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Sylvester Mupanduki

@SMRI_Institute

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Developing a tech-driven platform for insightful stock analysis and ratings in Zimbabwe and beyond, utilizing my expertise in security analysis and valuations.

Harare, Zimbabwe
https://t.co/UFPsMQni25
Joined March 2020
Don't wanna be here? Send us removal request.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 days
Truly, angels appear in diverse forms. In the video below, Dr. Solomon Guramatunhu will recount our meeting 10 years ago, when I was a young villager after completing my O' level. He generously financed my education from A' level through university, recognizing my potential and
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
8 months
Here are my top 5 stocks to follow closely in 2024: 1. Simbisa— good fast growing brands, opening on average 3 new stores per month, positive free cashflows, minimum debt. 2. Star Africa — the turnaround is almost complete, cleared debt, growing volumes, dominating the refinery
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
Who else thinks localizing the production of solar panels is possible? Energy is power and the future is green. We have all the raw materials required to produce and assemble a solar panel in Zimbabwe.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
5 months
In 2023, Tanganda Tea gave executive directors short-term benefits totaling ZW$18 billion (51% of the Gross Profit), in addition to their directors fees and expenses. The company went on to record an annual loss of ZW$17 billion. This suggests that Tanganda will break even if
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
5 months
1. Based on my assessment, Innscor is nearing the early maturity stage of the corporate lifecycle. If my assumptions are correct, they should begin to reduce capital expenditures shortly and allow the group to recover money from previous heavy investments. Because capex has
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
One of the most interesting companies of the future isn’t emerging from Harare or Bulawayo Cities, but, from a place that many business elites don’t even think about because it is considered marginalized This is entrepreneurial ingenuity at work @terrymap1 amid such rural setup
@ngeziplatinumfc
Ngezi Platinum Stars Football Club
@ngeziplatinumfc
1 year
@terrymap1 Thank you for hosting us at lunch today ! We had a great time and the food was amazing- what an incredible experience for the boys! #kwaTerry
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
I wish l could see their financials. These guys must be doing well.
@YanayaLifestyle
Yanaya
@YanayaLifestyle
1 year
Congratulations to our CEO @nyarydhliwayo for being awarded the Outstanding Woman CEO of the Year 2023 Award at the Megafest Women's Awards. Thank you for you support Zimbabwe 🇿🇼 🙏🏿 #ItWillEndInHealth
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
11 months
I don’t understand much about garbage collection but l think it should be a multi-million dollar industry in Zimbabwe. Why are we not seeing or reading reports of investments from private players flowing into this market?
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
Reshuffling Executives has become a norm In Zim. You rarely come across new names or faces. It’s always the same guys who get suspended for abusing the system by company A & be4 you even know it, they’re appointed for another similar role by Company B. Nyika yese madhiri ega!
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
10 months
1/3 Imagine what will happen to Dairibord Holding’s reported operating profit numbers that are driven by monetary gain & fair value adjustments, if the economy decides to fully Dollarize I think Dairibord Holdings is setting itself up as a prime candidate for Hostile takeover.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
5 months
I sat with @ZTNPrime Beat the Market's @EbenMabunda yesterday to talk about Innscor and Simbisa's FY2023 financials and their long-term prospects. Being asked to share what I think was an honour.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
5 months
1. Over the past three years, Innscor has increased its top line by an average of US$147 million. With the addition of potential sales from Nyati breweries and the recently opened Bulawayo bakery, the group's average annual addition is projected to rise from US$147 million to
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
4 months
If you're in your mid to late twenties, hailing from a lower socioeconomic background, & you're presented with a chance to leave Zimbabwe, seize it. Back in 90s, there was someone who chose to stay, hoping things would improve soon. Today, nearing 50, nothing has changed for them
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
These are my thoughts on the rationale behind Edgars Stores Zimbabwe’s decision to relocate its Head Office from Bulawayo to Harare. 1/15 With a national population of nearly 17 million and a working age group of 9 million, as per ZimStat's Q2, 2023 Labour Force Survey Report,
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
8 months
Gideon Gono was really powerful.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
Add Edgar’s to your 2024 watch list! I’ve looked at Innscor, Simbisa, Axia & NatFoods, all l can say is that team Zed & Fowler has done a great job in building these businesses. Their organic growth model works like a charm. The blueprint is visible across all their businesses.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
As analysts and investment banking experts in Zimbabwe under 40 years old, we can try this. To exchange investment ideas, get together at least once or twice a year. We ought to begin forming and fostering our own networks and relationships. Screenshots ~ Beating the Street
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
Well, ladies and gentlemen, this is not fantasy, but business & economic reality This business is no longer growing, struggling to defend its market share, losing its edge & becoming vulnerable to market raiders Delta should learn to act old & avoid things that only toddlers do
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
10 months
1st slide is Turnall’s H1-23 update. Made a loss of ZW$5 Bln from operations & tried not to turn it positive by including non operating items. This is what a great management team does—accepting responsibility Slide 2 is from Dairibord, similar situation &see how they handled it
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
8 months
Through my equity analysis & valuations, l help people make informed decisions. My goal is always to make equity analysis look simple so you make the rest of your investment life the best of your life. I have a lot of great insights for you, follow me—don’t miss out on anything!
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
A good investment philosophy in an unstable market like Zimbabwe should put much emphasis on the Company’s; 1. Pricing power 2. Cost management 3. Earnings Growth Potential 4. Ability to continuously generate free cash flows
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
10 months
@memorynguwi An iconic fictitious character by name Gordon Gekko in the Wall Street 2010 movie labeled a generation similar to ours; A NINJA generation. A Gen that has No Income, No Jobs, No Assets. All we’ve is a Zim Identify. I guess young people are looking for these 3 outside the country.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
8 months
I’m valuing AXIA Corporation Ltd at US$64mln & it’s currently trading at a market price of US$46mln Axia has a great operating cashflows conversion ratio that is around 1. Positive FCFs. Minimum Debt. Both ROIC & EBIT margins are within the range of 7-10%. Zim’s economic growth
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
5 months
Does the Mt. Hampden area hold any real economic value potential within the next five to ten years?
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
5 months
ZSE's stock market has lost an additional 25%, or US$0.932 billion, in the ten days since I tweeted about this. At the current interbank rate, this has brought the total market loss to US$18 billion since the recession began in June 2022. It's becoming evident that not every
@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
6 months
The market value of the Zimbabwe Stock Exchange Market reached US$20.9 billion at its closing one afternoon in May 2022. After the authorities took the investors by surprise a few months later, almost US$17 billion was lost in the following recession, which lasted for more
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
4 months
Dairibord consumed 31.4 million litres of milk, which is 6% more than my projected intake of 29.5 million litres. The entire sales volume increased by 11%, which was just 1% more than my projected increase. In terms of inflation-adjusted revenue, the total revenue exceeded my
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
Someone thought l am doing CFA and upon realizing that l am not, he then asked in disbelief why l call myself an Equity Investment Analyst. Honest answers only! Do l really need to pass CFA exams to be good at analyzing companies or it’s just passion and more practice needed?
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
The Board & key management’s mandate is to create value, allocate funds in avenues that generates more free cashflows, unlocks and maximize long term value for investors. Shareholder’s responsibility is to make sure that they assign this duty to the right people.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
6 months
Businesses that will require some kind of rewiring by end of 2024 1/4 1. Dairibord: Despite being considered too big to be taken over, it requires a significant investment to turn things around, improve efficiency, and fully utilize its capacity. 2. WestProp:
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
6 months
For this reason, even in primary school, economics and finance studies should be compulsory. Again, for this reason, technocrats should make up a larger proportion of any administration than politicians. Politicians tend to view the world in binary terms, so regardless of how
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
8 months
Buffet said, “Everybody in business school should really know accounting. It is the language of business.” I desire to start interacting and discussing financial statement analysis with college students and other young professionals in 2024—free of charge.
@InvestInAssets
Invest In Assets 📈
@InvestInAssets
8 months
Accounting is the language of business. If you invest in stocks, you have to learn how to read & analyze an income statement. Here is a simple breakdown of how to analyze an income statement:
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
Both the transaction and the process of understanding why CBZ is Acquiring ZB are complicated 1/5 I'm not a huge admirer of mergers, particularly ones this size. Individuals win, the market loses. Why they are unable to compete as independent banks on a local and regional level
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
CFI Holdings — Pakashata!
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
8 months
Can you invest in Gold? You can’t becoz gold doesn’t have an intrinsic value. You can only trade gold. The value of an asset is driven by cashflows, growth& risk. Gold doesn’t have these qualities. It has a price thats influenced by demand & supply—elements of behavioral finance
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
Zim is like no other country. You may have the skills, the best brains, passionate & good at what you do, but as long as you don’t know some1, it’s hard to breakthrough. In Zim real talent is not appreciated, passion is not recognized, brilliance is confused with good English.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
6 months
In Zimbabwe, a lot of businesses are struggling because their fundamentals are weak. It's crucial to recognise that some of the issues affecting failing businesses are enduring and date back to the USD period before we start blaming the central bank and the treasury.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
Be the best Equity Investment Analyst to come out of Zimbabwe. Lead an Equity Investment Mafia one day. A dream so scary. @MagujuGivemore 👏🏽 Impetus Media ZW
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
With regard to my discussion of the CBZ-ZB merger yesterday, this is for those who argue that because our banks are small, a merger will give them a stronger balance sheet and more competitiveness at the regional level. 1/5 The thing keeping their balance sheets small is the
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
9 months
This is what l wanted to say when l mentioned that OK Limited’s priorities are upside down. You can never have poor capital allocation and good return on investment in the same sentence. Some decisions aren’t suitable for some businesses.
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@IFB_podcast
The Investing for Beginners Podcast
@IFB_podcast
9 months
Capital allocation is job number one for a CEO How does a CEO allocate capital? We measure it in different ways. - ROIC - ROIIC - Dividends - Share buybacks - Successful acquisitions What else?
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
Zimbabwe’s farming season is opposite to China’s climate Our citrus production season coincides with China’s citrus production off season Oranges harvest in China starts in Oct until end of Jan & Feb whilst the local harvest season starts in April and ends in September/October.
@newswireZW
newZWire
@newswireZW
1 year
Last year, China signed a deal to allow Zimbabwean citrus exports to China for the first time. Now, China has certified 11 citrus estates and 6 packhouses to export oranges, mandarin, grapefruit, lemon and lime to China. In total, China imports over 7m tons of fruit per year.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
6 months
The market value of the Zimbabwe Stock Exchange Market reached US$20.9 billion at its closing one afternoon in May 2022. After the authorities took the investors by surprise a few months later, almost US$17 billion was lost in the following recession, which lasted for more
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
8 months
Cash flows
@InvestmentBook1
Investment Books (Dhaval)
@InvestmentBook1
8 months
"Earnings don't repay loans, Cash flow does One of my favourite pages:)
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
Livingstone Gwata, the former CEO of FBC Holdings, stated the following when speaking with @TrevorNcube ; Paraphrased— As a bank does not need a tycoon component, we went into listing (FBC) to move away from individual or single corporate ownership. A tycoon factor is undesirable
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
Parallel market inflation dribbling past someone’s portfolio. #ZSE
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
4 months
I forecasted that if Innscor sustains a 15-20% revenue ⬆️ in the coming months—1H2024, they can hit a target of US$1 billion for FY2024. Their 1H2024 numbers released today confirms this, showing a 20% ⬆️ in 1H revenue, indicating that US$1 billion revenue for FY2024 is imminent.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
5 months
1. Over the past three years, Innscor has increased its top line by an average of US$147 million. With the addition of potential sales from Nyati breweries and the recently opened Bulawayo bakery, the group's average annual addition is projected to rise from US$147 million to
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
There is a strong correlation between Capital allocation and shareholder returns. Shareholder value over FY2011-19 has been falling. In my opinion, this came as a result of a mismatch between top management and the corporate lifecycle. “Once bitten, twice shy”
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
5 months
This screenshot is from Truworths' Half Year ended 8 January 2023 financial report. When you sum the highlighted figures, the resulting net loss is ZW$590 million, not the stated ZW$572 million. I am left to ponder whether this constitutes a misstatement of figures.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
I have read a lot of Financial Statements over the last couple of months and l have seen a lot of things that l think l have never heard of being spoken about in our investor's circles, newspapers or analysts reports. A lot of investors in Zimbabwean capital markets, unlike in
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
8 months
My valuation for Econet Wireless is around US$313 million & it’s currently trading at a market cap range of US$294–US$300 million (interbank rates). The company’s net asset value should be around US$359 million. l am forecasting FY2024 revenue to be +/- half a billion (ZW$3T).
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
I use EBIT margins in analyzing and comparing companies that are within the same industry. Companies with the highest profit margins are the lowest cost operators. The low-cost operator has a better chance of surviving if Zim business conditions keeps deteriorating. #ZSE
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
4 months
Indexing prices in USD undermines the stability of the gold-backed currency, leading to a situation where trading in USD becomes more advantageous than using the local currency. This creates an opportunity for the black market to thrive, particularly for USD transactions.
@thestandardzim
The Standard Zim
@thestandardzim
4 months
🔵 @Potraz_zw is planning to index tariffs to the United States dollar to hedge against losses from exchange rate fluctuations resulting from an unstable local currency.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
Wrote this article sometime last year. One of the best companies on @ZSE_ZW
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
8 months
Innscor Africa’s revenue for the period ended 30 June 2023 blew past my expectations of US$799 million, zooming +0.63% to US$804 million. +15% relative to the previous period.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
No one knows how 2 run a business like an organized crime syndicate 1. Smart to avoid common pitfalls 2. Creative to keep costs low 3. Kip low profile to avoid getting noticed 4. They stick to the plan to maximize profits 5. They are always liquid in case something happens
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
You can never understand turnaround processes if you haven’t yet watched the movie Wall Street. I see Starafrica in Bluestar’s fictional turnaround story. Watching Bud Fox working hard to revive the company will help you see & appreciate what Takura Capital is doing right now.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
We can partner, make it $2000 and look for ideas to fund under the same terms and conditions you have already suggested.
@antomukuwa
Uncle Tony
@antomukuwa
1 year
I am looking for someone with a small idea that requires just $1000 funding! 1) The idea must be scalable, 2)Basic practical concept, 3) The pitcher must be less than 30 years of age. 4)I want my $1000 back in 12 months 5)Will take 10% stake in the business If you are
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
4 months
Padenga Holdings fell short of my projected earnings before interest and taxes (EBIT) of US$24 million by 4% and the projected revenue of US$159 million by just 1.9%, respectively. EBIT margins hit my long-term projected ratio of 15% with 14.59% @mutemwaushe
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
10 months
Current P/NAV is 1.2x Current NAV per share 16 cents Current Market price 17.95 cents I forecast FY2023 Revenue & EBIT to hit US$159 million & US$24 million respectively.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
@andrea_hoxbucks I wrote this piece a year ago.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
When I grow up, l want to be Emmanuel Matsvaire.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
Another one of our valuations which came out as forecasted in 2022. Econet Wireless FY2022, Feb 29. Valuation Date; December 2021. Forecasted revenue: $87.05 billion. Actual Revenue reported: $ 87.3 billion. You enjoying our valuations? Please share with others.
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Sylvester Mupanduki
@SMRI_Institute
1 year
Something has to be done to help local talented and passionate youngsters in the field of Finance and Investment. We need real business schools in the country, we need our universities to have endowment funds that are managed by students and Msc Finance lecturers.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
In other markets where investment in stock markets is serious business, prices follow earnings. Negative results puts pressure on the price—management is judged by how their share has performed. Here in Zim we buy anything as long as it’s trading at a lower price relative to 2010
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
Dear Followers! Very small number but not bad for an unpopular contrarian. You are simply amazing. Thank you for love and support to our work. Thank you. Good Holiday!
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
Just a month ago, some thought l was crazy to talk about this but what they didn’t know is the message was a direct response to what l thought was happening in BancABC & other listed companies Not linking these screenshots to what’s currently happening though. Just saying these
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
My opinion on ART Holdings, Fair Value gains on property or biological assets. I have also attached 2 screenshots the 1st one with green and yellow is from ART Holdings & the other 1 with red & green is from Hippo Valley. Pay attention to these screenshots & Spot the Difference
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
Dr Gono took over the RBZ reigns in Dec 2003, presented his first monetary policy statement & months later in 2004, banks started falling. How bad was that policy or could it be that by the time he took over, the financial system was already gone & banks made him the scapegoat?
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
Non-performing loans for CBZ decreased to 34% in 2022 from around 44% in 2021. In 2022, the industry average in the area was 1.58%, while the officially acceptable criterion globally is 5%. Is it not apparent that something is wrong with the Banks’ model? 1/8 A portfolio of
@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
With regard to my discussion of the CBZ-ZB merger yesterday, this is for those who argue that because our banks are small, a merger will give them a stronger balance sheet and more competitiveness at the regional level. 1/5 The thing keeping their balance sheets small is the
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
Are you buying Lafarge Zim? l love cheap companies with a good businesses, not expensive ones with a blurred future. Lafarge is up 88% this year, priced at ZW$14 billion. What’s the revenue? ZW$7 billion Market Cap 2x revenue, not really a good start. Should l continue?
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
8 months
Surprised? No l’m not. This has been one of the most undervalued stocks in the last few years. @Jabulanichibaya @KingMhare1
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@investors_zw
Investing in Zimbabwe Stocks
@investors_zw
9 months
CAFCA Ltd has declared a final #dividend of US7.90 cents per share FYE 30-09-23, payable to Shareholders registered as at the close of business on 1-12-23. › Payment: 15-12-23 › Cum-dividend: 28-11-23 › Ex-dividend: 29-11-23 @ZSE_ZW #dividends #stocks #StockMarket
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
4 months
1. Every day, I make it a priority to provide you with updates on the key developments within our companies. Four months ago, I discussed Axia's prospects & how I believed the drought would impact revenue growth, projecting it not to exceed the projected 3.5% economic growth for
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
4 months
The currency used for transactions by Dairibord Holdings is predominantly the USD in my opinion, accounting for 84% of its revenue. Forex is employed for importing inputs. Given that most local milk producers' production costs are in USD, they should be demanding payments in
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
9 months
713k liters of fuel used by National Foods in 2023. That’s close to US$1.3 million spend at current market prices & over a 3rd of the company’s US$3.6million electricity expense. What it means is local businesses should start working on a “top drawer”
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@BullsBears2010
Bulls n Bears
@BullsBears2010
9 months
(NatFoods consumes 712 K litres of diesel on power generation …mulls 2MW solar project) has been published on Bulls n Bears -
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
@andrea_hoxbucks @baba_nyenyedzi That money is used to expand the business, even with rising inflation they have so many investment options in waiting & as soon as they get your premium (float to them), investment business starts immediately. Inflation should never be a point of serious argument in this business
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
Be kind to everyone, always keep your Ego in check and remember that one day we are all going to die. Happy 2023 Everyone!
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
It appears that inadequate corporate governance led to the failure of the majority of Zimbabwe's banks between 2000 and 2012. Major shareholder who were also executive directors were utilising depositor funds to finance insider loans to themselves without following the correct
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
Livingstone Gwata, the former CEO of FBC Holdings, stated the following when speaking with @TrevorNcube ; Paraphrased— As a bank does not need a tycoon component, we went into listing (FBC) to move away from individual or single corporate ownership. A tycoon factor is undesirable
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
10 months
They say it is one of the best banks in Zimbabwe. I hope l am allowed to disagree and say; it is one of the worst performing banks in Zimbabwe.
@FingazLive
The Financial Gazette
@FingazLive
10 months
CBZ won the Best Bank in Zimbabwe at the Global Finance World Best Bank Awards Ceremony 2023 in Marrakech. @CBZHoldings
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
5 months
1. Zimbabwe’s manufacturing sector’s contribution to GDP has remained relatively stagnant, averaging less than 20%, since the Unilateral Declaration of Independence (UDI) in 1965. An economy cannot survive long when capacity utilization is shrinking & imports are growing everyday
@ChadMhako
Chad Mhako
@ChadMhako
6 months
Once upon a time EDGARS was one of the biggest financial institutions in Zim. In terms of customer data, they were the probably the richest. The tragedy is like many local institutions, they couldn't define their why. All strategy is premised on an appropriately defined mission
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
7 months
A few months back, a number of quarters sought regulation and taxes of the retail informal sector due to their discontent with its unfair competitive advantage over formal businesses like OK Limited. Now, the same audience is demonstrating against having their demands met.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
Just a week ago people were calling themselves geniuses for being able to perfectly time the market. Lesson #1 : markets follow cycles, don’t confuse genius with fluctuations Lesson #2 : don’t time the market, no one can except liars, focus on individual stocks, ignore the noise
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
Tanganda’ Valuation Binge: My estimated intrinsic value is $48 from $29 in FEB. l will provide a 10% margin of error. This stock is overvalued. Is there really a need to be surprised? Tanganda’s stock skyrocketed in the first 4 months of re-listing by 270%, from $67 to $248.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
“Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” Richard Benson
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
You want to make equity investing easy in 2023? Have a process that you follow & stick to it. Avoid “buy the dip noise”, it’s not as easy as it sounds. Regularly buy good businesses at a fair price despite the prevailing market circumstances. Have a long term frame of mind.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
5 months
These are the top executives, & most of them have neither direct nor indirect interests in the company. Now, can someone explain why they should prioritize performance & dividends over their paychecks, especially when their combined holdings amount to less than US$20 000?
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
Speculators are NOT Investors. They look at past performance. Study trends for 1 year, 3 years & beyond. Just a waste of time, They take last year’s biggest winner and expect the same result in future. Turns out to be very foolish. Real investors put their trust in Valuations.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
10 months
Border Timbers FY-2023. A lot needs to be done to bring this company back. 1/4 FV gains forms no cash to/from operations—it’s just an accounting estimate of what this Co. could’ve potentially earned if Biological assets were sold. I removed that from EBIT & margins slipped to
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
11 months
Star Africa reported higher FY2023 sales volumes —82 321 tons relative to my forecasted 80 000 tons Revenue blew past my expectations by 14% to ZW50 Bln (forecasted:$44 Bln) A quick recalculation is giving me an operating profit figure of $320 mln & not the $417 mln reported.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
11 months
In other markets, a delay by 90 days after the fiscal year ends is taken as a sign of negative surprises, & a sell-off may follow. Well, Zimbabwe is not like any other normal market, but, a delay by 180 days should attract heavy financial penalties.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
5 months
Truworths Zimbabwe mentioned delaying the publication of their financials and chose to remain quiet after the extended deadlines they mentioned. Unfortunately, it seems that no one has followed up on this. Their year-end was July 2023, and we are now in March 2024.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
5 months
According to IH Securities, Econet has a market capitalization of US$267 million. This means that, compared to my projected intrinsic value and Net asset value of US$300 million, Econet has a growing margin of safety. However, 70% of the company's network boosters are 2G and 3G,
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@MutenaMT
Merchant of Africa
@MutenaMT
5 months
@kudzie_sharara @zsetech @andrea_hoxbucks @SMRI_Institute My shock as well! @SMRI_Institute do the Lord’s work!
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
Once a company becomes a giant, it’s growth must slow down (natural growth disappears)—or it will end up acquiring the entire world (artificial growth becomes the only source). Which #ZSE company pop into your mind when you see this?
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
8 months
One of my rare public appearances—it was nice meeting you gentleman 👏🏾 @kudzie_sharara @EbenMabunda @andrea_hoxbucks @taweshamhuyashe We have a lot to learn from each other.
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@andrea_hoxbucks
Rufaro Hozheri
@andrea_hoxbucks
8 months
About last night! At the Capital Markets Awards I met my good friend and brother @SMRI_Institute and had a good chat. Top analyst and valuations ethusiast. We agreed to continue disagreeing. The future of capital markets analysis and corp finance is in safe hands.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
Last updated my Turnall Holdings Valuation 6 Months ago Forecasted Sales Revenue for FY2022 to hit ZW$8.9 Billion Actual FY2022 Revenue reported ZW$8.4 Billion I am yet to miss my Revenue Target by 10% for any company Fundamentals don't lie Read this:
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
4 months
Always keep an eye out for benefits offered to executives, particularly if business performance is subpar.
@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
5 months
In 2023, Tanganda Tea gave executive directors short-term benefits totaling ZW$18 billion (51% of the Gross Profit), in addition to their directors fees and expenses. The company went on to record an annual loss of ZW$17 billion. This suggests that Tanganda will break even if
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
11 months
@KuraChihota Retail generally has low margins& our market makes it worse. If you’re not careful, your tight margins gets eroded by exchanges/inflation& all you’ll be left with are non-cash gains. Saw a big ZSE name with nothing in EBIT& to confuse readers they mentioned fat GP & EBITDA number
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
I was demonized for saying this in April 2022 when the Zim Stock Exchange was beating every index in the world When l said the system was barely holding up & the ZSE was being fueled by a false hope that every1 can make money without risk WhatsApp groups mocking made me famous
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@CharlieMunger00
Charlie Munger Fans
@CharlieMunger00
1 year
Beware of barbers, beauticians, waiters – or anyone – bringing gifts of inside information or ‘tips"” --- Bernard Baruch via @mastersinvest
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
Wrote this article in September 2021; A few months later, Masimba reported an order book value of US$214 million from US$72 million •Debt not excessive •Business expanding rapidly •Earnings growing every year •The business has a long way to go before the industry stumbles.
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
1 year
Meikles reported an accounting PBT of ZW7.5 Bln vs a net cash from operations balance of ZW2.3 Bln Negative FCF (Net cash from operations less Capex). Negative FCF yield & margin EBIT margins averaged 3% between 2020 & 2022, -1% in 2023 Where is cash for dividends coming from?
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
10 months
Ok Limited has a Net Book Value per share of ZW$46 Price to NAV ratio of 2.62. 0.21 FCF/debt ratio, 3.04% FCF yield. Google will tell you these are not good ratios Currently trading at ZW$120, that’s 30x the company’s earnings. Why should you pay anything above ZW$40?
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@SMRI_Institute
Sylvester Mupanduki
@SMRI_Institute
2 years
Here we go! Ok Limited’s inflation adjusted revenue for the FY2022 grew by 35% to ZW$ 79 billion compared to a contraction of 2% in the previous period, driven by a 23% jump in sales volumes. This sales volumes growth was, in my opinion,
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