Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Non-Executive Director Natalie Graaff was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • May 21
CEO & Executive Director recently bought R253k worth of stock On the 20th of May, Ramachandran Ottapathu bought around 136k shares on-market at roughly R1.86 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Ramachandran has been a buyer over the last 12 months, purchasing a net total of R19m worth in shares. Upcoming Dividend • Apr 11
Upcoming dividend of P0.01 per share Eligible shareholders must have bought the stock before 15 April 2026. Payment date: 29 April 2026. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of South African dividend payers (7.8%). Lower than average of industry peers (2.7%). Reported Earnings • Mar 31
First half 2026 earnings released: EPS: P0.042 (vs P0.062 in 1H 2025) First half 2026 results: EPS: P0.042 (down from P0.062 in 1H 2025). Revenue: P5.09b (up 8.9% from 1H 2025). Net income: P77.0m (down 32% from 1H 2025). Profit margin: 1.5% (down from 2.4% in 1H 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Declared Dividend • Mar 27
First half dividend of P0.01 announced Shareholders will receive a dividend of P0.01. Ex-date: 15th April 2026 Payment date: 29th April 2026 Dividend yield will be 1.0%, which is lower than the industry average of 2.1%. Payout Ratios Payout ratio: 34%. Cash payout ratio: 8%. New Risk • Mar 26
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Share price has been highly volatile over the past 3 months (19% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (1.2% net profit margin). Announcement • Mar 09
Choppies Enterprises Limited to Report First Half, 2026 Results on Mar 27, 2026 Choppies Enterprises Limited announced that they will report first half, 2026 results on Mar 27, 2026 Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to R1.97, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 19x in the Consumer Retailing industry in South Africa. Total returns to shareholders of 240% over the past three years. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment deteriorates as stock falls 39% After last week's 39% share price decline to R4.88, the stock trades at a trailing P/E ratio of 22.5x. Average trailing P/E is 23x in the Consumer Retailing industry in South Africa. Total returns to shareholders of 495% over the past three years. New Risk • Dec 29
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 7.3% 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: Minor Risks High level of debt (80% net debt to equity). Share price has been volatile over the past 3 months (7.3% average weekly change). Profit margins are more than 30% lower than last year (1.7% net profit margin). Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to R7.58, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 22x in the Consumer Retailing industry in South Africa. Total returns to shareholders of 835% over the past three years. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to R4.88, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 22x in the Consumer Retailing industry in South Africa. Total returns to shareholders of 502% over the past three years. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R3.70, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 20x in the Consumer Retailing industry in South Africa. Total returns to shareholders of 406% over the past three years. Recent Insider Transactions • Nov 05
CEO & Executive Director recently bought R915k worth of stock On the 3rd of November, Ramachandran Ottapathu bought around 993k shares on-market at roughly R0.92 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R18m. Ramachandran has been a buyer over the last 12 months, purchasing a net total of R19m worth in shares. Announcement • Oct 28
Choppies Enterprises Limited, Annual General Meeting, Nov 28, 2025 Choppies Enterprises Limited, Annual General Meeting, Nov 28, 2025. Location: choppies innovation centre, plot 196, gaborone international conference park, gaborone, Botswana Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to R2.39, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 20x in the Consumer Retailing industry in South Africa. Total returns to shareholders of 252% over the past three years. Recent Insider Transactions • Sep 29
CEO & Executive Director recently bought R18m worth of stock On the 25th of September, Ramachandran Ottapathu bought around 19m shares on-market at roughly R0.92 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Ramachandran has been a buyer over the last 12 months, purchasing a net total of R18m worth in shares. Reported Earnings • Sep 25
Full year 2025 earnings released: EPS: P0.084 (vs P0.11 in FY 2024) Full year 2025 results: EPS: P0.084 (down from P0.11 in FY 2024). Revenue: P9.11b (up 15% from FY 2024). Net income: P153.0m (down 23% from FY 2024). Profit margin: 1.7% (down from 2.5% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Declared Dividend • Sep 25
First half dividend of P0.006 announced Shareholders will receive a dividend of P0.006. Ex-date: 22nd October 2025 Payment date: 5th November 2025 Dividend yield will be 1.5%, which is lower than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (11% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 64% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.9% EPS decline seen over the last 5 years. Announcement • Sep 17
Choppies Enterprises Limited to Report Fiscal Year 2025 Results on Sep 22, 2025 Choppies Enterprises Limited announced that they will report fiscal year 2025 results on Sep 22, 2025 Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to R1.30, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 22x in the Consumer Retailing industry in South Africa. Total returns to shareholders of 164% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R1.04, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 21x in the Consumer Retailing industry in South Africa. Total returns to shareholders of 79% over the past three years. Upcoming Dividend • Apr 16
Upcoming dividend of R0.022 per share Eligible shareholders must have bought the stock before 23 April 2025. Payment date: 08 May 2025. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of South African dividend payers (8.7%). Higher than average of industry peers (2.4%). Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to R1.09, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 21x in the Consumer Retailing industry in South Africa. Total returns to shareholders of 89% over the past three years. Reported Earnings • Mar 23
First half 2025 earnings released: EPS: P0.062 (vs P0.058 in 1H 2024) First half 2025 results: EPS: P0.062 (up from P0.058 in 1H 2024). Revenue: P4.68b (up 19% from 1H 2024). Net income: P113.0m (up 7.6% from 1H 2024). Profit margin: 2.4% (down from 2.7% 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 3% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Mar 20
Choppies Enterprises Limited Declares Interim Dividend for the Six Months Ended December 31, 2024, Payable on 8 May 2025 The board of Choppies Enterprises Limited declared an interim gross dividend of 1.6 thebe (2023: 1.6 thebe) per ordinary share for the six months ended December 31, 2024, payable to shareholders on 8 May 2025. Trading ex-dividend commences 23 April, 2025. Record date: 25 April, 2025. The net local dividend amount is 1.6 thebe per share for shareholders exempt from paying Dividends Tax and 1.44 thebe per share for shareholders liable to pay Dividends Tax. Announcement • Mar 15
Choppies Enterprises Limited to Report First Half, 2025 Results on Mar 24, 2025 Choppies Enterprises Limited announced that they will report first half, 2025 results on Mar 24, 2025 New Risk • Dec 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South African stocks, typically moving 8.7% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Share price has been highly volatile over the past 3 months (8.7% average weekly change). 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 (R1.23b market cap, or US$69.4m). Announcement • Nov 05
Choppies Enterprises Limited Announces Resignation of Andrew Dondo Mogajane as Non-Executive Director Choppies Enterprises Limited advised that Mr. Andrew Dondo Mogajane resigned as a non-executive director of the Company with effect from 4 November 2024, for personal reasons. The Board would like to thank Mr. Mogajane for his valuable contribution to the Company and wishes him well in his future endeavours. The Company has a primary listing on the BSE and a secondary listing on the JSE. Announcement • Oct 29
Choppies Enterprises Limited, Annual General Meeting, Nov 28, 2024 Choppies Enterprises Limited, Annual General Meeting, Nov 28, 2024. Location: choppies innovation centre, plot 196, gaborone international conference park, gaborone Botswana Upcoming Dividend • Oct 09
Upcoming dividend of R0.019 per share Eligible shareholders must have bought the stock before 16 October 2024. Payment date: 28 October 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 5.4%. Lower than top quartile of South African dividend payers (7.4%). Higher than average of industry peers (2.3%). New Risk • Sep 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (R1.23b market cap, or US$71.9m). Reported Earnings • Sep 26
Full year 2024 earnings released Full year 2024 results: Revenue: P8.48b (up 32% from FY 2023). Net income: P164.0m (up 12% from FY 2023). Profit margin: 1.9% (down from 2.3% in FY 2023). The decrease in margin was driven by higher expenses. Announcement • Sep 25
Choppies Enterprises Limited Declares Final Dividend for the Twelve Months Ended 30 June 2024, Payable on 28 October 2024 Choppies Enterprises Limited announced that an interim cash dividend (number 07) of 1.6 thebe per share was paid on 16 April 2024. The board has declared a final dividend (number 08) of 1.4 thebe per share, payable on 28 October 2024, thus bringing the total dividend for the year to 3.0 thebe (2023: Nil thebe) per ordinary share. The salient dates and tax implication in respect of shareholders registered on the BSE are detailed below: Last day to trade cum dividend is on 15 October. Trading ex-dividend commences is on 16 October with Record date is on 18 October. Dividend payment date on 28 October. The salient dates in respect of shareholders registered on the Johannesburg Stock Exchange (‘JSE’) are detailed below: Last day to trade cum dividend on 15 October. Trading ex-dividend commences on 16 October with Record date on 18 October Dividend payment date is on 28 October. New Risk • Sep 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks High level of debt (224% net debt to equity). Latest financial reports are more than 6 months old (reported December 2023 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 (R1.26b market cap, or US$70.7m). Buy Or Sell Opportunity • Jun 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.6% to R0.57. The fair value is estimated to be R0.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 7.9%. Buy Or Sell Opportunity • May 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.8% to R0.55. The fair value is estimated to be R0.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 7.9%. Buy Or Sell Opportunity • Apr 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.3% to R0.55. The fair value is estimated to be R0.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 7.9%. Buy Or Sell Opportunity • Apr 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to R0.55. The fair value is estimated to be R0.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 7.9%. Buy Or Sell Opportunity • Mar 28
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.2% to R0.59. The fair value is estimated to be R0.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 7.9%. Upcoming Dividend • Mar 27
Upcoming dividend of R0.022 per share Eligible shareholders must have bought the stock before 03 April 2024. Payment date: 16 April 2024. Trailing yield: 6.7%. Lower than top quartile of South African dividend payers (8.9%). Higher than average of industry peers (2.3%). Buy Or Sell Opportunity • Mar 13
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to R0.53. The fair value is estimated to be R0.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 7.9%. Announcement • Mar 01
Choppies Enterprises Limited Declares Interim Gross Dividend, Payable on 16 April 2024 The Board of Choppies Enterprises Limited has declared an interim gross dividend of 1.6 thebe (2022: Nil thebe) per ordinary share, payable to shareholders on 16 April 2024. In accordance with the dividend policy adopted at the time of the Botswana Stock Exchange listing, a dividend cover of three will be maintained. Record date: 5 April 2024. Trading ex-dividend commences: 3 April 2024. Last day to trade cum dividend: 2 April 2024. The dividend has been declared out of income reserves. In terms of the Dividends Tax, the following additional information is disclosed: The local Dividend Tax rate is 10%. The net local dividend amount is 1.6 thebe per share for shareholders exempt from paying Dividends Tax and 1.44 thebe per share for shareholders liable to pay Dividends Tax. This interim dividend is the first dividend since the fiscal year 2017, marking a milestone in the performance ofthe Group and the return of value add to shareholders. Announcement • Oct 31
Choppies Enterprises Limited, Annual General Meeting, Nov 27, 2023 Choppies Enterprises Limited, Annual General Meeting, Nov 27, 2023, at 12:00 Coordinated Universal Time. Location: Choppies Innovation Centre, Plot 196, Gaborone International Conference Park Gaborone Botswana New Risk • Oct 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of South African stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Shareholders have been diluted in the past year (40% increase in shares outstanding). Market cap is less than US$100m (R1.26b market cap, or US$65.1m). Reported Earnings • Sep 22
Full year 2023 earnings released: EPS: P0.11 (vs P0.11 in FY 2022) Full year 2023 results: EPS: P0.11 (up from P0.11 in FY 2022). Revenue: P6.43b (up 6.5% from FY 2022). Net income: P147.0m (up 5.0% from FY 2022). Profit margin: 2.3% (in line with FY 2022). New Risk • Sep 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 Negative equity (-P258m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (40% increase in shares outstanding). Market cap is less than US$100m (R1.26b market cap, or US$66.4m). New Risk • Aug 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 Negative equity (-P258m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (40% increase in shares outstanding). Market cap is less than US$100m (R1.25b market cap, or US$67.4m). New Risk • Jul 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 40% 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: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-P258m). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (40% increase in shares outstanding). Market cap is less than US$100m (R1.62b market cap, or US$86.1m). Announcement • May 04
Choppies Enterprises Limited Announces Board and Committee Changes The Board of Directors of Choppies Enterprises Limited notified its shareholders of the following: The Board has accepted the resignation of Mr. Thomas Pritchard as an independent non-executive director of the Company effective 1 May 2023 and as a member of the audit and risk committee, remuneration committee, investment committee and the social, ethics and human resources committee of the Company. The Board wishes to thank Mr. Pritchard for his services and expresses its appreciation for his valuable contribution to the Company since his appointment in September 2019. Mr. Ranjith Priyalal De Silva has been appointed in terms of the Company's Constitution, as an independent non-executive director of Choppies and Chairman of the Audit and Risk Committee ("ARC"), with effect from 1 May 2023. Priyalal's appointment is subject to confirmation by the shareholders of the Company at its next annual general meeting. Priyalal, a long serving Chartered Accountant in Botswana, retired as an Audit Partner of PricewaterhouseCoopers (PwC) Botswana on 30 June 2016 after serving PwC for 36 years (19 years as a partner). He also held the position of Chief Operating Officer of PwC Botswana from 1 July 2007 until his retirement on 30 June 2016. At PwC Botswana, he served a large portfolio of audit/tax clients. He operated as the "Trusted Business Advisor" to a number of large privately owned corporates in Botswana. His expertise is primarily in auditing, accounting, tax planning, financial investigations, financial management and governance. Reported Earnings • Mar 04
First half 2023 earnings released: EPS: P0.054 (vs P0.081 in 1H 2022) First half 2023 results: EPS: P0.054 (down from P0.081 in 1H 2022). Revenue: P3.51b (up 8.9% from 1H 2022). Net income: P71.0m (down 32% from 1H 2022). Profit margin: 2.0% (down from 3.3% in 1H 2022). Announcement • Jan 24
Choppies Enterprises in Talks for Possible Acquisition of Fast- Moving Consumer Goods Business Choppies Enterprises Limited (BSM:CHOPPIES) has entered into talks for possible acquisition of a Botswana based company, operating a fast-moving consumer goods business. Recent Insider Transactions • Nov 16
CEO & Executive Director recently bought R103k worth of stock On the 10th of November, Ramachandran Ottapathu bought around 120k shares on-market at roughly R0.86 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R1.1m. Ramachandran has been a buyer over the last 12 months, purchasing a net total of R2.0m worth in shares. Recent Insider Transactions • Oct 25
CEO & Executive Director recently bought R1.1m worth of stock On the 21st of October, Ramachandran Ottapathu bought around 1m shares on-market at roughly R0.84 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Ramachandran has been a buyer over the last 12 months, purchasing a net total of R1.9m worth in shares. Reported Earnings • Sep 22
Full year 2022 earnings released: EPS: P0.11 (vs P0.065 in FY 2021) Full year 2022 results: EPS: P0.11 (up from P0.065 in FY 2021). Revenue: P6.04b (up 13% from FY 2021). Net income: P140.0m (up 65% from FY 2021). Profit margin: 2.3% (up from 1.6% in FY 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improved over the past week After last week's 44% share price gain to R1.02, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 21x in the Consumer Retailing industry in South Africa. Total returns to shareholders of 28% over the past year. Recent Insider Transactions • Mar 03
CEO & Executive Director recently bought R173k worth of stock On the 1st of March, Ramachandran Ottapathu bought around 218k shares on-market at roughly R0.79 per share. This was the largest purchase by an insider in the last 3 months. Ramachandran has been a buyer over the last 12 months, purchasing a net total of R2.8m worth in shares. Recent Insider Transactions • Nov 24
CEO & Executive Director recently bought R204k worth of stock On the 23rd of November, Ramachandran Ottappath bought around 250k shares on-market at roughly R0.82 per share. This was the largest purchase by an insider in the last 3 months. Ramachandran has been a buyer over the last 12 months, purchasing a net total of R7.5m worth in shares. Reported Earnings • Sep 24
Full year 2021 earnings released: EPS P0.065 (vs P0.081 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: P5.33b (down 1.7% from FY 2020). Net income: P84.8m (down 19% from FY 2020). Profit margin: 1.6% (down from 1.9% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Director Overboarding • Aug 28
Director Valentine Chitalu has joined 6th company board Valentine Chitalu has been appointed to the board of Arc Minerals Limited (AIM:ARCM). Chitalu now sits on a total of 6 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 28
Director Valentine Chitalu has joined 6th company board Valentine Chitalu has been appointed to the board of Arc Minerals Limited (AIM:ARCM). Chitalu now sits on a total of 6 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 28
Director Valentine Chitalu has joined 6th company board Valentine Chitalu has been appointed to the board of Arc Minerals Limited (AIM:ARCM). Chitalu now sits on a total of 6 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 28
Director Valentine Chitalu has joined 6th company board Valentine Chitalu has been appointed to the board of Arc Minerals Limited (AIM:ARCM). Chitalu now sits on a total of 6 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 28
Director Valentine Chitalu has joined 6th company board Valentine Chitalu has been appointed to the board of Arc Minerals Limited (AIM:ARCM). Chitalu now sits on a total of 6 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 28
Director Valentine Chitalu has joined 6th company board Valentine Chitalu has been appointed to the board of Arc Minerals Limited (AIM:ARCM). Chitalu now sits on a total of 6 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 28
Director Valentine Chitalu has joined 6th company board Valentine Chitalu has been appointed to the board of Arc Minerals Limited (AIM:ARCM). Chitalu now sits on a total of 6 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 28
Director Valentine Chitalu has joined 6th company board Valentine Chitalu has been appointed to the board of Arc Minerals Limited (AIM:ARCM). Chitalu now sits on a total of 6 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 28
Director Valentine Chitalu has joined 6th company board Valentine Chitalu has been appointed to the board of Arc Minerals Limited (AIM:ARCM). Chitalu now sits on a total of 6 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 28
Director Valentine Chitalu has joined 6th company board Valentine Chitalu has been appointed to the board of Arc Minerals Limited (AIM:ARCM). Chitalu now sits on a total of 6 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 12
Director Valentine Chitalu has joined 5th company board Valentine Chitalu has been appointed to the board of Choppies Enterprises Limited (BSM:CHOPPIES). Chitalu now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 12
Director Valentine Chitalu has joined 5th company board Valentine Chitalu has been appointed to the board of Choppies Enterprises Limited (BSM:CHOPPIES). Chitalu now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Aug 12
Director Valentine Chitalu has joined 5th company board Valentine Chitalu has been appointed to the board of Choppies Enterprises Limited (BSM:CHOPPIES). Chitalu now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 71% share price gain to P1.30, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 26x in the Consumer Retailing industry in South Africa. Total loss to shareholders of 46% over the past three years. Recent Insider Transactions • May 27
Deputy Chairman recently bought R1.1m worth of stock On the 19th of May, Farouk Ismail bought around 1m shares on-market at roughly R0.79 per share. This was the largest purchase by an insider in the last 3 months. Farouk has been a buyer over the last 12 months, purchasing a net total of R17m worth in shares. Reported Earnings • Mar 19
First half 2021 earnings released: EPS P0.05 (vs P0.052 in 1H 2020) The company reported a soft first half result with weaker earnings and revenues, although profit margins were improved. First half 2021 results: Revenue: P2.71b (down 8.7% from 1H 2020). Net income: P65.4m (down 3.8% from 1H 2020). Profit margin: 2.4% (up from 2.3% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 01
New 90-day high: R0.75 The company is up 10.0% from its price of R0.68 on 01 December 2020. The South African market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Retailing industry, which is up 4.0% over the same period. 
