Upcoming Dividend • 40m
Upcoming dividend of RM0.035 per share Eligible shareholders must have bought the stock before 30 July 2026. Payment date: 14 August 2026. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Malaysian dividend payers (5.4%). Lower than average of industry peers (3.5%). Price Target Changed • Jul 21
Price target decreased by 7.2% to RM2.45 Down from RM2.64, the current price target is an average from 3 analysts. New target price is 37% above last closing price of RM1.78. Stock is up 2.3% over the past year. The company is forecast to post earnings per share of RM0.19 for next year compared to RM0.13 last year. Reported Earnings • Jul 03
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: RM0.13 (down from RM0.18 in FY 2025). Revenue: RM178.3m (flat on FY 2025). Net income: RM25.9m (down 24% from FY 2025). Profit margin: 14% (down from 19% in FY 2025). Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) also missed analyst estimates by 8.3%. Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 01
Dividend of RM0.035 announced Shareholders will receive a dividend of RM0.035. Ex-date: 30th July 2026 Payment date: 14th August 2026 Dividend yield will be 2.0%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (26% 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 increased by an average of 12% per year over the past 5 years. However, payments have been volatile during that time. EPS is expected to grow by 124% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to RM1.73, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 17x in the Building industry in Asia. Total returns to shareholders of 41% over the past three years. Announcement • Jun 29
PGF Capital Berhad, Annual General Meeting, Jul 27, 2026 PGF Capital Berhad, Annual General Meeting, Jul 27, 2026, at 10:00 Singapore Standard Time. Location: bayu hall 1, level 2, ascott gurney penang, no. 18, gurney drive, 10250 georgetown, penang, Malaysia New Risk • May 05
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (34% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (RM329.9m market cap, or US$83.2m). Reported Earnings • Apr 29
Full year 2026 earnings released: EPS: RM0.13 (vs RM0.18 in FY 2025) Full year 2026 results: EPS: RM0.13 (down from RM0.18 in FY 2025). Revenue: RM167.9m (down 5.3% from FY 2025). Net income: RM26.0m (down 23% from FY 2025). Profit margin: 16% (down from 19% in FY 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 38% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 27
Third quarter 2026 earnings released: EPS: RM0.028 (vs RM0.034 in 3Q 2025) Third quarter 2026 results: EPS: RM0.028 (down from RM0.034 in 3Q 2025). Revenue: RM44.1m (up 15% from 3Q 2025). Net income: RM5.49m (down 12% from 3Q 2025). Profit margin: 12% (down from 16% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Nov 03
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from RM195.9m to RM185.9m. EPS estimate also fell from RM0.177 per share to RM0.141 per share. Net income forecast to grow 22% next year vs 24% growth forecast for Building industry in Malaysia. Consensus price target up from RM2.71 to RM2.80. Share price rose 4.0% to RM1.82 over the past week. Reported Earnings • Oct 28
Second quarter 2026 earnings released: EPS: RM0.026 (vs RM0.04 in 2Q 2025) Second quarter 2026 results: EPS: RM0.026 (down from RM0.04 in 2Q 2025). Revenue: RM45.4m (up 7.1% from 2Q 2025). Net income: RM5.01m (down 29% from 2Q 2025). Profit margin: 11% (down from 17% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 48% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 29
Price target decreased by 9.7% to RM2.71 Down from RM3.00, the current price target is an average from 2 analysts. New target price is 59% above last closing price of RM1.70. Stock is down 24% over the past year. The company is forecast to post earnings per share of RM0.18 for next year compared to RM0.18 last year. Reported Earnings • Jul 29
First quarter 2026 earnings released: EPS: RM0.039 (vs RM0.041 in 1Q 2025) First quarter 2026 results: EPS: RM0.039. Revenue: RM40.6m (flat on 1Q 2025). Net income: RM7.51m (up 12% from 1Q 2025). Profit margin: 19% (up from 17% in 1Q 2025). Revenue is forecast to grow 42% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Building industry in Asia. Upcoming Dividend • Jul 24
Upcoming dividend of RM0.01 per share Eligible shareholders must have bought the stock before 31 July 2025. Payment date: 15 August 2025. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Malaysian dividend payers (5.6%). Lower than average of industry peers (3.6%). Declared Dividend • Jun 27
Final dividend of RM0.01 announced Shareholders will receive a dividend of RM0.01. Ex-date: 31st July 2025 Payment date: 15th August 2025 Dividend yield will be 1.7%, which is lower than the industry average of 3.3%. Announcement • Jun 25
PGF Capital Berhad, Annual General Meeting, Jul 28, 2025 PGF Capital Berhad, Annual General Meeting, Jul 28, 2025, at 10:00 Singapore Standard Time. Location: bayu hall 3, level 2, ascott gurney penang, no. 18 gurney drive, 10250 georgetown, penang, Malaysia Reported Earnings • Apr 30
Full year 2025 earnings released: EPS: RM0.18 (vs RM0.064 in FY 2024) Full year 2025 results: EPS: RM0.18 (up from RM0.064 in FY 2024). Revenue: RM155.0m (up 19% from FY 2024). Net income: RM33.9m (up 225% from FY 2024). Profit margin: 22% (up from 8.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 48% p.a. on average during the next 2 years, compared to a 7.0% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. New Risk • Apr 07
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Dividend per share is over 16x cash flows per share. Dividend yield: 2.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 16x cash flows per share). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (RM354.9m market cap, or US$79.5m). Reported Earnings • Jan 21
Third quarter 2025 earnings released: EPS: RM0.034 (vs RM0.033 in 3Q 2024) Third quarter 2025 results: EPS: RM0.034 (up from RM0.033 in 3Q 2024). Revenue: RM38.4m (up 4.8% from 3Q 2024). Net income: RM6.25m (up 16% from 3Q 2024). Profit margin: 16% (up from 15% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 45% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Nov 07
Upcoming dividend of RM0.02 per share Eligible shareholders must have bought the stock before 14 November 2024. Payment date: 29 November 2024. Payout ratio is a comfortable 34% and the cash payout ratio is 82%. Trailing yield: 1.8%. Lower than top quartile of Malaysian dividend payers (4.8%). Lower than average of industry peers (2.8%). Reported Earnings • Oct 29
Second quarter 2025 earnings released: EPS: RM0.04 (vs RM0.018 in 2Q 2024) Second quarter 2025 results: EPS: RM0.04 (up from RM0.018 in 2Q 2024). Revenue: RM42.4m (up 41% from 2Q 2024). Net income: RM7.07m (up 140% from 2Q 2024). Profit margin: 17% (up from 9.8% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 41% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has increased by 40% per year whereas the company’s share price has increased by 44% per year. Reported Earnings • Jul 30
First quarter 2025 earnings released: EPS: RM0.041 (vs RM0.024 in 1Q 2024) First quarter 2025 results: EPS: RM0.041 (up from RM0.024 in 1Q 2024). Revenue: RM40.5m (up 42% from 1Q 2024). Net income: RM6.70m (up 70% from 1Q 2024). Profit margin: 17% (up from 14% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 37% per year. Upcoming Dividend • Jul 24
Upcoming dividend of RM0.015 per share Eligible shareholders must have bought the stock before 31 July 2024. Payment date: 15 August 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Malaysian dividend payers (4.5%). Lower than average of industry peers (2.4%). Buy Or Sell Opportunity • Jul 01
Now 35% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to RM2.20. The fair value is estimated to be RM1.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 31%. Reported Earnings • Jun 30
Full year 2024 earnings released: EPS: RM63.93 (vs RM101 in FY 2023) Full year 2024 results: EPS: RM63.93 (down from RM101 in FY 2023). Revenue: RM128.6b (up 41% from FY 2023). Net income: RM10.5b (down 36% from FY 2023). Profit margin: 8.1% (down from 18% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 149% p.a. on average during the next 2 years, while revenues in the Building industry in Asia are expected to grow by 8.3%. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jun 29
Dividend of RM0.015 announced Shareholders will receive a dividend of RM0.015. Ex-date: 31st July 2024 Payment date: 15th August 2024 Dividend yield will be 0.7%, which is lower than the industry average of 3.3%. Payout Ratios Payout ratio: 33%. Cash payout ratio: 30%. Announcement • Jun 28
PGF Capital Berhad, Annual General Meeting, Jul 26, 2024 PGF Capital Berhad, Annual General Meeting, Jul 26, 2024, at 10:00 Singapore Standard Time. Location: kelawai room, lobby level, evergreen laurel hotel penang, no. 53, persiaran gurney, 10250 penang, Malaysia New Risk • Jun 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 18% 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: Minor Risks Profit margins are more than 30% lower than last year (7.8% net profit margin). Shareholders have been diluted in the past year (18% increase in shares outstanding). Market cap is less than US$100m (RM420.6m market cap, or US$89.4m). Buy Or Sell Opportunity • Jun 19
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 30% to RM2.33. The fair value is estimated to be RM1.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 31%. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to RM2.24, the stock trades at a trailing P/E ratio of 36.7x. Average forward P/E is 14x in the Building industry in Malaysia. Total returns to shareholders of 214% over the past three years. Reported Earnings • May 02
Full year 2024 earnings released: EPS: RM0.046 (vs RM0.10 in FY 2023) Full year 2024 results: EPS: RM0.046 (down from RM0.10 in FY 2023). Revenue: RM128.7m (up 41% from FY 2023). Net income: RM10.0m (down 38% from FY 2023). Profit margin: 7.8% (down from 18% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Building industry in Asia. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 02
PGF Capital Berhad Recommends Final Dividend for the Financial Year Ended 29 February 2024 The Board of Directors of PGF CAPITAL BERHAD announced that the Board will be recommending for the shareholders' approval a final dividend of 1.5 sen per ordinary share in respect of the financial year ended 29 February 2024 at the Company's forthcoming Annual General Meeting. Reported Earnings • Jan 23
Third quarter 2024 earnings released: EPS: RM0.033 (vs RM0.013 in 3Q 2023) Third quarter 2024 results: EPS: RM0.033 (up from RM0.013 in 3Q 2023). Revenue: RM36.7m (up 107% from 3Q 2023). Net income: RM5.40m (up 166% from 3Q 2023). Profit margin: 15% (up from 12% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 01
Second quarter 2024 earnings released: EPS: RM0.018 (vs RM0.026 in 2Q 2023) Second quarter 2024 results: EPS: RM0.018 (down from RM0.026 in 2Q 2023). Revenue: RM30.1m (up 34% from 2Q 2023). Net income: RM2.94m (down 29% from 2Q 2023). Profit margin: 9.8% (down from 18% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 37% per year. Reported Earnings • Aug 01
First quarter 2024 earnings released: EPS: RM0.024 (vs RM0.031 in 1Q 2023) First quarter 2024 results: EPS: RM0.024 (down from RM0.031 in 1Q 2023). Revenue: RM28.5k (down 100% from 1Q 2023). Net income: RM3.9k (down 100% from 1Q 2023). Profit margin: 14% (down from 19% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 24
Upcoming dividend of RM0.01 per share at 1.5% yield Eligible shareholders must have bought the stock before 31 July 2023. Payment date: 15 August 2023. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Malaysian dividend payers (5.3%). Lower than average of industry peers (2.9%). New Risk • Jul 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 80% 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: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Market cap is less than US$100m (RM209.4m market cap, or US$44.9m). Reported Earnings • Jun 30
Full year 2023 earnings released: EPS: RM0.10 (vs RM0.012 in FY 2022) Full year 2023 results: EPS: RM0.10 (up from RM0.012 in FY 2022). Revenue: RM91.1m (up 56% from FY 2022). Net income: RM16.3m (up RM14.3m from FY 2022). Profit margin: 18% (up from 3.3% in FY 2022). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: RM0.10 (vs RM0.012 in FY 2022) Full year 2023 results: EPS: RM0.10 (up from RM0.012 in FY 2022). Revenue: RM91.1m (up 56% from FY 2022). Net income: RM16.4m (up RM14.5m from FY 2022). Profit margin: 18% (up from 3.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 31
Third quarter 2023 earnings released: EPS: RM0.013 (vs RM0 in 3Q 2022) Third quarter 2023 results: EPS: RM0.013 (up from RM0 in 3Q 2022). Revenue: RM17.8m (up 31% from 3Q 2022). Net income: RM2.03m (up RM1.99m from 3Q 2022). Profit margin: 12% (up from 0.3% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 18% share price decline to RM1.06, the stock trades at a trailing P/E ratio of 17.1x. Average trailing P/E is 16x in the Building industry in Malaysia. Total returns to shareholders of 186% over the past three years. Board Change • Oct 31
High number of new directors Independent Non Executive Director Ofelia Cheah was the last director to join the board, commencing their role in 2022. Upcoming Dividend • Oct 27
Upcoming dividend of RM0.01 per share Eligible shareholders must have bought the stock before 03 November 2022. Payment date: 30 November 2022. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Malaysian dividend payers (5.2%). Lower than average of industry peers (2.9%). Reported Earnings • Oct 21
Second quarter 2023 earnings released: EPS: RM0.026 (vs RM0.006 loss in 2Q 2022) Second quarter 2023 results: EPS: RM0.026 (up from RM0.006 loss in 2Q 2022). Revenue: RM22.5m (up 121% from 2Q 2022). Net income: RM4.13m (up RM5.12m from 2Q 2022). Profit margin: 18% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 30
First quarter 2023 earnings released: EPS: RM0.031 (vs RM0.013 in 1Q 2022) First quarter 2023 results: EPS: RM0.031 (up from RM0.013 in 1Q 2022). Revenue: RM25.9m (up 52% from 1Q 2022). Net income: RM5.00m (up 150% from 1Q 2022). Profit margin: 19% (up from 12% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 01
Full year 2022 earnings released: EPS: RM0.012 (vs RM0.05 in FY 2021) Full year 2022 results: EPS: RM0.012 (down from RM0.05 in FY 2021). Revenue: RM58.3m (down 11% from FY 2021). Net income: RM1.95m (down 76% from FY 2021). Profit margin: 3.3% (down from 12% in FY 2021). 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 increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 27
Full year 2022 earnings released: EPS: RM0.013 (vs RM0.05 in FY 2021) Full year 2022 results: EPS: RM0.013 (down from RM0.05 in FY 2021). Revenue: RM57.6m (down 12% from FY 2021). Net income: RM2.06m (down 75% from FY 2021). Profit margin: 3.6% (down from 12% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 6 highly experienced directors. Independent Non Executive Director Kah Hock Khoo was the last director to join the board, commencing their role in 2012. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 01
Second quarter 2022 earnings released: RM0.006 loss per share (vs RM0.019 profit in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2022 results: Revenue: RM10.2m (down 44% from 2Q 2021). Net loss: RM994.0k (down 133% from profit in 2Q 2021). 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 20% per year. 
