Financials Pepkor Holdings Limited

Equities

End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
17.51 ^ZAR	+2.82%		+2.40%	-10.80%

Mar. 22	Steinhoff ex-CEO had expected arrest before being found near death, police say	RE
Mar. 20	S. Africa regulator fines former Steinhoff CEO for accounting fraud	RE

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	61,238	40,776	80,571	76,395	63,256	64,207	-	-
Enterprise Value (EV) ¹	74,678	48,296	85,242	83,505	70,827	72,464	72,285	71,050
P/E ratio	28.5 x	-12.9 x	15.9 x	12.8 x	-48.7 x	12.1 x	10.6 x	9.39 x
Yield	1.18%	-	2.05%	2.66%	2.79%	2.72%	3.15%	3.44%
Capitalization / Revenue	0.88 x	0.64 x	1.04 x	0.94 x	0.72 x	0.7 x	0.65 x	0.6 x
EV / Revenue	1.07 x	0.76 x	1.1 x	1.03 x	0.81 x	0.79 x	0.73 x	0.66 x
EV / EBITDA	9.29 x	4.76 x	6.51 x	5.71 x	5 x	4.91 x	4.53 x	4.12 x
EV / FCF	-67.6 x	6.91 x	-	-	23 x	9.92 x	8.77 x	6.65 x
FCF Yield	-1.48%	14.5%	-	-	4.34%	10.1%	11.4%	15%
Price to Book	1.09 x	0.77 x	1.37 x	1.22 x	1.09 x	1.06 x	1 x	0.95 x
Nbr of stocks (in thousands)	3,450,000	3,660,351	3,735,306	3,678,142	3,666,999	3,666,903	-	-
Reference price ²	17.75	11.14	21.57	20.77	17.25	17.51	17.51	17.51
Announcement Date	11/25/19	11/23/20	12/13/21	11/22/22	11/28/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	69,600	63,679	77,329	81,396	87,408	91,883	99,051	106,937
EBITDA ¹	8,040	10,152	13,104	14,626	14,173	14,771	15,966	17,226
EBIT ¹	5,445	6,524	9,305	10,333	9,512	9,836	10,884	11,847
Operating Margin	7.82%	10.25%	12.03%	12.69%	10.88%	10.7%	10.99%	11.08%
Earnings before Tax (EBT) ¹	3,938	-1,533	7,084	8,277	-108	7,194	8,267	9,264
Net income ¹	2,161	-3,034	4,875	6,114	-1,298	5,265	6,062	6,849
Net margin	3.1%	-4.76%	6.3%	7.51%	-1.48%	5.73%	6.12%	6.4%
EPS ²	0.6220	-0.8620	1.354	1.626	-0.3540	1.441	1.659	1.865
Free Cash Flow ¹	-1,104	6,994	-	-	3,074	7,307	8,241	10,682
FCF margin	-1.59%	10.98%	-	-	3.52%	7.95%	8.32%	9.99%
FCF Conversion (EBITDA)	-	68.89%	-	-	21.69%	49.47%	51.62%	62.01%
FCF Conversion (Net income)	-	-	-	-	-	138.78%	135.94%	155.97%
Dividend per Share ²	0.2090	-	0.4420	0.5520	0.4808	0.4758	0.5508	0.6030
Announcement Date	11/25/19	11/23/20	12/13/21	11/22/22	11/28/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,440	7,520	4,671	7,110	7,571	8,256	8,078	6,842
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.672 x	0.7407 x	0.3565 x	0.4861 x	0.5342 x	0.559 x	0.5059 x	0.3972 x
Free Cash Flow ¹	-1,104	6,994	-	-	3,074	7,307	8,241	10,682
ROE (net income / shareholders' equity)	5.95%	4.2%	8.74%	9.94%	8.98%	8.74%	9.5%	9.93%
ROA (Net income/ Total Assets)	3.62%	2.36%	-	-	4.93%	4.7%	5.1%	5.5%
Assets ¹	59,668	-128,478	-	-	-26,347	112,022	118,868	124,525
Book Value Per Share ²	16.30	14.50	15.70	17.10	15.90	16.60	17.50	18.40
Cash Flow per Share ²	0.1600	-	-	1.480	1.560	1.220	1.810	1.970
Capex ¹	1,717	1,693	1,851	2,550	2,712	2,662	2,899	2,772
Capex / Sales	2.47%	2.66%	2.39%	3.13%	3.1%	2.9%	2.93%	2.59%
Announcement Date	11/25/19	11/23/20	12/13/21	11/22/22	11/28/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

17.51 ZAR

Average target price

20.75 ZAR

Spread / Average Target

+18.50%

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