MTU Results Bearish
MANTENGU LIMITED - Short Form Announcement: Audited Results for the Year Ended 28 February 2026
Mantengu Limited
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What this filing means
MTU swung from a R303m profit to a R315m loss in FY2026 on collapsing margins and a R168m Sublime writedown, with auditors issuing a qualified opinion and a going-concern warning. NAV per share fell 60% to 71 cents. The board contests every qualification, but the working-capital deficit (current liabilities exceed current assets by R283m) and the R570m B-BBEE liability dispute keep this a real negative even after the share already sold off (YTD -41%, CAR-20 -8.5%).
Bull case
- Revenue grew 24% YoY to R393.2m, demonstrating continued top-line momentum despite the headline loss.
- Completion of the Sublime Section 189 process in August 2026 is expected to deliver R38m per annum in profit uplift.
Bear case
- Auditors flagged material uncertainty over going concern: current liabilities exceed current assets by R283m against the R315m FY2026 loss.
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