Announcement • Jun 04
Compagnie Immobilière Limitée, Annual General Meeting, Jun 25, 2025 Compagnie Immobilière Limitée, Annual General Meeting, Jun 25, 2025, at 10:00 Arabian Standard Time. Location: at the boardroom of le nenuphar, 1st floor, arcades currimjee, 256, royal road, curepipe Mauritius Valuation Update With 7 Day Price Move • Nov 13
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to MU₨28.50, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 8x in the Real Estate industry in Mauritius. Total returns to shareholders of 184% over the past three years. Reported Earnings • Nov 07
Third quarter 2024 earnings released: EPS: MU₨0.30 (vs MU₨0.29 in 3Q 2023) Third quarter 2024 results: EPS: MU₨0.30 (up from MU₨0.29 in 3Q 2023). Revenue: MU₨42.0m (up 12% from 3Q 2023). Net income: MU₨14.0m (up 15% from 3Q 2023). Profit margin: 33% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. New Risk • Aug 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.6% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (10% increase in shares outstanding). Revenue is less than US$5m (MU₨166m revenue, or US$3.6m). Market cap is less than US$100m (MU₨975.6m market cap, or US$21.1m). Declared Dividend • Aug 09
First half dividend of MU₨0.46 announced Shareholders will receive a dividend of MU₨0.46. Ex-date: 22nd August 2024 Payment date: 4th September 2024 Dividend yield will be 4.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (25% earnings payout ratio) but not adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 13% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 16% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 08
Second quarter 2024 earnings released: EPS: MU₨0.27 (vs MU₨0.27 in 2Q 2023) Second quarter 2024 results: EPS: MU₨0.27 (up from MU₨0.27 in 2Q 2023). Revenue: MU₨43.2m (up 27% from 2Q 2023). Net income: MU₨12.5m (up 10% from 2Q 2023). Profit margin: 29% (down from 33% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Jun 10
Compagnie Immobilière Limitée, Annual General Meeting, Jun 28, 2024 Compagnie Immobilière Limitée, Annual General Meeting, Jun 28, 2024, at 12:00 Arabian Standard Time. Location: boardroom of le nenuphar, 1st floor, arcades currimjee, 256, royal road, curepipe, Mauritius Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: MU₨2.30 (vs MU₨1.16 in FY 2022) Full year 2023 results: EPS: MU₨2.30 (up from MU₨1.16 in FY 2022). Revenue: MU₨155.9m (up 287% from FY 2022). Net income: MU₨97.2m (up 98% from FY 2022). Profit margin: 62% (down from 122% in FY 2022). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to MU₨22.95. The fair value is estimated to be MU₨29.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 67% over the last 3 years. Earnings per share has grown by 28%. Upcoming Dividend • Dec 13
Upcoming dividend of MU₨0.57 per share at 2.8% yield Eligible shareholders must have bought the stock before 20 December 2023. Payment date: 27 December 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.8%. Lower than top quartile of Mauritian dividend payers (5.9%). Lower than average of industry peers (4.9%). New Risk • Oct 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 3.6% 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 Shareholders have been substantially diluted in the past year (217% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (3.6% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (MU₨106m revenue, or US$2.4m). Market cap is less than US$100m (MU₨1.18b market cap, or US$26.7m). Upcoming Dividend • Aug 16
Upcoming dividend of MU₨0.35 per share at 4.2% yield Eligible shareholders must have bought the stock before 23 August 2023. Payment date: 05 September 2023. Payout ratio is on the higher end at 84%, and the cash payout ratio is above 100%. Trailing yield: 4.2%. Lower than top quartile of Mauritian dividend payers (5.7%). Lower than average of industry peers (4.7%). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: MU₨0.27 (vs MU₨0.26 in 2Q 2022) Second quarter 2023 results: EPS: MU₨0.27 (up from MU₨0.26 in 2Q 2022). Revenue: MU₨40.6m (up 405% from 2Q 2022). Net income: MU₨11.4m (up 234% from 2Q 2022). Profit margin: 28% (down from 42% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 22% per year. New Risk • Jun 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 304% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 42x earnings per share. Dividend per share is over 95x cash flows per share. Shareholders have been substantially diluted in the past year (217% increase in shares outstanding). Revenue is less than US$1m (MU₨40m revenue, or US$880k). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (MU₨970.9m market cap, or US$21.2m). Upcoming Dividend • Dec 15
Upcoming dividend of MU₨49.00 per share Eligible shareholders must have bought the stock before 22 December 2022. Payment date: 29 December 2022. Trailing yield: 4.9%. Lower than top quartile of Mauritian dividend payers (5.0%). Higher than average of industry peers (3.8%). Valuation Update With 7 Day Price Move • Dec 09
Investor sentiment improved over the past week After last week's 29% share price gain to MU₨1,030, the stock trades at a trailing P/E ratio of 27.6x. Average trailing P/E is 8x in the Real Estate industry in Mauritius. Total returns to shareholders of 47% over the past three years. Reported Earnings • Nov 21
Third quarter 2022 earnings released: EPS: MU₨7.41 (vs MU₨6.12 in 3Q 2021) Third quarter 2022 results: EPS: MU₨7.41 (up from MU₨6.12 in 3Q 2021). Revenue: MU₨8.15m (up 63% from 3Q 2021). Net income: MU₨1.97m (up 21% from 3Q 2021). Profit margin: 24% (down from 33% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 23% 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. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 17% share price gain to MU₨699, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 10x in the Real Estate industry in Mauritius. Total returns to shareholders of 4.9% over the past three years. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improved over the past week After last week's 16% share price gain to MU₨579, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 20x in the Real Estate industry in Mauritius. Total loss to shareholders of 8.7% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: MU₨8.78 (vs MU₨7.51 in 1Q 2021) First quarter 2022 results: EPS: MU₨8.78 (up from MU₨7.51 in 1Q 2021). Revenue: MU₨6.16m (up 17% from 1Q 2021). Net income: MU₨2.34m (up 17% from 1Q 2021). Profit margin: 38% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 03
Full year 2021 earnings released: EPS: MU₨24.91 (vs MU₨34.30 in FY 2020) Full year 2021 results: EPS: MU₨24.91 (down from MU₨34.30 in FY 2020). Revenue: MU₨19.7m (down 15% from FY 2020). Net income: MU₨6.64m (down 27% from FY 2020). Profit margin: 34% (down from 39% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Nov 25
Upcoming dividend of MU₨17.00 per share Eligible shareholders must have bought the stock before 02 December 2021. Payment date: 17 December 2021. Trailing yield: 3.1%. Lower than top quartile of Mauritian dividend payers (3.4%). Lower than average of industry peers (4.8%). Reported Earnings • Aug 16
Second quarter 2021 earnings released: EPS MU₨2.97 (vs MU₨2.71 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: MU₨4.66m (up 5.2% from 2Q 2020). Net income: MU₨790.5k (up 9.5% from 2Q 2020). Profit margin: 17% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Mar 26
Full year 2020 earnings released: EPS MU₨34.30 (vs MU₨54.75 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: MU₨23.2m (down 11% from FY 2019). Net income: MU₨9.14m (down 37% from FY 2019). Profit margin: 39% (down from 56% in FY 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS MU₨7.28 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: MU₨5.84m (down 12% from 3Q 2019). Net income: MU₨1.94m (down 45% from 3Q 2019). Profit margin: 33% (down from 54% in 3Q 2019). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Oct 02
New 90-day low: MU₨600 The company is down 17% from its price of MU₨725 on 03 July 2020. The Mauritian market is down 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 2.0% over the same period.