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Nutun Limited logo

Nutun Limited

NTU.JO
25
Information Technology Services · Technology
Price
89.00 ZAc
-4.00 (-4.30%)
Market Cap
698.0M ZAc
Exchange
Johannesburg Stock Exchange
Winston Score
25
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Jul 25, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+14.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 683.7M (2021) → 784.3M (2025)

Nutun Limited is a South African company that provides business process outsourcing (BPO) and customer experience services. It runs contact centers and handles tasks like customer support, debt collection, and back-office processing on behalf of other businesses. Its main customers are banks, insurers, retailers, and telecoms companies across South Africa and international markets.

Nutun earns money by charging clients fees for managing their customer interactions and collections processes, typically under multi-year service contracts. The company operates primarily in South Africa but has expanded into markets like the United States and United Kingdom, where demand for offshore BPO services is growing. Its competitive position relies on established client relationships and the cost advantage of delivering services from South Africa. The key growth driver is winning more international BPO contracts, particularly from English-speaking markets seeking lower-cost outsourcing options, though the business faces risks from currency volatility and intense competition from larger global BPO providers.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+1.2% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

26.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

~7 months

$280M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Nutun Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
24.5%
Thin — 24.5% gross margin
Operating Margin
27.3%
Excellent — 27.3% operating margin
ROCE
5.6%
Weak — 5.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY
-41.8%
Shrinking sales (-41.8% YoY)
EPS YoY
-168.6%
Earnings shrinking (-168.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-11.6%
Burning cash (-11.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
3.02
Heavy debt load (3.02)
Interest Cover
1.14x
Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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