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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.2x - 10.2x | 9.7x |
| Selected Fwd EBIT Multiple | 8.7x - 9.7x | 9.2x |
| Fair Value | R89.67 - R99.91 | R94.79 |
| Upside | -0.4% - 11.0% | 5.3% |
| Benchmarks | Ticker | Full Ticker |
| RCL Foods Limited | RCL | JSE:RCL |
| Tiger Brands Limited | TBS | JSE:TBS |
| Libstar Holdings Limited | LBR | JSE:LBR |
| Sea Harvest Group Limited | SHG | JSE:SHG |
| RFG Holdings Limited | RFG | JSE:RFG |
| AVI Limited | AVI | JSE:AVI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RCL | TBS | LBR | SHG | RFG | AVI | ||
| JSE:RCL | JSE:TBS | JSE:LBR | JSE:SHG | JSE:RFG | JSE:AVI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 32.2% | -0.4% | -7.0% | -2.0% | 17.8% | 5.5% | |
| 3Y CAGR | 13.8% | 11.7% | -4.0% | -7.8% | 32.0% | 11.1% | |
| Latest Twelve Months | 36.8% | 4.4% | -17.2% | 17.5% | 7.8% | 16.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.3% | 8.5% | 5.2% | 11.0% | 7.9% | 18.7% | |
| Prior Fiscal Year | 4.5% | 8.0% | 5.1% | 7.4% | 9.8% | 18.2% | |
| Latest Fiscal Year | 6.6% | 8.3% | 4.1% | 7.5% | 10.4% | 20.8% | |
| Latest Twelve Months | 7.4% | 8.3% | 4.1% | 7.5% | 10.4% | 21.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.33x | 1.03x | 0.33x | 0.78x | 0.66x | 2.03x | |
| EV / LTM EBITDA | 3.6x | 10.0x | 4.8x | 6.9x | 4.9x | 8.4x | |
| EV / LTM EBIT | 4.5x | 12.4x | 8.1x | 10.3x | 6.4x | 9.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.5x | 8.1x | 12.4x | ||||
| Historical EV / LTM EBIT | 9.3x | 10.2x | 10.5x | ||||
| Selected EV / LTM EBIT | 9.2x | 9.7x | 10.2x | ||||
| (x) LTM EBIT | 3,466 | 3,466 | 3,466 | ||||
| (=) Implied Enterprise Value | 31,941 | 33,622 | 35,303 | ||||
| (-) Non-shareholder Claims * | (2,530) | (2,530) | (2,530) | ||||
| (=) Equity Value | 29,411 | 31,092 | 32,773 | ||||
| (/) Shares Outstanding | 331.0 | 331.0 | 331.0 | ||||
| Implied Value Range | 88.87 | 93.95 | 99.03 | ||||
| FX Rate: ZAR/ZAR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 88.87 | 93.95 | 99.03 | 90.00 | |||
| Upside / (Downside) | -1.3% | 4.4% | 10.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RCL | TBS | LBR | SHG | RFG | AVI | |
| Enterprise Value | 8,877 | 38,614 | 3,916 | 5,523 | 5,317 | 32,316 | |
| (+) Cash & Short Term Investments | 365 | 1,547 | 494 | 336 | 192 | 412 | |
| (+) Investments & Other | 1,473 | 3,740 | 0 | 48 | 0 | 24 | |
| (-) Debt | (2,324) | (1,242) | (2,320) | (3,614) | (644) | (2,966) | |
| (-) Other Liabilities | 191 | (217) | 1 | 10 | (10) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,581 | 42,441 | 2,091 | 2,304 | 4,854 | 29,786 | |
| (/) Shares Outstanding | 893.8 | 155.4 | 595.8 | 336.8 | 259.6 | 331.0 | |
| Implied Stock Price | 9.60 | 273.09 | 3.51 | 6.84 | 18.70 | 90.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.60 | 273.09 | 3.51 | 6.84 | 18.70 | 90.00 | |
| Trading Currency | ZAR | ZAR | ZAR | ZAR | ZAR | ZAR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |