Letshego Holdings Namibia FY17 Results Review

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  • The expected total return in the table at the top of page 2 was changed to correspond with the expected return figure in the valuation paragraph below.
  • The number of access points was corrected on page 4.
  • The statement on page 5 noting that all of LHL’s subsidiaries were moved into the Letshego Mauritius Holding Company was removed as this was incorrect.
  • The statement on page 5 where management indicated that the group will wait until at least 2019 before selling a part of their share was amended.
  • The paragraph on page 7 discussing the company’s market share of public servant clients was revised and the analyst’s view on this was added.
  • Management noted that loan restructuring was client driven and not the company approaching the clients. This was added on page 7.
  • Management indicated that the entire loan book of LMFSN is pledged as security to the LHL Medium Term Note Programmes on the JSE and group borrowing from commercial banks in Botswana, and not on the Botswana Stock Exchange as noted in the financials.
  • The statement indicating that it appears to be a directive from LHL that funding should be sourced locally was removed on page 9.
  • The note on page 10 which stated that management will target larger companies, was changed to will focus on larger companies.
  • Dividends from Hollard back to LHN / LMFSN are declared twice a year, and not once a year as was previously stated on page 11.
  • The words “quite significantly” were removed in the statement of management’s expectation of cost-to-income increases on page 12.



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