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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 7,7x - 8,5x | 8,1x |
Selected Fwd EBITDA Multiple | 3,3x - 3,7x | 3,5x |
Fair Value | R146,44 - R159,60 | R153,02 |
Upside | 2,4% - 11,6% | 7,0% |
Benchmarks | Ticker | Full Ticker |
We Buy Cars Holdings Limited | WBC | JSE:WBC |
Super Group Limited | SPG | JSE:SPG |
Mr Price Group Limited | MRP | JSE:MRP |
Combined Motor Holdings Limited | CMH | JSE:CMH |
Pepkor Holdings Limited | PPH | JSE:PPH |
Cashbuild Limited | CSB | JSE:CSB |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
WBC | SPG | MRP | CMH | PPH | CSB | ||
JSE:WBC | JSE:SPG | JSE:MRP | JSE:CMH | JSE:PPH | JSE:CSB | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | 15.8% | 7.6% | 7.4% | 7.8% | -13.1% | |
3Y CAGR | 19.3% | 29.1% | 5.5% | 3.6% | 2.3% | -33.1% | |
Latest Twelve Months | 24.0% | 25.2% | 8.8% | -14.5% | 16.0% | 116.0% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 6.0% | 11.0% | 16.9% | 6.6% | 12.8% | 6.1% | |
Prior Fiscal Year | 5.5% | 12.7% | 15.1% | 7.4% | 12.6% | 4.6% | |
Latest Fiscal Year | 5.4% | 11.9% | 15.3% | 6.1% | 13.1% | 3.1% | |
Latest Twelve Months | 5.8% | 12.1% | 15.3% | 6.1% | 13.2% | 2.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.02x | 0.26x | 1.51x | 0.25x | 1.38x | 0.22x | |
EV / LTM EBITDA | 17.6x | 2.2x | 9.9x | 4.0x | 10.4x | 7.9x | |
EV / LTM EBIT | 18.5x | 4.5x | 11.0x | 5.1x | 12.0x | 14.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 2.2x | 9.9x | 17.6x | ||||
Historical EV / LTM EBITDA | 4.7x | 5.1x | 10.1x | ||||
Selected EV / LTM EBITDA | 7.7x | 8.1x | 8.5x | ||||
(x) LTM EBITDA | 323 | 323 | 323 | ||||
(=) Implied Enterprise Value | 2,481 | 2,612 | 2,742 | ||||
(-) Non-shareholder Claims * | 448 | 448 | 448 | ||||
(=) Equity Value | 2,929 | 3,059 | 3,190 | ||||
(/) Shares Outstanding | 20.9 | 20.9 | 20.9 | ||||
Implied Value Range | 140.44 | 146.70 | 152.96 | ||||
FX Rate: ZAR/ZAR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 140.44 | 146.70 | 152.96 | 143.00 | |||
Upside / (Downside) | -1.8% | 2.6% | 7.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | WBC | SPG | MRP | CMH | PPH | CSB | |
Enterprise Value | 25,547 | 16,413 | 59,620 | 3,281 | 122,434 | 2,535 | |
(+) Cash & Short Term Investments | 103 | 3,697 | 4,166 | 954 | 4,833 | 1,909 | |
(+) Investments & Other | 12 | 38 | 0 | 0 | 0 | 30 | |
(-) Debt | (1,621) | (10,523) | (8,686) | (1,967) | (27,690) | (1,474) | |
(-) Other Liabilities | 0 | (3,629) | (988) | 0 | (8) | (17) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 24,041 | 5,996 | 54,112 | 2,268 | 99,569 | 2,982 | |
(/) Shares Outstanding | 417.3 | 338.8 | 257.7 | 74.8 | 3,679.5 | 20.9 | |
Implied Stock Price | 57.61 | 17.70 | 210.00 | 30.32 | 27.06 | 143.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 57.61 | 17.70 | 210.00 | 30.32 | 27.06 | 143.00 | |
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 |