Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.65 in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.65 in 1Q 2025). Revenue: NT$1.62b (up 21% from 1Q 2025). Net income: NT$136.1m (up 129% from 1Q 2025). Profit margin: 8.4% (up from 4.5% in 1Q 2025). The increase in margin was driven by higher revenue. 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 2% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.9% to NT$30.00. The fair value is estimated to be NT$37.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 16%. Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: NT$2.35 (vs NT$1.61 in FY 2024) Full year 2025 results: EPS: NT$2.35 (up from NT$1.61 in FY 2024). Revenue: NT$4.39b (up 13% from FY 2024). Net income: NT$214.9m (up 48% from FY 2024). Profit margin: 4.9% (up from 3.7% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Tillkännagivande • Mar 05
Leo Systems, Inc., Annual General Meeting, May 25, 2026 Leo Systems, Inc., Annual General Meeting, May 25, 2026. Location: 2 floor no,300, yang kuang st., neihu district, taipei city Taiwan Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.44 (vs NT$0.34 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.44 (up from NT$0.34 in 3Q 2024). Revenue: NT$1.34b (up 36% from 3Q 2024). Net income: NT$40.1m (up 30% from 3Q 2024). Profit margin: 3.0% (down from 3.1% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$30.35, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 2.2% over the past three years. New Risk • Nov 11
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 Taiwanese stocks, typically moving 6.8% 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 High level of non-cash earnings (74% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (NT$2.96b market cap, or US$95.3m). Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$39.80, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 22x in the Tech industry in Taiwan. Total returns to shareholders of 86% over the past three years. Reported Earnings • Aug 17
Second quarter 2025 earnings released: EPS: NT$0.70 (vs NT$0.36 in 2Q 2024) Second quarter 2025 results: EPS: NT$0.70 (up from NT$0.36 in 2Q 2024). Revenue: NT$824.6m (down 11% from 2Q 2024). Net income: NT$64.0m (up 98% from 2Q 2024). Profit margin: 7.8% (up from 3.5% in 2Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 23
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 30 July 2025. Payment date: 22 August 2025. Payout ratio is on the higher end at 81% but the company is not cash flow positive. Trailing yield: 5.2%. Lower than top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.8%). Declared Dividend • Jul 04
Dividend reduced to NT$1.50 Dividend of NT$1.50 is 27% lower than last year. Ex-date: 30th July 2025 Payment date: 22nd August 2025 Dividend yield will be 5.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by earnings (81% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: NT$0.65 (vs NT$0.41 in 1Q 2024) First quarter 2025 results: EPS: NT$0.65 (up from NT$0.41 in 1Q 2024). Revenue: NT$1.34b (up 69% from 1Q 2024). Net income: NT$59.6m (up 63% from 1Q 2024). Profit margin: 4.5% (down from 4.6% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Tillkännagivande • May 03
Leo Systems, Inc. to Report Q1, 2025 Results on May 12, 2025 Leo Systems, Inc. announced that they will report Q1, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$31.60, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 17x in the Tech industry in Taiwan. Total returns to shareholders of 49% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to NT$24.50, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 16x in the Tech industry in Taiwan. Total returns to shareholders of 16% over the past three years. New Risk • Apr 07
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 Taiwanese stocks, typically moving 6.4% 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: Minor Risks Dividend is not well covered by earnings (93% payout ratio). Share price has been volatile over the past 3 months (6.4% average weekly change). Profit margins are more than 30% lower than last year (3.7% net profit margin). Market cap is less than US$100m (NT$2.73b market cap, or US$82.7m). Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to NT$37.70, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 20x in the Tech industry in Taiwan. Total returns to shareholders of 73% over the past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: NT$1.61 (vs NT$2.12 in FY 2023) Full year 2024 results: EPS: NT$1.61 (down from NT$2.12 in FY 2023). Revenue: NT$3.90b (up 13% from FY 2023). Net income: NT$145.6m (down 23% from FY 2023). Profit margin: 3.7% (down from 5.5% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Tillkännagivande • Mar 06
Leo Systems, Inc., Annual General Meeting, May 27, 2025 Leo Systems, Inc., Annual General Meeting, May 27, 2025. Location: 2 floor no,12, chou tzu st., neihu district, taipei city Taiwan Tillkännagivande • Dec 31
Leo Systems, Inc. Appoints the Shao, Huey-Jou as Chief Strategy Officer, Effective January 1, 2025 Leo Systems, Inc. announced the new Chief Strategy Officer of the company. Name, title, and resume of the new position holder: Shao, Huey-Jou/Co-COO(Co-Chief Operating Office) of the Company. Effective date is January 1, 2025. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: NT$0.34 (vs NT$0.49 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.34 (down from NT$0.49 in 3Q 2023). Revenue: NT$987.8m (up 18% from 3Q 2023). Net income: NT$30.9m (down 29% from 3Q 2023). Profit margin: 3.1% (down from 5.2% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Tillkännagivande • Oct 26
Leo Systems, Inc. to Report Q3, 2024 Results on Nov 04, 2024 Leo Systems, Inc. announced that they will report Q3, 2024 results on Nov 04, 2024 New Risk • Sep 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (110% payout ratio). Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Market cap is less than US$100m (NT$2.96b market cap, or US$92.5m). Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: NT$0.36 (vs NT$0.65 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.36 (down from NT$0.65 in 2Q 2023). Revenue: NT$924.2m (up 9.4% from 2Q 2023). Net income: NT$32.2m (down 44% from 2Q 2023). Profit margin: 3.5% (down from 6.9% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to NT$32.55, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 23x in the Tech industry in Taiwan. Total returns to shareholders of 77% over the past three years. New Risk • Aug 02
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.22b (US$98.1m) This is considered a minor 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: Minor Risks Dividend is not well covered by earnings (95% payout ratio). Market cap is less than US$100m (NT$3.22b market cap, or US$98.1m). Upcoming Dividend • Jul 25
Upcoming dividend of NT$2.06 per share Eligible shareholders must have bought the stock before 01 August 2024. Payment date: 28 August 2024. Payout ratio is on the higher end at 95%, however this is supported by cash flows. Trailing yield: 5.3%. Within top quartile of Taiwanese dividend payers (4.3%). Higher than average of industry peers (3.0%). Tillkännagivande • Jul 24
Leo Systems, Inc. to Report Q2, 2024 Results on Jul 31, 2024 Leo Systems, Inc. announced that they will report Q2, 2024 results on Jul 31, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.41 (vs NT$0.32 in 1Q 2023) First quarter 2024 results: EPS: NT$0.41 (up from NT$0.32 in 1Q 2023). Revenue: NT$793.5m (up 1.3% from 1Q 2023). Net income: NT$36.5m (up 27% from 1Q 2023). Profit margin: 4.6% (up from 3.7% in 1Q 2023). 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 18% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 15
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 8.5% to NT$36.30. The fair value is estimated to be NT$30.22, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 12%. Tillkännagivande • May 03
Leo Systems, Inc. to Report Q1, 2024 Results on May 10, 2024 Leo Systems, Inc. announced that they will report Q1, 2024 results at 9:00 AM, Taipei Standard Time on May 10, 2024 Buy Or Sell Opportunity • Apr 30
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.0% to NT$36.00. The fair value is estimated to be NT$29.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 12%. Buy Or Sell Opportunity • Apr 11
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to NT$36.55. The fair value is estimated to be NT$29.97, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 12%. Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: NT$2.12 (vs NT$3.24 in FY 2022) Full year 2023 results: EPS: NT$2.12 (down from NT$3.24 in FY 2022). Revenue: NT$3.46b (down 48% from FY 2022). Net income: NT$188.4m (down 34% from FY 2022). Profit margin: 5.5% (up from 4.3% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year. Tillkännagivande • Mar 09
Leo Systems, Inc., Annual General Meeting, Jun 05, 2024 Leo Systems, Inc., Annual General Meeting, Jun 05, 2024. Location: Conference Hall, 2nd Floor No. 12 Zhouzi Street, Neihu District Taipei City Taiwan Agenda: To consider 2023 Business Report; to consider 2023 Audit Committee Audit Report; to consider 2023 Employee and Director Remuneration Distribution Status Report; to consider 2023 Business Report and Financial Statements; and to consider 2023 Profit Distribution Proposal. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: NT$0.65 (vs NT$0.45 in 2Q 2022) Second quarter 2023 results: EPS: NT$0.65 (up from NT$0.45 in 2Q 2022). Revenue: NT$844.5m (up 17% from 2Q 2022). Net income: NT$57.9m (up 45% from 2Q 2022). Profit margin: 6.9% (up from 5.6% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • Jul 11
Upcoming dividend of NT$2.49 per share at 7.4% yield Eligible shareholders must have bought the stock before 18 July 2023. Payment date: 15 August 2023. Payout ratio is on the higher end at 81% but the company is not cash flow positive. Trailing yield: 7.4%. Within top quartile of Taiwanese dividend payers (5.4%). Higher than average of industry peers (3.8%). Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: NT$3.24 (vs NT$2.14 in FY 2021) Full year 2022 results: EPS: NT$3.24 (up from NT$2.14 in FY 2021). Revenue: NT$6.65b (up 85% from FY 2021). Net income: NT$285.4m (up 53% from FY 2021). Profit margin: 4.3% (down from 5.2% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$1.39 (vs NT$0.59 in 3Q 2021) Third quarter 2022 results: EPS: NT$1.39 (up from NT$0.59 in 3Q 2021). Revenue: NT$2.31b (up 164% from 3Q 2021). Net income: NT$122.3m (up 139% from 3Q 2021). Profit margin: 5.3% (down from 5.9% in 3Q 2021). The decrease in margin was driven by higher expenses. 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 18% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 17% share price gain to NT$33.20, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 12x in the Tech industry in Taiwan. Total returns to shareholders of 110% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.45 (vs NT$0.56 in 2Q 2021) Second quarter 2022 results: EPS: NT$0.45 (down from NT$0.56 in 2Q 2021). Revenue: NT$720.5m (down 16% from 2Q 2021). Net income: NT$40.0m (down 17% from 2Q 2021). Profit margin: 5.6% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Aug 02
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$31.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.2%. Upcoming Dividend • Jul 28
Upcoming dividend of NT$1.85 per share Eligible shareholders must have bought the stock before 04 August 2022. Payment date: 31 August 2022. Payout ratio is on the higher end at 89% but the company is not cash flow positive. Trailing yield: 7.4%. Within top quartile of Taiwanese dividend payers (6.7%). In line with average of industry peers (7.2%). Buying Opportunity • Jun 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.3%. The fair value is estimated to be NT$31.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 7.2%. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$0.45 (vs NT$0.52 in 1Q 2021) First quarter 2022 results: EPS: NT$0.45 (down from NT$0.52 in 1Q 2021). Revenue: NT$725.3m (down 18% from 1Q 2021). Net income: NT$39.7m (down 11% from 1Q 2021). Profit margin: 5.5% (up from 5.1% in 1Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 11% per year. Buying Opportunity • Apr 27
Now 21% undervalued Over the last 90 days, the stock is up 1.2%. The fair value is estimated to be NT$32.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 9.2%. Buying Opportunity • Apr 12
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be NT$32.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 9.2%. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: NT$2.14 (up from NT$2.01 in FY 2020). Revenue: NT$3.59b (up 1.2% from FY 2020). Net income: NT$186.5m (up 7.9% from FY 2020). Profit margin: 5.2% (up from 4.9% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 14% per year. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS NT$0.59 (vs NT$0.54 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: NT$872.6m (down 9.3% from 3Q 2020). Net income: NT$51.3m (up 12% from 3Q 2020). Profit margin: 5.9% (up from 4.8% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • Aug 15
Second quarter 2021 earnings released: EPS NT$0.56 (vs NT$0.53 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: NT$858.0m (down 2.7% from 2Q 2020). Net income: NT$48.4m (up 5.7% from 2Q 2020). Profit margin: 5.6% (up from 5.2% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 13% per year. Upcoming Dividend • Aug 10
Upcoming dividend of NT$1.69 per share Eligible shareholders must have bought the stock before 17 August 2021. Payment date: 10 September 2021. Trailing yield: 7.0%. Within top quartile of Taiwanese dividend payers (5.0%). Higher than average of industry peers (5.2%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS NT$0.52 (vs NT$0.48 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: NT$880.3m (down 2.7% from 1Q 2020). Net income: NT$44.6m (up 8.0% from 1Q 2020). Profit margin: 5.1% (up from 4.6% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$2.01 (vs NT$1.94 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NT$3.55b (up 2.9% from FY 2019). Net income: NT$172.9m (up 3.7% from FY 2019). Profit margin: 4.9% (up from 4.8% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 8% per year. Is New 90 Day High Low • Mar 07
New 90-day high: NT$21.95 The company is up 2.0% from its price of NT$21.50 on 07 December 2020. The Taiwanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tech industry, which is up 10.0% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS NT$0.54 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: NT$962.2m (down 14% from 3Q 2019). Net income: NT$46.0m (down 7.6% from 3Q 2019). Profit margin: 4.8% (up from 4.5% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 16% per year.