Buy Or Sell Opportunity • Jun 30
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 34% to ₦1.25. The fair value is estimated to be ₦1.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Earnings per share has grown by 7.5%. New Risk • Jun 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₦13.6b (US$10.00m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 1.2% per year over the past 5 years. Market cap is less than US$10m (₦13.6b market cap, or US$10.00m). Minor Risk Revenue is less than US$5m (₦5.9b revenue, or US$4.4m). Buy Or Sell Opportunity • May 22
Now 27% overvalued Over the last 90 days, the stock has fallen 22% to ₦2.08. The fair value is estimated to be ₦1.63, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Earnings per share has grown by 7.5%. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: ₦0.04 (vs ₦0.01 loss in 1Q 2025) First quarter 2026 results: EPS: ₦0.04 (up from ₦0.01 loss in 1Q 2025). Revenue: ₦1.67b (up 43% from 1Q 2025). Net income: ₦334.8m (up ₦426.2m from 1Q 2025). Profit margin: 20% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 111% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Apr 09
Daar Communications Plc, Annual General Meeting, Apr 30, 2026 Daar Communications Plc, Annual General Meeting, Apr 30, 2026, at 11:00 W. Central Africa Standard Time. New Risk • Apr 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₦13.8b (US$9.95m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 0.4% per year over the past 5 years. Market cap is less than US$10m (₦13.8b market cap, or US$9.95m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-₦316m). Revenue is less than US$5m (₦5.5b revenue, or US$4.0m). Reported Earnings • Mar 02
Full year 2025 earnings released: ₦0.08 loss per share (vs ₦0.29 loss in FY 2024) Full year 2025 results: ₦0.08 loss per share (improved from ₦0.29 loss in FY 2024). Revenue: ₦5.48b (up 4.4% from FY 2024). Net loss: ₦634.2m (loss narrowed 73% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 119% per year, which means it is well ahead of earnings. New Risk • Nov 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Nigerian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 3.7% per year over the past 5 years. Market cap is less than US$10m (₦7.92b market cap, or US$5.46m). Minor Risk Revenue is less than US$5m (₦6.2b revenue, or US$4.3m). Reported Earnings • Nov 02
Third quarter 2025 earnings released: EPS: ₦0.06 (vs ₦0.08 loss in 3Q 2024) Third quarter 2025 results: EPS: ₦0.06 (up from ₦0.08 loss in 3Q 2024). Revenue: ₦1.76b (up 88% from 3Q 2024). Net income: ₦504.6m (up ₦1.15b from 3Q 2024). Profit margin: 29% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 71% per year, which means it is well ahead of earnings. Tillkännagivande • Oct 22
Daar Communications Plc to Report Q3, 2025 Results on Oct 30, 2025 Daar Communications Plc announced that they will report Q3, 2025 results on Oct 30, 2025 Reported Earnings • Aug 01
Second quarter 2025 earnings released: ₦0.05 loss per share (vs ₦0.11 loss in 2Q 2024) Second quarter 2025 results: ₦0.05 loss per share (improved from ₦0.11 loss in 2Q 2024). Revenue: ₦887.5m (down 13% from 2Q 2024). Net loss: ₦427.8m (loss narrowed 53% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 63% per year, which means it is well ahead of earnings. New Risk • Jul 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Nigerian stocks, typically moving 11% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 8.0% per year over the past 5 years. Market cap is less than US$10m (₦4.88b market cap, or US$3.18m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-₦196m). Revenue is less than US$5m (₦5.5b revenue, or US$3.6m). New Risk • May 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₦76m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₦76m free cash flow). Earnings have declined by 7.5% per year over the past 5 years. Market cap is less than US$10m (₦4.80b market cap, or US$2.99m). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Revenue is less than US$5m (₦5.5b revenue, or US$3.4m). Reported Earnings • Apr 08
Full year 2024 earnings released: ₦0.29 loss per share (vs ₦0.20 loss in FY 2023) Full year 2024 results: ₦0.29 loss per share (further deteriorated from ₦0.20 loss in FY 2023). Revenue: ₦5.25b (up 16% from FY 2023). Net loss: ₦2.34b (loss widened 44% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 44% per year, which means it is well ahead of earnings. Reported Earnings • Feb 01
Full year 2024 earnings released: ₦0.36 loss per share (vs ₦0.20 loss in FY 2023) Full year 2024 results: ₦0.36 loss per share (further deteriorated from ₦0.20 loss in FY 2023). Revenue: ₦4.99b (up 11% from FY 2023). Net loss: ₦2.87b (loss widened 76% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 57% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jan 06
Now 31% overvalued after recent price rise Over the last 90 days, the stock has risen 5.5% to ₦0.77. The fair value is estimated to be ₦0.59, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.4% over the last 3 years. Earnings per share has declined by 40%. Tillkännagivande • Nov 26
Daar Communications Plc, Annual General Meeting, Dec 11, 2024 Daar Communications Plc, Annual General Meeting, Dec 11, 2024, at 11:00 W. Central Africa Standard Time. Location: nicon luxury hotel, area 11, garki, federal capital territory, abuja Nigeria New Risk • Nov 03
New major risk - Revenue and earnings growth Earnings have declined by 0.1% 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 Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 0.1% per year over the past 5 years. Market cap is less than US$10m (₦5.44b market cap, or US$3.30m). Minor Risk Revenue is less than US$5m (₦4.2b revenue, or US$2.5m). Reported Earnings • Nov 03
Third quarter 2024 earnings released: ₦0.08 loss per share (vs ₦0.05 loss in 3Q 2023) Third quarter 2024 results: ₦0.08 loss per share (further deteriorated from ₦0.05 loss in 3Q 2023). Revenue: ₦934.9m (up 6.8% from 3Q 2023). Net loss: ₦648.8m (loss widened 78% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 50% per year, which means it is well ahead of earnings. Reported Earnings • Jul 31
Second quarter 2024 earnings released: ₦0.11 loss per share (vs ₦0.06 loss in 2Q 2023) Second quarter 2024 results: ₦0.11 loss per share (further deteriorated from ₦0.06 loss in 2Q 2023). Revenue: ₦1.02b (up 7.9% from 2Q 2023). Net loss: ₦906.5m (loss widened 88% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Reported Earnings • May 11
Full year 2023 earnings released: ₦0.20 loss per share (vs ₦0.096 loss in FY 2022) Full year 2023 results: ₦0.20 loss per share (further deteriorated from ₦0.096 loss in FY 2022). Revenue: ₦4.51b (down 5.8% from FY 2022). Net loss: ₦1.63b (loss widened 112% from FY 2022). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 19
Third quarter 2023 earnings released: ₦0.05 loss per share (vs ₦0.03 loss in 3Q 2022) Third quarter 2023 results: ₦0.05 loss per share (further deteriorated from ₦0.03 loss in 3Q 2022). Revenue: ₦875.4m (down 12% from 3Q 2022). Net loss: ₦364.3m (loss widened 36% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 21
Second quarter 2022 earnings released: ₦0.03 loss per share (vs ₦0.02 profit in 2Q 2021) Second quarter 2022 results: ₦0.03 loss per share (down from ₦0.02 profit in 2Q 2021). Revenue: ₦1.08b (up 1.0% from 2Q 2021). Net loss: ₦259.8m (down 244% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • May 02
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₦1.19b (up 41% from 1Q 2021). Net income: ₦19.2m (up ₦163.8m from 1Q 2021). Profit margin: 1.6% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Reported Earnings • Apr 09
Full year 2021 earnings released: ₦0.14 loss per share (vs ₦0.29 loss in FY 2020) Full year 2021 results: ₦0.14 loss per share (up from ₦0.29 loss in FY 2020). Revenue: ₦4.81b (up 35% from FY 2020). Net loss: ₦1.15b (loss narrowed 51% from FY 2020). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 06
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₦0.047 (up from ₦0.29 loss in FY 2020). Revenue: ₦4.79b (up 35% from FY 2020). Net income: ₦374.4m (up ₦2.72b from FY 2020). Profit margin: 7.8% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS ₦0.02 (vs ₦0.02 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₦1.36b (up 59% from 3Q 2020). Net income: ₦123.6m (up ₦273.4m from 3Q 2020). Profit margin: 9.1% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 23% per year. Reported Earnings • Jul 25
Second quarter 2021 earnings released: EPS ₦0.02 (vs ₦0.009 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₦1.07b (up 37% from 2Q 2020). Net income: ₦180.7m (up ₦251.4m from 2Q 2020). Profit margin: 17% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 02
Full year 2020 earnings released: ₦0.29 loss per share (vs ₦0.17 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: ₦3.55b (down 31% from FY 2019). Net loss: ₦2.35b (loss widened 70% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 02
New 90-day low: ₦0.25 The company is down 17% from its price of ₦0.30 on 04 November 2020. The Nigerien market is up 29% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is down 6.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day low: ₦0.27 The company is down 10.0% from its price of ₦0.30 on 16 October 2020. The Nigerien market is up 35% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 12% over the same period. Reported Earnings • Nov 04
Third quarter 2020 earnings released: ₦0.02 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: ₦856.3m (down 31% from 3Q 2019). Net loss: ₦149.8m (loss widened ₦143.5m from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 30
New 90-day low: ₦0.27 The company is down 18% from its price of ₦0.33 on 29 July 2020. The Nigerien market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 26% over the same period. Is New 90 Day High Low • Oct 12
New 90-day low: ₦0.27 The company is down 18% from its price of ₦0.33 on 14 July 2020. The Nigerien market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 5.0% over the same period. Is New 90 Day High Low • Sep 25
New 90-day low: ₦0.30 The company is down 9.0% from its price of ₦0.33 on 26 June 2020. The Nigerien market is up 3.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Media industry, which is down 16% over the same period. 
