Announcement • May 06
Délice Holding SA, Annual General Meeting, Jun 11, 2026 Délice Holding SA, Annual General Meeting, Jun 11, 2026. New Risk • Oct 10
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 Tunisian stocks, typically moving 4.2% 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 Share price has been volatile over the past 3 months (4.2% average weekly change). Profit margins are more than 30% lower than last year (6.1% net profit margin). New Risk • Oct 05
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.1% Last year net profit margin: 8.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Board Change • Sep 12
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. No independent directors (9 non-independent directors). Director Mohamed Abdennadher was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Jul 31
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.2% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to د.ت28.02, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the Food industry in Africa. Total returns to shareholders of 106% over the past three years. Declared Dividend • Jul 14
Dividend increased to د.ت1.00 Dividend of د.ت1.00 is 67% higher than last year. Ex-date: 17th July 2025 Payment date: 21st July 2025 Dividend yield will be 4.2%, which is higher than the industry average of 2.9%. Sustainability & Growth The dividend has increased by an average of 13% per year over the past 4 years and payments have been stable during that time. Board Change • Jul 01
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. No independent directors (9 non-independent directors). Director Mohamed Abdennadher was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • May 14
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. No independent directors (9 non-independent directors). Director Mohamed Abdennadher was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • May 01
Délice Holding SA, Annual General Meeting, May 23, 2025 Délice Holding SA, Annual General Meeting, May 23, 2025. New Risk • Apr 26
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 Tunisian stocks, typically moving 4.3% 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 Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (4.3% average weekly change). Price Target Changed • Apr 23
Price target increased by 9.1% to د.ت15.60 Up from د.ت14.30, the current price target is provided by 1 analyst. New target price is 31% below last closing price of د.ت22.71. Stock is up 103% over the past year. The company is forecast to post earnings per share of د.ت1.67 for next year compared to د.ت1.78 last year. Board Change • Apr 22
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. No independent directors (9 non-independent directors). Director Mohamed Abdennadher was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Price Target Changed • Jan 03
Price target decreased by 11% to د.ت14.30 Down from د.ت16.00, the current price target is provided by 1 analyst. New target price is 11% below last closing price of د.ت16.05. Stock is up 46% over the past year. The company is forecast to post earnings per share of د.ت1.67 for next year compared to د.ت1.78 last year. Board Change • Jan 03
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. No independent directors (9 non-independent directors). Director Mohamed Abdennadher was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Price Target Changed • Dec 16
Price target decreased by 9.2% to د.ت14.30 Down from د.ت15.75, the current price target is provided by 1 analyst. New target price is 12% below last closing price of د.ت16.19. Stock is up 41% over the past year. The company is forecast to post earnings per share of د.ت1.67 for next year compared to د.ت1.78 last year. Board Change • Dec 06
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. No independent directors (9 non-independent directors). Director Mohamed Abdennadher was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Price Target Changed • Jul 24
Price target increased by 8.4% to د.ت16.70 Up from د.ت15.40, the current price target is provided by 1 analyst. New target price is 22% above last closing price of د.ت13.70. Stock is up 3.8% over the past year. The company is forecast to post earnings per share of د.ت1.86 for next year compared to د.ت1.78 last year. Price Target Changed • May 10
Price target decreased by 11% to د.ت15.40 Down from د.ت17.30, the current price target is provided by 1 analyst. New target price is 36% above last closing price of د.ت11.30. Stock is down 3.6% over the past year. The company posted earnings per share of د.ت1.78 last year. New Risk • Mar 12
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. This is currently the only risk that has been identified for the company. Price Target Changed • Jan 24
Price target decreased by 8.9% to د.ت17.30 Down from د.ت19.00, the current price target is provided by 1 analyst. New target price is 57% above last closing price of د.ت11.00. Stock is down 3.8% over the past year. The company is forecast to post earnings per share of د.ت1.49 for next year compared to د.ت1.43 last year. Price Target Changed • Nov 09
Price target decreased by 9.1% to د.ت17.90 Down from د.ت19.70, the current price target is provided by 1 analyst. New target price is 56% above last closing price of د.ت11.50. Stock is down 17% over the past year. The company is forecast to post earnings per share of د.ت1.48 for next year compared to د.ت1.43 last year. Reported Earnings • Aug 31
First half 2023 earnings released: EPS: د.ت0.57 (vs د.ت0.33 in 1H 2022) First half 2023 results: EPS: د.ت0.57 (up from د.ت0.33 in 1H 2022). Revenue: د.ت32.5m (up 71% from 1H 2022). Net income: د.ت31.3m (up 72% from 1H 2022). Profit margin: 96% (in line with 1H 2022). Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Food industry in Africa. Upcoming Dividend • Jul 11
Upcoming dividend of د.ت0.40 per share at 3.0% yield Eligible shareholders must have bought the stock before 18 July 2023. Payment date: 24 July 2023. Payout ratio is a comfortable 28% and the cash payout ratio is 77%. Trailing yield: 3.0%. Lower than top quartile of Tunisian dividend payers (8.3%). Lower than average of industry peers (4.6%). Reported Earnings • May 20
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: د.ت1.43 (up from د.ت1.28 in FY 2021). Revenue: د.ت1.28b (up 10% from FY 2021). Net income: د.ت78.5m (up 12% from FY 2021). Profit margin: 6.1% (up from 6.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Food industry in Africa. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 07
Price target decreased by 7.8% to د.ت17.80 Down from د.ت19.30, the current price target is provided by 1 analyst. New target price is 48% above last closing price of د.ت11.99. Stock is down 24% over the past year. The company is forecast to post earnings per share of د.ت1.17 for next year compared to د.ت1.28 last year. Board Change • Nov 16
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. No independent directors (9 non-independent directors). Director Mohamed Abdennadher was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Price Target Changed • Oct 31
Price target decreased to د.ت19.30 Down from د.ت20.80, the current price target is provided by 1 analyst. New target price is 35% above last closing price of د.ت14.25. Stock is down 3.1% over the past year. The company is forecast to post earnings per share of د.ت1.16 for next year compared to د.ت1.28 last year. Upcoming Dividend • Jul 08
Upcoming dividend of د.ت0.37 per share Eligible shareholders must have bought the stock before 15 July 2022. Payment date: 20 July 2022. Trailing yield: 2.4%. Lower than top quartile of Tunisian dividend payers (6.4%). Lower than average of industry peers (4.7%). Reported Earnings • May 15
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: د.ت1.28 (up from د.ت1.05 in FY 2020). Revenue: د.ت1.19b (up 13% from FY 2020). Net income: د.ت70.4m (up 22% from FY 2020). Profit margin: 5.9% (up from 5.5% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Over the next year, revenue is forecast to grow 6.7%, compared to a 6.0% growth forecast for the industry in Tunisia. 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 10% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 1 highly experienced director. No independent directors (9 non-independent directors). Director Mohamed Abdennadher was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Price Target Changed • Jul 24
Price target increased to د.ت20.80 Up from د.ت18.80, the current price target is provided by 1 analyst. New target price is 41% above last closing price of د.ت14.70. Stock is up 5.8% over the past year. Reported Earnings • May 05
Full year 2020 earnings released: EPS د.ت1.05 (vs د.ت0.85 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: د.ت1.08b (up 12% from FY 2019). Net income: د.ت57.8m (up 24% from FY 2019). Profit margin: 5.4% (up from 4.8% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 21
New 90-day high: د.ت15.10 The company is up 4.0% from its price of د.ت14.50 on 23 October 2020. The Tunisian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Food industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 02
New 90-day high: د.ت14.90 The company is up 8.0% from its price of د.ت13.85 on 02 October 2020. The Tunisian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Food industry, which is up 11% over the same period. Price Target Changed • Dec 07
Price target raised to د.ت17.90 Up from د.ت14.60, the current price target is provided by 1 analyst. The new target price is 24% above the current share price of د.ت14.46. As of last close, the stock is up 40% over the past year.