Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to MU₨19.50, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 5x in the Hospitality industry in Mauritius. Total returns to shareholders of 5.4% over the past three years. Board Change • May 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 7 highly experienced directors. 2 independent directors (8 non-independent directors). Independent Director Jean-Philippe Coulier was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Jun 06
Constance Hotels Services Limited, Annual General Meeting, Jun 27, 2025 Constance Hotels Services Limited, Annual General Meeting, Jun 27, 2025, at 09:30 Arabian Standard Time. Location: boardroom of la maison 1794, constance, centre de flacq, Mauritius Duyuru • May 15
Constance Hotels Services Limited announces Annual dividend, payable on June 27, 2025 Constance Hotels Services Limited announced Annual dividend of MUR 0.4000 per share payable on June 27, 2025, ex-date on May 29, 2025 and record date on June 02, 2025. Reported Earnings • Nov 17
Third quarter 2024 earnings released: MU₨1.59 loss per share (vs MU₨1.28 loss in 3Q 2023) Third quarter 2024 results: MU₨1.59 loss per share (further deteriorated from MU₨1.28 loss in 3Q 2023). Revenue: MU₨1.26b (up 13% from 3Q 2023). Net loss: MU₨174.7m (loss widened 25% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 17
Second quarter 2024 earnings released: MU₨1.39 loss per share (vs MU₨1.66 loss in 2Q 2023) Second quarter 2024 results: MU₨1.39 loss per share (improved from MU₨1.66 loss in 2Q 2023). Revenue: MU₨1.26b (up 6.8% from 2Q 2023). Net loss: MU₨152.8m (loss narrowed 16% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 04
Upcoming dividend of MU₨0.50 per share Eligible shareholders must have bought the stock before 10 July 2024. Payment date: 01 August 2024. The company last paid an ordinary dividend in March 2016. The average dividend yield among industry peers is 5.3%. Duyuru • Jun 22
Constance Hotels Services Limited, Annual General Meeting, Jun 27, 2024 Constance Hotels Services Limited, Annual General Meeting, Jun 27, 2024, at 09:30 Arabian Standard Time. Location: in the boardroom of la maison 1794, constance, centre de flacq, Mauritius Reported Earnings • May 14
First quarter 2024 earnings released: EPS: MU₨3.81 (vs MU₨4.20 in 1Q 2023) First quarter 2024 results: EPS: MU₨3.81 (down from MU₨4.20 in 1Q 2023). Revenue: MU₨1.86b (up 3.9% from 1Q 2023). Net income: MU₨417.5m (down 9.4% from 1Q 2023). Profit margin: 22% (down from 26% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • Feb 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. Non-Executive Director Alvin Jeeawock was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 14
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: MU₨1.12b (up 6.2% from 3Q 2022). Net loss: MU₨140.3m (loss widened 14% from 3Q 2022). Reported Earnings • Aug 16
Second quarter 2023 earnings released: MU₨1.66 loss per share (vs MU₨1.36 loss in 2Q 2022) Second quarter 2023 results: MU₨1.66 loss per share (further deteriorated from MU₨1.36 loss in 2Q 2022). Revenue: MU₨1.18b (up 12% from 2Q 2022). Net loss: MU₨181.9m (loss widened 22% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 13
Constance Hotels Services Limited, Annual General Meeting, Jun 23, 2023 Constance Hotels Services Limited, Annual General Meeting, Jun 23, 2023, at 05:30 Coordinated Universal Time. Location: in the Boardroom of La Maison 1794, Constance Centre De Flacq Mauritius Agenda: To consider the Annual Report for the year ended 31 December 2022; to receive the report of Ernst & Young, the External Auditors of the Company; to adopt the Audited Financial Statements of the Company and the Group for the year ended 31 December 2022; to authorize the Board of Directors to x the remuneration of the External Auditors, Ernst & Young, who have expressed their willingness to continue to act as External Auditors of the Company and will be automatically re-appointed; to approve Directors' fees; and to consider other matters. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: MU₨4.20 (vs MU₨2.93 in 1Q 2022) First quarter 2023 results: EPS: MU₨4.20 (up from MU₨2.93 in 1Q 2022). Revenue: MU₨1.79b (up 24% from 1Q 2022). Net income: MU₨460.5m (up 43% from 1Q 2022). Profit margin: 26% (up from 22% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 02
Full year 2022 earnings released: EPS: MU₨2.05 (vs MU₨6.46 loss in FY 2021) Full year 2022 results: EPS: MU₨2.05 (up from MU₨6.46 loss in FY 2021). Revenue: MU₨5.09b (up 109% from FY 2021). Net income: MU₨224.7m (up MU₨933.1m from FY 2021). Profit margin: 4.4% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 20
Third quarter 2022 earnings released: MU₨1.12 loss per share (vs MU₨3.32 loss in 3Q 2021) Third quarter 2022 results: MU₨1.12 loss per share (improved from MU₨3.32 loss in 3Q 2021). Revenue: MU₨1.05b (up 157% from 3Q 2021). Net loss: MU₨122.5m (loss narrowed 66% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Duyuru • Nov 17
Constance Hotels Services Limited Announces CEO Changes Constance Hotels Services Limited announced the shareholders that Mr. Jean Ribet, Constance Group Chief Executive Officer (`CEO') has decided to retire from his post on 31 December 2022. The Boards of Directors of these Companies put on record their highest appreciation of Mr. Ribet's immense contribution to the development of the Constance Group during the past 30 years and to thank him for his most valuable collaboration. Mr. Clément Rey, currently Group Head of Investments and Development, has been appointed Constance Group CEO with effect from 1 January 2023. Mr. Rey has considerable experience in the affairs of the Group having held senior executive positions since 2004. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Director Jean-Philippe Coulier was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 18
Second quarter 2022 earnings released: MU₨1.36 loss per share (vs MU₨3.15 loss in 2Q 2021) Second quarter 2022 results: MU₨1.36 loss per share (up from MU₨3.15 loss in 2Q 2021). Revenue: MU₨1.05b (up 256% from 2Q 2021). Net loss: MU₨149.0m (loss narrowed 57% from 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Director Jean-Philippe Coulier was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 02
Full year 2020 earnings: Revenues in line with analyst expectations Full year 2020 results: Revenue: MU₨1.58b (down 55% from FY 2019). Net loss: MU₨1.42b (loss widened MU₨1.27b from FY 2019). Revenue was in line with analyst estimates. Reported Earnings • Nov 13
Third quarter 2020 earnings released: MU₨3.34 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: MU₨93.2m (down 84% from 3Q 2019). Net loss: MU₨366.7m (loss widened 27% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 102% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 22
New 90-day low: MU₨10.80 The company is down 28% from its price of MU₨15.00 on 24 July 2020. The Mauritian market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 6.0% over the same period. Is New 90 Day High Low • Sep 28
New 90-day low: MU₨13.00 The company is down 19% from its price of MU₨16.00 on 30 June 2020. The Mauritian market is down 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is down 5.0% over the same period. 
