputy Chairman & CEO recently bought LK₨1.1m worth of stock On the 26th of August, Valentine Page bought around 6k shares on-market at roughly LK₨180 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth LK₨2.3m. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨3.3m worth in shares. Recent Insider Transactions • Aug 24
Deputy Chairman & CEO recently bought LK₨2.3m worth of stock On the 19th of August, Valentine Page bought around 13k shares on-market at roughly LK₨180 per share. This was the largest purchase by an insider in the last 3 months. This was Valentine's only on-market trade for the last 12 months. Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: LK₨6.04 (vs LK₨1.97 in 1Q 2022) First quarter 2023 results: EPS: LK₨6.04 (up from LK₨1.97 in 1Q 2022). Revenue: LK₨48.0b (up 63% from 1Q 2022). Net income: LK₨1.56b (up 206% from 1Q 2022). Profit margin: 3.2% (up from 1.7% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 17% growth forecast for the industry in Sri Lanka. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 22
Upcoming dividend of LK₨5.00 per share Eligible shareholders must have bought the stock before 29 July 2022. Payment date: 18 August 2022. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 4.5%. Lower than top quartile of Sri Lankan dividend payers (9.3%). Higher than average of industry peers (1.9%). Reported Earnings • Jul 07
Full year 2022 earnings released: EPS: LK₨17.63 (vs LK₨13.51 in FY 2021) Full year 2022 results: EPS: LK₨17.63 (up from LK₨13.51 in FY 2021). Revenue: LK₨136.7b (up 21% from FY 2021). Net income: LK₨4.54b (up 31% from FY 2021). Profit margin: 3.3% (up from 3.1% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 9.4%, compared to a 19% growth forecast for the retail industry in Sri Lanka. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jun 30
Cargills (Ceylon) PLC, Annual General Meeting, Jul 28, 2022 Cargills (Ceylon) PLC, Annual General Meeting, Jul 28, 2022. Reported Earnings • Jun 01
Full year 2022 earnings released: EPS: LK₨17.63 (vs LK₨13.51 in FY 2021) Full year 2022 results: EPS: LK₨17.63 (up from LK₨13.51 in FY 2021). Revenue: LK₨136.7b (up 21% from FY 2021). Net income: LK₨4.54b (up 31% from FY 2021). Profit margin: 3.3% (up from 3.1% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 9.4%, compared to a 22% growth forecast for the retail industry in Sri Lanka. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 27
Price target decreased to LK₨237 Down from LK₨272, the current price target is an average from 2 analysts. New target price is 39% above last closing price of LK₨170. Stock is down 26% over the past year. The company posted earnings per share of LK₨13.51 last year. Announcement • Apr 14
Cargill Expands RadiPure® Pea Protein into the META & India Markets Cargill is expanding RadiPure® pea protein in Middle East, Turkey, Africa (META) & India, a move that will help food and beverage manufacturers in the region respond to evolving marketplace trends. Functionally, RadiPure® pea protein offers the solubility and flavor profile that customers need for food application development. Those benefits, alongside its emulsifying, viscosifying and gelation properties, make pea protein a good choice for a wide range of applications, including dairy and dairy alternatives, snacks, bakery, plant-based meat alternatives, vegan, and vegetarian solutions. Nutritionally, pea protein is highly regarded for its superior amino acid profile and high digestibility. Cargill's offering provides a minimum of 80% protein in with RadiPure® brand. It can be combined with other plant-based proteins to deliver a complete protein profile. Pea protein also packs plenty of label appeal. The ingredient is familiar to consumers and enables valuable product claims such as non-GMO, dairy-free, and gluten-free. Cargill is expanding its plant-based protein offerings in META as demand for protein-rich, plant-based foods continues to grow throughout the region. Price Target Changed • Mar 30
Price target decreased to LK₨237 Down from LK₨272, the current price target is an average from 2 analysts. New target price is 31% above last closing price of LK₨180. Stock is down 23% over the past year. The company posted earnings per share of LK₨13.51 last year. Board Change • Mar 29
High number of new directors Group CFO & Director Dilantha Jayawardhana was the last director to join the board, commencing their role in 2021. Announcement • Mar 03
Cargills (Ceylon) PLC Appoints Stephanie A. Lundquist as Chief Human Resources Officer Cargill Corporation announced on February 28, 2022, Ms. Lundquist will be joining Cargill as its Chief Human Resources Officer beginning on April 4, 2022. Reported Earnings • Feb 01
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: EPS: LK₨5.50 (up from LK₨3.98 in 3Q 2021). Revenue: LK₨37.4b (up 22% from 3Q 2021). Net income: LK₨1.42b (up 38% from 3Q 2021). Profit margin: 3.8% (up from 3.3% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.2%. Over the next year, revenue is forecast to grow 13%, compared to a 21% growth forecast for the industry in Sri Lanka. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Jan 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Group CFO & Director Dilantha Jayawardhana was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 23
Upcoming dividend of LK₨2.00 per share Eligible shareholders must have bought the stock before 30 November 2021. Payment date: 20 December 2021. Trailing yield: 2.8%. Lower than top quartile of Sri Lankan dividend payers (5.9%). Higher than average of industry peers (1.8%). Reported Earnings • Nov 03
Second quarter 2022 earnings released: EPS LK₨2.71 (vs LK₨1.92 in 2Q 2021) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were flat. Second quarter 2022 results: Revenue: LK₨29.0b (flat on 2Q 2021). Net income: LK₨699.4m (up 41% from 2Q 2021). Profit margin: 2.4% (up from 1.7% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Aug 26
Deputy Chairman & CEO recently bought LK₨1.6m worth of stock On the 18th of August, Valentine Page bought around 7k shares on-market at roughly LK₨245 per share. In the last 3 months, they made an even bigger purchase worth LK₨180m. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨287m worth in shares. Price Target Changed • Aug 18
Price target decreased to LK₨310 Down from LK₨365, the current price target is an average from 2 analysts. New target price is 26% above last closing price of LK₨245. Stock is up 30% over the past year. Reported Earnings • Aug 09
First quarter 2022 earnings released: EPS LK₨1.97 (vs LK₨0.81 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: LK₨29.4b (up 29% from 1Q 2021). Net income: LK₨508.2m (up 142% from 1Q 2021). Profit margin: 1.7% (up from 0.9% 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 15% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jul 15
Deputy Chairman & CEO recently bought LK₨6.8m worth of stock On the 13th of July, Valentine Page bought around 28k shares on-market at roughly LK₨247 per share. In the last 3 months, they made an even bigger purchase worth LK₨85m. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨105m worth in shares. Recent Insider Transactions • Jul 03
Deputy Chairman & CEO recently bought LK₨5.5m worth of stock On the 30th of June, Valentine Page bought around 23k shares on-market at roughly LK₨240 per share. In the last 3 months, they made an even bigger purchase worth LK₨85m. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨98m worth in shares. Upcoming Dividend • Jun 23
Upcoming dividend of LK₨4.10 per share Eligible shareholders must have bought the stock before 30 June 2021. Payment date: 19 July 2021. Trailing yield: 2.4%. Lower than top quartile of Sri Lankan dividend payers (5.6%). Higher than average of industry peers (1.8%). Recent Insider Transactions • Jun 23
Deputy Chairman & CEO recently bought LK₨85m worth of stock On the 18th of June, Valentine Page bought around 350k shares on-market at roughly LK₨243 per share. This was the largest purchase by an insider in the last 3 months. Valentine has been a buyer over the last 12 months, purchasing a net total of LK₨93m worth in shares. Is New 90 Day High Low • Jan 22
New 90-day high: LK₨231 The company is up 21% from its price of LK₨190 on 23 October 2020. The Sri Lankan market is up 40% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Retailing industry, which is up 5.0% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: LK₨205 The company is up 9.0% from its price of LK₨188 on 02 October 2020. The Sri Lankan market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Retailing industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is LK₨687 per share. Is New 90 Day High Low • Dec 14
New 90-day high: LK₨203 The company is up 9.0% from its price of LK₨186 on 15 September 2020. The Sri Lankan market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Retailing industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is LK₨689 per share. Recent Insider Transactions • Oct 07
Non-Executive Non-Independent Chairman recently bought LK₨2.8m worth of stock On the 2nd of October, Louis Page bought around 15k shares on-market at roughly LK₨188 per share. This was the largest purchase by an insider in the last 3 months. Louis has been a buyer over the last 12 months, purchasing a net total of LK₨5.2m worth in shares. 
