Upcoming Dividend • Jun 10
Upcoming dividend of R0.086 per share Eligible shareholders must have bought the stock before 17 June 2026. Payment date: 22 June 2026. Payout ratio is a comfortable 5.2% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of South African dividend payers (7.7%). Lower than average of industry peers (7.9%). Announcement • May 20
Calgro M3 Holdings Limited announces Annual dividend, payable on June 22, 2026 Calgro M3 Holdings Limited announced Annual dividend of ZAR 0.0864 per share payable on June 22, 2026, ex-date on June 17, 2026 and record date on June 19, 2026. Reported Earnings • May 19
Full year 2026 earnings released: EPS: R1.67 (vs R1.72 in FY 2025) Full year 2026 results: EPS: R1.67 (down from R1.72 in FY 2025). Revenue: R893.2m (up 2.8% from FY 2025). Net income: R160.2m (down 2.9% from FY 2025). Profit margin: 18% (down from 19% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • May 18
Calgro M3 Holdings Limited, Annual General Meeting, Jun 25, 2026 Calgro M3 Holdings Limited, Annual General Meeting, Jun 25, 2026. Location: calgro m3 boardroom, calgro m3 building, ballywoods office park, 33 ballyclare drive, bryanston, sandton South Africa New Risk • May 01
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 Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Latest financial reports are more than 6 months old (reported August 2025 fiscal period end). Market cap is less than US$100m (R401.1m market cap, or US$24.1m). New Risk • Apr 15
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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (R460.4m market cap, or US$28.1m). Recent Insider Transactions • Feb 24
CFO & Executive Director recently bought R203k worth of stock On the 19th of February, Sayuri Naicker bought around 39k shares on-market at roughly R5.20 per share. This transaction amounted to 30% 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 Sayuri's only on-market trade for the last 12 months. Major Estimate Revision • Oct 18
Consensus revenue estimates fall by 21% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from R1.23b to R975.2m. EPS estimate fell from R2.15 to R1.67 per share. Net income forecast to grow 22% next year vs 45% growth forecast for Real Estate industry in South Africa. Consensus price target up from R8.60 to R9.00. Share price fell 6.5% to R5.20 over the past week. Reported Earnings • Oct 15
First half 2026 earnings released: EPS: R0.83 (vs R1.01 in 1H 2025) First half 2026 results: EPS: R0.83 (down from R1.01 in 1H 2025). Revenue: R460.0m (down 10% from 1H 2025). Net income: R79.9m (down 18% from 1H 2025). Profit margin: 17% (down from 19% in 1H 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Real Estate industry in Africa. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to R5.56, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 9x in the Real Estate industry in Africa. Total returns to shareholders of 89% over the past three years. Declared Dividend • May 14
Dividend reduced to R0.086 Dividend of R0.086 is 9.0% lower than last year. Ex-date: 28th May 2025 Payment date: 2nd June 2025 Dividend yield will be 1.7%, which is lower than the industry average of 8.8%. Sustainability & Growth Dividend is well covered by both earnings (4% earnings payout ratio) and cash flows (27% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. EPS is expected to grow by 51% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 13
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: R1.72 (down from R1.92 in FY 2024). Revenue: R868.9m (down 32% from FY 2024). Net income: R165.0m (down 16% from FY 2024). Profit margin: 19% (up from 15% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 21%. Earnings per share (EPS) also missed analyst estimates by 18%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 9.5% growth forecast for the Real Estate industry in Africa. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • May 12
Calgro M3 Holdings Limited, Annual General Meeting, Jun 25, 2025 Calgro M3 Holdings Limited, Annual General Meeting, Jun 25, 2025. Location: calgro m3 boardroom, calgro m3 building, ballywoods office park, 33 ballyclare drive, bryanston, sandton South Africa New Risk • May 02
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: Major Risk Debt is not well covered by operating cash flow (2.9% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported August 2024 fiscal period end). Share price has been volatile over the past 3 months (8.9% average weekly change). Market cap is less than US$100m (R480.3m market cap, or US$25.9m). Board Change • Mar 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Themba Baloyi was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 26
Calgro M3 Holdings Limited Announces Demise of George Hauptfleisch, Independent Non-Executive Director and Chairman of the Audit and Risk Committee Board of directors of Calgro M3 announced with great sadness the passing away of Mr. George Hauptfleisch, an Independent Non-Executive director and Chairman of the Audit and Risk Committee of the Company, on 25 March 2025, following a brief illness. Mr. Hauptfleisch was appointed as Non-Executive Director and as Chairman of the Audit and Risk Committee in 2018. He served in his roles with enthusiasm, dedication and distinction and his contribution to the Company has been immeasurable. Mr. Hauptfleisch has left an indelible mark on the Company, and his knowledge, expertise, and guidance will be greatly missed. The Board will convene in due course to review changes to the Board committees, and any updates will be communicated to shareholders accordingly. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to R4.80, the stock trades at a forward P/E ratio of 2x. Average forward P/E is 9x in the Real Estate industry in Africa. Total returns to shareholders of 33% over the past three years. Major Estimate Revision • Oct 23
Consensus revenue estimates decrease by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from R1.35b to R1.10b. EPS estimate unchanged at R2.06 per share. Net income forecast to grow 4.7% next year vs 1.6% growth forecast for Real Estate industry in South Africa. Consensus price target up from R9.00 to R10.20. Share price fell 2.3% to R6.40 over the past week. Recent Insider Transactions • Oct 20
Board Member recently sold R1.2m worth of stock On the 17th of October, Willem Joubert sold around 181k shares on-market at roughly R6.66 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. Insiders have been net sellers, collectively disposing of R3.2m more than they bought in the last 12 months. Reported Earnings • Oct 15
First half 2025 earnings released: EPS: R1.01 (vs R0.79 in 1H 2024) First half 2025 results: EPS: R1.01 (up from R0.79 in 1H 2024). Revenue: R507.0m (down 26% from 1H 2024). Net income: R97.4m (up 15% from 1H 2024). Profit margin: 19% (up from 12% in 1H 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Real Estate industry in Africa. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to R6.60, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 8x in the Real Estate industry in Africa. Total returns to shareholders of 92% over the past three years. Announcement • Oct 08
Calgro M3 Holdings Limited Provides Earnings Guidance for the Six-Months Period Ended 31 August 2024 Calgro M3 Holdings Limited provided earnings guidance for the six-months period ended 31 August 2024. The company’s earnings per share (EPS) will be between 97.45 cents and 105.34 cents, when compared to the EPS of 78.88 cents reported for the six-month period ended 31 August 2023 (Prior Period), which equates to an increase of between 23.54% and 33.54%. Announcement • Oct 07
Calgro M3 Holdings Limited to Report First Half, 2025 Results on Oct 14, 2024 Calgro M3 Holdings Limited announced that they will report first half, 2025 results on Oct 14, 2024 Announcement • May 15
Calgro M3 Holdings Limited, Annual General Meeting, Jun 28, 2024 Calgro M3 Holdings Limited, Annual General Meeting, Jun 28, 2024. Location: the calgro m3 boardroom, calgro m3 building, ballywoods office park, 33 ballyclare drive, bryanston, sandton, South Africa Reported Earnings • May 13
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: R1.92 (up from R1.53 in FY 2023). Revenue: R1.28b (down 16% from FY 2023). Net income: R196.6m (up 5.6% from FY 2023). Profit margin: 15% (up from 12% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 22%. Earnings per share (EPS) exceeded analyst estimates by 5.5%. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 4.3% decline forecast for the Real Estate industry in Africa. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 42% per year. Announcement • May 06
Calgro M3 Holdings Limited Provides Group Earnings Guidance for the Year Ended February 28, 2024 Calgro M3 Holdings Limited provided group earnings guidance for the year ended February 28, 2024. for the year, the company expects earnings per share will be between 186.26 cents and 197.76 cents, compared to the EPS of 153.37 cents reported for the period ended 28 February 2023, which equates to an increase of between 21.4% and 28.9%. Buy Or Sell Opportunity • Apr 19
Now 26% undervalued Over the last 90 days, the stock has risen 24% to R5.37. The fair value is estimated to be R7.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R5.80, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 10x in the Real Estate industry in Africa. Total returns to shareholders of 190% over the past three years. New Risk • Apr 17
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 High level of debt (61% net debt to equity). Latest financial reports are more than 6 months old (reported August 2023 fiscal period end). Share price has been volatile over the past 3 months (7.8% average weekly change). Market cap is less than US$100m (R502.1m market cap, or US$26.4m). Announcement • Feb 13
Calgro M3 Holdings Limited to Report Fiscal Year 2024 Results on May 13, 2024 Calgro M3 Holdings Limited announced that they will report fiscal year 2024 results on May 13, 2024 Announcement • Feb 12
Calgro M3 Holdings Limited Provides Earnings Guidance for the Year Ended February 29, 2024 Calgro M3 Holdings Limited provided earnings guidance for the year ended February 29, 2024. for the year, the company expects earnings per share ("EPS") will increase by at least 20% to be at least 184.04 cents, when compared to the EPS of 153.37 cents reported for the year ended 28 February 2023. This improvement in EPS is a result of prudent capital allocation and was achieved through a combination of the reduction in the Company's issued share capital and the operational performance of the Group's divisions within the year. The reduction in the Company's issued ordinary shares from 121,400,069 million shares to 95,487,126 million shares is a result of the share repurchase programme implemented by the board in terms of its general authority, at a total cost of ZAR 72.7 million in the current financial year. Recent Insider Transactions • Oct 18
CEO & Executive Director recently bought R640k worth of stock On the 16th of October, Willem Lategan bought around 143k shares on-market at roughly R4.49 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Willem has been a buyer over the last 12 months, purchasing a net total of R1.6m worth in shares. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to R4.95, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 6x in the Real Estate industry in South Africa. Total returns to shareholders of 100% over the past three years. Announcement • Sep 06
Calgro M3 Holdings Limited to Report First Half, 2024 Results on Oct 16, 2023 Calgro M3 Holdings Limited announced that they will report first half, 2024 results on Oct 16, 2023 Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to R4.20, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 6x in the Real Estate industry in South Africa. Total returns to shareholders of 53% over the past three years. Board Change • Aug 01
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. 3 experienced directors. 6 highly experienced directors. Financial Director & Executive Director Sayuri Naicker was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jun 05
CEO & Executive Director recently bought R312k worth of stock On the 30th of May, Willem Lategan bought around 97k shares on-market at roughly R3.20 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R588k. Willem has been a buyer over the last 12 months, purchasing a net total of R900k worth in shares. Recent Insider Transactions • May 28
Executive Director recently bought R93k worth of stock On the 25th of May, Wayne Williams bought around 29k shares on-market at roughly R3.20 per share. This transaction amounted to 2.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R588k. Insiders have collectively bought R930k more in shares than they have sold in the last 12 months. Announcement • May 26
Calgro M3 Holdings Limited, Annual General Meeting, Jun 29, 2023 Calgro M3 Holdings Limited, Annual General Meeting, Jun 29, 2023, at 10:00 South Africa Standard Time. Location: Calgro M3 Boardroom, Calgro M3 Building, Ballywoods Office park 33 Ballyclare Drive, Bryanston Sandton South Africa Recent Insider Transactions • May 17
CEO & Executive Director recently bought R588k worth of stock On the 15th of May, Willem Lategan bought around 205k shares on-market at roughly R2.87 per share. This transaction amounted to 3.0% 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 Willem's only on-market trade for the last 12 months. Announcement • May 04
Calgro M3 Holdings Limited to Report Q4, 2023 Results on May 15, 2023 Calgro M3 Holdings Limited announced that they will report Q4, 2023 results on May 15, 2023 Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 20% share price gain to R3.60, the stock trades at a forward P/E ratio of 0x. Average forward P/E is 4x in the Real Estate industry in Africa. Total loss to shareholders of 28% over the past three years. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 17% share price gain to R3.10, the stock trades at a forward P/E ratio of 0x. Average forward P/E is 6x in the Real Estate industry in Africa. Total loss to shareholders of 21% over the past three years. Reported Earnings • Oct 20
First half 2023 earnings released: EPS: R0.57 (vs R0.40 in 1H 2022) First half 2023 results: EPS: R0.57 (up from R0.40 in 1H 2022). Revenue: R607.1m (up 5.4% from 1H 2022). Net income: R69.2m (up 44% from 1H 2022). Profit margin: 11% (up from 8.3% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Real Estate industry in Africa. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment improved over the past week After last week's 18% share price gain to R3.10, the stock trades at a trailing P/E ratio of 2.9x. Average forward P/E is 6x in the Real Estate industry in South Africa. Total loss to shareholders of 29% over the past three years. Announcement • Jun 29
Calgro M3 Holdings Limited, Annual General Meeting, Jul 29, 2022 Calgro M3 Holdings Limited, Annual General Meeting, Jul 29, 2022, at 10:00 South Africa Standard Time. Announcement • Apr 07
University of Notre Dame acquired an unknown minority stake in Calgro M3 Holdings Limited (JSE:CGR). University of Notre Dame acquired an unknown minority stake in Calgro M3 Holdings Limited (JSE:CGR) on April 6, 2022. Post completion, University of Notre Dame holds 6.9% stake in Calgro M3.
University of Notre Dame completed the acquisition of an unknown minority stake in Calgro M3 Holdings Limited (JSE:CGR) on April 6, 2022. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improved over the past week After last week's 15% share price gain to R5.00, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 9x in the Real Estate industry in South Africa. Total loss to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 15% share price decline to R2.42, the stock trades at a trailing P/E ratio of 15.5x. Average trailing P/E is 15x in the Real Estate industry in South Africa. Total loss to shareholders of 72% over the past three years. Announcement • Aug 27
Calgro M3 Holdings Limited Announces Earnings Guidance for the Period Ending August 31, 2021 Calgro M3 Holdings Limited announced earnings guidance for the period ending August 31, 2021. For the period, the company expects earnings per share will increase by more than 100% to a profitable position, compared to the loss per share of 30.46 cents for the period ended August 31, 2020. Board Change • Jul 31
High number of new directors Independent Chairperson Hatla Ntene was the last director to join the board, commencing their role in 2020. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment deteriorated over the past week After last week's 18% share price decline to R2.47, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 15x in the Real Estate industry in Africa. Total loss to shareholders of 84% over the past three years. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improved over the past week After last week's 34% share price gain to R2.67, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 14x in the Real Estate industry in Africa. Total loss to shareholders of 81% over the past three years. Reported Earnings • May 21
Full year 2021 earnings released: EPS R0.15 (vs R0.038 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: R879.1m (down 11% from FY 2020). Net income: R18.9m (up 285% from FY 2020). Profit margin: 2.2% (up from 0.5% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 17
New 90-day low: R1.70 The company is down 28% from its price of R2.35 on 19 November 2020. The South African market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 25% over the same period. Is New 90 Day High Low • Jan 18
New 90-day low: R2.06 The company is down 16% from its price of R2.46 on 20 October 2020. The South African market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 32% over the same period. Announcement • Jan 14
Calgro M3 Holdings Limited, Annual General Meeting, Jan 11, 2021 Calgro M3 Holdings Limited, Annual General Meeting, Jan 11, 2021. Location: at the offices of the Company at Calgro M3 Building, Ballywoods Office Park, 33 Ballyclare Drive, Bryanston, Sandton Sandton South Africa Agenda: To consider specific repurchase. Is New 90 Day High Low • Dec 30
New 90-day low: R2.19 The company is down 17% from its price of R2.65 on 01 October 2020. The South African market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 33% over the same period. 
