Board Change • Jul 08
High number of new directors COO & Director Laurian Mc Gonigal was the last director to join the board, commencing their role in 2026. New Risk • Jun 27
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: R756m 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 Debt is not well covered by operating cash flow (8.3% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (155% cash payout ratio). Large one-off items impacting financial results. Significant insider selling over the past 3 months (R756m sold). Recent Insider Transactions • Jun 04
Non-Independent Non-Executive Director recently bought R77m worth of stock On the 3rd of June, Desmond de Beer bought around 560k shares on-market at roughly R138 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R104m. Despite this recent purchase, insiders have collectively sold R507m more in shares than they bought in the last 12 months. Board Change • Jun 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. 7 experienced directors. 3 highly experienced directors. Alternate Director Nick Hanekom was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Price Target Changed • Apr 19
Price target decreased by 13% to R7.50 Down from R8.60, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of R7.75. Stock is down 5.5% over the past year. The company posted earnings per share of €0.05 last year. Announcement • Apr 10
Lighthouse Properties p.l.c., Annual General Meeting, May 06, 2026 Lighthouse Properties p.l.c., Annual General Meeting, May 06, 2026, at 10:00 Central European Standard Time. Location: company`s registered office, 4th floor, office 41, block a, il-piazzetta, tower road, sliema, slm 1605, Malta Recent Insider Transactions • Apr 08
Alternate Director recently sold R756m worth of stock On the 2nd of April, Nicolaas Hanekom sold around 5m shares on-market at roughly R147 per share. This transaction amounted to 56% 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 R492m more than they bought in the last 12 months. Upcoming Dividend • Mar 18
Upcoming dividend of €0.014 per share Eligible shareholders must have bought the stock before 25 March 2026. Payment date: 09 April 2026. Payout ratio is on the higher end at 81%, and the cash payout ratio is above 100%. Trailing yield: 10%. Within top quartile of South African dividend payers (8.0%). Higher than average of industry peers (7.9%). Recent Insider Transactions • Mar 13
Non-Independent Non-Executive Director recently bought R9.1m worth of stock On the 10th of March, Desmond de Beer bought around 60k shares on-market at roughly R152 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. Insiders have collectively bought R189m more in shares than they have sold in the last 12 months. Reported Earnings • Mar 06
Full year 2025 earnings released: EPS: €0.05 (vs €0.034 in FY 2024) Full year 2025 results: EPS: €0.05 (up from €0.034 in FY 2024). Revenue: €147.8m (up 29% from FY 2024). Net income: €103.0m (up 62% from FY 2024). Profit margin: 70% (up from 56% in FY 2024). Revenue is forecast to grow 2.7% p.a. on average during the next 2 years, compared to a 9.6% growth forecast for the Real Estate industry in Africa. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Mar 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.5% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Dividend is not well covered by cash flows (111% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (56% net profit margin). Buy Or Sell Opportunity • Nov 17
Now 20% overvalued Over the last 90 days, the stock has fallen 3.9% to R8.07. The fair value is estimated to be R6.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 29%. Buy Or Sell Opportunity • Oct 26
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at R8.20. The fair value is estimated to be R6.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 29%. Recent Insider Transactions • Oct 16
Non-Independent Non-Executive Director recently bought R9.8m worth of stock On the 14th of October, Desmond de Beer bought around 1m shares on-market at roughly R7.84 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. Insiders have collectively bought R197m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 22
Non-Independent Non-Executive Director recently bought R5.5m worth of stock On the 17th of September, Desmond de Beer bought around 682k shares on-market at roughly R8.12 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. Insiders have collectively bought R201m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 16
Non-Independent Non-Executive Director recently bought R2.0m worth of stock On the 8th of September, Desmond de Beer bought around 250k shares on-market at roughly R8.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R5.0m. Insiders have collectively bought R193m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 12
Non-Independent Non-Executive Director recently bought R2.0m worth of stock On the 8th of September, Desmond de Beer bought around 250k shares on-market at roughly R8.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R5.0m. Insiders have collectively bought R193m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 04
Non-Independent Non-Executive Director recently bought R5.0m worth of stock On the 29th of August, Desmond de Beer bought around 600k shares on-market at roughly R8.35 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. Insiders have collectively bought R193m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 19
First half 2025 earnings released: EPS: €0.014 (vs €0.008 in 1H 2024) First half 2025 results: EPS: €0.014 (up from €0.008 in 1H 2024). Revenue: €71.8m (up 49% from 1H 2024). Net income: €29.0m (up 93% from 1H 2024). Profit margin: 41% (up from 31% in 1H 2024). 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 5% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 15
First half dividend of €0.013 announced Shareholders will receive a dividend of €0.013. Ex-date: 3rd September 2025 Payment date: 11th September 2025 Dividend yield will be 3.4%, which is lower than the industry average of 8.8%. Sustainability & Growth Dividend is covered by earnings (66% earnings payout ratio) but not covered by cash flows (107% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 68% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jul 22
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at R8.07. The fair value is estimated to be R6.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jul 04
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.9% to R8.17. The fair value is estimated to be R6.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Jun 30
Lighthouse Properties p.l.c. (JSE:LTE) acquired Gran Casino De Cartagena Espacio Mediterraneo Sa (Extinguida) from Westinvest Gesellschaft FÜR Investmentfonds Mbh for approximately €140 million Lighthouse Properties p.l.c. (JSE:LTE) acquired Gran Casino De Cartagena Espacio Mediterraneo Sa (Extinguida) from Westinvest Gesellschaft FÜR Investmentfonds Mbh for approximately €140 million on June 27, 2025. A cash consideration of €135.4 million will be paid by Lighthouse Properties p.l.c. As part of consideration, €135.4 million is paid towards common equity of Gran Casino De Cartagena Espacio Mediterraneo Sa (Extinguida).
Lighthouse Properties p.l.c. (JSE:LTE) completed the acquisition of Gran Casino De Cartagena Espacio Mediterraneo Sa (Extinguida) from Westinvest Gesellschaft FÜR Investmentfonds Mbh for approximately €140 million on June 27, 2025. Recent Insider Transactions • Jun 27
Non-Independent Non-Executive Director recently bought R860k worth of stock On the 24th of June, Desmond de Beer bought around 106k shares on-market at roughly R8.10 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R31m. Insiders have collectively bought R201m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jun 25
Non-Independent Non-Executive Director recently bought R659k worth of stock On the 20th of June, Desmond de Beer bought around 82k shares on-market at roughly R7.99 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R31m. Insiders have collectively bought R200m more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Jun 17
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.4% to R8.23. The fair value is estimated to be R6.84, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Meanwhile, the company has become profitable. Recent Insider Transactions • May 23
Non-Independent Non-Executive Director recently bought R1.4m worth of stock On the 20th of May, Desmond de Beer bought around 166k shares on-market at roughly R8.45 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R31m. Insiders have collectively bought R205m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 11
Non-Independent Non-Executive Director recently bought R4.2m worth of stock On the 7th of May, Desmond de Beer bought around 500k shares on-market at roughly R8.47 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R31m. Insiders have collectively bought R230m more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • May 02
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to R8.54. The fair value is estimated to be R7.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 53% over the last 3 years. Meanwhile, the company has become profitable. Recent Insider Transactions • Apr 11
Non-Independent Non-Executive Director recently bought R27m worth of stock On the 7th of April, Desmond de Beer bought around 4m shares on-market at roughly R7.58 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought R162m more in shares than they have sold in the last 12 months. Announcement • Mar 28
Lighthouse Properties p.l.c., Annual General Meeting, Apr 23, 2025 Lighthouse Properties p.l.c., Annual General Meeting, Apr 23, 2025, at 10:00 Central European Standard Time. Location: company`s registered office, 4th floor, office 41, block a, il-piazzetta, tower road, sliema, slm 1605, Malta Declared Dividend • Mar 28
Final dividend of €0.014 announced Shareholders will receive a dividend of €0.014. Ex-date: 9th April 2025 Payment date: 24th April 2025 Dividend yield will be 3.2%, which is lower than the industry average of 8.8%. Sustainability & Growth Dividend is covered by earnings (76% earnings payout ratio) but not covered by cash flows (121% cash payout ratio). The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 16% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.0% EPS decline seen over the last 5 years. Recent Insider Transactions • Mar 16
Non-Independent Non-Executive Director recently bought R6.9m worth of stock On the 13th of March, Desmond de Beer bought around 858k shares on-market at roughly R8.00 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R8.0m. Insiders have collectively bought R121m more in shares than they have sold in the last 12 months. Reported Earnings • Mar 13
Full year 2024 earnings released: EPS: €0.034 (vs €0.23 in FY 2023) Full year 2024 results: EPS: €0.034 (down from €0.23 in FY 2023). Revenue: €108.2m (up 14% from FY 2023). Net income: €63.7m (down 84% from FY 2023). Profit margin: 59% (down from 430% in FY 2023). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Mar 13
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: 59% Last year net profit margin: 430% 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: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risks Dividend is not well covered by cash flows (104% cash payout ratio). Profit margins are more than 30% lower than last year (59% net profit margin). New Risk • Mar 02
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.4% operating cash flow to total debt). High level of non-cash earnings (39% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Dividend is not well covered by cash flows (118% cash payout ratio). Announcement • Feb 18
Lighthouse Properties p.l.c. to Report First Half, 2025 Results on Aug 12, 2025 Lighthouse Properties p.l.c. announced that they will report first half, 2025 results on Aug 12, 2025 Recent Insider Transactions • Jan 03
Non-Independent Non-Executive Director recently bought R31m worth of stock On the 31st of December, Desmond de Beer bought around 200k shares on-market at roughly R157 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. Insiders have collectively bought R152m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 03
Non-Independent Non-Executive Director recently bought R296k worth of stock On the 30th of October, Desmond de Beer bought around 38k shares on-market at roughly R7.85 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R28m. Insiders have collectively bought R147m more in shares than they have sold in the last 12 months. Declared Dividend • Aug 19
First half dividend of €0.012 announced Shareholders will receive a dividend of €0.012. Ex-date: 4th September 2024 Payment date: 12th September 2024 Dividend yield will be 3.5%, which is lower than the industry average of 8.8%. Sustainability & Growth Dividend is covered by earnings (6% earnings payout ratio) but not covered by cash flows (131% cash payout ratio). The dividend has decreased over the past 86 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 60% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 17
Lighthouse Properties p.l.c. Approves Interim Dividend for the Six Months Ended 30 June 2024, Payable on 12 September 2024 Lighthouse Properties p.l.c. announced that the board of directors has approved an interim dividend of 1.21660 EUR cents per share for the six months ended 30 June 2024. The Board has resolved to offer Shareholders the interim dividend as a cash dividend of 1.21660 EUR cents per Lighthouse share (‘Cash Dividend’), with an alternative scrip distribution option (‘Scrip Distribution’) of 1.21660 EUR cents per Lighthouse share. Record Date is 6 September 2024 and Payment of Cash Dividend, is 12 September 2024. Shares commence trading ex-Scrip Distribution or Cash Dividend on the JSE and A2X on 4 September 2024. New Risk • Aug 16
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.4% 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 Risks Debt is not well covered by operating cash flow (9.4% operating cash flow to total debt). High level of non-cash earnings (39% accrual ratio). Minor Risks Dividend is not well covered by cash flows (131% cash payout ratio). Shareholders have been diluted in the past year (7.7% increase in shares outstanding). Recent Insider Transactions • Jun 13
Non-Independent Non-Executive Director recently bought R2.9m worth of stock On the 10th of June, Desmond de Beer bought around 376k shares on-market at roughly R7.75 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R21m. Insiders have collectively bought R219m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 24
Non-Independent Non-Executive Director recently bought R7.7m worth of stock On the 21st of May, Desmond de Beer bought around 994k shares on-market at roughly R7.70 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R21m. Insiders have collectively bought R193m more in shares than they have sold in the last 12 months. Recent Insider Transactions • May 08
Non-Independent Non-Executive Director recently bought R21m worth of stock On the 30th of April, Desmond de Beer bought around 3m shares on-market at roughly R8.03 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. Insiders have collectively bought R186m more in shares than they have sold in the last 12 months. Announcement • Apr 17
Lighthouse Properties p.l.c., Annual General Meeting, May 14, 2024 Lighthouse Properties p.l.c., Annual General Meeting, May 14, 2024, at 10:00 Central European Standard Time. Location: the Company's registered office on the 4th Floor, Office 41, Block A IL-Piazzetta, Tower Road Sliema Malta Upcoming Dividend • Apr 03
Upcoming dividend of €0.013 per share Eligible shareholders must have bought the stock before 10 April 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 6.9%. Lower than top quartile of South African dividend payers (9.1%). Lower than average of industry peers (7.8%). Declared Dividend • Mar 18
Final dividend of €0.013 announced Shareholders will receive a dividend of €0.013. Ex-date: 10th April 2024 Payment date: 15th May 2024 Dividend yield will be 3.8%, which is lower than the industry average of 8.8%. Sustainability & Growth Dividend is covered by earnings (12% earnings payout ratio) but not covered by cash flows (134% cash payout ratio). The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 13
Full year 2023 earnings released: EPS: €0.23 (vs €0.015 in FY 2022) Full year 2023 results: EPS: €0.23 (up from €0.015 in FY 2022). Revenue: €87.4m (up 14% from FY 2022). Net income: €407.7m (up €382.6m from FY 2022). Over the last 3 years on average, earnings per share has increased by 137% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Mar 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 146% Cash payout ratio: 153% Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Large one-off items impacting financial results. Shareholders have been diluted in the past year (4.4% increase in shares outstanding). Significant insider selling over the past 3 months (R307m sold). Recent Insider Transactions • Dec 12
Non-Independent Non-Executive Director recently bought R206k worth of stock On the 6th of December, Desmond de Beer bought around 32k shares on-market at roughly R6.40 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R14m. Insiders have collectively bought R162m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Oct 31
Non-Independent Non-Executive Director recently bought R87k worth of stock On the 27th of October, Desmond de Beer bought around 17k shares on-market at roughly R5.05 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R17m. Insiders have collectively bought R146m more in shares than they have sold in the last 12 months. Announcement • Oct 08
Lighthouse Properties plc Declares Dividend for the Six Months Ended 30 June 2023 Lighthouse Properties plc announced that the Company intends to declare a dividend of 1.35 EUR cents per share for the six months ended 30 June 2023, being a decrease of 16.92% compared to the dividend of 1.625 EUR cents per share for the six months ended 30 June 2022. Recent Insider Transactions • Oct 05
Non-Independent Non-Executive Director recently bought R2.0m worth of stock On the 2nd of October, Desmond de Beer bought around 377k shares on-market at roughly R5.40 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R17m. Insiders have collectively bought R144m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 22
Non-Independent Non-Executive Director recently bought R1.9m worth of stock On the 20th of September, Desmond de Beer bought around 344k shares on-market at roughly R5.50 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R17m. Insiders have collectively bought R138m more in shares than they have sold in the last 12 months. Announcement • Aug 23
Lighthouse Properties plc Announces Cash Dividend for the Six Months Ended 30 June 2023 Lighthouse Properties plc distributed to shareholders in respect of a cash dividend of 1,35 cents per share ("Cash Dividend"). The net Cash Dividend amount is 22,31723 ZAR cents per share for South African shareholders liable for South African dividends tax at a rate of 20%. Upcoming Dividend • Aug 23
Upcoming dividend of €0.013 per share at 11% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 12 October 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 11%. Within top quartile of South African dividend payers (9.4%). Higher than average of industry peers (9.1%). Reported Earnings • Aug 20
First half 2023 earnings released: EPS: €0.012 (vs €0.007 in 1H 2022) First half 2023 results: EPS: €0.012 (up from €0.007 in 1H 2022). Revenue: €42.0m (up 19% from 1H 2022). Net income: €20.9m (up 79% from 1H 2022). Profit margin: 50% (up from 33% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Aug 18
Non-Independent Non-Executive Director recently bought R969k worth of stock On the 15th of August, Desmond de Beer bought around 154k shares on-market at roughly R6.29 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R13m. Insiders have collectively bought R120m more in shares than they have sold in the last 12 months. New Risk • Aug 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 47% 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: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 160% Cash payout ratio: 153% Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (4.4% increase in shares outstanding). Buying Opportunity • Aug 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.0%. The fair value is estimated to be R7.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 67% over the last 3 years. Meanwhile, the company has become profitable. Recent Insider Transactions • Jun 27
Non-Independent Non-Executive Director recently bought R13m worth of stock On the 23rd of June, Desmond de Beer bought around 2m shares on-market at roughly R6.45 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. Insiders have collectively bought R118m more in shares than they have sold in the last 12 months. Announcement • May 12
LIGHTHOUSE PROPERTIES p.l.c Appoints Nicolaas Willem as Alternate Non-Independent Non-Executive Director The board of directors of LIGHTHOUSE PROPERTIES p.l.c announced that Nicolaas Willem (“Nick”) Hanekom has been appointed as an alternate non-independent non-executive director to Desmond de Beer with effect from 11 May 2023. Nick is a chartered accountant with significant experience in property investment and management. He completed his articles with PricewaterhouseCoopers (“PwC”) in Johannesburg whereafter he joined PwC in London. On his return to South Africa in August 2005, he was employed by Resilient REIT Limited, initially as company secretary and, with effect from May 2011, as financial director. Nick acted as chief operating officer at Resilient from March 2020 until his emigration to the United Kingdom in December 2022. Upcoming Dividend • Apr 05
Upcoming dividend of R0.28 per share at 10.0% yield Eligible shareholders must have bought the stock before 12 April 2023. Payment date: 14 April 2023. Payout ratio is a comfortable 1.0% but the company is paying out more than the cash it is generating. Trailing yield: 10.0%. Within top quartile of South African dividend payers (9.3%). In line with average of industry peers (9.3%). Recent Insider Transactions • Mar 24
Non-Independent Non-Executive Director recently bought R386k worth of stock On the 20th of March, Desmond de Beer bought around 60k shares on-market at roughly R6.48 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. Insiders have collectively bought R98m more in shares than they have sold in the last 12 months. Reported Earnings • Mar 21
Full year 2022 earnings released: EPS: €0.015 (vs €0.031 loss in FY 2021) Full year 2022 results: EPS: €0.015 (up from €0.031 loss in FY 2021). Net income: €25.2m (up €67.7m from FY 2021). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Dec 20
Non-Independent Non-Executive Director recently bought R551k worth of stock On the 14th of December, Desmond de Beer bought around 85k shares on-market at roughly R6.50 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R5.5m. Insiders have collectively bought R98m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 07
Non-Independent Non-Executive Director recently bought R2.3m worth of stock On the 2nd of December, Desmond de Beer bought around 350k shares on-market at roughly R6.44 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R53m. Insiders have collectively bought R92m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 29
Non-Independent Non-Executive Director recently bought R3.3m worth of stock On the 24th of November, Desmond de Beer bought around 500k shares on-market at roughly R6.65 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R53m. Insiders have collectively bought R89m more in shares than they have sold in the last 12 months. Price Target Changed • Nov 16
Price target decreased to R7.88 Down from R20.05, the current price target is provided by 1 analyst. New target price is 16% above last closing price of R6.77. Stock is down 18% over the past year. The company posted a net loss per share of €0.031 last year. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Stuart Bird was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Oct 27
Non-Independent Non-Executive Director recently bought R1.7m worth of stock On the 24th of October, Desmond de Beer bought around 297k shares on-market at roughly R5.71 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R53m. Insiders have collectively bought R73m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Oct 18
Non-Independent Non-Executive Director recently bought R5.5m worth of stock On the 13th of October, Desmond de Beer bought around 979k shares on-market at roughly R5.65 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R53m. Insiders have collectively bought R71m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Oct 05
Non-Independent Non-Executive Director recently bought R3.3m worth of stock On the 30th of September, Desmond de Beer bought around 567k shares on-market at roughly R5.75 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R53m. Insiders have collectively bought R58m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 16
Non-Independent Non-Executive Director recently bought R1.7m worth of stock On the 13th of September, Desmond de Beer bought around 250k shares on-market at roughly R6.75 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. Insiders have collectively bought R2.1m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 08
Non-Independent Non-Executive Director recently bought R399k worth of stock On the 2nd of September, Desmond de Beer bought around 62k shares on-market at roughly R6.42 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 the only on-market transaction from insiders over the last 12 months. Upcoming Dividend • Sep 07
Upcoming dividend of €0.016 per share Eligible shareholders must have bought the stock before 14 September 2022. Payment date: 22 September 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 8.3%. Lower than top quartile of South African dividend payers (8.8%). Higher than average of industry peers (6.5%). Announcement • May 21
Lighthouse Properties plc Approves Amendments to the Articles of Association Lighthouse Properties plc at annual general meeting 20 May 2022 approved Amendments to the Articles of Association. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Stuart Bird was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Jan 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Stuart Bird was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 25
Upcoming dividend of €0.014 per share Eligible shareholders must have bought the stock before 01 September 2021. Payment date: 03 September 2021. Trailing yield: 6.4%. Lower than top quartile of South African dividend payers (7.7%). Higher than average of industry peers (5.7%). Announcement • Aug 13
Lighthouse Capital Limited has completed a Follow-on Equity Offering in the amount of ZAR 2.6 billion. Lighthouse Capital Limited has completed a Follow-on Equity Offering in the amount of ZAR 2.6 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 320,987,654
Price\Range: ZAR 8.1 Executive Departure • Aug 10
Independent Non-Executive Director David Axten has left the company On the 5th of August, David Axten's tenure as Independent Non-Executive Director ended after 2.6 years in the role. We don't have any record of a personal shareholding under David's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Aug 10
Independent Non-Executive Director Paul Edwards has left the company On the 5th of August, Paul Edwards' tenure as Independent Non-Executive Director ended after 2.6 years in the role. We don't have any record of a personal shareholding under Paul's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is less than a year, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • May 08
First quarter 2021 earnings released: EPS €0.005 (vs €0.11 loss in 1Q 2020) First quarter 2021 results: Net income: €5.61m (up €74.3m from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 07
Upcoming dividend of R0.25 per share Eligible shareholders must have bought the stock before 14 April 2021. Payment date: 16 April 2021. Trailing yield: 5.9%. Lower than top quartile of South African dividend payers (7.8%). In line with average of industry peers (6.1%). Announcement • Mar 20
Lighthouse Capital Limited, Annual General Meeting, Apr 30, 2021 Lighthouse Capital Limited, Annual General Meeting, Apr 30, 2021, at 08:00 South Africa Standard Time. Announcement • Mar 19
Lighthouse Capital Limited Approves Final Distribution in Respect of the Nine Months Ended 31 December 2020, Payable on 19 April 2021 Shareholders are advised that the Board of Directors of Lighthouse Capital Limited has approved a final scrip distribution of EUR 1.57500 cents per Lighthouse share in respect of the nine months ended 31 December 2020 on 18 March 2021 (‘Scrip Distribution’). The Board is accordingly offering a Scrip Distribution to Shareholders, with an alternative cash distribution option (‘Cash Distribution’) of EUR 1.41750 cents per Lighthouse share, which Cash Distribution represents a 10% discount to the Scrip Distribution of EUR 1.57500 cents per Lighthouse share. Accordingly, a Scrip Distribution by way of an issue of new Lighthouse shares, credited as fully paid up, will be paid to Shareholders unless Shareholders elect to receive a Cash Distribution. Payment of Cash Distribution, CDS accounts credited and new Lighthouse Shares listed on the SEM on 19 April 2021. Record date for Shareholders recorded on the Mauritian Share Register on 16 April 2021. Is New 90 Day High Low • Mar 02
New 90-day high: R7.13 The company is up 10.0% from its price of R6.50 on 02 December 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 18% over the same period.