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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 15.9% - 14.9% | 15.4% |
| Fair Value | R9.41 - R10.12 | R9.70 |
| Upside | -17.9% - -11.7% | -15.3% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (ZAR in millions) | Feb-25 | Feb-26 | Feb-27 | Feb-28 | Feb-29 | Feb-30 | Terminal | |
| Net Income to Common | 557 | 535 | 535 | 535 | 535 | 535 | 535 | |
| % Growth | -51.3% | -4.0% | 0.0% | 0.0% | 0.0% | 0.0% | ||
| Payout Ratio | 59.2% | 65.0% | 71.0% | 77.0% | 83.0% | 90.0% | 92.5% | |
| Projected Dividends | 330 | 348 | 380 | 412 | 444 | 481 | 495 | |
| % Growth | 5.4% | 9.2% | 8.5% | 7.8% | 8.4% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (ZAR in millions) | Feb-21 | Feb-22 | Feb-23 | Feb-24 | Feb-25 | Feb-24 | Feb-25 | |
| Cash Dividends Paid | 156 | 154 | 1,269 | 209 | 330 | 209 | 330 | |
| % Growth | -1% | 723% | -84% | 58% | 58% | |||
| Net Income to Common | (837) | 335 | 333 | 1,144 | 557 | 1,144 | 557 | |
| % Growth | NM | -1% | 243% | -51% | -51% | |||
| Payout Ratio | -19% | 46% | 381% | 18% | 59% | 18% | 59% | |
| Retention Ratio | 119% | 54% | -281% | 82% | 41% | 82% | 41% | |
| Adjusted EBITDA | 1,055 | 898 | 854 | 915 | 1,013 | 915 | 1,013 | |
| % Growth | -15% | -5% | 7% | 11% | 11% | |||
| Total Debt | 10,115 | 9,669 | 6,596 | 6,373 | 6,160 | 6,373 | 6,160 | |
| Shareholder's Equity | 4,747 | 5,004 | 3,187 | 4,995 | 5,335 | 4,995 | 5,335 | |
| Debt / EBITDA | 9.6 | 10.8 | 7.7 | 7.0 | 6.1 | 5.5 | ||
| Debt / Equity | 213% | 193% | 207% | 128% | 115% | 128% | 115% | |
| 3-Yr Avg. Dividend Growth | 232.6% | |||||||
| 5-Yr Median Payout Ratio | 46.0% | |||||||