New Risk • Mar 06
New major risk - Revenue and earnings growth Earnings have declined by 3.1% 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 Risk Earnings have declined by 3.1% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (94% cash payout ratio). Significant insider selling over the past 3 months (R17m sold). Declared Dividend • Mar 04
First half dividend of R0.24 announced Shareholders will receive a dividend of R0.24. Ex-date: 18th March 2026 Payment date: 23rd March 2026 Dividend yield will be 16%, which is higher than the industry average of 4.1%. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but not adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jan 21
Price target decreased by 7.9% to R13.04 Down from R14.15, the current price target is an average from 2 analysts. New target price is 31% above last closing price of R9.95. Stock is down 23% over the past year. The company is forecast to post earnings per share of R1.27 for next year compared to R1.26 last year. Recent Insider Transactions • Oct 29
Non-Executive Director recently sold R190k worth of stock On the 22nd of October, Jan Potgieter sold around 20k shares on-market at roughly R9.50 per share. This transaction amounted to 2.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth R8.0m. Insiders have been net sellers, collectively disposing of R18m more than they bought in the last 12 months. Recent Insider Transactions • Oct 12
Non-Executive Director recently sold R4.5m worth of stock On the 9th of October, Jan Potgieter sold around 489k shares on-market at roughly R9.16 per share. This transaction amounted to 20% 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 R26m more than they bought in the last 12 months. Buy Or Sell Opportunity • Sep 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.4% to R9.26. The fair value is estimated to be R11.85, 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 declined by 7.4%. For the next 3 years, revenue is forecast to grow by 6.6% per annum. Earnings are also forecast to grow by 4.4% per annum over the same time period. Duyuru • Sep 29
Italtile Limited, Annual General Meeting, Nov 13, 2025 Italtile Limited, Annual General Meeting, Nov 13, 2025. Valuation Update With 7 Day Price Move • Sep 16
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to R9.35, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Specialty Retail industry in South Africa. Total loss to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R11.95 per share. Buy Or Sell Opportunity • Sep 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.4% to R9.40. The fair value is estimated to be R11.99, 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 declined by 7.4%. For the next 3 years, revenue is forecast to grow by 6.6% per annum. Earnings are also forecast to grow by 4.4% per annum over the same time period. Declared Dividend • Aug 27
Final dividend of R1.20 announced Shareholders will receive a dividend of R1.20. Ex-date: 10th September 2025 Payment date: 15th September 2025 Dividend yield will be 13%, which is higher than the industry average of 4.1%. Sustainability & Growth Dividend is covered by both earnings (40% earnings payout ratio) and cash flows (90.0% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 16% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 25
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: R1.26 (up from R1.22 in FY 2024). Revenue: R8.88b (down 2.1% from FY 2024). Net income: R1.49b (up 2.2% from FY 2024). Profit margin: 17% (in line with FY 2024). Revenue missed analyst estimates by 13%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 8.1% growth forecast for the Specialty Retail industry in South Africa. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 10% per year. Duyuru • Aug 11
Italtile Limited to Report Fiscal Year 2025 Results on Aug 25, 2025 Italtile Limited announced that they will report fiscal year 2025 results on Aug 25, 2025 Buy Or Sell Opportunity • Aug 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.7% to R9.70. The fair value is estimated to be R12.18, 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 declined by 8.6%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 10% in the next 2 years. Buy Or Sell Opportunity • Jul 13
Now 22% undervalued Over the last 90 days, the stock has risen 5.1% to R10.40. The fair value is estimated to be R13.31, 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 declined by 8.6%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 10% in the next 2 years. Recent Insider Transactions • Apr 27
Independent Non-Executive Director recently sold R1.5m worth of stock On the 24th of April, Nkateko Khoza sold around 156k shares on-market at roughly R9.91 per share. This transaction amounted to 22% 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 R27m more than they bought in the last 12 months. Upcoming Dividend • Mar 19
Upcoming dividend of R0.28 per share Eligible shareholders must have bought the stock before 26 March 2025. Payment date: 31 March 2025. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of South African dividend payers (8.4%). Higher than average of industry peers (3.4%). Duyuru • Dec 09
Italtile Limited to Report First Half, 2025 Results on Mar 03, 2025 Italtile Limited announced that they will report first half, 2025 results on Mar 03, 2025 Recent Insider Transactions • Nov 28
Non-Executive Director recently sold R3.5m worth of stock On the 25th of November, Jan Potgieter sold around 245k shares on-market at roughly R14.29 per share. This transaction amounted to 8.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth R11m. Insiders have been net sellers, collectively disposing of R25m more than they bought in the last 12 months. New Risk • Nov 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 32% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 32% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (R19m sold). Recent Insider Transactions • Oct 27
Non-Executive Director recently sold R4.2m worth of stock On the 24th of October, Jan Potgieter sold around 324k shares on-market at roughly R13.01 per share. This transaction amounted to 8.1% 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 R10m more than they bought in the last 12 months. Reported Earnings • Oct 02
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: R1.22 (down from R1.33 in FY 2023). Revenue: R9.06b (flat on FY 2023). Net income: R1.46b (down 8.9% from FY 2023). Profit margin: 16% (down from 18% in FY 2023). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Specialty Retail industry in South Africa. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 8% per year. Duyuru • Sep 30
Italtile Limited, Annual General Meeting, Nov 14, 2024 Italtile Limited, Annual General Meeting, Nov 14, 2024. Buy Or Sell Opportunity • Sep 11
Now 21% undervalued Over the last 90 days, the stock has risen 21% to R11.77. The fair value is estimated to be R14.84, 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 declined by 7.1%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 25% in the next 2 years. Buy Or Sell Opportunity • Aug 21
Now 20% undervalued Over the last 90 days, the stock has risen 29% to R12.45. The fair value is estimated to be R15.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 9.9% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Board Change • Jul 05
Less than half of directors are independent Following CFO & Executive Director Lamar Booysen's arrival on 01 July 2024, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Non-Executive Director Alex Mathole was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jun 25
Non-Executive Director recently sold R2.0m worth of stock On the 18th of June, Jan Potgieter sold around 200k shares on-market at roughly R10.05 per share. This transaction amounted to 4.3% 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 R2.9m more than they bought in the last 12 months. Recent Insider Transactions • May 23
Independent Non-Executive Director recently sold R470k worth of stock On the 14th of May, Nkateko Khoza sold around 50k shares on-market at roughly R9.36 per share. This transaction amounted to 7.5% 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 R782k more than they bought in the last 12 months. Recent Insider Transactions • May 01
Independent Non-Executive Director recently sold R112k worth of stock On the 23rd of April, Nkateko Khoza sold around 12k shares on-market at roughly R9.50 per share. This transaction amounted to 1.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth R185k. Insiders have been net sellers, collectively disposing of R297k more than they bought in the last 12 months. Buy Or Sell Opportunity • Mar 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to R9.81. The fair value is estimated to be R12.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 9.9% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Buy Or Sell Opportunity • Mar 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.5% to R10.01. The fair value is estimated to be R12.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 9.9% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Upcoming Dividend • Feb 28
Upcoming dividend of R0.27 per share Eligible shareholders must have bought the stock before 06 March 2024. Payment date: 11 March 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of South African dividend payers (8.9%). Higher than average of industry peers (4.2%). Declared Dividend • Feb 22
First half dividend reduced to R0.27 Dividend of R0.27 is 16% lower than last year. Ex-date: 6th March 2024 Payment date: 11th March 2024 Dividend yield will be 4.4%, which is higher than the industry average of 4.1%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 3.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 20
First half 2024 earnings released: EPS: R0.68 (vs R0.80 in 1H 2023) First half 2024 results: EPS: R0.68 (down from R0.80 in 1H 2023). Revenue: R4.80b (down 3.2% from 1H 2023). Net income: R811.0m (down 16% from 1H 2023). Profit margin: 17% (down from 20% in 1H 2023). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 07
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to R10.76. The fair value is estimated to be R13.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 15%. Duyuru • Feb 05
Italtile Limited to Report First Half, 2024 Results on Feb 19, 2024 Italtile Limited announced that they will report first half, 2024 results on Feb 19, 2024 Buying Opportunity • Jan 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.0%. The fair value is estimated to be R13.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 15%. Buying Opportunity • Jan 02
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be R13.96, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 15%. Buying Opportunity • Dec 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 8.2%. The fair value is estimated to be R14.11, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 15%. Duyuru • Dec 05
Italtile Limited Announces Changes to the Company Secretary and Board Committee The board of directors of Italtile Limited notified its shareholders that with effect from 1 December 2023, Ms E.J. Willis, will step down from her position as company secretary after twenty years of service to the Group. Ms Willis will continue to serve as company secretary for various unlisted subsidiary entities within the Group. Additionally, shareholders are hereby advised that, with effect 1 December 2023, Ms Susan du Toit has stepped down as Chairperson of the Remuneration Committee but will remain a member thereof, and Ms Alex Mathole, currently a member of the Remuneration Committee, has assumed the role of Chairperson thereof. Accordingly, the Remuneration Committee is comprised as follows: A Mathole (Chairperson); G A M Ravazzotti; S M du Toit; S G Pretorius; L R Langenhoven. Buying Opportunity • Oct 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.8%. The fair value is estimated to be R14.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 15%. Reported Earnings • Oct 05
Full year 2023 earnings released: EPS: R1.33 (vs R1.52 in FY 2022) Full year 2023 results: EPS: R1.33 (down from R1.52 in FY 2022). Revenue: R9.14b (up 1.7% from FY 2022). Net income: R1.61b (down 13% from FY 2022). Profit margin: 18% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Like-for-like sales growth: Down 0.3% vs FY 2022 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 4% per year, which means it is significantly lagging earnings. Buying Opportunity • Sep 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.6%. The fair value is estimated to be R14.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 15%. Upcoming Dividend • Sep 06
Upcoming dividend of R0.21 per share at 4.3% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 18 September 2023. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of South African dividend payers (9.5%). Lower than average of industry peers (4.9%). Reported Earnings • Aug 28
Full year 2023 earnings released: EPS: R1.33 (vs R1.52 in FY 2022) Full year 2023 results: EPS: R1.33 (down from R1.52 in FY 2022). Revenue: R9.14b (up 1.7% from FY 2022). Net income: R1.61b (down 13% from FY 2022). Profit margin: 18% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. 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 2% per year, which means it is significantly lagging earnings. Duyuru • Aug 28
Italtile Limited Declares Final Gross Ordinary Cash Dividend for the Year Ended 30 June 2023, Payable on 18 September 2023 The Board of directors of Italtile Limited has declared a final gross ordinary cash dividend for the year ended 30 June 2023 of 21.0 cents per share (2022: 27.0 cents) out of income reserves to all shareholders of Italtile as at the record date of 15 September 2023. Date to commence trading ex-dividend is 13 September 2023. Payment date is 18 September 2023. New Risk • Aug 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Duyuru • Aug 15
Italtile Limited to Report Fiscal Year 2023 Results on Aug 15, 2023 Italtile Limited announced that they will report fiscal year 2023 results on Aug 15, 2023 Upcoming Dividend • Feb 22
Upcoming dividend of R0.32 per share at 4.3% yield Eligible shareholders must have bought the stock before 01 March 2023. Payment date: 06 March 2023. Payout ratio is a comfortable 40% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Lower than top quartile of South African dividend payers (9.0%). In line with average of industry peers (4.6%). Duyuru • Feb 14
Italtile Limited Announces Executive Changes Italtile Limited the board of directors notified its shareholders that with effect from 30 June 2023 the Group's founder, Mr. Gianni Ravazzotti, will retire from his position as non-executive Chairman of the Board and will assume the role of non-executive director. He will remain active in the business in his new position. Ms Luciana Ravazzotti Langenhoven, who has served as non-executive Deputy Chairman since 2018, will succeed Mr. Ravazzotti as non-executive Chairman of the Board. This transition is part of the Group's long-standing succession programme. Ms Ravazzotti Langenhoven has over 30 years of experience with the Group. Duyuru • Feb 13
Italtile Limited Declares for the Review Period Ended 31 December 2022, Payable on 6 March, 2023 The board of directors of Italtile Limited declared an interim gross cash dividend (number 113) for the review period ended 31 December 2022 of 32.0 cents per share (2021: 34.0 cents) out of income reserves to all shareholders of Italtile as at the record date of 3 March 2023. Date to commence trading ex-dividend 1 March 2023 Record date: 3 March 2023; Payment date to be 6 March 2023. Reported Earnings • Oct 04
Full year 2022 earnings released: EPS: R1.52 (vs R1.41 in FY 2021) Full year 2022 results: EPS: R1.52 (up from R1.41 in FY 2021). Revenue: R8.98b (down 1.7% from FY 2021). Net income: R1.85b (up 7.7% from FY 2021). Profit margin: 21% (up from 19% in FY 2021). The increase in margin was driven by lower expenses. Like-for-like sales growth: 1.2% vs FY 2021 Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • Oct 01
Italtile Limited, Annual General Meeting, Nov 11, 2022 Italtile Limited, Annual General Meeting, Nov 11, 2022, at 08:00 South Africa Standard Time. Agenda: to consider if deemed fit to pass with or without modification accordingly the business stated which is contained in the IAR. Upcoming Dividend • Sep 07
Upcoming dividend of R0.27 per share Eligible shareholders must have bought the stock before 14 September 2022. Payment date: 19 September 2022. Payout ratio is a comfortable 40% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of South African dividend payers (8.8%). In line with average of industry peers (4.3%). Reported Earnings • Aug 27
Full year 2022 earnings released: EPS: R1.52 (vs R1.41 in FY 2021) Full year 2022 results: EPS: R1.52 (up from R1.41 in FY 2021). Revenue: R8.98b (down 1.7% from FY 2021). Net income: R1.85b (up 7.7% from FY 2021). Profit margin: 21% (up from 19% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 16% share price gain to R17.00, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 10x in the Specialty Retail industry in South Africa. Total returns to shareholders of 53% over the past three years. Upcoming Dividend • Feb 23
Upcoming dividend of R0.34 per share Eligible shareholders must have bought the stock before 02 March 2022. Payment date: 07 March 2022. Payout ratio is a comfortable 40% but the company is paying out more than the cash it is generating. Trailing yield: 3.7%. Lower than top quartile of South African dividend payers (7.2%). Higher than average of industry peers (3.3%). Reported Earnings • Feb 12
First half 2022 earnings: Revenues and EPS in line with analyst expectations First half 2022 results: EPS: R0.84 (up from R0.78 in 1H 2021). Revenue: R4.80b (flat on 1H 2021). Net income: R1.02b (up 7.1% from 1H 2021). Profit margin: 21% (up from 20% in 1H 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 11
Italtile Limited Announces Cash Dividend Declaration for the Period Ended 31 December 2021, Payable 7 March 2022 The board of directors of Italtile has declared an interim gross cash dividend (number 111) for the review period ended 31 December 2021 of 34.0 cents per share (2020: 31.0 cents) out of income reserves to all shareholders of Italtile as at the record date of, 4 March 2022. The dividend per share is calculated based on 1 321 654 148 shares (2020: 1 321 654 148 shares) in issue at the date of dividend declaration. The net local dividend amount is 27.2 cents per share for shareholders liable to pay dividends tax and 34.0 cents per share for shareholders exempt from paying dividends tax. Dividend declaration date: 10 February 2022, Last day to trade cum the dividend, 1 March 2022, Date to commence trading ex-dividend 2 March 2022, Record date 4 March 2022, Payment date, 7 March 2022. Recent Insider Transactions • Jan 12
Non-Executive Director recently sold R4.0m worth of stock On the 5th of January, Jan Potgieter sold around 238k shares on-market at roughly R16.80 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Oct 05
Full year 2021 earnings released: EPS R1.41 (vs R0.78 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: R9.14b (up 37% from FY 2020). Net income: R1.72b (up 78% from FY 2020). Profit margin: 19% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Sep 08
Upcoming dividend of R0.75 per share Eligible shareholders must have bought the stock before 15 September 2021. Payment date: 20 September 2021. Trailing yield: 4.7%. Lower than top quartile of South African dividend payers (7.7%). In line with average of industry peers (4.5%). Reported Earnings • Aug 27
Third quarter 2021 earnings released: EPS R0.31 (vs R0.12 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: R2.15b (up 50% from 3Q 2020). Net income: R382.0m (up 168% from 3Q 2020). Profit margin: 18% (up from 9.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 7% per year. Upcoming Dividend • Feb 24
Upcoming Dividend of R0.31 Per Share Will be paid on the 8th of March to those who are registered shareholders by the 3rd of March. The trailing yield of 3.4% is below the top quartile of South African dividend payers (8.7%), but is in line with industry peers (3.5%). Reported Earnings • Feb 14
First half 2021 earnings released: EPS R0.78 (vs R0.55 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: R4.83b (up 26% from 1H 2020). Net income: R954.0m (up 41% from 1H 2020). Profit margin: 20% (up from 18% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. 
