Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to R28.01, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 15x in the Consumer Durables industry globally. Total returns to shareholders of 30% over the past three years. New Risk • Jun 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 South African stocks, typically moving 7.0% 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 Earnings have declined by 13% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (R619.7m market cap, or US$37.7m). Recent Insider Transactions • Jun 17
Non-Executive Chairman of the Board recently bought R2.5m worth of stock On the 11th of June, Michael Goldberg bought around 84k shares on-market at roughly R29.11 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Reported Earnings • Apr 13
First half 2026 earnings released: EPS: R2.28 (vs R1.76 in 1H 2025) First half 2026 results: EPS: R2.28 (up from R1.76 in 1H 2025). Revenue: R1.28b (up 2.6% from 1H 2025). Net income: R47.0m (up 29% from 1H 2025). Profit margin: 3.7% (up from 2.9% in 1H 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Apr 01
Nu-World Holdings Limited to Report First Half, 2026 Results on Apr 09, 2026 Nu-World Holdings Limited announced that they will report first half, 2026 results on Apr 09, 2026 New Risk • Dec 19
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 South African stocks, typically moving 7.8% 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 Earnings have declined by 17% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (dividend per share is over 6x cash flows per share). Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (R619.6m market cap, or US$36.9m). Upcoming Dividend • Dec 03
Upcoming dividend of R1.49 per share Eligible shareholders must have bought the stock before 10 December 2025. Payment date: 15 December 2025. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 5.3%. Lower than top quartile of South African dividend payers (7.6%). Higher than average of industry peers (2.5%). Declared Dividend • Nov 03
Dividend increased to R1.49 Dividend of R1.49 is 9.4% higher than last year. Ex-date: 10th December 2025 Payment date: 15th December 2025 Dividend yield will be 5.0%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (36% 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 2.1% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 60% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.7% EPS decline seen over the last 5 years. Reported Earnings • Nov 02
Full year 2025 earnings released Full year 2025 results: Revenue: R2.29b (up 11% from FY 2024). Net income: R80.9m (up 9.5% from FY 2024). Profit margin: 3.5% (in line with FY 2024). Announcement • Nov 01
Nu-World Holdings Limited announces Annual dividend, payable on December 15, 2025 Nu-World Holdings Limited announced Annual dividend of ZAR 1.4850 per share payable on December 15, 2025, ex-date on December 10, 2025 and record date on December 12, 2025. Announcement • Oct 31
Nu-World Holdings Limited, Annual General Meeting, Feb 11, 2026 Nu-World Holdings Limited, Annual General Meeting, Feb 11, 2026. Location: the boardroom nu-world holdings limited, 682 pretoria main road, wynberg, sandton South Africa New Risk • Oct 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended February 2025. 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: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported February 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (R547.4m market cap, or US$31.8m). Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to R25.00, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 16x in the Consumer Durables industry globally. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • May 23
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to R24.00, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 14x in the Consumer Durables industry globally. Negligible returns to shareholders over past three years. Reported Earnings • Apr 13
First half 2025 earnings released: EPS: R1.76 (vs R1.47 in 1H 2024) First half 2025 results: EPS: R1.76 (up from R1.47 in 1H 2024). Revenue: R1.25b (up 29% from 1H 2024). Net income: R36.4m (up 16% from 1H 2024). Profit margin: 2.9% (down from 3.2% in 1H 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 8% per year. New Risk • Feb 27
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 South African stocks, typically moving 6.5% 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 Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (230% cash payout ratio). Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (R558.0m market cap, or US$30.2m). Reported Earnings • Dec 05
Full year 2024 earnings released: EPS: R3.52 (vs R3.30 in FY 2023) Full year 2024 results: EPS: R3.52 (up from R3.30 in FY 2023). Revenue: R2.06b (up 8.3% from FY 2023). Net income: R73.9m (up 4.7% from FY 2023). Profit margin: 3.6% (down from 3.7% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 04
Upcoming dividend of R1.36 per share Eligible shareholders must have bought the stock before 11 December 2024. Payment date: 17 December 2024. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 4.6%. Lower than top quartile of South African dividend payers (8.0%). Higher than average of industry peers (2.3%). Reported Earnings • Oct 27
Full year 2024 earnings released Full year 2024 results: Revenue: R2.06b (up 8.3% from FY 2023). Net income: R73.9m (up 4.7% from FY 2023). Profit margin: 3.6% (down from 3.7% in FY 2023). The decrease in margin was driven by higher expenses. Announcement • Oct 25
Nu-World Holdings Limited, Annual General Meeting, Feb 12, 2025 Nu-World Holdings Limited, Annual General Meeting, Feb 12, 2025. Location: 682 pretoria main road, wynberg, sandton, South Africa Announcement • Oct 24
Nu-World Holdings Limited Announces Final Gross Dividend, Payable on 17 December 2024 Nu-World Holdings Limited announced a final gross dividend of 135.7 cents per share was declared on 24 October 2024 payable to
shareholders recorded in the register of Nu-World at the close of business on the record date appearing below. The
dividend is payable out of cash reserves. Date trading commences `'ex'' dividend, 11 December 2024; Record date: 13 December 2024; Date of payment: 17 December 2024. Reported Earnings • Apr 15
First half 2024 earnings released: EPS: R1.47 (vs R1.55 in 1H 2023) First half 2024 results: EPS: R1.47 (down from R1.55 in 1H 2023). Revenue: R969.5m (down 2.8% from 1H 2023). Net income: R31.5m (down 5.3% from 1H 2023). Profit margin: 3.2% (down from 3.3% in 1H 2023). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to R22.51, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 7x in the Consumer Durables industry in Africa. Total returns to shareholders of 2.2% over the past three years. Upcoming Dividend • Dec 05
Upcoming dividend of R1.25 per share at 4.3% yield Eligible shareholders must have bought the stock before 12 December 2023. Payment date: 18 December 2023. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of South African dividend payers (9.1%). Higher than average of industry peers (2.6%). New Risk • Dec 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 1,165% 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 Risk Earnings have declined by 20% per year over the past 5 years. 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. Market cap is less than US$100m (R620.4m market cap, or US$33.3m). Announcement • Nov 30
Nu-World Holdings Limited Announces Management Changes Nu-World Holdings Limited at its AGM to be held on February 17, 2023 announced that Desmond Piaray and Richard Kinross, who were due for retirement by rotation at the AGM, have given notice that they will not be making themselves available for re-election at the AGM and will accordingly retire from the board of directors of Nu-World with effect from 7 February 2024. Desmond and Richard have served as directors of Nu-World for 21 and 14 years respectively. The board thanks Desmond and Richard for their invaluable contributions to the Company during their tenure and wish them well in their future endeavours. Shareholders are further advised that Michael Goldberg has notified the Company of his intention to step down as an executive director of the Company with effect from 7 February 2024. Michael will continue to serve as a non-executive director and chairman of the board. Michael will be appointed as a member of the Audit Committee at the AGM. Announcement • Oct 28
Nu-World Holdings Limited, Annual General Meeting, Feb 07, 2024 Nu-World Holdings Limited, Annual General Meeting, Feb 07, 2024, at 10:00 South Africa Standard Time. Reported Earnings • Oct 28
Full year 2023 earnings released Full year 2023 results: Revenue: R1.90b (down 12% from FY 2022). Net income: R70.6m (down 17% from FY 2022). Profit margin: 3.7% (down from 3.9% in FY 2022). The decrease in margin was driven by lower revenue. Announcement • Oct 27
Nu-World Holdings Limited Announces Final Gross Dividend, Payable on 18 December 2023 Nu-World Holdings Limited announced that a final gross dividend of 125,3 cents per share was declared on 26 October 2023, payable to shareholders recorded in the register of Nu-World at the close of business on the record date appearing below. Last date to trade `'cum'' dividend: 12 December 2023. Date trading commences `'ex'' dividend: 13 December 2023. Record date: 15 December 2023. Date of payment: 18 December 2023. Reported Earnings • Apr 20
First half 2023 earnings released First half 2023 results: Revenue: R997.9m (down 16% from 1H 2022). Net income: R33.2m (down 51% from 1H 2022). Profit margin: 3.3% (down from 5.7% in 1H 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Global Consumer Durables industry. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 06
Upcoming dividend of R1.50 per share Eligible shareholders must have bought the stock before 13 December 2022. Payment date: 19 December 2022. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 5.5%. Lower than top quartile of South African dividend payers (8.6%). Higher than average of industry peers (3.1%). Announcement • Nov 29
Nu-World Holdings Limited, Annual General Meeting, Feb 08, 2023 Nu-World Holdings Limited, Annual General Meeting, Feb 08, 2023, at 10:00 South Africa Standard Time. Location: 682 Pretoria Main Road, Wynberg Sandton South Africa Price Target Changed • Nov 16
Price target increased to R32.94 Up from R21.63, the current price target is provided by 1 analyst. New target price is 29% above last closing price of R25.50. Stock is down 23% over the past year. The company posted earnings per share of R3.94 last year. Board Change • Nov 16
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. 1 experienced director. 6 highly experienced directors. Independent Non-Executive Director Frank Davidson was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 13
Nu-World Holdings Limited to Report Fiscal Year 2022 Results on Oct 20, 2022 Nu-World Holdings Limited announced that they will report fiscal year 2022 results on Oct 20, 2022 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. 1 experienced director. 6 highly experienced directors. Independent Non-Executive Director Frank Davidson was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Dec 07
Upcoming dividend of R2.49 per share Eligible shareholders must have bought the stock before 14 December 2021. Payment date: 20 December 2021. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 7.6%. Within top quartile of South African dividend payers (7.3%). Higher than average of industry peers (2.2%). Executive Departure • Dec 01
Interim CFO & Company Secretary Travers Cape has left the company On the 30th of November, Travers Cape's tenure as Interim CFO & Company Secretary ended after less than a year in the role. We don't have any record of a personal shareholding under Travers' name. A total of 2 executives have left over the last 12 months. Reported Earnings • Oct 30
Full year 2021 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: R2.36b (down 10% from FY 2020). Net income: R141.0m (up 6.2% from FY 2020). Profit margin: 6.0% (up from 5.1% in FY 2020). The increase in margin was driven by lower expenses. Recent Insider Transactions • Jul 16
Insider recently sold R187k worth of stock On the 12th of July, J. Makamu sold around 7k shares on-market at roughly R26.97 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Is New 90 Day High Low • Mar 10
New 90-day low: R25.50 The company is down 6.0% from its price of R27.00 on 10 December 2020. The South African market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is down 5.0% over the same period. Upcoming Dividend • Feb 24
Upcoming Dividend of R1.95 Per Share Will be paid on the 8th of March to those who are registered shareholders by the 3rd of March. The trailing yield of 7.1% is below the top quartile of South African dividend payers (8.7%), but it is higher than industry peers (1.7%). Executive Departure • Feb 11
Company Secretary has left the company On the 10th of February, Bruce Haikney's tenure in the role of Company Secretary ended. As of September 2020, Bruce personally held 51.84k shares (R1.2m worth at the time). Bruce is the only executive to leave the company over the last 12 months. Reported Earnings • Dec 03
Full year 2020 earnings released: EPS R6.17 The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: R2.63b (down 13% from FY 2019). Net income: R132.7m (down 19% from FY 2019). Profit margin: 5.1% (down from 5.4% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 12% per year. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 17% share price decline to R26.51, the stock is trading at a trailing P/E ratio of 4.3x, down from the previous P/E ratio of 5.2x. This compares to an average P/E of 17x in the Consumer Durables industry. Total return to shareholders over the past three years is a loss of 19%. Reported Earnings • Oct 23
Full year earnings released Over the last 12 months the company has reported total profits of R132.7m, down 19% from the prior year. Total revenue was R2.63b over the last 12 months, down 13% from the prior year. Profit margins were 5.1%, which is in line with last year. Is New 90 Day High Low • Oct 16
New 90-day high: R28.00 The company is up 27% from its price of R22.00 on 17 July 2020. The South African market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Durables industry, which is up 6.0% over the same period. Valuation Update With 7 Day Price Move • Oct 16
Market bids up stock over the past week After last week's 22% share price gain to R28.00, the stock is trading at a trailing P/E ratio of 4.2x, up from the previous P/E ratio of 3.4x. This compares to an average P/E of 18x in the Consumer Durables industry. Total return to shareholders over the past three years is a loss of 15%. 
