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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 0.9x - 1.0x | 1.0x |
| Historical Pb Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | R10.80 - R11.94 | R11.37 |
| Upside | 11.3% - 23.0% | 17.2% |
| Benchmarks | - | Full Ticker |
| Tiger Brands Limited | - | JSE:TBS |
| AVI Limited | - | JSE:AVI |
| Libstar Holdings Limited | - | JSE:LBR |
| Sea Harvest Group Limited | - | JSE:SHG |
| RFG Holdings Limited | - | JSE:RFG |
| RCL Foods Limited | - | JSE:RCL |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| TBS | AVI | LBR | SHG | RFG | RCL | |||
| JSE:TBS | JSE:AVI | JSE:LBR | JSE:SHG | JSE:RFG | JSE:RCL | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -7.6% | 7.1% | NM- | -11.3% | 21.2% | NM- | ||
| 3Y CAGR | 18.2% | 11.1% | NM- | -21.5% | 37.8% | 6.1% | ||
| Latest Twelve Months | 8.5% | 17.9% | -225.5% | -19.6% | 18.7% | 26.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 7.4% | 13.1% | 1.0% | 6.9% | 4.9% | 2.5% | ||
| Prior Fiscal Year | 7.2% | 12.3% | 1.9% | 4.5% | 6.0% | 3.4% | ||
| Latest Fiscal Year | 7.8% | 14.2% | -2.4% | 3.2% | 7.1% | 4.6% | ||
| Latest Twelve Months | 7.8% | 14.9% | -2.4% | 3.2% | 7.1% | 5.3% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 13.4% | 37.9% | 2.2% | 12.7% | 11.5% | 4.9% | ||
| Prior Fiscal Year | 16.5% | 37.1% | 4.2% | 8.6% | 14.8% | 7.0% | ||
| Latest Twelve Months | 16.7% | 46.0% | -5.5% | 6.2% | 15.7% | 12.2% | ||
| Next Fiscal Year | 17.4% | 39.2% | 6.5% | 8.6% | 15.9% | 9.2% | ||
| Two Fiscal Years Forward | 16.5% | 39.2% | 8.5% | 9.7% | 15.3% | 14.5% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 1.1x | 1.8x | 0.2x | 0.3x | 0.6x | 0.3x | ||
| Price / LTM EPS | 14.2x | 12.4x | -6.8x | 10.1x | 8.2x | 6.1x | ||
| Price / Book | 2.3x | 5.9x | 0.4x | 0.6x | 1.2x | 0.8x | ||
| Price / Fwd Book | 2.2x | 4.7x | 0.4x | 0.5x | 1.1x | 0.6x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 0.4x | 1.2x | 5.9x | |||||
| Historical P/B Ratio | 0.7x | 0.8x | 0.8x | |||||
| Selected P/B Multiple | 0.9x | 1.0x | 1.0x | |||||
| (x) Book Value | 10,254 | 10,254 | 10,254 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | TBS | AVI | LBR | SHG | RFG | RCL | |
| Value of Common Equity | 41,744 | 28,693 | 1,817 | 2,233 | 4,672 | 8,670 | |
| (/) Shares Outstanding | 155.4 | 331.0 | 595.8 | 336.8 | 259.6 | 893.8 | |
| Implied Stock Price | 268.60 | 86.70 | 3.05 | 6.63 | 18.00 | 9.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 268.60 | 86.70 | 3.05 | 6.63 | 18.00 | 9.70 | |
| 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 | |