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 21,551 - -
Change - -15.22% -2.05% 7.03% -10.01% 24.52% - -
Enterprise Value (EV) 1 31,059 27,703 27,988 30,079 28,383 32,875 32,521 31,899
Change - -10.81% 1.03% 7.47% -5.64% 15.83% -1.08% -1.91%
P/E 29.8x 19.1x 14.4x 14.2x 10.7x 11.8x 10.4x 9.28x
PBR 2.18x 1.79x 1.6x 1.76x 1.56x 2.04x 1.88x 1.67x
PEG - 0.6x 0.5x 0.9x 0.5x 0.7x 0.8x 0.7x
Capitalization / Revenue 1.02x 0.85x 0.76x 0.76x 0.66x 0.78x 0.75x 0.71x
EV / Revenue 1.47x 1.28x 1.18x 1.19x 1.08x 1.19x 1.13x 1.06x
EV / EBITDA 9.57x 7.95x 7.01x 6.7x 5.76x 6.28x 5.86x 5.44x
EV / EBIT 15x 12.1x 10.3x 9.52x 7.94x 8.58x 7.88x 7.21x
EV / FCF 26.5x 56.8x 75x 85.9x 34.7x 24.2x 16.1x 14.5x
FCF Yield 3.78% 1.76% 1.33% 1.16% 2.88% 4.12% 6.23% 6.88%
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% 5.32% 5.99% 6.67%
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 18.31 18.31 18.31
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.97x0.41x8.72x2.8% 121B
13.89x1.77x8.82x0.76% 89.14B
23.25x2.59x13.14x1.39% 26.08B
32.57x5.85x24.05x2.13% 22.03B
8.2x1.45x6.63x-.--% 21.76B
14.39x1.4x6.64x4.69% 13.72B
14.05x1.01x5.65x3.5% 12.5B
12.21x1.57x7.59x0.94% 11.35B
Average 16.57x 2.01x 10.16x 2.03% 39.74B
Weighted average by Cap. 15.56x 1.53x 9.78x 1.92%

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