Announcement • Oct 07
Multichoice Entity LicenceCo Announces Executive and Board Appointments Former Independent Communications Authority of South Africa (ICASA) CEO and MTN executive, Willington Ngwepe, has been appointed as CEO of the newly-created LicenceCo, the holder of South Africa's subscription broadcasting licence for DStv. The company also announced the appointment of its board of directors 06 October 2025. The company announced that as part of the merger between Canal+ and MultiChoice Group, and in compliance with the Electronic Communications Act, LicenceCo has been established as a distinct and independent entity, separate from MultiChoice Group. In line with this development, LicenceCo has announced the appointment of its board of directors, which will provide strategic oversight and governance for the newly-formed company. The board comprises Dr Sizeka Magwentshu-Rensburg, who will serve as chair; Sonja de Bruyn (nominated by IPIC), David Mignot (nominated by MultiChoice Group), Lerato Pule (nominated by Phuthuma Nathi as its interim representative), and Calvo Mawela (nominated by MultiChoice Group). Furthermore, former Telkom CEO Sipho Maseko has been appointed as a board observer in accordance with the shareholders agreement, representing 13th Avenue. It adds that Ngwepe has been appointed as CEO of MultiChoice (LicenceCo), effective 1 October. According to the company, Ngwepe brings extensive executive leadership and regulatory experience to the role. His most recent role was executive head of regulatory affairs at MultiChoice Group, where he played a central role in guiding the company's engagement with regulatory authorities, including the approvals process for the Canal+ transaction across Africa, it says. Prior to joining MultiChoice in July 2024, Ngwepe was chief of staff to the group president and CEO at MTN Group. He is also most widely recognised for his tenure at ICASA, where he served for eight years, including as CEO. Among his most notable achievements at ICASA, was leading the successful auction of high-demand spectrum — a milestone that accelerated 5G rollout in South Africa. Board Change • Oct 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Executive Chair Maxime Saada 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 • Sep 03
UBS Group AG (SWX:UBSG) acquired an unknown minority stake in MultiChoice Group Limited (JSE:MCG). UBS Group AG (SWX:UBSG) acquired an unknown minority stake in MultiChoice Group Limited (JSE:MCG) on September 3, 2025. UBS now holds 6.10% of MultiChoice Group’s total ordinary shares in issue.
UBS Group AG (SWX:UBSG) completed the acquisition of an unknown minority stake in MultiChoice Group Limited (JSE:MCG) on September 3, 2025. Announcement • Aug 27
Multichoice Group Limited Approves Appointment of Social and Ethics Committee Members MultiChoice Group Limited announced that at its AGM held on 27 August 2025 appointment of social and ethics committee members, which includes Christine Mideva, Sabwa, who serves as the chair of the committee, Calvo Phedi Mawela, Kgomotso Ditsebe, Moroka, Timothy Neil Jacobs, and Dr. Fatai Adegboyega Sanusi. Announcement • Jun 13
MultiChoice Group Limited, Annual General Meeting, Aug 26, 2025 MultiChoice Group Limited, Annual General Meeting, Aug 26, 2025. New Risk • Jun 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Reported Earnings • Jun 12
Full year 2025 earnings released: EPS: R2.79 (vs R9.35 loss in FY 2024) Full year 2025 results: EPS: R2.79 (up from R9.35 loss in FY 2024). Revenue: R50.8b (down 9.3% from FY 2024). Net income: R1.19b (up R5.17b from FY 2024). Profit margin: 2.4% (up from net loss in FY 2024). Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Global Media industry. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Jun 06
MultiChoice Group Limited Provides Group Earnings Guidance for the Year Ended 31 March 2025 MultiChoice Group Limited provided group earnings guidance for the year ended 31 March 2025. For the period, the company expects earnings per share to be in the range of +1,197 cents to +1,234 cents. New Risk • Jun 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Negative equity (-R2.7b). Latest financial reports are more than 6 months old (reported September 2024 fiscal period end). Announcement • May 21
MultiChoice Group Limited to Report Fiscal Year 2025 Results on Jun 11, 2025 MultiChoice Group Limited announced that they will report fiscal year 2025 results at 1:00 PM, South Africa Standard Time on Jun 11, 2025 Price Target Changed • Mar 24
Price target increased by 7.8% to R125 Up from R116, the current price target is provided by 1 analyst. New target price is 14% above last closing price of R109. Stock is down 2.0% over the past year. The company posted a net loss per share of R9.35 last year. New Risk • Mar 24
New major risk - Revenue and earnings growth Earnings have declined by 62% 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 62% per year over the past 5 years. Minor Risk Negative equity (-R2.7b). Price Target Changed • Jan 23
Price target decreased by 10.0% to R109 Down from R121, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of R112. The company posted a net loss per share of R9.35 last year. Reported Earnings • Nov 15
First half 2025 earnings released: R4.21 loss per share (vs R3.10 loss in 1H 2024) First half 2025 results: R4.21 loss per share (further deteriorated from R3.10 loss in 1H 2024). Revenue: R25.4b (down 10% from 1H 2024). Net loss: R1.80b (loss widened 36% from 1H 2024). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Global Media industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. New Risk • Nov 13
New minor risk - Negative shareholders equity The company has negative equity. Total equity: -R2.7b This is considered a minor risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. It should be noted that some of the negative equity could be due to large buybacks of stock, which is not as much of a risk as a company with overwhelming debt, but likewise is not sustainable in the long-term. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Aug 23
Now 20% overvalued Over the last 90 days, the stock has fallen 3.3% to R112. The fair value is estimated to be R93.01, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jul 04
MultiChoice Group Limited to Report First Half, 2025 Results on Nov 12, 2024 MultiChoice Group Limited announced that they will report first half, 2025 results on Nov 12, 2024 Announcement • Jun 15
MultiChoice Group Limited, Annual General Meeting, Aug 27, 2024 MultiChoice Group Limited, Annual General Meeting, Aug 27, 2024. Reported Earnings • Jun 13
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: R9.35 loss per share (further deteriorated from R8.15 loss in FY 2023). Revenue: R56.0b (down 5.4% from FY 2023). Net loss: R3.97b (loss widened 14% from FY 2023). Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Global Media industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. Announcement • May 24
MultiChoice Group Limited to Report Fiscal Year 2024 Results on Jun 12, 2024 MultiChoice Group Limited announced that they will report fiscal year 2024 results at 7:00 AM, Eastern Standard Time on Jun 12, 2024 Price Target Changed • May 05
Price target increased by 38% to R121 Up from R87.25, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of R119. Stock is up 8.1% over the past year. The company is forecast to post a net loss per share of R2.36 next year compared to a net loss per share of R8.15 last year. Announcement • Feb 07
CANAL + SA cancelled the acquisition of remaining 68.24% stake in MultiChoice Group Limited (JSE:MCG). CANAL + SA made a non-binding intention to acquire remaining 68.24% stake in MultiChoice Group Limited (JSE:MCG) for ZAR 30.4 billion on February 1, 2024. The offer price per share is ZAR 105.
CANAL + SA cancelled the acquisition of remaining 68.24% stake in MultiChoice Group Limited (JSE:MCG) on February 5, 2024. The transaction was cancelled because after careful consideration, the Board has concluded that the proposed offer price of ZAR 105 in cash significantly undervalues the Group and its future prospects. Morgan Stanley South Africa (Proprietary) Limited acted as a financial advisor to MultiChoice Group Limited. Price Target Changed • Feb 02
Price target decreased by 16% to R87.25 Down from R104, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of R90.30. The company is forecast to post a net loss per share of R2.36 next year compared to a net loss per share of R8.15 last year. New Risk • Feb 01
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 8.9% 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. This is currently the only risk that has been identified for the company. Announcement • Feb 01
CANAL + SA made a non-binding intention to acquire remaining 68.24% stake in MultiChoice Group Limited (JSE:MCG) for for ZAR 30.4 billion. CANAL + SA made a non-binding intention to acquire remaining 68.24% stake in MultiChoice Group Limited (JSE:MCG) for ZAR 30.4 billion on February 1, 2024. The offer price per share is ZAR is 105. Announcement • Jan 19
MultiChoice Appoints Andrea Zappia as Chairman of Showmax Multichoice Group has appointed former Sky executive Andrea Zappia as the Chairman of its streaming platform Showmax. Zappia, a seasoned executive, played a pivotal role in shaping Sky Italia since joining in 2003, particularly after the acquisition of Telepiu. His leadership journey at Sky includes serving as CEO of Sky Italia in 2011 and later expanding his role in 2018 to Chief Executive Officer, Continental Europe, overseeing Sky's operations in Italy, Germany, Austria, and Switzerland. In 2020, he assumed the position of Sky's Executive Vice President and Chief Executive Officer, New Markets and Businesses. Zappia's career trajectory includes early roles at multinational company Procter & Gamble, followed by significant positions such as Global Sales and Marketing Director for Ferrari and Maserati and Vice President of Marketing and Product Development worldwide at Fila before joining Sky. Reported Earnings • Nov 17
First half 2024 earnings released: R3.10 loss per share (vs R0.60 loss in 1H 2023) First half 2024 results: R3.10 loss per share (further deteriorated from R0.60 loss in 1H 2023). Revenue: R28.3b (down 1.1% from 1H 2023). Net loss: R1.32b (loss widened 412% from 1H 2023). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Global Media industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Announcement • Nov 17
MultiChoice Group Limited Announces Remuneration Committee Changes MultiChoice Group Limited announced Mr. Jim Volkwyn has decided to step down as chair of the MultiChoice remuneration committee with effect from 31 March 2024. He will remain a member of the remuneration committee. Shareholders are advised that Ms Deborah (Debbie) Klein has been appointed as chair of the Company's remuneration committee with effect from 1 April 2024. Debbie Klein, a current member of the remuneration committee, is a seasoned human resources practitioner with extensive knowledge in rewards, remuneration bench-marking, and other related human resources business, thus making her the most suitable candidate for the role. Announcement • Nov 09
MultiChoice Group Limited Announces Changes to the Board of Directors MultiChoice Group Limited announced that Mr. Imtiaz Patel, the Chair of the board of directors (‘Board’), will be stepping down from the Board with effect from 31 March 2024. Mr. Patel will be replaced as Chair by Mr. Elias Masilela, a long-standing independent member of the Board, with effect from 1 April 2024. Mr. Patel is currently serving as a non-independent non-executive Chair. Given shareholder preference for an independent Chair, it was always envisaged that Mr. Patel would step down at the appropriate time once a suitable replacement as independent Chair had been identified. Mr. Masilela is an excellent and experienced successor. He is also the Chair of the board of Sanlam and is a former board member of the South African Reserve Bank and Government Employee Pension Fund. The Group has ensured that Mr. Patel's institutional knowledge and valuable relationships will not be lost to it. He will remain involved in assisting the Group on a consultancy basis until October 2028. His involvement will include Showmax, SuperSport and other operational areas. Announcement • Nov 01
MultiChoice Group Limited to Report First Half, 2024 Results on Nov 15, 2023 MultiChoice Group Limited announced that they will report first half, 2024 results on Nov 15, 2023 Announcement • Sep 13
MultiChoice Group Limited Announces Board Changes MultiChoice Group Limited announced that Mr. Imtiaz Patel, the Chair of the board of directors, will be stepping down from the Board with effect from 31 March 2024. Mr. Patel will be replaced as Chair by Mr. Elias Masilela, a long-standing independent member of the Board, with effect from 1 April 2024. Mr. Patel is currently serving as a non-independent non-executive Chair. Given shareholder preference for an independent Chair, it was always envisaged that Mr. Patel would step down at the appropriate time once a suitable replacement as independent Chair had been identified. Mr. Masilela is an excellent and experienced successor. He is also the Chair of the board of Sanlam and is a former board member of the South African Reserve Bank and Government Employee Pension Fund. The Group has ensured that Mr. Patel's institutional knowledge and valuable relationships will not be lost to it. He will remain involved in assisting the Group on a consultancy basis until October 2028. His involvement will include Showmax, SuperSport and other operational areas. Announcement • Aug 25
MultiChoice Group Limited Announces Executive Appointments MultiChoice Group Limited announced the appointments of Mr. Andrea Zappia and Ms Deborah Klein as independent non-executive directors of the Company with effect from 1 September 2023 were approved at the abovementioned AGM. Shareholders are further advised that Ms Deborah Klein will also be appointed as a member of the Company's remuneration committee with effect from 1 September 2023. Announcement • Aug 06
MultiChoice Group Limited Provides Earnings Guidance for the Year Ended 31 March 2023 MultiChoice Group Limited provided earnings guidance for the year ended 31 March 2023. For the period, the company announced that Trading profit is expected to be between 0% and 5% (ZAR0.5bn) lower than the ZAR 10.3bn reported for the year ended 31 March 2022. Compared to Fiscal year 2022, the Group expects earnings per share for Fiscal year 2023 to be between 1,126 ZAR cents and 1,142 ZAR cents lower (>100%) than the Fiscal year 2022 reported earnings per share of 318 ZAR cents. Announcement • Jul 01
MultiChoice Group Limited, Annual General Meeting, Aug 24, 2023 MultiChoice Group Limited, Annual General Meeting, Aug 24, 2023, at 11:00 South Africa Standard Time. Location: 144 Bram Fischer Drive Randburg South Africa Agenda: To consider and, if deemed fit, to pass with or without modification all the ordinary and special resolutions set out in the notice of AGM which forms part of the MultiChoice summarised consolidated financial statements and notice of AGM booklet (the AGM booklet) distributed to shareholders today. Reported Earnings • Jun 14
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: R8.15 loss per share (down from R3.18 profit in FY 2022). Revenue: R59.1b (up 7.1% from FY 2022). Net loss: R3.48b (down 356% from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 2.0% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Global Media industry. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Announcement • May 30
MultiChoice Group Limited to Report Fiscal Year 2023 Results on Jun 13, 2023 MultiChoice Group Limited announced that they will report fiscal year 2023 results at 1:00 PM, South Africa Standard Time on Jun 13, 2023 Price Target Changed • Apr 06
Price target decreased by 11% to R128 Down from R143, the current price target is an average from 3 analysts. New target price is 9.0% above last closing price of R117. Stock is down 12% over the past year. The company is forecast to post earnings per share of R3.16 for next year compared to R3.18 last year. Buying Opportunity • Mar 14
Now 26% undervalued Over the last 90 days, the stock is up 2.5%. The fair value is estimated to be R162, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Meanwhile, the company became loss making. Recent Insider Transactions • Mar 12
Non-Executive Chair recently sold R7.6m worth of stock On the 6th of March, Mohamed Imtiaz Patel sold around 53k shares on-market at roughly R144 per share. This transaction amounted to 100% 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 Mohamed Imtiaz's only on-market trade for the last 12 months. Major Estimate Revision • Nov 20
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from R57.7b to R58.9b. EPS estimate fell from R8.95 to R6.53 per share. Net income forecast to shrink 13% next year vs 8.7% growth forecast for Media industry in South Africa . Consensus price target down from R141 to R137. Share price fell 2.4% to R118 over the past week. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. Independent Non-Executive Director James Du Preez was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 31
Upcoming dividend of R5.65 per share Eligible shareholders must have bought the stock before 07 September 2022. Payment date: 12 September 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.9%. Lower than top quartile of South African dividend payers (8.9%). In line with average of industry peers (5.2%). Board Change • Aug 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. Independent Non-Executive Director James Du Preez was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 10
Full year 2022 earnings released: EPS: R318 (vs R5.06 in FY 2021) Full year 2022 results: EPS: R318. Revenue: R55.2b (up 3.6% from FY 2021). Net income: R1.36b (down 37% from FY 2021). Profit margin: 2.5% (down from 4.1% in FY 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.6%, compared to a 5.4% growth forecast for the industry in South Africa. Major Estimate Revision • Dec 11
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from R9.25 to R8.26 per share. Revenue forecast steady at R55.2b. Net income forecast to grow 301% next year vs 12% growth forecast for Media industry in South Africa. Consensus price target of R142 unchanged from last update. Share price was steady at R125 over the past week. Executive Departure • Dec 03
Non-Executive Director Francis Lehlohonolo Letele has left the company On the 1st of December, Francis Lehlohonolo Letele's tenure as Non-Executive Director ended after 3.0 years in the role. As of September 2021, Francis Lehlohonolo still personally held 88.84k shares (R10m worth at the time). A total of 3 executives have left over the last 12 months. Upcoming Dividend • Sep 01
Upcoming dividend of R5.65 per share Eligible shareholders must have bought the stock before 08 September 2021. Payment date: 13 September 2021. Trailing yield: 4.9%. Lower than top quartile of South African dividend payers (7.7%). In line with average of industry peers (5.1%). Executive Departure • Jun 19
Lead Independent Director Jabulane Mabuza has left the company On the 16th of June, Jabulane Mabuza's tenure as Lead Independent Director ended. We don't have any record of a personal shareholding under Jabulane's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 1.42 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Jun 13
Full year 2021 earnings released: EPS R506 (vs R1.17 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: R53.3b (up 3.8% from FY 2020). Net income: R2.16b (up 326% from FY 2020). Profit margin: 4.1% (up from 1.0% in FY 2020). Is New 90 Day High Low • Feb 24
New 90-day low: R124 The company is down 6.0% from its price of R132 on 26 November 2020. The South African market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R176 per share. Is New 90 Day High Low • Jan 08
New 90-day high: R140 The company is up 19% from its price of R118 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R168 per share. Is New 90 Day High Low • Oct 29
New 90-day high: R139 The company is up 30% from its price of R107 on 30 July 2020. The South African market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R145 per share. Is New 90 Day High Low • Oct 06
New 90-day high: R112 The company is up 5.0% from its price of R107 on 08 July 2020. The South African market is down 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R140 per share.