AVI Past Earnings Performance

Past criteria checks 5/6

AVI has been growing earnings at an average annual rate of 3.1%, while the Food industry saw earnings declining at 7.4% annually. Revenues have been growing at an average rate of 4% per year. AVI's return on equity is 39%, and it has net margins of 14.2%.

Key information

3.1%

Earnings growth rate

3.0%

EPS growth rate

Food Industry Growth	3.9%
Revenue growth rate	4.0%
Return on equity	39.0%
Net Margin	14.2%
Last Earnings Update	30 Jun 2024

Recent past performance updates

Recent updates

Revenue & Expenses Breakdown

How AVI makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

JSE:AVI Revenue, expenses and earnings (ZAR Millions)
Date	Revenue	Earnings	G+A Expenses
30 Jun 24	15,862	2,258	3,309
31 Mar 24	15,669	2,140	3,259
31 Dec 23	15,475	2,022	3,209
30 Sep 23	15,197	1,929	3,160
30 Jun 23	14,920	1,837	3,110
31 Mar 23	14,646	1,798	3,055
31 Dec 22	14,373	1,759	3,001
30 Sep 22	14,109	1,755	2,933
30 Jun 22	13,845	1,751	2,865
31 Mar 22	13,639	1,732	2,827
31 Dec 21	13,434	1,713	2,788
30 Sep 21	13,351	1,679	2,774
30 Jun 21	13,269	1,646	2,759
31 Mar 21	13,234	1,611	2,786
31 Dec 20	13,199	1,576	2,813
30 Sep 20	13,204	1,762	2,865
30 Jun 20	13,210	1,947	2,917
31 Mar 20	13,217	1,953	2,903
31 Dec 19	13,224	1,960	2,889
30 Sep 19	13,187	1,782	2,888
30 Jun 19	13,151	1,605	2,888
31 Mar 19	13,178	1,606	3,016
31 Dec 18	13,206	1,607	3,145
30 Sep 18	13,322	1,641	3,266
30 Jun 18	13,438	1,676	3,387
31 Mar 18	13,394	1,652	3,400
31 Dec 17	13,350	1,629	3,413
30 Sep 17	13,268	1,591	3,395
30 Jun 17	13,185	1,553	3,377
31 Mar 17	13,058	1,562	3,347
31 Dec 16	12,931	1,571	3,317
30 Sep 16	12,560	1,526	3,255
30 Jun 16	12,189	1,481	3,192
31 Mar 16	11,912	1,454	3,135
31 Dec 15	11,635	1,427	3,079
30 Sep 15	11,439	1,380	3,043
30 Jun 15	11,244	1,332	3,007
31 Mar 15	11,057	1,306	2,934
31 Dec 14	10,869	1,279	2,861
30 Sep 14	10,568	1,298	2,788
30 Jun 14	10,267	1,316	2,715
31 Mar 14	9,997	1,279	2,685
31 Dec 13	9,727	1,242	2,655

Quality Earnings: AVI has high quality earnings.

Growing Profit Margin: AVI's current net profit margins (14.2%) are higher than last year (12.3%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: AVI's earnings have grown by 3.1% per year over the past 5 years.

Accelerating Growth: AVI's earnings growth over the past year (22.9%) exceeds its 5-year average (3.1% per year).

Earnings vs Industry: AVI earnings growth over the past year (22.9%) did not outperform the Food industry 26.9%.

AVI Past Earnings Performance

Past criteria checks 5/6

Key information

Recent past performance updates

Full year 2024 earnings: EPS exceeds analyst expectations

First half 2024 earnings released: EPS: R3.74 (vs R3.18 in 1H 2023)

AVI Limited to Report First Half, 2024 Results on Mar 04, 2024

Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat

AVI Limited to Report Q4, 2023 Results on Sep 04, 2023

AVI Limited to Report First Half, 2023 Results on Mar 06, 2023

Recent updates

Acting MD of National Brands Limited recently sold R5.5m worth of stock

Now 20% undervalued

CEO & Executive Director recently sold R11m worth of stock

Upcoming dividend of R6.68 per share

AVI Limited, Annual General Meeting, Nov 12, 2024

Price target increased by 16% to R111

New minor risk - Dividend sustainability

Final dividend increased to R6.68

AVI Limited Announces Special Dividend for the Year Ended June 30, 2024, Payable on October 21, 2024

AVI Limited Announces Final Dividend for the Year Ended June 30, 2024, Payable on October 21, 2024

Full year 2024 earnings: EPS exceeds analyst expectations

Price target increased by 7.8% to R94.40

Now 15% overvalued after recent price rise

High number of new directors

Now 20% overvalued after recent price rise

Acting MD of National Brands Limited recently bought R494k worth of stock

AVI Limited Appoints Valerie Davies to the Board as Independent Non-Executive Director, and Member of the Remuneration, Nomination and Appointments Committee, with Effect from 1 June 2024

AVI Limited Announces Resignation of AM Thebyane as Non-Executive Director

Upcoming dividend of R2.02 per share

First half 2024 earnings released: EPS: R3.74 (vs R3.18 in 1H 2023)

First half dividend increased to R2.02

AVI Limited Announces Gross Interim Ordinary Dividend for the Six Months Ended 31 December 2023, Payable on 22 April 2024

Consensus EPS estimates increase by 84%

AVI Limited to Report First Half, 2024 Results on Mar 04, 2024

Board Member recently bought R3.5m worth of stock

New major risk - Revenue and earnings growth

CEO & Executive Director exercised options to buy R2.1m worth of stock.

Board Member exercised options to buy R549k worth of stock.

Price target increased by 8.0% to R82.60

Upcoming dividend of R3.10 per share at 6.4% yield

AVI Limited, Annual General Meeting, Nov 08, 2023

AVI Limited(JSE:AVI) dropped from FTSE All-World Index (USD)

Consensus EPS estimates increase by 93%

Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat

AVI Limited to Report Q4, 2023 Results on Sep 04, 2023

AVI Limited Provides Consolidated Earnings Guidance for the Year Ended June 30, 2023

AVI Limited Announces Changes to the Board and Board Committees

AVI Limited Announces the Resignation of Busi Silwanyana as Non-Executive Director

AVI Limited Announces Executive Changes

Upcoming dividend of R1.72 per share at 6.4% yield

AVI Limited Announces Resignation of Michael Bosman as Non-Executive Director, Effective 1 February 2023

AVI Limited to Report First Half, 2023 Results on Mar 06, 2023

CEO & Executive Director exercised options and sold R370k worth of stock

Now 21% undervalued

Board Member exercised options and sold R95k worth of stock

Upcoming dividend of R2.92 per share

AVI Limited, Annual General Meeting, Nov 09, 2022

Full year 2022 earnings: EPS and revenues exceed analyst expectations

Now 20% undervalued

AVI Limited to Report Fiscal Year 2022 Results on Sep 05, 2022

Now 21% undervalued after recent price drop

Now 21% undervalued after recent price drop

Upcoming dividend of R1.70 per share

Price target decreased to R76.54

First half 2022 earnings: EPS in line with expectations, revenues disappoint

Now 20% undervalued after recent price drop

Now 20% undervalued after recent price drop

AVI Limited Provides Consolidated Earnings Guidance for the Six Months Ended 31 December 2021

AVI and Mondelez End Talks About Sale of Snacks Division

AVI in Deal Talks with Oreo Maker Mondelez

Upcoming dividend of R2.75 per share

Investor sentiment improved over the past week

Full year 2021 earnings released: EPS R4.99 (vs R5.92 in FY 2020)

Upcoming dividend of R4.40 per share

First half 2021 earnings released: EPS R2.97 (vs R4.10 in 1H 2020)

AVI Limited Appoints Busisiwe Silwanyana as Independent Non-Executive Director, and as Member of the Audit and Risk Committee

AVI Limited to Report First Half, 2021 Results on Mar 08, 2021

AVI Limited Announces Resignation of Gavin Tipper as Director

New 90-day high: R78.87