Recent Insider Transactions • Jul 05
COO of Mining & Executive Director recently sold R81k worth of stock On the 29th of June, Marthinus Odendaal sold around 3k shares on-market at roughly R26.90 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R9.4m more than they bought in the last 12 months. Reported Earnings • Jun 12
Full year 2026 earnings released: EPS: R0.80 (vs R0.63 in FY 2025) Full year 2026 results: EPS: R0.80 (up from R0.63 in FY 2025). Revenue: R10.0b (up 20% from FY 2025). Net income: R121.7m (up 27% from FY 2025). Profit margin: 1.2% (up from 1.1% in FY 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Basic Materials industry in Africa. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Declared Dividend • May 24
First half dividend reduced to R0.13 Dividend of R0.13 is 13% lower than last year. Ex-date: 10th June 2026 Payment date: 15th June 2026 Dividend yield will be 1.0%, which is lower than the industry average of 2.5%. Payout Ratios Payout ratio: 33%. Cash payout ratio: 124%. Price Target Changed • May 24
Price target decreased by 7.1% to R52.00 Down from R56.00, the current price target is provided by 1 analyst. New target price is 61% above last closing price of R32.24. Stock is down 36% over the past year. The company is forecast to post earnings per share of R0.97 for next year compared to R0.63 last year. Announcement • May 21
Afrimat Limited, Annual General Meeting, Jul 29, 2026 Afrimat Limited, Annual General Meeting, Jul 29, 2026. Location: tyger valley office park no. 2, corner of willie van schoor avenue & old oak road, tyger valley, 7530, South Africa New Risk • May 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Earnings have declined by 18% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported August 2025 fiscal period end). Profit margins are more than 30% lower than last year (1.7% net profit margin). Significant insider selling over the past 3 months (R8.9m sold). Buy Or Sell Opportunity • Apr 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to R34.21. The fair value is estimated to be R43.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has declined by 47%. Announcement • Apr 14
Afrimat Limited to Report Fiscal Year 2026 Results on May 21, 2026 Afrimat Limited announced that they will report fiscal year 2026 results at 7:05 AM, South Africa Standard Time on May 21, 2026 New Risk • Mar 09
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: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks 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). Significant insider selling over the past 3 months (R9.4m sold). Buy Or Sell Opportunity • Mar 03
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to R33.30. The fair value is estimated to be R43.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has declined by 47%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 195% in the next 2 years. New Risk • Feb 18
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: R5.8m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (1.7% net profit margin). Significant insider selling over the past 3 months (R5.8m sold). Recent Insider Transactions • Feb 17
Non-Executive Director recently sold R5.4m worth of stock On the 13th of February, Loyiso Dotwana sold around 130k shares on-market at roughly R41.46 per share. This transaction amounted to 8.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R5.0m more than they bought in the last 12 months. Recent Insider Transactions • Jan 13
Non-Executive Director recently sold R440k worth of stock On the 9th of January, Loyiso Dotwana sold around 10k shares on-market at roughly R44.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought R392k more than they sold in the last 12 months. New Risk • Dec 25
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 7.5% 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 Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (1.7% net profit margin). Recent Insider Transactions • Dec 12
COO of Mining & Executive Director recently bought R84k worth of stock On the 10th of December, Marthinus Odendaal bought around 2k shares on-market at roughly R38.00 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. Despite this recent purchase, insiders have collectively sold R1.3m more in shares than they bought in the last 12 months. Upcoming Dividend • Nov 12
Upcoming dividend of R0.20 per share Eligible shareholders must have bought the stock before 19 November 2025. Payment date: 24 November 2025. Payout ratio is a comfortable 33% but the company is paying out more than the cash it is generating. Trailing yield: 0.8%. Lower than top quartile of South African dividend payers (7.9%). Lower than average of industry peers (3.5%). Price Target Changed • Oct 28
Price target increased by 9.4% to R52.50 Up from R48.00, the current price target is provided by 1 analyst. New target price is 19% above last closing price of R44.07. Stock is down 34% over the past year. The company is forecast to post earnings per share of R2.65 for next year compared to R0.63 last year. Declared Dividend • Oct 26
First half dividend of R0.20 announced Shareholders will receive a dividend of R0.20. Ex-date: 19th November 2025 Payment date: 24th November 2025 Dividend yield will be 0.8%, which is lower than the industry average of 2.5%. Payout Ratios Payout ratio: 33%. Cash payout ratio: 89%. Buy Or Sell Opportunity • Oct 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.1% to R44.37. The fair value is estimated to be R56.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has declined by 20%. For the next 3 years, revenue is forecast to grow by 9.4% per annum. Earnings are also forecast to grow by 54% per annum over the same time period. Major Estimate Revision • Oct 08
Consensus EPS estimates fall by 26% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from R3.27 to R2.42 per share. Revenue forecast steady at R9.42b. Net income forecast to grow 288% next year vs 40% growth forecast for Basic Materials industry in South Africa. Consensus price target down from R52.30 to R48.00. Share price rose 11% to R42.38 over the past week. Major Estimate Revision • Sep 17
Consensus EPS estimates fall by 26% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from R4.42 to R3.27 per share. Revenue forecast steady at R9.40b. Net income forecast to grow 413% next year vs 42% growth forecast for Basic Materials industry in South Africa. Consensus price target down from R63.40 to R52.30. Share price rose 4.8% to R38.50 over the past week. New Risk • Sep 16
New major risk - Revenue and earnings growth Earnings have declined by 2.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.3% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (1.1% net profit margin). Major Estimate Revision • Jun 22
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from R5.63 to R4.42 per share. Revenue forecast steady at R9.43b. Net income forecast to grow 595% next year vs 36% growth forecast for Basic Materials industry in South Africa. Consensus price target down from R70.00 to R63.40. Share price fell 9.0% to R45.70 over the past week. Announcement • Jun 18
Afrimat Limited to Report Fiscal Year 2025 Final Results on Jul 23, 2025 Afrimat Limited announced that they will report fiscal year 2025 final results at 12:00 PM, South Africa Standard Time on Jul 23, 2025 Announcement • Jun 02
Afrimat Limited, Annual General Meeting, Jul 23, 2025 Afrimat Limited, Annual General Meeting, Jul 23, 2025. Recent Insider Transactions • May 29
COO of Mining & Executive Director recently bought R749k worth of stock On the 21st of May, Marthinus Odendaal bought around 2k shares on-market at roughly R499 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. Despite this recent purchase, insiders have collectively sold R1.3m more in shares than they bought in the last 12 months. Major Estimate Revision • May 22
Consensus revenue estimates fall by 19% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from R11.6b to R9.39b. EPS estimate fell from R7.60 to R5.63 per share. Net income forecast to grow 805% next year vs 42% growth forecast for Basic Materials industry in South Africa. Consensus price target down from R80.00 to R70.00. Share price was steady at R50.20 over the past week. Declared Dividend • May 18
Final dividend of R0.15 announced Shareholders will receive a dividend of R0.15. Ex-date: 4th June 2025 Payment date: 9th June 2025 Dividend yield will be 0.5%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 222% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 16
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: 1.1% Last year net profit margin: 13% 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 Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.1% net profit margin). Reported Earnings • May 16
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: R0.63 (down from R5.20 in FY 2024). Revenue: R8.32b (up 37% from FY 2024). Net income: R95.6m (down 88% from FY 2024). Profit margin: 1.1% (down from 13% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 88%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Basic Materials industry in Africa. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. New Risk • May 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 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. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported August 2024 fiscal period end). Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. New Risk • Mar 04
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Significant insider selling over the past 3 months (R2.2m sold). Announcement • Jan 15
Afrimat Limited Appoints Andre Smith as Permanent Deputy CFO Afrimat Limited shareholders are referred to the SENS announcement released on 31 August 2023 whereby Mr. Pieter de Wit, was appointed as the integration officer for purposes of the Lafarge South Africa Holdings Proprietary Limited transaction ("Lafarge Transaction") and Mr. Andre Smith was appointed as deputy CFO over this interim period. In recognition of his contributions and capabilities, Mr. Smith has been appointed as the permanent Deputy CFO of the Company, also effective immediately. New Risk • Dec 19
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: R2.2m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (R2.2m sold). Recent Insider Transactions • Dec 19
CFO & Director recently sold R2.2m worth of stock On the 13th of December, Pieter Gabriel de Wit sold around 30k shares on-market at roughly R71.10 per share. This transaction amounted to 7.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Pieter Gabriel has been a net seller over the last 12 months, reducing personal holdings by R3.4m. Upcoming Dividend • Nov 13
Upcoming dividend of R0.10 per share Eligible shareholders must have bought the stock before 20 November 2024. Payment date: 25 November 2024. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of South African dividend payers (7.9%). Lower than average of industry peers (4.4%). Recent Insider Transactions • Nov 05
Independent Non-Executive Director recently bought R1.7m worth of stock On the 29th of October, Nicolaas Abraham Kruger bought around 25k shares on-market at roughly R67.53 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold R1.6m more in shares than they bought in the last 12 months. Reported Earnings • Oct 28
First half 2025 earnings released: EPS: R2.32 (vs R2.54 in 1H 2024) First half 2025 results: EPS: R2.32 (down from R2.54 in 1H 2024). Revenue: R4.10b (up 44% from 1H 2024). Net income: R351.0m (down 7.4% from 1H 2024). Profit margin: 8.6% (down from 13% in 1H 2024). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Basic Materials industry in Africa. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Price Target Changed • Oct 27
Price target decreased by 11% to R80.00 Down from R90.00, the current price target is provided by 1 analyst. New target price is 20% above last closing price of R66.72. Stock is up 30% over the past year. The company is forecast to post earnings per share of R5.05 for next year compared to R5.20 last year. Declared Dividend • Oct 27
First half dividend reduced to R0.10 Dividend of R0.10 is 75% lower than last year. Ex-date: 20th November 2024 Payment date: 25th November 2024 Dividend yield will be 2.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 103% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Oct 24
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Announcement • Oct 24
Afrimat Limited Announces Interim Gross Dividend for the Six Months Ended 31 August 2024, Payable on 25 November 2024 Afrimat Limited announced that an interim gross dividend, No. 35 of 10,0 cents per share, in respect of the six months ended 31 August 2024, was declared by the Board on 23 October 2024. Commence trading ex-dividend is 20 November 2024. Record date is 22 November 2024 and Dividend payable date is 25 November 2024. Announcement • Oct 09
Afrimat Limited Provides Earnings Guidance for the Six-Month Period Ended 31 August 2024 Afrimat Limited provided earnings guidance for the six-month period ended 31 August 2024. For the period,the company earnings per share (EPS) is expected to be between 243.7 cents and 218.3 cents representing a decrease of between 4% and 14% compared to EPS of 253.9 cents reported for the period ended 31 August 2023; and headline earnings per share (HEPS) is expected to be between 65.9 cents and 39.5 cents representing a decrease of between 75% and 85% compared to HEPS of 263.4 cents reported for the period 31 August 2023. Recent Insider Transactions • Aug 30
COO of Mining & Executive Director recently sold R535k worth of stock On the 27th of August, Marthinus Odendaal sold around 8k shares on-market at roughly R66.90 per share. This transaction amounted to 1.9% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth R1.0m. Insiders have been net sellers, collectively disposing of R3.3m more than they bought in the last 12 months. Recent Insider Transactions • Jul 09
Executive Director recently sold R1.0m worth of stock On the 3rd of July, Collin Ramukhubathi sold around 14k shares on-market at roughly R73.70 per share. This transaction amounted to 5.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R2.9m more than they bought in the last 12 months. New Risk • Jul 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.0% 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. This is currently the only risk that has been identified for the company. Recent Insider Transactions Derivative • Jun 18
COO of Mining & Executive Director exercised options to buy R3.9m worth of stock. On the 14th of June, Marthinus Odendaal exercised options to buy 56k shares at a strike price of around R68.05, costing a total of R3.8m. This transaction amounted to 15% of their direct individual holding at the time of the trade. Since June 2023, Marthinus' direct individual holding has decreased from 371.98k shares to 371.48k. Company insiders have collectively bought R7.3m more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • May 19
Final dividend increased to R1.54 Dividend of R1.54 is 40% higher than last year. Ex-date: 5th June 2024 Payment date: 10th June 2024 Dividend yield will be 2.8%, which is higher than the industry average of 2.5%. Reported Earnings • May 17
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: R5.20 (up from R4.57 in FY 2023). Revenue: R6.08b (up 24% from FY 2023). Net income: R788.7m (up 19% from FY 2023). Profit margin: 13% (in line with FY 2023). Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) missed analyst estimates by 7.5%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Basic Materials industry in Africa. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • May 17
Afrimat Limited Declares Final Gross Dividend for the Year Ended 29 February 2024, Payable on 10 June 2024 Afrimat Limited announced that notice is hereby given that a final gross dividend, No. 34 of 154.0 cents per share, in respect of the year ended 29 February 2024, was declared on 15 May 2024. The total dividend payable is ZAR 245.9 million (2023: ZAR 175.7 million). The Board has confirmed by resolution that the solvency and liquidity test as contemplated by the Companies Act, No. 71 of 2008, has been duly considered, applied and satisfied. This is a dividend as defined in the Income Tax Act, 1962, and is payable from income reserves. The South African dividend tax rate is 20,0%. The net dividend payable to shareholders who are subject to dividend tax and shareholders who are exempt from dividend tax is 123.2 cents and 154.0 cents per share, respectively. Last day to trade cum dividend is 4 June 2024. Commence trading ex-dividend is 5 June 2024. Record date is 7 June 2024. Dividend payable on 10 June 2024. Share certificates may not be dematerialised or rematerialised between 5 June 2024 and 7 June 2024, both dates inclusive. New Risk • May 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 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 August 2023 fiscal period end). Shareholders have been diluted in the past year (2.3% increase in shares outstanding). New Risk • Apr 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% 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. This is currently the only risk that has been identified for the company. Announcement • Apr 16
Afrimat Limited to Report Fiscal Year 2024 Results on May 15, 2024 Afrimat Limited announced that they will report fiscal year 2024 results on May 15, 2024 Recent Insider Transactions • Feb 11
COO of Mining & Executive Director recently bought R122k worth of stock On the 8th of February, Marthinus Odendaal bought around 2k shares on-market at roughly R61.02 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. Despite this recent purchase, insiders have collectively sold R1.9m more in shares than they bought in the last 12 months. Recent Insider Transactions • Jan 28
CFO & Director recently sold R1.2m worth of stock On the 24th of January, Pieter Gabriel de Wit sold around 20k shares on-market at roughly R61.91 per share. This transaction amounted to 4.7% 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 Pieter Gabriel's only on-market trade for the last 12 months. Upcoming Dividend • Nov 15
Upcoming dividend of R0.40 per share at 2.7% yield Eligible shareholders must have bought the stock before 22 November 2023. Payment date: 27 November 2023. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of South African dividend payers (9.4%). Lower than average of industry peers (4.5%). Reported Earnings • Oct 30
First half 2024 earnings released: EPS: R2.54 (vs R2.52 in 1H 2023) First half 2024 results: EPS: R2.54 (up from R2.52 in 1H 2023). Revenue: R2.84b (up 9.6% from 1H 2023). Net income: R379.1m (up 7.0% from 1H 2023). Profit margin: 13% (in line with 1H 2023). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Oct 05
An undisclosed buyer acquired unknown minority stake in Afrimat Limited (JSE:AFT) from Public Investment Corporation Limited. An undisclosed buyer acquired unknown minority stake in Afrimat Limited (JSE:AFT) from Public Investment Corporation Limited on October 4, 2023. Post completion of the acquisition, Public Investment Corporation Limited holds 19.279% of the Company’s total issued ordinary share capital.
An undisclosed buyer completed the acquisition of unknown minority stake in Afrimat Limited (JSE:AFT) from Public Investment Corporation Limited on October 4, 2023. Recent Insider Transactions • Sep 03
COO of Mining & Executive Director recently sold R149k worth of stock On the 29th of August, Marthinus Odendaal sold around 3k shares on-market at roughly R59.73 per share. This transaction amounted to less than 1% 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 • Sep 01
Afrimat Limited Announces Executive Changes Afrimat shareholders are referred to the SENS announcement released on 20 June 2023 in relation to the acquisition of Lafarge South Africa Holdings Proprietary Limited. Given the complexity and importance of the successful implementation of the Transaction and the integration of LSA into the Afrimat group, the board will temporarily appoint the current chief financial officer ("CFO") and financial director, Mr. Pieter de Wit, as the integration officer for the Transaction when it becomes unconditional, for a period of circa 6 to 10 months. Whilst acting as the integration officer for the Transaction, Mr. Pieter de Wit will remain as the CFO and financial director of Afrimat and will ultimately remain responsible for the financial functions and obligations of Afrimat. In order to assist Mr. Pieter de Wit, with his CFO and financial director duties over this period, certain of his day-to-day responsibilities and duties will be delegated to Mr. Andre Smith, a qualified CA(SA) who will be appointed as deputy CFO over this interim period. Mr. Smith has been involved in the finance function at Afrimat for the past 17 years and will be supported by a highly competent finance team. Recent Insider Transactions Derivative • Jul 06
COO of Mining & Executive Director exercised options to buy R3.2m worth of stock. On the 30th of June, Marthinus Odendaal exercised 80.00k options at around R26.79, then sold 25.19k of them at R62.65 each and kept the remainder. Since March 2023, Marthinus has owned 291.98k shares directly. Company insiders have collectively bought R17m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jun 27
Afrimat Limited, Annual General Meeting, Aug 02, 2023 Afrimat Limited, Annual General Meeting, Aug 02, 2023, at 14:00 South Africa Standard Time. Location: Protea Hotel, Durbanville, 99 Jip De Jager Drive Vineyards Office Estate, Tyger Valley Durbanville South Africa Announcement • Jun 22
Afrimat Limited (JSE:AFT) entered into a share purchase agreement to acquire Lafarge South Africa (Pty) Ltd. from Caricement BV for approximately ZAR 1 billion. Afrimat Limited (JSE:AFT) entered into a share purchase agreement to acquire Lafarge South Africa (Pty) Ltd. from Caricement BV for approximately ZAR 1 billion on June 19, 2023. Afrimat also agreed to repay Lafarge loan owning to Caricement equating ZAR 900 million. The transaction is subject to competition authorities, minister of mineral resources and energy of south Africia, the financial surveillance department of south african reserve bank. For period ended December 31, 2022, Lafarge reported Net asset of ZAR 1.4 billion. Upcoming Dividend • May 31
Upcoming dividend of R1.10 per share at 2.9% yield Eligible shareholders must have bought the stock before 07 June 2023. Payment date: 12 June 2023. Trailing yield: 2.9%. Lower than top quartile of South African dividend payers (9.9%). Lower than average of industry peers (5.5%). Recent Insider Transactions Derivative • May 26
CEO & Executive Director exercised options to buy R7.1m worth of stock. On the 22nd of May, Andries van Heerden exercised options to buy 135k shares at a strike price of around R52.30, costing a total of R7.1m. This transaction amounted to 2.6% of their direct individual holding at the time of the trade. Since March 2023, Andries has owned 4.35m shares directly. Company insiders have collectively bought R17m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • May 19
Afrimat Limited Declares Final Gross Dividend in Respect of the Year Ended 28 February 2023, Payable on 12 June 2023 Afrimat Limited declared a final gross dividend, No. 32 of 110.0 cents per share, in respect of the year ended 28 February 2023, was on 17 May 2023. The total dividend payable is ZAR 175.7 million (2022: ZAR 213.7 million). The Board has confirmed that the solvency and liquidity test as contemplated by the Companies Act, No. 71 of 2008, has been duly considered, applied and satisfied. This is a dividend as defined in the Income Tax Act, 1962, and is payable from income reserves. The South African dividend tax rate is 20.0%. The net dividend payable to shareholders who are subject to dividend tax and shareholders who are exempt from dividend tax is 88.0 cents and 110.0 cents per share, respectively. Last day to trade cum dividend is 6 June 2023. Commence trading ex-dividend is 7 June 2023. Record date is 9 June 2023. Dividend payable date is 12 June 2023. Announcement • Jan 28
Afrimat Limited Appoints Nicolaas Kruger as A Non-Executive Board Member, with effect from 1 February 2023 Afrimat Limited announce the appointment of Mr. Nicolaas Kruger as a non-executive board member with effect from 1 February 2023. Nicolaas holds a BCom (Mathematics, cum laude), is a Fellow of the Faculty of Actuaries (FFA) and a Fellow of the Actuarial Society of South Africa (FASSA). He completed an Advanced Management Programme at Oxford and is a qualified Chartered Director (CD(SA)). Nicolaas is an accomplished business executive with more than 30 years' experience. He has strong financial, risk management and actuarial skills, combined with strategic business acumen. Nicolaas has extensive experience playing an active role on boards and governance forums. He currently serves as a non-executive director of Sanlam Group, GeneralReinsurance Africa (Gen Re), Granor Passi, Griekwaland Wes Korporatief (GWK) (chairman), Brenn-O-Kem (chairman) and various private companies. Nicolaas served as CEO of Momentum Metropolitan Holdings for several years (up to the beginning of 2018). Upcoming Dividend • Nov 16
Upcoming dividend of R0.40 per share Eligible shareholders must have bought the stock before 23 November 2022. Payment date: 28 November 2022. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of South African dividend payers (8.7%). Lower than average of industry peers (6.6%). Reported Earnings • Oct 28
First half 2023 earnings released: EPS: R2.52 (vs R2.92 in 1H 2022) First half 2023 results: EPS: R2.52 (down from R2.92 in 1H 2022). Revenue: R2.60b (up 7.2% from 1H 2022). Net income: R354.2m (down 12% from 1H 2022). Profit margin: 14% (down from 17% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Oct 14
Afrimat Limited to Report Q2, 2023 Results on Oct 27, 2022 Afrimat Limited announced that they will report Q2, 2023 results on Oct 27, 2022 Recent Insider Transactions • Aug 08
Independent Non-Executive Director recently bought R259k worth of stock On the 2nd of August, Jacobus van der Merwe bought around 5k shares on-market at roughly R51.70 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold R12m more in shares than they bought in the last 12 months. Announcement • Jun 25
Afrimat Limited, Annual General Meeting, Aug 03, 2022 Afrimat Limited, Annual General Meeting, Aug 03, 2022, at 14:00 South Africa Standard Time. Location: Protea Hotel, Durbanville, 99 Jip De Jager Drive Vineyards Office Estate, Tyger Valley, 7530 Cape Town South Africa Upcoming Dividend • Jun 01
Upcoming dividend of R1.46 per share Eligible shareholders must have bought the stock before 08 June 2022. Payment date: 13 June 2022. Trailing yield: 2.4%. Lower than top quartile of South African dividend payers (7.9%). Lower than average of industry peers (5.9%). Announcement • Apr 27
Afrimat Limited Appoints Sisanda Tuku as Non-Executive Board Member The board of directors of Afrimat Limited announced shareholders of the following changes to the board and its audit and risk committee with effect from 1 May 2022: The board announced the appointment of Ms. Sisanda Tuku (Ms Tuku) as a non-executive board member. Ms. Tuku has been appointed as a member of the audit and risk committee of the company. Ms. Tuku is currently the chief executive officer of THEZA Capital (Pty) Ltd. Announcement • Apr 12
Afrimat Limited to Report Fiscal Year 2022 Results on May 19, 2022 Afrimat Limited announced that they will report fiscal year 2022 results on May 19, 2022 Recent Insider Transactions Derivative • Mar 01
CEO & Executive Director exercised options to buy R3.7m worth of stock. On the 25th of February, Andries van Heerden exercised options to buy 58k shares at a strike price of around R66.37, costing a total of R3.8m. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. Since June 2021, Andries' direct individual holding has increased from 4.95m shares to 5.04m. Company insiders have collectively bought R5.7m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Jan 26
Independent Chairman recently sold R12m worth of stock On the 21st of January, Marthinus von Wielligh sold around 200k shares on-market at roughly R60.20 per share. This was the largest sale by an insider in the last 3 months. This was Marthinus' only on-market trade for the last 12 months. Announcement • Dec 11
Afrimat Limited (JSE:AFT) agreed to acquire Glenover Phosphate (Pty) Ltd from Fer-Min-Ore Proprietary Limited and others for ZAR 550 million. Afrimat Limited (JSE:AFT) agreed to acquire Glenover Phosphate (Pty) Ltd from Fer-Min-Ore Proprietary Limited and others for ZAR 550 million on December 8, 2021. The consideration consisting of ZAR 300 million for the assets and an option at Afrimat’s sole discretion, to purchase 100% of Glenover’s shares for ZAR 250 million. This dedicated project team is planning to commence mining operations as soon as all the statutory approvals have been received and the business plan is approved. Recent Insider Transactions Derivative • Dec 03
CFO & Director exercised options to buy R1.9m worth of stock. On the 30th of November, Pieter Gabriel de Wit exercised options to buy 36k shares at a strike price of around R51.25, costing a total of R1.8m. This transaction amounted to 14% of their direct individual holding at the time of the trade. Since March 2021, Pieter Gabriel's direct individual holding has increased from 209.33k shares to 247.75k. Company insiders have collectively bought R13m more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Nov 24
Upcoming dividend of R0.40 per share Eligible shareholders must have bought the stock before 01 December 2021. Payment date: 06 December 2021. Trailing yield: 2.9%. Lower than top quartile of South African dividend payers (7.6%). Lower than average of industry peers (4.4%). Recent Insider Transactions • Nov 16
Independent Non-Executive Director recently bought R128k worth of stock On the 10th of November, Jacobus van der Merwe bought around 3k shares on-market at roughly R51.00 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold R4.5m more in shares than they bought in the last 12 months. Recent Insider Transactions Derivative • Nov 12
CEO & Executive Director exercised options to buy R8.6m worth of stock. On the 9th of November, Andries van Heerden exercised options to buy 166k shares at a strike price of around R51.70, costing a total of R8.6m. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. Since March 2021, Andries has owned 4.95m shares directly. Company insiders have collectively bought R9.6m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Nov 10
First half 2022 earnings released: EPS R2.92 (vs R1.84 in 1H 2021) The company reported a solid first half result with improved earnings and revenues, although profit margins were flat. First half 2022 results: Revenue: R2.42b (up 55% from 1H 2021). Net income: R402.1m (up 62% from 1H 2021). Profit margin: 17% (in line with 1H 2021). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Aug 01
Key Executive recently sold R4.1m worth of stock On the 29th of July, Francois Louw sold around 70k shares on-market at roughly R59.00 per share. This was the largest sale by an insider in the last 3 months. This was Francois' only on-market trade for the last 12 months. Upcoming Dividend • Jun 08
Upcoming dividend of R1.12 per share Eligible shareholders must have bought the stock before 15 June 2021. Payment date: 21 June 2021. Trailing yield: 2.9%. Lower than top quartile of South African dividend payers (7.7%). Lower than average of industry peers (4.9%). Reported Earnings • May 31
Full year 2021 earnings released: EPS R4.44 (vs R3.42 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: R3.69b (up 12% from FY 2020). Net income: R601.3m (up 30% from FY 2020). Profit margin: 16% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • May 28
Afrimat Limited Announces Final Gross Dividend for the Year Ended February 28, 2021, Payable on 21 June 2021 Afrimat Limited announced that a final gross dividend, No 28 of 112,0 cents per share, in respect of the year ended 28 February 2021, was declared on 26 May 2021. There are 146,144,764 shares in issue at reporting date,of which 8,545,257 are held in treasury. The total dividend payable is ZAR 163,7 million (2020: ZAR 116,0 million). The Board has confirmed by resolution that the solvency and liquidity test as contemplated by the Companies Act, No 71 of 2008 has been duly considered, applied and satisfied. Last day to trade cum dividend is 14 June 2021. Record date is 18 June 2021. Payment date is 21 June 2021. Announcement • May 22
Afrimat Limited (JSE:AFT) agreed to acquire Gravenhage Manganese Mining RIght and Associated Assets from Rakana Consolidated Mines Pty Ltd and Aquila Steel (S Africa) Proprietary Limited in the Northern Cape for ZAR 650 million. Afrimat Limited (JSE:AFT) agreed to acquire Gravenhage Manganese Mining RIght and Associated Assets from Rakana Consolidated Mines Pty Ltd and Aquila Steel (S Africa) Proprietary Limited in the Northern Cape for ZAR 650 million on May 21, 2021. There are conditions precedent that include approval in terms of section 11 of the Mineral and Petroleum Resources Development Act, Competition Commission approval, the granting of a water use license, and approval having been obtained by Aquila Steel (S Africa) Proprietary Limited from the Chinese State-owned Assets Supervision and Administration Commission of the State Council (“SASAC”) for the sale of the assets and the assumption of the assumed liabilities as contemplated in the agreement. Announcement • Mar 06
On behalf of clients, Public Investment Corporation SOC Limited acquired an unknown stake in Afrimat Limited (JSE:AFT). On behalf of clients, Public Investment Corporation SOC Limited acquired an unknown stake in Afrimat Limited (JSE:AFT) on March 4, 2021. Stake held by Public Investment Corporation SOC, on behalf of its clients amounts to 7.213% in Afrimat.
On behalf of clients, Public Investment Corporation SOC Limited completed the acquisition of an unknown stake in Afrimat Limited (JSE:AFT) on March 4, 2021.