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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6.2x - 6.8x | 6.5x |
| Selected Fwd EBIT Multiple | 3.8x - 4.2x | 4.0x |
| Fair Value | R13.37 - R14.81 | R14.09 |
| Upside | 40.7% - 55.9% | 48.3% |
| Benchmarks | Ticker | Full Ticker |
| AVI Limited | AVI | JSE:AVI |
| Tiger Brands Limited | TBS | JSE:TBS |
| Libstar Holdings Limited | LBR | JSE:LBR |
| RFG Holdings Limited | RFG | JSE:RFG |
| Sea Harvest Group Limited | SHG | JSE:SHG |
| RCL Foods Limited | RCL | JSE:RCL |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| AVI | TBS | LBR | RFG | SHG | RCL | ||
| JSE:AVI | JSE:TBS | JSE:LBR | JSE:RFG | JSE:SHG | JSE:RCL | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.5% | -0.4% | -7.0% | 17.8% | 0.1% | 32.2% | |
| 3Y CAGR | 11.1% | 11.7% | -4.0% | 32.0% | -4.4% | 13.8% | |
| Latest Twelve Months | 16.4% | 4.4% | -17.2% | 7.8% | 30.7% | 36.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 18.7% | 8.5% | 5.2% | 7.9% | 11.1% | 4.3% | |
| Prior Fiscal Year | 18.2% | 8.0% | 5.1% | 9.8% | 7.4% | 4.5% | |
| Latest Fiscal Year | 20.8% | 8.3% | 4.1% | 10.4% | 8.4% | 6.6% | |
| Latest Twelve Months | 21.7% | 8.3% | 4.1% | 10.4% | 8.4% | 7.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.08x | 1.19x | 0.33x | 0.65x | 0.75x | 0.33x | |
| EV / LTM EBITDA | 8.6x | 11.6x | 4.7x | 4.8x | 5.9x | 3.5x | |
| EV / LTM EBIT | 9.6x | 14.4x | 8.0x | 6.3x | 9.0x | 4.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.3x | 9.0x | 14.4x | ||||
| Historical EV / LTM EBIT | 7.0x | 10.3x | 31.5x | ||||
| Selected EV / LTM EBIT | 6.2x | 6.5x | 6.8x | ||||
| (x) LTM EBIT | 1,989 | 1,989 | 1,989 | ||||
| (=) Implied Enterprise Value | 12,246 | 12,891 | 13,536 | ||||
| (-) Non-shareholder Claims * | (296) | (296) | (296) | ||||
| (=) Equity Value | 11,951 | 12,595 | 13,240 | ||||
| (/) Shares Outstanding | 893.8 | 893.8 | 893.8 | ||||
| Implied Value Range | 13.37 | 14.09 | 14.81 | ||||
| FX Rate: ZAR/ZAR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.37 | 14.09 | 14.81 | 9.50 | |||
| Upside / (Downside) | 40.7% | 48.3% | 55.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AVI | TBS | LBR | RFG | SHG | RCL | |
| Enterprise Value | 32,848 | 44,740 | 3,708 | 5,184 | 5,405 | 8,787 | |
| (+) Cash & Short Term Investments | 412 | 1,547 | 494 | 192 | 336 | 365 | |
| (+) Investments & Other | 24 | 3,740 | 0 | 0 | 83 | 1,473 | |
| (-) Debt | (2,966) | (1,242) | (2,320) | (644) | (3,614) | (2,324) | |
| (-) Other Liabilities | 0 | (217) | 1 | (10) | 10 | 191 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 30,318 | 48,568 | 1,883 | 4,721 | 2,219 | 8,491 | |
| (/) Shares Outstanding | 331.0 | 155.4 | 595.8 | 259.6 | 336.8 | 893.8 | |
| Implied Stock Price | 91.61 | 312.51 | 3.16 | 18.19 | 6.59 | 9.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 91.61 | 312.51 | 3.16 | 18.19 | 6.59 | 9.50 | |
| 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 | |