Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₦21.30, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 14x in the Metals and Mining industry in Africa. Total returns to shareholders of 590% over the past three years. Reported Earnings • Aug 04
Second quarter 2026 earnings released: EPS: ₦0.19 (vs ₦0.59 in 2Q 2025) Second quarter 2026 results: EPS: ₦0.19 (down from ₦0.59 in 2Q 2025). Revenue: ₦150.1m (down 59% from 2Q 2025). Net income: ₦49.4m (down 81% from 2Q 2025). Profit margin: 33% (down from 69% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 94% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 29
Dividend increased to ₦0.15 Dividend of ₦0.15 is 50% higher than last year. Ex-date: 8th June 2026 Payment date: 29th June 2026 Dividend yield will be 0.6%, which is lower than the industry average of 4.8%. Payout Ratios Payout ratio: 5%. Cash payout ratio: 11%. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Chairman Abel Olayinka was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 06
First quarter 2026 earnings released: EPS: ₦0.17 (vs ₦0.013 in 1Q 2025) First quarter 2026 results: EPS: ₦0.17 (up from ₦0.013 in 1Q 2025). Revenue: ₦117.3m (up 2.3% from 1Q 2025). Net income: ₦72.5m (up ₦67.1m from 1Q 2025). Profit margin: 62% (up from 4.7% in 1Q 2025). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₦23.80, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 17x in the Metals and Mining industry in Africa. Total returns to shareholders of 878% over the past three years. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦20.15, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 15x in the Metals and Mining industry in Africa. Total returns to shareholders of 687% over the past three years. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to ₦16.65, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 17x in the Metals and Mining industry in Africa. Total returns to shareholders of 346% over the past three years. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₦22.70, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 17x in the Metals and Mining industry in Africa. Total returns to shareholders of 489% over the past three years. Board Change • Feb 19
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Chairman Abel Olayinka was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 05
Full year 2025 earnings released: EPS: ₦1.36 (vs ₦0.89 in FY 2024) Full year 2025 results: EPS: ₦1.36 (up from ₦0.89 in FY 2024). Revenue: ₦985.7m (up 3.9% from FY 2024). Net income: ₦569.4m (up 50% from FY 2024). Profit margin: 58% (up from 40% in FY 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 85% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Feb 04
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Chairman Abel Olayinka was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦28.25, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 24x in the Metals and Mining industry in Africa. Total returns to shareholders of 629% over the past three years. New Risk • Jan 07
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 Nigerian stocks, typically moving 9.3% 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 Risks Revenue is less than US$1m (₦1.4b revenue, or US$951k). Market cap is less than US$10m (₦8.29b market cap, or US$5.83m). Minor Risks High level of debt (61% net debt to equity). Share price has been volatile over the past 3 months (9.3% average weekly change). Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦14.65, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 21x in the Metals and Mining industry in Africa. Total returns to shareholders of 278% over the past three years. Board Change • Dec 03
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). Independent Chairman Abel Olayinka was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buy Or Sell Opportunity • Dec 03
Now 32% overvalued Over the last 90 days, the stock has fallen 3.9% to ₦11.05. The fair value is estimated to be ₦8.39, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 44%. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₦10.60, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 19x in the Metals and Mining industry in Africa. Total returns to shareholders of 183% over the past three years. Reported Earnings • Nov 02
Third quarter 2025 earnings released: EPS: ₦0.95 (vs ₦0.11 in 3Q 2024) Third quarter 2025 results: EPS: ₦0.95 (up from ₦0.11 in 3Q 2024). Revenue: ₦499.0m (up 157% from 3Q 2024). Net income: ₦408.2m (up ₦363.0m from 3Q 2024). Profit margin: 82% (up from 23% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year whereas the company’s share price has increased by 45% per year. Board Change • Oct 23
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). Independent Chairman Abel Olayinka was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₦13.60, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 18x in the Metals and Mining industry in Africa. Total returns to shareholders of 390% over the past three years. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦10.85, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 13x in the Metals and Mining industry in Africa. Total returns to shareholders of 552% over the past three years. Valuation Update With 7 Day Price Move • Jul 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₦10.10, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 13x in the Metals and Mining industry in Africa. Total returns to shareholders of 476% over the past three years. Valuation Update With 7 Day Price Move • May 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₦7.60, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 14x in the Metals and Mining industry in Africa. Total returns to shareholders of 290% over the past three years. Upcoming Dividend • May 19
Upcoming dividend of ₦0.10 per share Eligible shareholders must have bought the stock before 26 May 2025. Payment date: 18 June 2025. Payout ratio is a comfortable 6.6% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Nigerian dividend payers (5.9%). Lower than average of industry peers (3.2%). Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₦8.35, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 17x in the Metals and Mining industry in Africa. Total returns to shareholders of 304% over the past three years. Reported Earnings • May 02
First quarter 2025 earnings released: EPS: ₦0.02 (vs ₦0.25 in 1Q 2024) First quarter 2025 results: EPS: ₦0.02 (down from ₦0.25 in 1Q 2024). Revenue: ₦114.6m (down 43% from 1Q 2024). Net income: ₦8.91m (down 92% from 1Q 2024). Profit margin: 7.8% (down from 54% in 1Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 30
Multiverse Mining and Exploration Plc, Annual General Meeting, Jun 11, 2025 Multiverse Mining and Exploration Plc, Annual General Meeting, Jun 11, 2025, at 11:00 W. Central Africa Standard Time. Location: virginrose resorts, plot 1231a, bishop oluwole street, victoria island, lagos, Nigeria Announcement • Apr 29
Multiverse Mining and Exploration Plc announces Annual dividend, payable on June 18, 2025 Multiverse Mining and Exploration Plc announced Annual dividend of NGN 0.1000 per share payable on June 18, 2025, ex-date on May 26, 2025 and record date on May 23, 2025. Board Change • Apr 24
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). Independent Chairman Abel Olayinka was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 03
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₦8.80, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 12x in the Metals and Mining industry in Africa. Total returns to shareholders of 289% over the past three years. Board Change • Feb 07
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). Independent Chairman Abel Olayinka was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Jan 27
Full year 2024 earnings released: EPS: ₦0.95 (vs ₦0.62 in FY 2023) Full year 2024 results: EPS: ₦0.95 (up from ₦0.62 in FY 2023). Revenue: ₦948.4m (up 44% from FY 2023). Net income: ₦404.4m (up 52% from FY 2023). Profit margin: 43% (up from 40% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jan 08
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to ₦10.65. The fair value is estimated to be ₦8.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Dec 20
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 Nigerian stocks, typically moving 7.5% 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: Major Risks Revenue is less than US$1m (₦845m revenue, or US$547k). Market cap is less than US$10m (₦1.96b market cap, or US$1.27m). Minor Risks High level of debt (234% net debt to equity). Share price has been volatile over the past 3 months (7.5% average weekly change). Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₦4.60, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 11x in the Metals and Mining industry in Africa. Total returns to shareholders of 134% over the past three years. Buy Or Sell Opportunity • Nov 26
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 47% to ₦5.90. The fair value is estimated to be ₦7.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₦6.55, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 12x in the Metals and Mining industry in Africa. Total returns to shareholders of 233% over the past three years. Board Change • Nov 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. 2 independent directors (5 non-independent directors). Independent Chairman Abel Olayinka was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: ₦0.11 (vs ₦0.20 in 3Q 2023) Third quarter 2024 results: EPS: ₦0.11 (down from ₦0.20 in 3Q 2023). Revenue: ₦194.2m (up 86% from 3Q 2023). Net income: ₦45.3m (down 47% from 3Q 2023). Profit margin: 23% (down from 82% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 68% per year whereas the company’s share price has increased by 64% per year. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₦9.10, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 13x in the Metals and Mining industry in Africa. Total returns to shareholders of 362% over the past three years. Reported Earnings • Jul 22
Second quarter 2024 earnings released: EPS: ₦0.16 (vs ₦0.06 in 2Q 2023) Second quarter 2024 results: EPS: ₦0.16 (up from ₦0.06 in 2Q 2023). Revenue: ₦178.9m (up 44% from 2Q 2023). Net income: ₦69.5m (up 192% from 2Q 2023). Profit margin: 39% (up from 19% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 78% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: ₦0.25 (vs ₦0.13 in 1Q 2023) First quarter 2024 results: EPS: ₦0.25 (up from ₦0.13 in 1Q 2023). Revenue: ₦201.4m (up 26% from 1Q 2023). Net income: ₦108.4m (up 90% from 1Q 2023). Profit margin: 54% (up from 36% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 95% per year whereas the company’s share price has increased by 90% per year. Upcoming Dividend • Apr 05
Upcoming dividend of ₦0.05 per share Eligible shareholders must have bought the stock before 12 April 2024. Payment date: 02 May 2024. Payout ratio is a comfortable 7.4% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Nigerian dividend payers (6.3%). Lower than average of industry peers (3.8%). Reported Earnings • Feb 01
Full year 2023 earnings released: EPS: ₦0.68 (vs ₦0.45 in FY 2022) Full year 2023 results: EPS: ₦0.68 (up from ₦0.45 in FY 2022). Revenue: ₦658.3m (up 9.3% from FY 2022). Net income: ₦287.9m (up 52% from FY 2022). Profit margin: 44% (up from 32% in FY 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 98% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improves as stock rises 43% After last week's 43% share price gain to ₦8.54, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 9x in the Metals and Mining industry in Africa. Total returns to shareholders of 332% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₦3.63, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 9x in the Metals and Mining industry in Africa. Total returns to shareholders of 84% over the past three years. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₦3.20, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 9x in the Metals and Mining industry in Africa. Total returns to shareholders of 62% over the past three years. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: ₦0.20 (vs ₦0.20 in 3Q 2022) Third quarter 2023 results: EPS: ₦0.20 (in line with 3Q 2022). Revenue: ₦104.4m (down 31% from 3Q 2022). Net income: ₦86.0m (up 34% from 3Q 2022). Profit margin: 82% (up from 43% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • Oct 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 Nigerian stocks, typically moving 8.9% 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 Risks Revenue is less than US$1m (₦634m revenue, or US$824k). Market cap is less than US$10m (₦1.26b market cap, or US$1.63m). Minor Risks High level of debt (393% net debt to equity). Share price has been volatile over the past 3 months (8.9% average weekly change). Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to ₦2.71, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 8x in the Metals and Mining industry in Africa. Total returns to shareholders of 37% over the past three years. Reported Earnings • Jul 19
Second quarter 2023 earnings released: EPS: ₦0.06 (vs ₦0.025 in 2Q 2022) Second quarter 2023 results: EPS: ₦0.06 (up from ₦0.025 in 2Q 2022). Revenue: ₦124.2m (flat on 2Q 2022). Net income: ₦23.8m (up 54% from 2Q 2022). Profit margin: 19% (up from 13% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. New Risk • Jun 18
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: ₦634m (US$966k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Revenue is less than US$1m (₦634m revenue, or US$966k). Market cap is less than US$10m (₦1.58b market cap, or US$2.40m). Minor Risk High level of debt (396% net debt to equity). Upcoming Dividend • May 18
Inaugural dividend of ₦0.05 per share Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 14 June 2023. This is the first dividend for Multiverse Mining and Exploration since going public. The average dividend yield among industry peers is 6.3%. Reported Earnings • May 04
First quarter 2023 earnings released: EPS: ₦0.13 (vs ₦0.15 in 1Q 2022) First quarter 2023 results: EPS: ₦0.13. Revenue: ₦159.5m (up 25% from 1Q 2022). Net income: ₦57.1m (up 41% from 1Q 2022). Profit margin: 36% (up from 32% in 1Q 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₦3.05, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 6x in the Metals and Mining industry in Africa. Total returns to shareholders of 53% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₦2.63, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 6x in the Metals and Mining industry in Africa. Total returns to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₦3.25, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 7x in the Metals and Mining industry in Africa. Total returns to shareholders of 63% over the past three years. Reported Earnings • Feb 04
Full year 2022 earnings released Full year 2022 results: Revenue: ₦602.3m (up 108% from FY 2021). Net income: ₦198.0m (up ₦184.0m from FY 2021). Profit margin: 33% (up from 4.8% in FY 2021). The increase in margin was driven by higher revenue. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 1 independent director (4 non-independent directors). Non-Executive Independent Director Mamman Zargana was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improved over the past week After last week's 31% share price gain to ₦3.69, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 5x in the Metals and Mining industry in Africa. Total returns to shareholders of 85% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 19% share price gain to ₦2.80, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 6x in the Metals and Mining industry in Africa. Total returns to shareholders of 40% over the past three years. Buying Opportunity • Sep 08
Now 24% undervalued Over the last 90 days, the stock is up 18%. The fair value is estimated to be ₦3.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 116% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improved over the past week After last week's 25% share price gain to ₦2.62, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 6x in the Metals and Mining industry in Africa. Total returns to shareholders of 31% over the past three years. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 20% share price gain to ₦2.25, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 7x in the Metals and Mining industry in Africa. Total returns to shareholders of 13% over the past three years. Reported Earnings • Aug 02
Second quarter 2022 earnings released Second quarter 2022 results: EPS: ₦0.002. Revenue: ₦124.1m (up 186% from 2Q 2021). Net income: ₦20.1m (up ₦35.5m from 2Q 2021). Profit margin: 16% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 810% share price gain to ₦1.82, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 6x in the Metals and Mining industry in Africa. Total loss to shareholders of 9.0% over the past three years. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. 1 independent director (4 non-independent directors). Non-Executive Independent Director Mamman Zargana was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Jan 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₦0.02 (up from ₦0.046 loss in FY 2020). Revenue: ₦289.2m (up 346% from FY 2020). Net income: ₦64.8m (up ₦262.3m from FY 2020). Profit margin: 22% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Nov 01
Third quarter 2021 earnings released Third quarter 2021 results: Net income: ₦17.5m (up ₦59.5m from 3Q 2020). Reported Earnings • May 05
First quarter 2021 earnings released First quarter 2021 results: Net loss: ₦13.0m (loss narrowed 67% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 08
New 90-day high: ₦0.26 The company is up 30% from its price of ₦0.20 on 10 November 2020. The Nigerien market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 14% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: ₦0.22 The company is up 10.0% from its price of ₦0.20 on 23 October 2020. The Nigerien market is up 37% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Metals and Mining industry, which is up 6.0% over the same period.