Reported Earnings • 17h
Third quarter 2026 earnings released: EPS: MU₨0.16 (vs MU₨0.25 in 3Q 2025) Third quarter 2026 results: EPS: MU₨0.16 (down from MU₨0.25 in 3Q 2025). Revenue: MU₨9.24b (up 1.6% from 3Q 2025). Net income: MU₨275.0m (down 36% from 3Q 2025). Profit margin: 3.0% (down from 4.7% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Dec 03
CIEL Limited, Annual General Meeting, Dec 22, 2025 CIEL Limited, Annual General Meeting, Dec 22, 2025, at 09:30 Arabian Standard Time. Location: at the registered office of, the company, 5th floor, ebene skies, rue de linstitut, ebene, Mauritius Announcement • Jun 29
CIEL Limited announces Annual dividend, payable on July 30, 2025 CIEL Limited announced Annual dividend of MUR 0.3200 per share payable on July 30, 2025, ex-date on July 14, 2025 and record date on July 16, 2025. Announcement • Nov 27
CIEL Limited, Annual General Meeting, Dec 16, 2024 CIEL Limited, Annual General Meeting, Dec 16, 2024, at 10:00 Arabian Standard Time. Location: 5th floor, ebene skies, rue de iinstitut, ebene, Mauritius Reported Earnings • Nov 17
First quarter 2025 earnings released: EPS: MU₨269 (vs MU₨0.35 in 1Q 2024) First quarter 2025 results: EPS: MU₨269. Revenue: MU₨8.79b (flat on 1Q 2024). Net income: MU₨455.5m (down 22% from 1Q 2024). Profit margin: 5.2% (down from 6.6% in 1Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Global Luxury industry. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to MU₨10.40, the stock trades at a trailing P/E ratio of 6.3x. Average forward P/E is 14x in the Luxury industry in Africa. Total returns to shareholders of 66% over the past three years. Reported Earnings • Oct 02
Full year 2024 earnings released: EPS: MU₨1.66 (vs MU₨1.57 in FY 2023) Full year 2024 results: EPS: MU₨1.66 (up from MU₨1.57 in FY 2023). Revenue: MU₨35.2b (flat on FY 2023). Net income: MU₨2.81b (up 5.8% from FY 2023). Profit margin: 8.0% (up from 7.5% in FY 2023). Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Global Luxury industry. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 01
Dividend increased to MU₨0.32 Dividend of MU₨0.32 is 14% higher than last year. Ex-date: 15th July 2024 Payment date: 30th July 2024 Dividend yield will be 4.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 42% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 17
Third quarter 2024 earnings released: EPS: MU₨0.32 (vs MU₨0.28 in 3Q 2023) Third quarter 2024 results: EPS: MU₨0.32 (up from MU₨0.28 in 3Q 2023). Revenue: MU₨8.27b (down 4.9% from 3Q 2023). Net income: MU₨537.7m (up 14% from 3Q 2023). Profit margin: 6.5% (up from 5.4% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Global Luxury industry. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 18
First quarter 2024 earnings released: EPS: MU₨0.35 (vs MU₨0.29 in 1Q 2023) First quarter 2024 results: EPS: MU₨0.35 (up from MU₨0.29 in 1Q 2023). Revenue: MU₨8.80b (down 1.9% from 1Q 2023). Net income: MU₨584.7m (up 21% from 1Q 2023). Profit margin: 6.6% (up from 5.4% 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 80% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 10
Now 21% undervalued Over the last 90 days, the stock is up 7.1%. The fair value is estimated to be MU₨8.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Jul 10
Upcoming dividend of MU₨0.28 per share at 4.1% yield Eligible shareholders must have bought the stock before 17 July 2023. Payment date: 31 July 2023. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Mauritian dividend payers (6.2%). Higher than average of industry peers (1.7%). New Risk • Jul 07
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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. Reported Earnings • Feb 19
Second quarter 2023 earnings released: EPS: MU₨0.45 (vs MU₨0.21 in 2Q 2022) Second quarter 2023 results: EPS: MU₨0.45 (up from MU₨0.21 in 2Q 2022). Revenue: MU₨9.17b (up 27% from 2Q 2022). Net income: MU₨766.3m (up 118% from 2Q 2022). Profit margin: 8.4% (up from 4.8% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 07
Upcoming dividend of MU₨0.16 per share Eligible shareholders must have bought the stock before 14 July 2022. Payment date: 29 July 2022. Trailing yield: 2.4%. Lower than top quartile of Mauritian dividend payers (3.9%). Higher than average of industry peers (1.9%). Reported Earnings • Feb 17
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: MU₨0.21 (up from MU₨0.041 loss in 2Q 2021). Revenue: MU₨7.25b (up 61% from 2Q 2021). Net income: MU₨351.3m (up MU₨420.6m from 2Q 2021). Profit margin: 4.8% (up from net loss in 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improved over the past week After last week's 18% share price gain to MU₨6.78, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 16x in the Luxury industry globally. Total returns to shareholders of 2.5% over the past three years. Upcoming Dividend • Oct 07
Upcoming dividend of MU₨0.05 per share Eligible shareholders must have bought the stock before 14 October 2021. Payment date: 29 October 2021. Trailing yield: 0.8%. Lower than top quartile of Mauritian dividend payers (3.7%). Lower than average of industry peers (1.2%). Reported Earnings • Oct 03
Full year 2021 earnings released: EPS MU₨0.51 (vs MU₨0.99 loss 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: MU₨17.9b (down 19% from FY 2020). Net income: MU₨864.8m (up MU₨2.54b from FY 2020). Profit margin: 4.8% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 07
New 90-day high: MU₨3.45 The company is up 7.0% from its price of MU₨3.22 on 08 September 2020. The Mauritian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Luxury industry, which is also up 7.0% over the same period. Announcement • Nov 27
CIEL Limited, Annual General Meeting, Dec 18, 2020 CIEL Limited, Annual General Meeting, Dec 18, 2020, at 14:00 Mauritius Standard Time. Location: The Registered Office of the Company, 5th Floor, Ebène Skies, rue de l`Institut Ebène Mauritius Agenda: To approve the Group's and Company's audited Financial Statements for the financial year ended 30 June 2020, including the Annual Report and the Auditor's Report, in accordance with section 115(4) of the Companies Act 2001; to authorise, in accordance with section 138(6) of the Companies Act 2001, Mr. Marc Ladreit de Lacharrière to continue to hold office as a Director until the next Annual Meeting of the Shareholders of the Company; to authorise, in accordance with section 138(6) of the Companies Act 2001, Mr. Xavier Thiéblin to continue to hold office as a Director until the next Annual Meeting of the Shareholders of the Company; to consider the re-election of Directors; to take note of the automatic re-appointment of PricewaterhouseCoopers Ltd as auditor of the Company for the financial year ending 30 June 2021, in accordance with section 200 of the Companies Act 2001 and to authorise the Board of Directors of the Company to fix their remuneration; and to consider other matters. Is New 90 Day High Low • Oct 31
New 90-day low: MU₨2.85 The company is down 5.0% from its price of MU₨3.00 on 31 July 2020. The Mauritian market is also down 5.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Luxury industry, which is up 11% over the same period. 
