Company Valuation: Netcare Limited

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 21,636 18,344 17,968 19,232 17,307 22,151 - -
Change - -15.22% -2.05% 7.03% -10.01% 27.99% - -
Enterprise Value (EV) 1 31,059 27,703 27,988 30,079 28,383 33,475 33,121 32,500
Change - -10.81% 1.03% 7.47% -5.64% 17.94% -1.06% -1.88%
P/E 29.8x 19.1x 14.4x 14.2x 10.7x 12.1x 10.7x 9.53x
PBR 2.18x 1.79x 1.6x 1.76x 1.56x 2.1x 1.93x 1.71x
PEG - 0.6x 0.5x 0.9x 0.5x 0.7x 0.8x 0.8x
Capitalization / Revenue 1.02x 0.85x 0.76x 0.76x 0.66x 0.8x 0.77x 0.73x
EV / Revenue 1.47x 1.28x 1.18x 1.19x 1.08x 1.21x 1.15x 1.08x
EV / EBITDA 9.57x 7.95x 7.01x 6.7x 5.76x 6.4x 5.97x 5.54x
EV / EBIT 15x 12.1x 10.3x 9.52x 7.94x 8.73x 8.03x 7.34x
EV / FCF 26.5x 56.8x 75x 85.9x 34.7x 24.7x 16.4x 14.8x
FCF Yield 3.78% 1.76% 1.33% 1.16% 2.88% 4.05% 6.12% 6.75%
Dividend per Share 2 0.34 0.5 0.65 0.7 0.85 0.9742 1.097 1.221
Rate of return 2.1% 3.64% 4.81% 4.54% 5.99% 5.18% 5.83% 6.49%
EPS 2 0.543 0.717 0.935 1.089 1.329 1.549 1.755 1.974
Distribution rate 62.6% 69.7% 69.5% 64.3% 64% 62.9% 62.5% 61.9%
Net sales 1 21,200 21,636 23,699 25,202 26,344 27,568 28,869 30,168
EBITDA 1 3,244 3,485 3,990 4,491 4,928 5,232 5,553 5,864
EBIT 1 2,076 2,282 2,716 3,159 3,575 3,833 4,124 4,425
Net income 1 769 1,013 1,321 1,436 1,681 1,958 2,176 2,480
Net Debt 1 9,423 9,359 10,020 10,847 11,076 11,324 10,970 10,349
Reference price 2 16.20 13.72 13.50 15.41 14.20 18.82 18.82 18.82
Nbr of stocks (in thousands) 1,335,547 1,337,000 1,331,000 1,248,047 1,218,789 1,177,000 - -
Announcement Date 11/22/21 11/21/22 11/21/23 11/22/24 11/24/25 - - -
1ZAR in Million2ZAR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.15x1.21x6.4x5.18% 1.37B
13.77x0.41x8.63x2.76% 120B
13.88x1.77x8.82x0.76% 89.08B
14.1x1.57x9.42x2.41% 30.64B
23.37x2.6x13.2x1.39% 26.21B
32.06x5.77x23.71x2.17% 21.68B
7.88x1.41x6.45x-.--% 20.89B
15.3x1.42x7.23x5.12% 14.14B
14.43x1.02x5.74x3.41% 12.79B
12.24x1.57x7.6x0.93% 11.37B
Average 15.92x 1.88x 9.72x 2.41% 34.78B
Weighted average by Cap. 15.37x 1.52x 9.70x 1.98%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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