Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R5.85, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 8x in the Capital Markets industry in South Africa. Total returns to shareholders of 42% over the past three years. New Risk • Jun 30
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 6.7% 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 (6.7% average weekly change). Profit margins are more than 30% lower than last year (49% net profit margin). Market cap is less than US$100m (R765.3m market cap, or US$46.8m). New Risk • Mar 19
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: 49% Last year net profit margin: 77% 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. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (49% net profit margin). Significant insider selling over the past 3 months (R1.2m sold). New Risk • Mar 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R1.66b (US$99.1m) This is considered a minor risk. Companies with a small market capitalization 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 Risk High level of non-cash earnings (23% accrual ratio). Minor Risks Significant insider selling over the past 3 months (R1.2m sold). Market cap is less than US$100m (R1.66b market cap, or US$99.1m). Recent Insider Transactions • Mar 12
Independent Non-Executive Chairperson recently sold R1.2m worth of stock On the 9th of March, Yvonne Silvia Sharp sold around 401k shares on-market at roughly R2.90 per share. This transaction amounted to 41% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Yvonne Silvia's only on-market trade for the last 12 months. Board Change • Mar 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 4 highly experienced directors. Independent Non-Executive Director Michael Pfaff 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 • Jan 28
Ethos Capital Appoints Stephen Gold as Chief Value Creation Officer Ethos Capital announced the formal establishment of its Office of Value Creation. In support of this commitment, Ethos appointed Partner Stephen Gold as Chief Value Creation Officer, responsible for leading firmwide portfolio execution and value creation efforts. In this role, Gold will lead the Firm’s Acceleration Vector (AV) Methodology, a disciplined framework designed to identify, prioritize, execute, and track value creation initiatives across its portfolio of companies. The Firm is led by a team of 19 Partners, from numerous Fortune 100 companies, bringing practical, real-world insight to everything we do at Ethos. Ethos is distinguished by a deeply integrated model that combines seasoned operators with disciplined investment acumen. The Firm’s Partners are former C-suite executives and senior leaders of scaled enterprises who work closely with management teams to advance operations, strategy, technology, and long-term growth initiatives. New Risk • Dec 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R1.70b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization 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 Risk High level of non-cash earnings (23% accrual ratio). Minor Risk Market cap is less than US$100m (R1.70b market cap, or US$99.8m). Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R8.25, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 9x in the Capital Markets industry in South Africa. Total returns to shareholders of 74% over the past three years. Announcement • Oct 22
EPE Capital Partners Ltd, Annual General Meeting, Nov 18, 2025 EPE Capital Partners Ltd, Annual General Meeting, Nov 18, 2025. New Risk • Sep 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risk Market cap is less than US$100m (R1.71b market cap, or US$97.7m). Announcement • Sep 02
EPE Capital Partners Ltd to Report Fiscal Year 2025 Results on Sep 25, 2025 EPE Capital Partners Ltd announced that they will report fiscal year 2025 results on Sep 25, 2025 Recent Insider Transactions • Apr 09
Independent Non-Executive Director recently bought R563k worth of stock On the 1st of April, Michael Pfaff bought around 113k shares on-market at roughly R5.00 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Mar 10
EPE Capital Partners Ltd to Report First Half, 2025 Results on Mar 12, 2025 EPE Capital Partners Ltd announced that they will report first half, 2025 results on Mar 12, 2025 New Risk • Nov 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 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 Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (R1.33b market cap, or US$73.5m). Announcement • Nov 01
EPE Capital Partners Ltd, Annual General Meeting, Nov 28, 2024 EPE Capital Partners Ltd, Annual General Meeting, Nov 28, 2024. Announcement • Sep 27
EPE Capital Partners Ltd to Report Fiscal Year 2024 Results on Sep 30, 2024 EPE Capital Partners Ltd announced that they will report fiscal year 2024 results at 9:00 AM, South Africa Standard Time on Sep 30, 2024 New Risk • Aug 18
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 Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Market cap is less than US$100m (R1.02b market cap, or US$56.9m). Announcement • Jun 25
EPE Capital Partners Ltd (JSE:EPE) agreed to acquire an unknown minority stake in Black Hawk Private Equity (Pty) Ltd from the shareholders. EPE Capital Partners Ltd (JSE:EPE) agreed to acquire an unknown minority stake in Black Hawk Private Equity (Pty) Ltd from the shareholders on June 24, 2024. When this transaction is implemented, it will result in an indirect acquisition of Black Hawk's Ethos Capital shares and the associated debt; and will have no impact on the Group's NAVPS given that Black Hawk's Ethos Capital shares and associated debt have already been consolidated in the group results. Black Hawk Private Equity Proprietary Limited is owned by non-executive directors of Ethos Capital and their associates, which holds 13.5 million Ethos Capital shares. New Risk • Mar 11
New major risk - Revenue size The company makes less than US$1m in revenue. 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 Risk Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (R1.15b market cap, or US$61.4m). Announcement • Mar 07
EPE Capital Partners Ltd to Report First Half, 2024 Results on Mar 11, 2024 EPE Capital Partners Ltd announced that they will report first half, 2024 results on Mar 11, 2024 Announcement • Oct 20
EPE Capital Partners Ltd, Annual General Meeting, Nov 16, 2023 EPE Capital Partners Ltd, Annual General Meeting, Nov 16, 2023, at 14:00 Mauritius Standard Time. Recent Insider Transactions • Jun 19
Independent Non-Executive Director recently bought R5.0m worth of stock On the 14th of June, Michael Pfaff bought around 1m shares on-market at roughly R5.00 per share. This transaction amounted to 12% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought R7.8m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jan 01
Independent Non-Executive Director recently bought R890k worth of stock On the 23rd of December, Michael Pfaff bought around 159k shares on-market at roughly R5.60 per share. This transaction amounted to 1.9% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R1.5m. Insiders have collectively bought R2.8m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 26
Independent Non-Executive Director recently bought R1.5m worth of stock On the 19th of December, Michael Pfaff bought around 273k shares on-market at roughly R5.58 per share. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought R2.0m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 19
Independent Non-Executive Director recently bought R434k worth of stock On the 12th of December, Michael Pfaff bought around 79k shares on-market at roughly R5.50 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. This was the only on-market transaction from insiders over the last 12 months. 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. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Michael Pfaff 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 • Sep 28
EPE Capital Partners Ltd, Annual General Meeting, Nov 16, 2022 EPE Capital Partners Ltd, Annual General Meeting, Nov 16, 2022, at 14:00 Mauritius Standard Time. Announcement • Sep 20
EPE Capital Partners Ltd to Report Fiscal Year 2022 Results on Sep 28, 2022 EPE Capital Partners Ltd announced that they will report fiscal year 2022 results on Sep 28, 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. 5 experienced directors. No highly experienced directors. Independent Non-Executive Director Michael Pfaff 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. Is New 90 Day High Low • Feb 09
New 90-day low: R3.61 The company is down 5.0% from its price of R3.80 on 11 November 2020. The South African market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 12% over the same period. Is New 90 Day High Low • Jan 13
New 90-day low: R3.66 The company is down 17% from its price of R4.40 on 15 October 2020. The South African market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 15% over the same period. Announcement • Dec 10
Steyn Capital Management acquired an additional unknown minority stake in EPE Capital Partners Ltd (JSE:EPE). Steyn Capital Management acquired an additional unknown minority stake in EPE Capital Partners Ltd (JSE:EPE) on December 8, 2020. Post transaction, Steyn Capital Management holds 5.14% stake in EPE Capital Partners Ltd.
Steyn Capital Management completed the acquisition of an additional unknown minority stake in EPE Capital Partners Ltd (JSE:EPE) on December 8, 2020. Is New 90 Day High Low • Oct 06
New 90-day high: R4.19 The company is up 2.0% from its price of R4.09 on 08 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 Capital Markets industry, which is down 2.0% over the same period. Announcement • Sep 11
EPE Capital Partners Ltd to Report Fiscal Year 2020 Results on Sep 28, 2020 EPE Capital Partners Ltd announced that they will report fiscal year 2020 results on Sep 28, 2020 
