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| Metrics | Range | Conclusion |
|---|---|---|
| Perpetuity Growth Rate | 0.0% - 0.3% | 0.0% |
| Discount Rate | 15.6% - 14.6% | 15.1% |
| Fair Value | R31.71 - R34.32 | R32.78 |
| Upside | -20.7% - -14.2% | -18.1% |
| Project Adjusted Dividends | ||||||||
| Fiscal Year Ending | ||||||||
| (ZAR in millions) | Sep-24 | Sep-25 | Sep-26 | Sep-27 | Sep-28 | Sep-29 | Terminal | |
| Net Income to Common | 395 | 407 | 407 | 407 | 407 | 407 | 407 | |
| % Growth | -7.4% | 2.9% | 0.0% | 0.0% | 0.0% | 0.0% | ||
| Payout Ratio | 32.7% | 44.0% | 55.0% | 66.0% | 77.0% | 90.0% | 92.5% | |
| Projected Dividends | 129 | 179 | 224 | 268 | 313 | 366 | 376 | |
| % Growth | 38.4% | 25.0% | 20.0% | 16.7% | 16.9% | |||
| Historical Performance | ||||||||
| Fiscal Year Ending | YTD | YTD | ||||||
| (ZAR in millions) | Sep-20 | Sep-21 | Sep-22 | Sep-23 | Sep-24 | Sep-23 | Sep-24 | |
| Cash Dividends Paid | 63 | 63 | 111 | 121 | 129 | 121 | 129 | |
| % Growth | 0% | 75% | 9% | 7% | 7% | |||
| Net Income to Common | 275 | 321 | 396 | 427 | 395 | 427 | 395 | |
| % Growth | 17% | 23% | 8% | -7% | -7% | |||
| Payout Ratio | 23% | 20% | 28% | 28% | 33% | 28% | 33% | |
| Retention Ratio | 77% | 80% | 72% | 72% | 67% | 72% | 67% | |
| Adjusted EBITDA | 442 | 518 | 588 | 798 | 754 | 798 | 754 | |
| % Growth | 17% | 13% | 36% | -6% | -6% | |||
| Total Debt | 1,596 | 1,515 | 2,847 | 2,590 | 2,683 | 2,590 | 2,683 | |
| Shareholder's Equity | 2,028 | 2,288 | 2,691 | 2,930 | 3,197 | 2,930 | 3,197 | |
| Debt / EBITDA | 3.6 | 2.9 | 4.8 | 3.2 | 3.6 | 3.8 | ||
| Debt / Equity | 79% | 66% | 106% | 88% | 84% | 88% | 84% | |
| 3-Yr Avg. Dividend Growth | 30.4% | |||||||
| 5-Yr Median Payout Ratio | 27.9% | |||||||