Financials Sanlam 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
67.2 ^ZAR	+3.08%		+4.01%	-7.69%

Apr. 05	Transcript : Sanlam Limited, Shriram General Insurance Company Limited, Shriram Life Insurance Company Limited - M&A Call
Mar. 07	Transcript : Sanlam Limited, 2023 Earnings Call, Mar 07, 2024

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	172,551	121,323	122,582	99,852	156,958	138,472	-	-
Enterprise Value (EV) ¹	105,972	61,961	70,822	68,949	136,976	116,335	113,213	138,472
P/E ratio	23.1 x	42.9 x	13.1 x	8.53 x	-	9.84 x	9.49 x	8.61 x
Yield	4.22%	5.11%	5.63%	7.39%	5.49%	6.47%	6.94%	7.47%
Capitalization / Revenue	2.05 x	1.39 x	1.23 x	1.02 x	-	6.89 x	6.52 x	6.05 x
EV / Revenue	1.26 x	0.71 x	0.71 x	0.71 x	-	5.79 x	5.33 x	6.05 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.43 x	1.87 x	1.75 x	1.39 x	1.72 x	1.55 x	1.44 x	1.34 x
Nbr of stocks (in thousands)	2,181,428	2,065,065	2,065,065	2,049,500	2,156,010	2,060,600	-	-
Reference price ²	79.10	58.75	59.36	48.72	72.80	67.20	67.20	67.20
Announcement Date	3/12/20	3/11/21	3/9/22	3/9/23	3/7/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	84,250	87,161	99,632	97,606	-	20,088	21,226	22,880
EBITDA	-	-	-	-	-	-	-	-
EBIT	-	10,393	16,115	13,374	-	-	-	-
Operating Margin	-	11.92%	16.17%	13.7%	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	20,682	-	-	-
Net income ¹	7,150	2,863	9,473	11,863	14,478	14,319	15,646	17,485
Net margin	8.49%	3.28%	9.51%	12.15%	-	71.28%	73.71%	76.42%
EPS ²	3.421	1.371	4.537	5.709	-	6.827	7.078	7.809
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	3.340	3.000	3.340	3.600	4.000	4.345	4.662	5.023
Announcement Date	3/12/20	3/11/21	3/9/22	3/9/23	3/7/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	66,579	59,362	51,760	30,903	19,982	22,137	25,259	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	10.5%	4.34%	13.5%	16.8%	19.5%	17.1%	16.5%	16.4%
ROA (Net income/ Total Assets)	0.83%	0.31%	0.9%	1.15%	1.46%	1.59%	1.61%	1.63%
Assets ¹	857,911	922,061	1,047,203	1,031,386	994,300	903,384	974,854	1,075,317
Book Value Per Share ²	32.50	31.40	33.90	35.00	42.40	43.20	46.50	50.20
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	3/12/20	3/11/21	3/9/22	3/9/23	3/7/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

67.2 ZAR

Average target price

80.48 ZAR

Spread / Average Target

+19.76%

	1st Jan change	Capi.
SANLAM LIMITED	-7.69%	7.35B
METLIFE, INC.	+6.49%	50.92B
AFLAC INCORPORATED	+1.35%	48.11B
MANULIFE FINANCIAL CORPORATION	+9.53%	42.2B
PRUDENTIAL FINANCIAL, INC.	+6.55%	39.71B
GENERALI	+19.34%	37.78B
SUN LIFE FINANCIAL INC.	+2.84%	30.07B
GREAT-WEST LIFECO INC.	-7.77%	27.56B
PRUDENTIAL PLC	-18.42%	24.71B
CATHAY FINANCIAL HOLDING CO., LTD.	+6.89%	21.99B