New Risk • Mar 10
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 102% Cash payout ratio: 129% Dividend yield: 14% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Upcoming Dividend • Mar 04
Upcoming dividend of R1.00 per share Eligible shareholders must have bought the stock before 11 March 2026. Payment date: 16 March 2026. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of South African dividend payers (7.0%). Lower than average of industry peers (6.5%). Upcoming Dividend • Feb 18
Upcoming dividend of R1.00 per share Eligible shareholders must have bought the stock before 25 February 2026. Payment date: 02 March 2026. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of South African dividend payers (7.0%). Lower than average of industry peers (6.4%). Upcoming Dividend • Nov 26
Upcoming dividend of R0.70 per share Eligible shareholders must have bought the stock before 03 December 2025. Payment date: 08 December 2025. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of South African dividend payers (7.6%). Lower than average of industry peers (6.8%). Announcement • Oct 29
Caxton and CTP Publishers and Printers Limited, Annual General Meeting, Dec 02, 2025 Caxton and CTP Publishers and Printers Limited, Annual General Meeting, Dec 02, 2025. Location: boardroom at caxton house, 368 jan smuts avenue, craighall park, johannesburg South Africa Declared Dividend • Sep 15
Dividend increased to R0.70 Dividend of R0.70 is 17% higher than last year. Ex-date: 3rd December 2025 Payment date: 8th December 2025 Dividend yield will be 5.7%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 22% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Sep 13
Caxton and CTP Publishers and Printers Limited announces Annual dividend, payable on December 08, 2025 Caxton and CTP Publishers and Printers Limited announced Annual dividend of ZAR 0.7000 per share payable on December 08, 2025, ex-date on December 03, 2025 and record date on December 05, 2025. Reported Earnings • Sep 12
Full year 2025 earnings released: EPS: R1.68 (vs R1.83 in FY 2024) Full year 2025 results: EPS: R1.68 (down from R1.83 in FY 2024). Revenue: R6.80b (up 2.3% from FY 2024). Net income: R599.7m (down 8.6% from FY 2024). Profit margin: 8.8% (down from 9.9% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 10
First half 2025 earnings released: EPS: R0.96 (vs R0.75 in 1H 2024) First half 2025 results: EPS: R0.96 (up from R0.75 in 1H 2024). Revenue: R3.63b (down 1.6% from 1H 2024). Net income: R345.0m (up 28% from 1H 2024). Profit margin: 9.5% (up from 7.3% in 1H 2024). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 9% per year. Upcoming Dividend • Nov 27
Upcoming dividend of R0.60 per share Eligible shareholders must have bought the stock before 04 December 2024. Payment date: 09 December 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of South African dividend payers (8.0%). Lower than average of industry peers (6.4%). Announcement • Oct 31
Caxton and CTP Publishers and Printers Limited, Annual General Meeting, Dec 03, 2024 Caxton and CTP Publishers and Printers Limited, Annual General Meeting, Dec 03, 2024. Location: caxton house, 368 jan smuts avenue, craighall park, South Africa Declared Dividend • Sep 09
Dividend of R0.60 announced Dividend of R0.60 is the same as last year. Ex-date: 4th December 2024 Payment date: 9th December 2024 Dividend yield will be 4.7%, which is higher than the industry average of 3.1%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 16% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 08
Full year 2024 earnings released Full year 2024 results: Revenue: R6.90b (down 1.1% from FY 2023). Net income: R655.8m (down 11% from FY 2023). Profit margin: 9.5% (down from 11% in FY 2023). Announcement • Sep 06
Caxton and CTP Publishers and Printers Limited Declares A Dividend for the Year Ended 30 June 2024, Payable on 9 December 2024 The Board of Caxton and CTP Publishers and Printers Limited has declared a dividend of 60.0 cents (2023: 60.0 cents) per ordinary share (gross) for the year ended 30 June 2024. The last date to trade in order to be eligible for the dividend will be 3 December 2024. Shares will trade ex-dividend from 4 December 2024. The record date will be 6 December 2024 and payment will be made on 9 December 2024. Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R12.00, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 7x in the Media industry in Africa. Total returns to shareholders of 70% over the past three years. Announcement • Mar 16
Caxton and CTP Publishers and Printers Limited (JSE:CAT) made an offer to acquire remaining stake in Cognition Holdings Limited (JSE:CGN) for ZAR 60 million. Caxton and CTP Publishers and Printers Limited (JSE:CAT) made an offer to acquire remaining stake in Cognition Holdings Limited (JSE:CGN) for ZAR 60 million on March 14, 2024. The consideration in terms of the offer is ZAR 1.07 per offer share payable in cash. The maximum scheme consideration will be ZAR 60.05 million. The offeror has confirmed to the company that sufficient cash resources are available for the payment of the scheme consideration in terms of the scheme. The scheme will be subject to the fulfilment of the following conditions precedent by June 30, 2024, or such later date as the offeror and the company may agree to in writing, approval of the scheme by the requisite majority of Cognition shareholders, the approval and the implementation of such resolution by the court as contemplated in section 115(3)(a) of the Act, expert having prepared and submitted a fair and reasonable opinion to the independent board and independent board having resolved to recommend acceptance of the scheme to the Cognition shareholders. The offeror confirms that it presently owns or controls 173.14 million ordinary shares in the Cognition , constituting 75.52% of its issued share capital. Fluxmans Attorneys acted as legal advisor and Bdo South Africa Incorporated acted as accountant to Cognition holdings Limited. Reported Earnings • Mar 11
First half 2024 earnings released: EPS: R0.75 (vs R1.06 in 1H 2023) First half 2024 results: EPS: R0.75 (down from R1.06 in 1H 2023). Revenue: R3.69b (down 3.3% from 1H 2023). Net income: R270.1m (down 30% from 1H 2023). Profit margin: 7.3% (down from 10.0% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 29
Upcoming dividend of R0.60 per share at 5.5% yield Eligible shareholders must have bought the stock before 06 December 2023. Payment date: 11 December 2023. Payout ratio is a comfortable 30% and the cash payout ratio is 80%. Trailing yield: 5.5%. Lower than top quartile of South African dividend payers (9.0%). Lower than average of industry peers (6.9%). Reported Earnings • Nov 03
Full year 2023 earnings released: EPS: R2.03 (vs R1.51 in FY 2022) Full year 2023 results: EPS: R2.03 (up from R1.51 in FY 2022). Revenue: R6.97b (up 17% from FY 2022). Net income: R733.8m (up 33% from FY 2022). Profit margin: 11% (up from 9.2% in FY 2022). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Announcement • Oct 31
Caxton and CTP Publishers and Printers Limited, Annual General Meeting, Dec 05, 2023 Caxton and CTP Publishers and Printers Limited, Annual General Meeting, Dec 05, 2023, at 10:00 South Africa Standard Time. Location: Caxton House, 368 Jan Smuts Avenue Craighall Park Johannesburg South Africa Recent Insider Transactions • Sep 18
CEO, Founder & Executive Director recently bought R515k worth of stock On the 13th of September, Terrence Moolman bought around 50k shares on-market at roughly R10.30 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Terrence 's only on-market trade for the last 12 months. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 6 highly experienced directors. MD of Western Cape Operations & Executive Director Leon Witbooi was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Mar 22
First half 2023 earnings released First half 2023 results: Revenue: R3.87b (up 27% from 1H 2022). Net income: R383.3m (up 63% from 1H 2022). Profit margin: 9.9% (up from 7.8% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Global Media industry. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R10.25, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 13x in the Media industry globally. Total returns to shareholders of 54% over the past three years. Upcoming Dividend • Nov 30
Upcoming dividend of R0.50 per share Eligible shareholders must have bought the stock before 07 December 2022. Payment date: 12 December 2022. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 5.2%. Lower than top quartile of South African dividend payers (8.6%). In line with average of industry peers (5.0%). Price Target Changed • Nov 16
Price target decreased to R14.00 Down from R15.57, the current price target is provided by 1 analyst. New target price is 48% above last closing price of R9.44. Stock is up 12% over the past year. The company posted earnings per share of R1.48 last year. Reported Earnings • Mar 13
First half 2022 earnings: EPS in line with analyst expectations despite revenue beat First half 2022 results: EPS: R0.64 (down from R1.09 in 1H 2021). Revenue: R3.04b (up 12% from 1H 2021). Net income: R235.9m (down 43% from 1H 2021). Profit margin: 7.8% (down from 15% in 1H 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.0%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 03
Full year 2021 earnings released: EPS R1.48 (vs R0.15 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: R5.22b (down 6.3% from FY 2020). Net income: R550.8m (up R607.4m from FY 2020). Profit margin: 11% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has fallen by 10% 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. Upcoming Dividend • Oct 20
Upcoming dividend of R0.50 per share Eligible shareholders must have bought the stock before 27 October 2021. Payment date: 02 November 2021. Trailing yield: 5.3%. Lower than top quartile of South African dividend payers (8.1%). Higher than average of industry peers (4.6%). Reported Earnings • Sep 23
Full year 2021 earnings released: EPS R1.48 (vs R0.15 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: R5.22b (down 6.3% from FY 2020). Net income: R550.8m (up R607.4m from FY 2020). Profit margin: 11% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improved over the past week After last week's 17% share price gain to R8.80, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 18x in the Media industry in Africa. Total returns to shareholders of 5.3% over the past three years. Reported Earnings • Mar 21
First half 2021 earnings released: EPS R1.09 (vs R0.44 in 1H 2020) The company reported a decent first half result with improved earnings and profit margins, although revenues were weaker. First half 2021 results: Revenue: R2.70b (down 19% from 1H 2020). Net income: R409.9m (up 143% from 1H 2020). Profit margin: 15% (up from 5.0% in 1H 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 12
New 90-day high: R6.79 The company is up 39% from its price of R4.87 on 11 December 2020. The South African market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is down 3.0% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: R5.80 The company is up 43% from its price of R4.05 on 09 October 2020. The South African market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 23
New 90-day high: R5.14 The company is up 28% from its price of R4.00 on 23 September 2020. The South African market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Media industry, which is up 46% over the same period. 
