The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 141.4M (2022) → 153.5M (2026)
Afrimat Limited, established in 1963 and headquartered in Bellville, South Africa, operates as a prominent open-pit mining company. It specializes in providing a wide array of industrial minerals and construction materials, serving various sectors across South Africa. The company's operations are strategically divided into three core segments: Construction Materials, Industrial Minerals, and Bulk Commodities. The Construction Materials division offers a comprehensive suite of products, including clinker ash, aggregates, both manufactured and natural sand, stone dust, a variety of building blocks and bricks, pavers, lintels, and ready-mix concrete. In its Industrial Minerals segment, Afrimat supplies metallurgical dolomite, quartzite, and limestone, high calcium neutralization limestone, agricultural lime, feedlime, hydrated lime, calcium oxide, calcium hydroxide, silica sand, ultra-fine limestone and dolomite, and dolomite fillers. The Bulk Commodities segment is dedicated to the extraction of iron ores and underground anthracites. Beyond its material production, Afrimat also extends its expertise through services such as drilling and blasting, mobile crushing, screening, and various bid preparation and contractual services. The company caters to diverse industries, including industrial minerals, building, construction, road building, railroad, and mining sectors.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+11.0% YoY
YoY Growth Rate
Steady revenue growth
+86.3% YoY
YoY Growth Rate
EPS growth accelerating
$0/ year
0.0% of revenue
Below sector average (3%)
Research and development spending
Cash flow positive
$647M cash & investments
Quarterly Free Cash Flow
↓ Burn rate worsening
Company generates more cash than it spends — no dilution risk from fundraising
Afrimat Limited is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.
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Earnings growing 25%+ a year. The compounder zone.
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FCF margin between 0% and 10%. Some cash from sales, but not a lot.
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Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.
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P/E above the market average. People are paying up for expected growth.
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Modest yield. The bulk of any return needs to come from price appreciation.
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