Announcement • May 09
Les Moulins de la Concorde Ltée announces Annual dividend, payable on June 17, 2026 Les Moulins de la Concorde Ltée announced Annual dividend of MUR 3.7500 per share payable on June 17, 2026, ex-date on May 22, 2026 and record date on May 26, 2026. Announcement • May 24
Les Moulins de la Concorde Ltée announces Annual dividend, payable on June 30, 2025 Les Moulins de la Concorde Ltée announced Annual dividend of MUR 3.7500 per share payable on June 30, 2025, ex-date on June 09, 2025 and record date on June 11, 2025. Reported Earnings • Nov 15
First quarter 2025 earnings released: EPS: MU₨1.89 (vs MU₨3.35 in 1Q 2024) First quarter 2025 results: EPS: MU₨1.89 (down from MU₨3.35 in 1Q 2024). Revenue: MU₨806.1m (down 13% from 1Q 2024). Net income: MU₨20.4m (down 45% from 1Q 2024). Profit margin: 2.5% (down from 4.0% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to MU₨87.00, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 6x in the Food industry in Mauritius. Total loss to shareholders of 34% over the past three years. Reported Earnings • Sep 19
Full year 2024 earnings released: EPS: MU₨16.52 (vs MU₨17.40 in FY 2023) Full year 2024 results: EPS: MU₨16.52 (down from MU₨17.40 in FY 2023). Revenue: MU₨3.27b (down 5.0% from FY 2023). Net income: MU₨178.5m (down 5.0% from FY 2023). Profit margin: 5.5% (in line with FY 2023). 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 21% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 14
Upcoming dividend of MU₨3.75 per share Eligible shareholders must have bought the stock before 21 May 2024. Payment date: 27 June 2024. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of Mauritian dividend payers (6.0%). In line with average of industry peers (4.1%). Reported Earnings • May 09
Third quarter 2024 earnings released: EPS: MU₨5.00 (vs MU₨6.40 in 3Q 2023) Third quarter 2024 results: EPS: MU₨5.00 (down from MU₨6.40 in 3Q 2023). Revenue: MU₨762.8m (down 6.9% from 3Q 2023). Net income: MU₨54.0m (down 22% from 3Q 2023). Profit margin: 7.1% (down from 8.4% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 08
Second quarter 2024 earnings released: EPS: MU₨3.56 (vs MU₨4.87 in 2Q 2023) Second quarter 2024 results: EPS: MU₨3.56 (down from MU₨4.87 in 2Q 2023). Revenue: MU₨768.0m (down 8.9% from 2Q 2023). Net income: MU₨38.5m (down 27% from 2Q 2023). Profit margin: 5.0% (down from 6.2% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. New Risk • Nov 16
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 3.5% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (3.5% average weekly change). Market cap is less than US$100m (MU₨1.02b market cap, or US$22.8m). Reported Earnings • Nov 09
First quarter 2024 earnings released: EPS: MU₨3.35 (vs MU₨2.18 in 1Q 2023) First quarter 2024 results: EPS: MU₨3.35 (up from MU₨2.18 in 1Q 2023). Revenue: MU₨927.5m (up 16% from 1Q 2023). Net income: MU₨36.8m (up 52% from 1Q 2023). Profit margin: 4.0% (up from 3.0% in 1Q 2023). The increase in margin was driven by higher 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 4% per year. Reported Earnings • Sep 20
Full year 2023 earnings released: EPS: MU₨17.59 (vs MU₨5.91 in FY 2022) Full year 2023 results: EPS: MU₨17.59 (up from MU₨5.91 in FY 2022). Revenue: MU₨3.44b (up 31% from FY 2022). Net income: MU₨190.0m (up 198% from FY 2022). Profit margin: 5.5% (up from 2.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 22
Upcoming dividend of MU₨3.50 per share at 3.3% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Mauritian dividend payers (6.3%). Lower than average of industry peers (4.6%). Reported Earnings • Feb 09
Second quarter 2023 earnings released: EPS: MU₨4.87 (vs MU₨2.93 in 2Q 2022) Second quarter 2023 results: EPS: MU₨4.87 (up from MU₨2.93 in 2Q 2022). Revenue: MU₨842.9m (up 30% from 2Q 2022). Net income: MU₨52.6m (up 66% from 2Q 2022). Profit margin: 6.2% (up from 4.9% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Mushtaq M. O. Oosman 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. Reported Earnings • Nov 11
First quarter 2023 earnings released: EPS: MU₨2.23 (vs MU₨1.86 in 1Q 2022) First quarter 2023 results: EPS: MU₨2.23 (up from MU₨1.86 in 1Q 2022). Revenue: MU₨798.9m (up 34% from 1Q 2022). Net income: MU₨24.1m (up 20% from 1Q 2022). Profit margin: 3.0% (down from 3.4% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Mushtaq M. O. Oosman 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. Reported Earnings • Feb 10
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: MU₨2.89 (down from MU₨5.95 in 2Q 2021). Revenue: MU₨646.7m (up 19% from 2Q 2021). Net income: MU₨31.7m (down 51% from 2Q 2021). Profit margin: 4.9% (down from 12% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. 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 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 23
Upcoming dividend of MU₨3.50 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 31 July 2021. Trailing yield: 2.2%. Lower than top quartile of Mauritian dividend payers (4.1%). Lower than average of industry peers (3.9%). Reported Earnings • Feb 12
Second quarter 2021 earnings released: EPS MU₨11.91 (vs MU₨3.00 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: MU₨544.8m (up 11% from 2Q 2020). Net income: MU₨64.3m (up 99% from 2Q 2020). Profit margin: 12% (up from 6.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 15
New 90-day high: MU₨320 The company is up 205% from its price of MU₨105 on 16 October 2020. The Mauritian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 41% over the same period. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improved over the past week After last week's 98% share price gain to MU₨320, the stock is trading at a trailing P/E ratio of 19.8x, up from the previous P/E ratio of 10x. This compares to an average P/E of 26x in the Food industry in Mauritius. Total returns to shareholders over the past three years are 220%. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 20% share price gain to MU₨324, the stock is trading at a trailing P/E ratio of 12.8x, up from the previous P/E ratio of 10.6x. This compares to an average P/E of 25x in the Food industry in Mauritius. Total returns to shareholders over the past three years are 63%. Is New 90 Day High Low • Jan 06
New 90-day high: MU₨324 The company is up 54% from its price of MU₨210 on 08 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 29% over the same period. Valuation Update With 7 Day Price Move • Nov 25
Market bids up stock over the past week After last week's 17% share price gain to MU₨270, the stock is trading at a trailing P/E ratio of 15.4x, up from the previous P/E ratio of 13.2x. This compares to an average P/E of 13x in the Food industry in Africa. Total returns to shareholders over the past three years are 42%. Is New 90 Day High Low • Nov 12
New 90-day high: MU₨212 The company is up 2.0% from its price of MU₨208 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 7.0% over the same period.