Board Change • May 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 11 non-independent directors. Non-Executive Director Diana Cazacu-Jamieson was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 04
FMBcapital Holdings Plc, Annual General Meeting, May 28, 2026 FMBcapital Holdings Plc, Annual General Meeting, May 28, 2026. Announcement • Jun 12
FMBcapital Holdings Plc, Annual General Meeting, Jun 25, 2025 FMBcapital Holdings Plc, Annual General Meeting, Jun 25, 2025. Reported Earnings • Jun 05
Full year 2023 earnings released: EPS: US$0.021 (vs US$0.016 in FY 2022) Full year 2023 results: EPS: US$0.021 (up from US$0.016 in FY 2022). Revenue: US$239.1m (up 28% from FY 2022). Net income: US$52.6m (up 31% from FY 2022). Profit margin: 22% (in line with FY 2022). Non-performing loans: 0.57% (down from 1.03% in FY 2022). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 110% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 02
FMBcapital Holdings Plc, Annual General Meeting, Jun 28, 2024 FMBcapital Holdings Plc, Annual General Meeting, Jun 28, 2024. Location: first capital bank training centre, ground floor, first house, blantyre Malawi Reported Earnings • May 02
Full year 2023 earnings released: EPS: US$0.021 (vs US$0.016 in FY 2022) Full year 2023 results: EPS: US$0.021 (up from US$0.016 in FY 2022). Revenue: US$239.1m (up 28% from FY 2022). Net income: US$52.6m (up 31% from FY 2022). Profit margin: 22% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 126% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Feb 21
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 Malawian stocks, typically moving 5.5% 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 (5.5% average weekly change). Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to MK330, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 17x in the Banks industry in Malawi. Total returns to shareholders of 1,425% over the past three years. Reported Earnings • Sep 03
First half 2023 earnings released: EPS: US$0.012 (vs US$0.007 in 1H 2022) First half 2023 results: EPS: US$0.012 (up from US$0.007 in 1H 2022). Revenue: US$114.7m (up 24% from 1H 2022). Net income: US$30.0m (up 73% from 1H 2022). Profit margin: 26% (up from 19% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has increased by 155% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 15
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 Malawian stocks, typically moving 8.6% 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: 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 (8.6% average weekly change). Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to MK207, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 14x in the Banks industry in Malawi. Total returns to shareholders of 537% over the past three years. Reported Earnings • May 26
Full year 2022 earnings released: EPS: US$0.016 (vs US$0.011 in FY 2021) Full year 2022 results: EPS: US$0.016 (up from US$0.011 in FY 2021). Revenue: US$186.6m (up 25% from FY 2021). Net income: US$40.1m (up 47% from FY 2021). Profit margin: 22% (up from 18% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 74% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 32% share price gain to MK146, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 15x in the Banks industry in Malawi. Total returns to shareholders of 87% over the past year. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Non-Executive Director Busisa Moyo was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 05
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Non-Executive Director Busisa Moyo was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 14
Upcoming dividend of US$0.15 per share Eligible shareholders must have bought the stock before 21 September 2022. Payment date: 30 September 2022. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Malawian dividend payers (5.0%). Lower than average of industry peers (3.8%). Reported Earnings • Sep 02
First half 2022 earnings released: EPS: US$0.007 (vs US$0.004 in 1H 2021) First half 2022 results: EPS: US$0.007 (up from US$0.004 in 1H 2021). Revenue: US$92.9m (up 30% from 1H 2021). Net income: US$17.3m (up 88% from 1H 2021). Profit margin: 19% (up from 13% in 1H 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Board Change • Jul 14
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 9 non-independent directors. Non-Executive Director Priscilla Balgobin-Bhoyrul was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Reported Earnings • May 23
Full year 2021 earnings released: EPS: US$0.011 (vs US$0.005 in FY 2020) Full year 2021 results: EPS: US$0.011 (up from US$0.005 in FY 2020). Revenue: US$149.8m (up 25% from FY 2020). Net income: US$27.2m (up 104% from FY 2020). Profit margin: 18% (up from 11% in FY 2020). The increase in margin was driven by higher revenue. 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 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improved over the past week After last week's 18% share price gain to MK110, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 13x in the Banks industry in Malawi. Total returns to shareholders of 32% over the past three years. Board Change • Apr 28
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 10 non-independent directors. Group MD & Director Jaco Viljoen was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Upcoming Dividend • Oct 05
Upcoming dividend of US$0.08 per share Eligible shareholders must have bought the stock before 12 October 2021. Payment date: 22 October 2021. Trailing yield: 1.0%. Lower than top quartile of Malawian dividend payers (4.9%). Lower than average of industry peers (4.2%). Reported Earnings • Sep 29
First half 2021 earnings released: EPS US$0.004 (vs US$0.004 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were weaker. First half 2021 results: Revenue: US$71.5m (up 36% from 1H 2020). Net income: US$9.22m (up 6.6% from 1H 2020). Profit margin: 13% (down from 16% in 1H 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Board Change • Sep 28
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 9 non-independent directors. Non-Executive Director Priscilla Balgobin-Bhoyrul was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Upcoming Dividend • Jul 07
Upcoming dividend of MK0.62 per share Eligible shareholders must have bought the stock before 14 July 2021. Payment date: 23 July 2021. Trailing yield: 1.0%. Lower than top quartile of Malawian dividend payers (4.2%). Lower than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 15% share price gain to US$40.85, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 6x in the Banks industry in Africa. Total loss to shareholders of 74% over the past three years. Is New 90 Day High Low • Oct 03
New 90-day low: MK23.00 The company is down 23% from its price of MK29.99 on 30 June 2020. The Malawian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 3.0% over the same period.