Price Target Changed • Jun 26
Price target increased by 9.1% to R132 Up from R121, the current price target is provided by 1 analyst. New target price is 5.3% above last closing price of R125. Stock is up 19% over the past year. The company is forecast to post earnings per share of R16.50 for next year compared to R3.27 last year. Announcement • May 28
AECI Ltd Approves Committee Appointments, Effective May 27, 2026 AECI Ltd. at its annual general meeting of shareholders held on May 27, 2026, approved election of Mr. B Mawasha, Mr. J Ndlovu as Audit & Risk Committee members; Mr. B Mawasha, Ms PG Sibiya, Mr. WH Dissinger and Mr. SA Dawson as Social, Ethics & Safety Committee members. Announcement • Apr 23
AECI Ltd, Annual General Meeting, May 27, 2026 AECI Ltd, Annual General Meeting, May 27, 2026. Location: aeci place, 24 the woodlands, woodlands drive, woodmead, sandton South Africa Upcoming Dividend • Mar 24
Upcoming dividend of R1.28 per share Eligible shareholders must have bought the stock before 31 March 2026. Payment date: 07 April 2026. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of South African dividend payers (8.1%). Lower than average of industry peers (5.8%). Declared Dividend • Feb 28
Final dividend of R1.28 announced Shareholders will receive a dividend of R1.28. Ex-date: 31st March 2026 Payment date: 7th April 2026 Dividend yield will be 2.1%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 157% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 40% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 26
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: R3.57 (up from R2.63 in FY 2024). Revenue: R32.2b (down 4.2% from FY 2024). Net income: R377.0m (up 36% from FY 2024). Profit margin: 1.2% (up from 0.8% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Chemicals industry in Africa. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Feb 16
AECI Ltd to Report Fiscal Year 2025 Results on Feb 25, 2026 AECI Ltd announced that they will report fiscal year 2025 results at 12:00 PM, South Africa Standard Time on Feb 25, 2026 New Risk • Feb 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Profit margins are more than 30% lower than last year (1.2% net profit margin). Announcement • Dec 01
Steyn Capital Management (Pty) Ltd. acquired an unknown minority stake in AECI Ltd (JSE:AFE). Steyn Capital Management (Pty) Ltd. acquired an unknown minority stake in AECI Ltd (JSE:AFE) on December 1, 2025. Steyn Capital now holds a beneficial interest of 5.26% of the total issued ordinary share capital of AECI Ltd.
Steyn Capital Management (Pty) Ltd. completed the acquisition of an unknown minority stake in AECI Ltd (JSE:AFE) on December 1, 2025. Buy Or Sell Opportunity • Oct 20
Now 20% overvalued Over the last 90 days, the stock has fallen 15% to R88.77. The fair value is estimated to be R73.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 35%. Revenue is forecast to grow by 0.8% in 2 years. Earnings are forecast to grow by 353% in the next 2 years. Upcoming Dividend • Aug 20
Upcoming dividend of R1.00 per share Eligible shareholders must have bought the stock before 27 August 2025. Payment date: 01 September 2025. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of South African dividend payers (8.0%). Lower than average of industry peers (8.2%). Major Estimate Revision • Aug 17
Consensus EPS estimates increase by 15%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from R33.8b to R32.6b. EPS estimate rose from R10.39 to R12.00. Net income forecast to grow 261% next year vs 31% growth forecast for Chemicals industry in South Africa. Consensus price target down from R126 to R121. Share price was steady at R109 over the past week. Reported Earnings • Jul 31
First half 2025 earnings: EPS misses analyst expectations First half 2025 results: EPS: R3.08 (up from R2.33 in 1H 2024). Revenue: R15.7b (down 11% from 1H 2024). Net income: R325.0m (up 32% from 1H 2024). Profit margin: 2.1% (up from 1.4% in 1H 2024). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Chemicals industry in Africa. 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 8% per year, which means it is well ahead of earnings. Announcement • Jun 30
AECI Ltd to Report First Half, 2025 Results on Jul 30, 2025 AECI Ltd announced that they will report first half, 2025 results on Jul 30, 2025 Announcement • Jun 09
AECI Ltd to Report First Half, 2025 Results on Jul 30, 2025 AECI Ltd announced that they will report first half, 2025 results on Jul 30, 2025 Recent Insider Transactions • Apr 13
Insider recently sold R293k worth of stock On the 8th of April, Dean Murray sold around 3k shares on-market at roughly R93.00 per share. This transaction amounted to 5.8% 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 the only on-market transaction from insiders over the last 12 months. Announcement • Apr 03
AECI Ltd Announces Committee Changes The Board of Directors (Board) of AECI Ltd. with effect from the conclusion of the annual general meeting of the Company to be held on or about the 27 May 2025, Ms Roets will resign as both chairperson of the Remuneration and Human Capital Committee and as a member of the Social, Ethics and Sustainability Committee, with Mr. July Ndlovu assuming the role of chairperson of the Remuneration and Human Capital Committee going forward. Ms Roets will remain a member of the Remuneration and Human Capital Committee. Upcoming Dividend • Apr 02
Upcoming dividend of R2.19 per share Eligible shareholders must have bought the stock before 09 April 2025. Payment date: 14 April 2025. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of South African dividend payers (8.6%). Lower than average of industry peers (11%). Buy Or Sell Opportunity • Apr 01
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to R98.78. The fair value is estimated to be R81.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 32% per annum over the same time period. Announcement • Mar 31
Sphere Investments (Proprietary) Limited, OMPE VI GP Pty Limited, fund managed by Old Mutual Private Equity, and the management of Much Asphalt (Pty) Limited acquired Much Asphalt (Pty) Limited from AECI Ltd (JSE:AFE) for ZAR 1.1 billion. Sphere Investments (Proprietary) Limited, OMPE VI GP Pty Limited, fund managed by Old Mutual Private Equity, and the management of Much Asphalt (Pty) Limited entered into a share purchase agreement to acquire Much Asphalt (Pty) Limited from AECI Ltd (JSE:AFE) for ZAR 1.1 billion on November 4, 2024. A cash consideration of ZAR 1.1 billion will be paid by Sphere Investments (Proprietary) Limited, OMPE VI GP Pty Limited and Old Mutual Private Equity. The deal would be financed through a combination of debt and equity. The use of proceeds will be deployed in line with AECI’s capital allocation framework.
For the period ending December 31, 2023, Much Asphalt (Pty) Limited reported net income of ZAR 74 million and total common equity of ZAR 1.59 billion.
The transaction is expected to close during the first quarter of 2025, subject to customary regulatory approvals and the necessary approval by the competition authorities. As of February 26, 2024, The sale is progressing as expected, with all regulatory approvals now obtained. The remaining condition precedent (finalization of the locked-box exercise) is expected to be met in the first half of 2025.
Sphere Investments (Proprietary) Limited, OMPE VI GP Pty Limited, fund managed by Old Mutual Private Equity, and the management of Much Asphalt (Pty) Limited completed the acquisition of Much Asphalt (Pty) Limited from AECI Ltd (JSE:AFE) on March 31, 2025. Buy Or Sell Opportunity • Mar 10
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 7.6% to R98.47. The fair value is estimated to be R80.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are also forecast to grow by 32% per annum over the same time period. Declared Dividend • Feb 28
Dividend of R2.19 announced Shareholders will receive a dividend of R2.19. Ex-date: 9th April 2025 Payment date: 14th April 2025 Dividend yield will be 2.3%, which is lower than the industry average of 2.8%. Reported Earnings • Feb 27
Full year 2024 earnings: Revenues in line with analyst expectations Full year 2024 results: Revenue: R33.6b (down 10% from FY 2023). Net income: R281.0m (down 76% from FY 2023). Profit margin: 0.8% (down from 3.1% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Chemicals industry in Africa. Announcement • Feb 26
AECI Ltd, Annual General Meeting, May 27, 2025 AECI Ltd, Annual General Meeting, May 27, 2025. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to R95.63, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Chemicals industry in Africa. Total loss to shareholders of 2.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R133 per share. Announcement • Feb 21
AECI Ltd Provides Earnings Guidance for the Year Ended 31 December 2024 AECI Ltd. provided earnings guidance for the year ended 31 December 2024. For the period, Company expects a basic loss per share from continuing and discontinued operations of between 241 cents and 295 cents compared to basic earnings per share from continuing and discontinued operations of 1,112 cents for the previous corresponding period. basic earnings per share from continuing operations of between 237 cents and 289 cents compared to basic earnings per share from continuing operations of 1,043 cents (restated) for the previous corresponding period, being a decrease of between 77% and 72%. Announcement • Feb 20
AECI Ltd to Report Q4, 2024 Results on Feb 26, 2025 AECI Ltd announced that they will report Q4, 2024 results on Feb 26, 2025 New Risk • Feb 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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. Board Change • Feb 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director July Ndlovu was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 18
AECI Limited Announces Appointment of Independent Non-Executive Directors AECI Limited announced the appointments of Mr. July Ndlovu and Mr. Billy Mawasha as independent non-executive directors to the Board of directors of AECI, with effect from 1 January 2025. Mr. Ndlovu's career spans over 30 years in mining operations, culminating in his appointment as Chief Executive Officer of Thungela Resources Limited. He has been an executive in mining since 2007, overseeing a variety of commodities across various markets. He brings extensive experience in mining operations, large scale projects and mergers & acquisitions in Southern Africa, as well as in Australia. He is known for his integrity and visionary approach and is highly respected for his ability to drive growth while maintaining a strong commitment to safety and operational excellence. Mr. Ndlovu currently serves as Board Chair of Futurecoal. His academic credentials include a Master's Degree in Business Leadership from the University of South Africa and a BSc in Metallurgical Engineering from the University of Zimbabwe. He has previously held senior positions at leading organisations, including Anglo American plc, Bindura Nickel Corporation, Zimasco and Zimbabwe Alloys. He also served as Board Chair of Unki Platinum Mine. Mr. Mawasha has extensive leadership experience in the South African mining industry, having held various executive leadership positions in De Beers, AngloGold Ashanti Limited and Kumba Iron Ore Limited. He was Country Head of Rio Tinto, South Africa, and Managing Director of Richards Bay Minerals. Mr. Mawasha holds a BSc, Electrical Engineering, from the University of Cape Town and brings a wealth of experience in driving growth, innovation, operations, risk management, investments and project delivery. He is the founder and Chief Executive Officer of Kolobe Nala Investment Company and a non-executive director of Exxaro Resources Limited, Impala Platinum Limited and Metair Investments Limited. Announcement • Nov 05
Sphere Investments (Proprietary) Limited, OMPE VI GP Pty Limited, fund managed by Old Mutual Private Equity, and the management of Much Asphalt (Pty) Limited announced the acquisition of Much Asphalt (Pty) Limited from AECI Ltd (JSE:AFE) for ZAR 1.1 billion. Sphere Investments (Proprietary) Limited, OMPE VI GP Pty Limited, fund managed by Old Mutual Private Equity, and the management of Much Asphalt (Pty) Limited entered into a share purchase agreement to acquire Much Asphalt (Pty) Limited from AECI Ltd (JSE:AFE) for ZAR 1.1 billion on November 4, 2024. A cash consideration of ZAR 1.1 billion will be paid by Sphere Investments (Proprietary) Limited, OMPE VI GP Pty Limited and Old Mutual Private Equity. The deal would be financed through a combination of debt and equity. The use of proceeds will be deployed in line with AECI’s capital allocation framework.
For the period ending December 31, 2023, Much Asphalt (Pty) Limited reported net income of ZAR 74 million and total common equity of ZAR 1.59 billion.
The transaction is expected to close during the first quarter of 2025, subject to customary regulatory approvals and the necessary approval by the competition authorities. Announcement • Aug 28
AECI Ltd Announces Appointment of Nombulelo Thokozile Moholi as an Independent Non-Executive Director to the Board of Directors, Effective from 1 September 2024 AECI Ltd. announced the appointment of Ms. Nombulelo Thokozile Moholi as an independent non-executive director to the Board of Directors of AECI with effect from 1 September 2024. She will be a member of the Investment, Innovation and Technology Committee and the Risk Committee. Ms Moholi brings over 30 years of experience in the South African corporate sector to her new role. She holds a BSC in electrical and electronics engineering and has completed the Stanford Executive Program from Stanford University. She previously served as the Chief Executive Officer for Telkom SA Limited, becoming the first black woman to head up a JSE-listed telecommunications company. In 2013, Ms. Moholi embarked on a career as a non-executive director. The boards she has served are Anglo American Platinum Limited; AVI Limited; Engen and Old Mutual. She is currently the board chair of Santam Limited and the Lead Independent Director of Woolworths Holdings Limited. Her diverse expertise has made her an invaluable asset to the boards she serves on, and she has received numerous awards and accolades for her leadership and contribution. Reported Earnings • Aug 05
First half 2024 earnings released: EPS: R2.33 (vs R6.00 in 1H 2023) First half 2024 results: EPS: R2.33 (down from R6.00 in 1H 2023). Revenue: R17.6b (down 4.5% from 1H 2023). Net income: R246.0m (down 61% from 1H 2023). Profit margin: 1.4% (down from 3.4% in 1H 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Chemicals industry in Africa. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Announcement • Jul 25
AECI Ltd Provides Earnings Guidance for the Six Months Period Ended 30 June 2024 AECI Ltd. provided earnings guidance for the six months period ended 30 June 2024. Earnings per share (EPS) for the period are expected to decrease by between 59% and 64% compared to the prior period, resulting in EPS between 246 cents and 215 cents. The reported EPS for the prior period was 600 cents per share. Announcement • May 31
AECI Ltd Announces Board Changes At the 100th Annual General Meeting (AGM) of the shareholders of AECI held on 28 May 2024 approved Election of Ms RJ Gabriels as an executive director, Election of Audit Committee member - Ms PG Sibiya. Election of Audit Committee member -Ms AM Roets. Election of Audit Committeemember - Ms FFT Dludlu (De Buck). Recent Insider Transactions Derivative • Apr 12
Insider exercised options and sold R507k worth of stock On the 8th of April, Dean Murray exercised options to acquire 5k shares at no cost and sold these for an average price of R92.81 per share. This trade did not impact their existing holding. Dean currently holds less than 1% of total shares outstanding. This was the only transaction from an insider over the last 12 months. Upcoming Dividend • Mar 27
Upcoming dividend of R1.19 per share Eligible shareholders must have bought the stock before 03 April 2024. Payment date: 08 April 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of South African dividend payers (8.9%). Lower than average of industry peers (8.8%). Reported Earnings • Feb 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: R11.12 (up from R8.79 in FY 2022). Revenue: R37.5b (up 5.4% from FY 2022). Net income: R1.18b (up 27% from FY 2022). Profit margin: 3.1% (up from 2.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to stay flat during the next 2 years compared to a 10% growth forecast for the Chemicals industry in Africa. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Feb 28
AECI Declares Gross Final Cash Dividend in Respect of the Financial Year Ended 31 December 2023, Payable on 8 April 2024 The Directors of AECI declared a gross final cash dividend of 119 cents per share in respect of the financial year ended 31 December 2023. The dividend is payable on 8 April 2024 to holders of ordinary shares recorded in the register of the Company at the close of business on the record date, being 5 April 2024. Announcement • Feb 27
AECI Ltd Provides Earnings Guidance for the Year Ended December 31, 2023 AECI Ltd. provided earnings guidance for the year ended December 31, 2023. For the period, the company expects Group EPS to be in range of 1,042 cents to 1,131 cents. New Risk • Feb 11
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. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Dividend is not well covered by cash flows (139% cash payout ratio). Profit margins are more than 30% lower than last year (2.5% net profit margin). Announcement • Nov 01
AECI Limited Announces Directorate Change AECI announced that Mr. Mark Kathan will be stepping down as Executive Director of AECI Limited and Managing Director of AECI Mining by mutual agreement with effect from 31 October 2023. To ensure a smooth and quick transition of executive authority, Group CEO Holger Riemensperger, will act in the role until a successor is appointed. Mr. Kathan will consult to the business through to the end of the 2023 financial year to ensure continuity. The process to identify a new Managing Director for AECI Mining with global experience suitable for the future strategy and structure of the business will commence immediately. Mark has been with the Group for 15 years and was previously the Group Chief Financial Officer for 13 years. Upcoming Dividend • Aug 23
Upcoming dividend of R1.00 per share at 6.5% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 04 September 2023. Payout ratio is on the higher end at 75%, and the cash payout ratio is above 100%. Trailing yield: 6.5%. Lower than top quartile of South African dividend payers (9.4%). Higher than average of industry peers (5.9%). Price Target Changed • Aug 04
Price target increased by 20% to R120 Up from R100.00, the current price target is provided by 1 analyst. New target price is 16% above last closing price of R104. Stock is up 17% over the past year. The company is forecast to post earnings per share of R13.58 for next year compared to R8.79 last year. Reported Earnings • Jul 28
First half 2023 earnings released: EPS: R6.00 (vs R5.74 in 1H 2022) First half 2023 results: EPS: R6.00 (up from R5.74 in 1H 2022). Revenue: R18.4b (up 19% from 1H 2022). Net income: R633.0m (up 4.6% from 1H 2022). Profit margin: 3.4% (down from 3.9% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 5.5% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Africa are expected to grow by 1.1%. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jul 26
AECI Ltd Declares Gross Interim Cash Dividend for the Six Months Ended 30 June 2023, Payable on 4 September 2023 The Directors of AECI declared a gross interim cash dividend of 100 cents per share in respect of the six months ended 30 June 2023. The dividend is payable on 4 September 2023 to holders of ordinary shares recorded in the register of the Company at the close of business on the record date, being 1 September 2023. The last day to trade “cum” dividend will be 29 August 2023 and shares will commence trading “ex” dividend as from the commencement of business on 30 August 2023. Announcement • Jun 02
AECI Ltd Announces Board Committee Changes AECI Ltd. announced that Board of Directors of the Company advised shareholders and noteholders of the following changes to the Board Committees: Ms Marna Roets, a Non-executive Director of the Company since 2020, has been appointed as the Chairman of the Remuneration and Human Capital Committee, succeeding Mr. Godfrey Gomwe, who retired from the Board following the conclusion of the Annual General Meeting held on 30 May 2023. Ms Roets is also a member of the Audit and Social, Ethics and Sustainability Committees as well as a member of the AECI Captive Insurance Financial Review Committee; Mr. Samuel Coetzer, a Non-executive Director of the Company, joins the Remuneration and Human Capital Committee as a member to further bolster the experience and expertise of the Committee; Mr. Mark Kathan, an Executive Director of the Company and Chief Executive Officer of AECI Mining Limited, steps down from his position as a member of the Risk Committee as well as the Safety, Health and Environment Committee to align with the functions of the AECI Executive Committee. All changes are effective immediately. Upcoming Dividend • Mar 28
Upcoming dividend of R5.80 per share at 8.4% yield Eligible shareholders must have bought the stock before 04 April 2023. Payment date: 11 April 2023. Payout ratio is on the higher end at 88% but the company is not cash flow positive. Trailing yield: 8.4%. Lower than top quartile of South African dividend payers (8.9%). Higher than average of industry peers (6.6%). Announcement • Jan 27
AECI Ltd Announces CEO Changes AECI Ltd. announced that Group Chief Executive Officer (“CEO”) Mark Anthony Dytor will formally retire with effect from 31 July 2023. Shareholders and noteholders are advised that Mark has decided to accelerate his retirement which will take effect from 31 January 2023 to pursue other interests. Furthermore, as announced on SENS on 27 July 2022, the AECI Board of Directors has initiated an extensive search process to identify a permanent Group CEO. The search process is being led by the Chairman of the Board, Dr. Khotso Mokhele and supported by a Search Committee compromising both local and international directors. The appointment of a suitable successor is at a very advanced stage of conclusion. In the interim, the Board has appointed Mr. Sam Coetzer, a current Independent Non-Executive Director of AECI, as acting Group CEO with effect from 1 February 2023 until the Board has completed its CEO appointment process. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive Director Sam Coetzer was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 24
Upcoming dividend of R1.94 per share Eligible shareholders must have bought the stock before 31 August 2022. Payment date: 05 September 2022. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 8.1%. Lower than top quartile of South African dividend payers (8.9%). Higher than average of industry peers (7.0%). Reported Earnings • Jul 30
First half 2022 earnings released: EPS: R5.74 (vs R5.31 in 1H 2021) First half 2022 results: EPS: R5.74 (up from R5.31 in 1H 2021). Revenue: R15.5b (up 31% from 1H 2021). Net income: R605.0m (up 8.0% from 1H 2021). Profit margin: 3.9% (down from 4.7% in 1H 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 1% per year. Recent Insider Transactions • May 01
Chief Executive & Executive Director recently sold R2.6m worth of stock On the 25th of April, Mark Dytor sold around 27k shares on-market at roughly R97.88 per share. This was the largest sale by an insider in the last 3 months. This was Mark's only on-market trade for the last 12 months. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Patty O’Brien was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 30
Upcoming dividend of R5.05 per share Eligible shareholders must have bought the stock before 06 April 2022. Payment date: 11 April 2022. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 6.0%. Lower than top quartile of South African dividend payers (7.2%). Higher than average of industry peers (4.6%). Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: R11.25 (up from R1.26 in FY 2020). Revenue: R26.1b (up 8.1% from FY 2020). Net income: R1.19b (up R1.05b from FY 2020). Profit margin: 4.6% (up from 0.6% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Recent Insider Transactions • Dec 08
Executive Officer recently sold R635k worth of stock On the 30th of November, Dean Murray sold around 6k shares on-market at roughly R113 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R15m more than they bought in the last 12 months. Upcoming Dividend • Aug 25
Upcoming dividend of R1.80 per share Eligible shareholders must have bought the stock before 01 September 2021. Payment date: 06 September 2021. Trailing yield: 6.5%. Lower than top quartile of South African dividend payers (7.7%). Higher than average of industry peers (5.5%). Board Change • Aug 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Patricia O’Brien was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 30
First half 2021 earnings released: EPS R5.31 (vs R2.46 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: R11.8b (up 4.8% from 1H 2020). Net income: R560.0m (up 116% from 1H 2020). Profit margin: 4.7% (up from 2.3% in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Jun 03
Insider recently sold R1.8m worth of stock On the 1st of June, Edwin Ludick sold around 18k shares on-market at roughly R103 per share. In the last 3 months, they made an even bigger sale worth R3.9m. Insiders have been net sellers, collectively disposing of R25m more than they bought in the last 12 months. Recent Insider Transactions • Apr 29
Chief Executive & Executive Director recently sold R2.8m worth of stock On the 23rd of April, Mark Dytor sold around 27k shares on-market at roughly R102 per share. In the last 3 months, there was an even bigger sale from another insider worth R3.9m. Mark has been a seller over the last 12 months, reducing personal holdings by R6.2m. Recent Insider Transactions • Apr 13
Insider recently sold R3.9m worth of stock On the 9th of April, Edwin Ludick sold around 40k shares on-market at roughly R97.03 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R15m more than they bought in the last 12 months. Upcoming Dividend • Apr 01
Upcoming dividend of R4.70 per share Eligible shareholders must have bought the stock before 07 April 2021. Payment date: 12 April 2021. Trailing yield: 5.5%. Lower than top quartile of South African dividend payers (7.7%). In line with average of industry peers (5.5%). Is New 90 Day High Low • Feb 22
New 90-day high: R98.82 The company is up 17% from its price of R84.54 on 24 November 2020. The South African market is also up 17% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Chemicals industry, which is up 59% over the same period. Is New 90 Day High Low • Feb 05
New 90-day high: R92.17 The company is up 12% from its price of R82.25 on 06 November 2020. The South African market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 84% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: R89.74 The company is up 17% from its price of R76.62 on 16 October 2020. The South African market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 50% over the same period. Is New 90 Day High Low • Dec 15
New 90-day high: R88.25 The company is up 6.0% from its price of R83.30 on 15 September 2020. The South African market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 10.0% over the same period. Recent Insider Transactions • Nov 14
Chief Executive & Executive Director recently sold R3.5m worth of stock On the 5th of November, Mark Dytor sold around 43k shares on-market at roughly R81.02 per share. This was the largest sale by an insider in the last 3 months. This was Mark's only on-market trade for the last 12 months. 