Declared Dividend • Jun 29
First half dividend of MU₨0.50 announced Shareholders will receive a dividend of MU₨0.50. Ex-date: 10th July 2026 Payment date: 23rd July 2026 Dividend yield will be 6.6%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 10% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • May 20
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Non-Executive Director Diane Watkins was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Dec 02
Alteo Limited, Annual General Meeting, Dec 15, 2025 Alteo Limited, Annual General Meeting, Dec 15, 2025, at 10:00 Arabian Standard Time. Location: the pod, vivea business park, moka, Mauritius Announcement • Jun 27
Alteo Limited announces Annual dividend, payable on July 28, 2025 Alteo Limited announced Annual dividend of MUR 0.6600 per share payable on July 28, 2025, ex-date on July 10, 2025 and record date on July 14, 2025. Announcement • Dec 04
Alteo Limited, Annual General Meeting, Dec 17, 2024 Alteo Limited, Annual General Meeting, Dec 17, 2024, at 11:00 Arabian Standard Time. Location: the pod, vivea business park, moka, Mauritius Buy Or Sell Opportunity • Oct 29
Now 20% undervalued Over the last 90 days, the stock has risen 24% to MU₨13.00. The fair value is estimated to be MU₨16.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 102%. Reported Earnings • Sep 26
Full year 2024 earnings released: EPS: MU₨3.28 (vs MU₨1.22 in FY 2023) Full year 2024 results: EPS: MU₨3.28 (up from MU₨1.22 in FY 2023). Revenue: MU₨4.53b (up 3.2% from FY 2023). Net income: MU₨1.05b (up 168% from FY 2023). Profit margin: 23% (up from 8.9% in FY 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Declared Dividend • Jun 27
Dividend of MU₨0.63 announced Shareholders will receive a dividend of MU₨0.63. Ex-date: 8th July 2024 Payment date: 26th July 2024 Dividend yield will be 5.4%, which is higher than the industry average of 5.0%. Payout Ratios Payout ratio: 6%. Cash payout ratio: 12%. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to MU₨12.30, the stock trades at a trailing P/E ratio of 3x. Average trailing P/E is 4x in the Industrials industry in Mauritius. Total returns to shareholders of 71% over the past three years. Reported Earnings • May 17
Third quarter 2024 earnings released: EPS: MU₨0.28 (vs MU₨0.20 loss in 3Q 2023) Third quarter 2024 results: EPS: MU₨0.28 (up from MU₨0.20 loss in 3Q 2023). Revenue: MU₨686.2m (down 3.1% from 3Q 2023). Net income: MU₨88.8m (up MU₨152.4m from 3Q 2023). Profit margin: 13% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 13
Second quarter 2024 earnings released: EPS: MU₨0.85 (vs MU₨0.08 in 2Q 2023) Second quarter 2024 results: EPS: MU₨0.85 (up from MU₨0.08 in 2Q 2023). Revenue: MU₨1.57b (up 29% from 2Q 2023). Net income: MU₨271.9m (up MU₨245.3m from 2Q 2023). Profit margin: 17% (up from 2.2% 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 46% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. New Risk • Feb 12
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 Mauritian stocks, typically moving 3.2% 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 (3.2% average weekly change). Market cap is less than US$100m (MU₨3.17b market cap, or US$69.8m). Announcement • Nov 29
Alteo Limited, Annual General Meeting, Dec 13, 2023 Alteo Limited, Annual General Meeting, Dec 13, 2023, at 10:00 Mauritius Standard Time. Location: Hennessy Park Hotel, 65, Ebene Cybercity, Mauritius Ebene Mauritius Agenda: To consider the Annual Report of the Company for the financial year ended June 30, 2023; To receive the report of Ernst & Young, the auditors of the Company for the financial year ended June 30, 2023; To consider and adopt the audited financial statements of the Group (i.e. the Company and its subsidiaries) and the Company, for the financial year ended June 30, 2023; To re-elect, upon the recommendation of the Corporate Governance, Nomination, Remuneration & Ethics Committee, as Directors of the Company to hold office until the next Annual Meeting, the following persons who offer themselves for the re-election; To authorise the Board to complete and do all such acts and deeds, and take all actions, as may be required to give effect to the aforesaid resolutions; and to consider other matters if any. Reported Earnings • Nov 16
First quarter 2024 earnings released: EPS: MU₨1.85 (vs MU₨0.21 in 1Q 2023) First quarter 2024 results: EPS: MU₨1.85 (up from MU₨0.21 in 1Q 2023). Revenue: MU₨1.31b (down 21% from 1Q 2023). Net income: MU₨589.0m (up MU₨521.1m from 1Q 2023). Profit margin: 45% (up from 4.1% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Nov 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Mauritian stocks, typically moving 5.9% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (5.9% average weekly change). Minor Risk Market cap is less than US$100m (MU₨3.25b market cap, or US$73.4m). Reported Earnings • Sep 26
Full year 2023 earnings released: EPS: MU₨2.93 (vs MU₨0.65 loss in FY 2022) Full year 2023 results: EPS: MU₨2.93 (up from MU₨0.65 loss in FY 2022). Revenue: MU₨4.39b (down 2.1% from FY 2022). Net income: MU₨4.53b (up MU₨4.74b from FY 2022). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Aug 13
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 Mauritian stocks, typically moving 4.2% 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 Earnings have declined by 7.7% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (4.2% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (MU₨2.83b market cap, or US$62.7m). Upcoming Dividend • Jul 04
Upcoming dividend of MU₨0.24 per share at 9.4% yield Eligible shareholders must have bought the stock before 11 July 2023. Payment date: 31 July 2023. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 9.4%. Within top quartile of Mauritian dividend payers (6.5%). Higher than average of industry peers (5.6%). Reported Earnings • May 13
Third quarter 2023 earnings released: MU₨0.20 loss per share (vs MU₨0.81 profit in 3Q 2022) Third quarter 2023 results: MU₨0.20 loss per share (down from MU₨0.81 profit in 3Q 2022). Revenue: MU₨707.8m (down 77% from 3Q 2022). Net loss: MU₨63.6m (down 125% from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 15
Second quarter 2023 earnings released: EPS: MU₨0.08 (vs MU₨1.01 in 2Q 2022) Second quarter 2023 results: EPS: MU₨0.08 (down from MU₨1.01 in 2Q 2022). Revenue: MU₨1.21b (down 62% from 2Q 2022). Net income: MU₨26.6m (down 92% from 2Q 2022). Profit margin: 2.2% (down from 10.0% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Dec 03
Alteo Limited, Annual General Meeting, Dec 09, 2022 Alteo Limited, Annual General Meeting, Dec 09, 2022, at 06:00 Coordinated Universal Time. Location: Ebony 2 Conference Room, Hennessy Park Hotel 65, Ebene Cybercity, Mauritius Eben Cybercity Mauritius Agenda: To consider the Annual Report 2022 of the Company; to receive the report of Ernst & Young, the auditors of the Company; to consider and adopt the Group's (the Company and its subsidiaries) and Company's audited financial statements for the year ended June 30, 2022; to re-elect on the recommendation of the Corporate Governance, Nomination, Remuneration & Ethics Committee, as Directors of the Company to hold office until the next Annual Meeting, the following persons who offer themselves for the re-election (as separate resolutions); to elect as Director of the Company and to hold office until the next Annual Meeting, Mr. Yougendranath Kissoondary, who has been nominated by the Board of Directors on the recommendation of the Corporate Governance, Remuneration, Nomination & Ethics Committee, and who offers himself for election; and to discuss other matters. Reported Earnings • Nov 19
First quarter 2023 earnings released: EPS: MU₨1.92 (vs MU₨1.28 in 1Q 2022) First quarter 2023 results: EPS: MU₨1.92. Revenue: MU₨1.67b (down 42% from 1Q 2022). Net income: MU₨67.8m (down 83% from 1Q 2022). Profit margin: 4.1% (down from 14% in 1Q 2022). The decrease in margin was driven by lower revenue. Board Change • Nov 16
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. 8 non-independent directors. Independent Non-Executive Director Priscilla Balgobin-Bhoyrul was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 03
Upcoming dividend of MU₨0.30 per share Eligible shareholders must have bought the stock before 10 November 2022. Payment date: 20 December 2022. Trailing yield: 3.0%. Lower than top quartile of Mauritian dividend payers (4.6%). In line with average of industry peers (2.8%). Announcement • Oct 29
Alteo Limited Approves Special Dividend Alteo Limited has approved the declaration of a special dividend of MUR 0.30 per share to all shareholders of Alteo registered at close of business on 14 November 2022 (the "Record Date"). The shareholders of Alteo will be given the option to receive, in lieu of cash, one Class A share of Miwa Sugar for every ordinary share held in Alteo. Reported Earnings • Sep 26
Full year 2022 earnings released: MU₨0.65 loss per share (vs MU₨3.64 profit in FY 2021) Full year 2022 results: MU₨0.65 loss per share (down from MU₨3.64 profit in FY 2021). Revenue: MU₨4.49b (down 53% from FY 2021). Net loss: MU₨208.3m (down 118% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 11
Upcoming dividend of MU₨0.44 per share Eligible shareholders must have bought the stock before 18 July 2022. Payment date: 05 August 2022. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Mauritian dividend payers (3.9%). In line with average of industry peers (2.5%). Reported Earnings • May 15
Third quarter 2022 earnings released: EPS: MU₨0.81 (vs MU₨0.47 in 3Q 2021) Third quarter 2022 results: EPS: MU₨0.81 (up from MU₨0.47 in 3Q 2021). Revenue: MU₨3.03b (up 33% from 3Q 2021). Net income: MU₨256.7m (up 73% from 3Q 2021). Profit margin: 8.5% (up from 6.5% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Board Change • Apr 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. 8 non-independent directors. Independent Non-Executive Director Priscilla Balgobin-Bhoyrul was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 30
Alteo Limited Announces Board Changes At the Board Meeting of Alteo Limited held on March 25, 2022, the Board of Directors has decided to appoint Mr. Jérôme De Chasteauneuf as Chairman of the Company in replacement of Mr. Arnaud Lagesse, who remains member of the Board. Mr. De Chasteauneuf is the Group Finance Director of CIEL. Reported Earnings • Feb 13
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: MU₨1.01 (up from MU₨0.82 in 2Q 2021). Revenue: MU₨3.21b (up 31% from 2Q 2021). Net income: MU₨320.6m (up 23% from 2Q 2021). Profit margin: 10.0% (in line with 2Q 2021). Revenue was in line with 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 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 17
Upcoming dividend of MU₨0.35 per share Eligible shareholders must have bought the stock before 24 December 2021. Payment date: 11 January 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Mauritian dividend payers (3.3%). In line with average of industry peers (2.5%). Reported Earnings • Nov 12
First quarter 2022 earnings released: EPS MU₨1.28 (vs MU₨0.97 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: MU₨2.88b (up 3.8% from 1Q 2021). Net income: MU₨407.7m (up 32% from 1Q 2021). Profit margin: 14% (up from 11% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 24
Full year 2021 earnings released: EPS MU₨3.64 (vs MU₨0.32 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: MU₨9.55b (up 15% from FY 2020). Net income: MU₨1.16b (up MU₨1.26b from FY 2020). Profit margin: 12% (up from net loss in FY 2020). 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 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 06
Upcoming dividend of MU₨0.40 per share Eligible shareholders must have bought the stock before 13 July 2021. Payment date: 30 July 2021. Trailing yield: 4.0%. Within top quartile of Mauritian dividend payers (4.0%). In line with average of industry peers (3.9%). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improved over the past week After last week's 20% share price gain to MU₨27.25, the stock trades at a trailing P/E ratio of 24.6x. Average trailing P/E is 21x in the Food industry in Mauritius. Total returns to shareholders of 20% over the past three years. Reported Earnings • May 14
Third quarter 2021 earnings released: EPS MU₨0.47 (vs MU₨0.64 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: MU₨2.29b (down 5.0% from 3Q 2020). Net income: MU₨148.6m (down 27% from 3Q 2020). Profit margin: 6.5% (down from 8.4% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • Feb 12
Second quarter 2021 earnings released: EPS MU₨0.82 (vs MU₨0.36 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: MU₨2.46b (up 3.6% from 2Q 2020). Net income: MU₨261.2m (up 127% from 2Q 2020). Profit margin: 11% (up from 4.9% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 07
New 90-day high: MU₨21.10 The company is up 47% from its price of MU₨14.40 on 09 October 2020. The Mauritian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 33% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: MU₨19.60 The company is up 32% from its price of MU₨14.80 on 11 September 2020. The Mauritian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 16% over the same period. Announcement • Nov 14
Alteo Limited, Annual General Meeting, Dec 11, 2020 Alteo Limited, Annual General Meeting, Dec 11, 2020, at 06:00 Coordinated Universal Time. Location: Vivéa Business Park, 81406 Saint Pierre Mauritius Agenda: To consider the Annual Report 2020 of the company; to consider and receive the report of Ernst & Young, the auditors of the company; to consider and adopt the Group's and Company's audited financial statements for the year ended June 30, 2020; to consider and re-elect on the recommendation of the Corporate Governance, Nomination, Remuneration & Ethics Committee, as Directors of the company to hold office until the next Annual Meeting; and to consider any other matter. Is New 90 Day High Low • Nov 13
New 90-day high: MU₨16.60 The company is up 11% from its price of MU₨15.00 on 14 August 2020. The Mauritian market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 4.0% over the same period. Is New 90 Day High Low • Oct 08
New 90-day low: MU₨14.20 The company is down 14% from its price of MU₨16.50 on 10 July 2020. The Mauritian market is down 7.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Food industry, which is also down 14% over the same period. 
