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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.4x - 0.5x | 0.4x |
| Selected Fwd Ps Multiple | 0.2x - 0.2x | 0.2x |
| Fair Value | R12.35 - R13.65 | R13 |
| Upside | 22.9% - 35.9% | 29.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| AVI Limited | - | JSE:AVI |
| Libstar Holdings Limited | - | JSE:LBR |
| Tiger Brands Limited | - | JSE:TBS |
| Oceana Group Limited | - | JSE:OCE |
| Crookes Brothers Limited | - | JSE:CKS |
| RCL Foods Limited | - | JSE:RCL |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| AVI | LBR | TBS | OCE | CKS | RCL | |||
| JSE:AVI | JSE:LBR | JSE:TBS | JSE:OCE | JSE:CKS | JSE:RCL | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 3.8% | 3.5% | 5.7% | 5.6% | 3.5% | 0.1% | ||
| 3Y CAGR | 6.1% | 3.5% | 6.8% | 11.3% | 13.1% | -6.4% | ||
| Latest Twelve Months | 3.1% | 3.1% | 5.2% | -3.1% | 14.5% | 43.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 13.1% | 1.0% | 7.3% | 10.7% | 3.0% | 2.5% | ||
| Prior Fiscal Year | 12.3% | 1.9% | 7.2% | 9.7% | 3.1% | 3.4% | ||
| Latest Fiscal Year | 14.2% | -2.4% | 7.8% | 11.0% | 8.2% | 4.6% | ||
| Latest Twelve Months | 14.9% | -2.4% | 10.4% | 7.7% | 8.2% | 5.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 8.8x | 4.7x | 9.3x | 6.4x | 3.4x | 3.8x | ||
| Price / LTM Sales | 1.9x | 0.2x | 1.2x | 0.6x | 0.5x | 0.3x | ||
| LTM P/E Ratio | 13.1x | -7.3x | 11.5x | 8.1x | 6.1x | 6.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.2x | 0.6x | 1.9x | |||||
| Historical LTM P/S Ratio | 0.3x | 0.3x | 0.5x | |||||
| Selected Price / Sales Multiple | 0.4x | 0.4x | 0.5x | |||||
| (x) LTM Sales | 26,715 | 26,715 | 26,715 | |||||
| (=) Equity Value | 11,011 | 11,591 | 12,170 | |||||
| (/) Shares Outstanding | 893.8 | 893.8 | 893.8 | |||||
| Implied Value Range | 12.32 | 12.97 | 13.62 | |||||
| FX Rate: ZAR/ZAR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 12.32 | 12.97 | 13.62 | 10.05 | ||||
| Upside / (Downside) | 22.6% | 29.0% | 35.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | AVI | LBR | TBS | OCE | CKS | RCL | |
| Value of Common Equity | 31,109 | 2,085 | 45,461 | 6,384 | 452 | 8,983 | |
| (/) Shares Outstanding | 331.0 | 595.8 | 154.2 | 120.0 | 15.1 | 893.8 | |
| Implied Stock Price | 94.00 | 3.50 | 294.76 | 53.21 | 30.00 | 10.05 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 94.00 | 3.50 | 294.76 | 53.21 | 30.00 | 10.05 | |
| 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 | |