Financials The Bidvest Group 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
239.8 ^ZAR	+3.91%		+3.50%	-4.93%

Mar. 04	The Bidvest Group Limited Seeks M&A	CI
Mar. 04	Transcript : The Bidvest Group Limited, H1 2024 Earnings Call, Mar 04, 2024

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	62,268	48,240	64,735	71,237	88,925	81,522	-	-
Enterprise Value (EV) ¹	70,068	67,440	78,035	83,237	113,082	105,325	102,716	99,613
P/E ratio	17 x	-104 x	16.8 x	14.1 x	14.9 x	12.3 x	11.3 x	10.4 x
Yield	3.17%	1.99%	3.15%	3.55%	3.35%	3.9%	4.24%	4.65%
Capitalization / Revenue	0.81 x	0.63 x	0.73 x	0.71 x	0.77 x	0.66 x	0.63 x	0.59 x
EV / Revenue	0.91 x	0.88 x	0.88 x	0.83 x	0.98 x	0.85 x	0.79 x	0.73 x
EV / EBITDA	8.31 x	8.14 x	6.77 x	6.25 x	7.37 x	6.87 x	6.38 x	5.84 x
EV / FCF	183 x	18.2 x	10.4 x	28.5 x	73.6 x	13.6 x	13.7 x	12 x
FCF Yield	0.55%	5.49%	9.61%	3.5%	1.36%	7.34%	7.32%	8.33%
Price to Book	2.5 x	2.08 x	2.53 x	2.51 x	2.7 x	2.28 x	2.04 x	1.84 x
Nbr of stocks (in thousands)	328,851	339,621	339,888	339,888	339,888	339,888	-	-
Reference price ²	189.4	142.0	190.5	209.6	261.6	239.8	239.8	239.8
Announcement Date	9/2/19	9/14/20	9/6/21	9/5/22	9/4/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	77,152	76,543	88,315	99,929	114,912	123,637	130,422	137,150
EBITDA ¹	8,434	8,287	11,530	13,321	15,337	15,323	16,094	17,047
EBIT ¹	6,736	5,340	7,900	9,730	11,443	11,794	12,335	13,098
Operating Margin	8.73%	6.98%	8.95%	9.74%	9.96%	9.54%	9.46%	9.55%
Earnings before Tax (EBT) ¹	5,221	1,297	5,790	7,780	8,694	8,931	9,717	10,675
Net income ¹	3,775	-463.3	3,845	5,072	5,973	6,611	7,087	7,792
Net margin	4.89%	-0.61%	4.35%	5.08%	5.2%	5.35%	5.43%	5.68%
EPS ²	11.16	-1.370	11.30	14.90	17.53	19.51	21.19	23.12
Free Cash Flow ¹	382.1	3,700	7,503	2,917	1,536	7,730	7,516	8,296
FCF margin	0.5%	4.83%	8.5%	2.92%	1.34%	6.25%	5.76%	6.05%
FCF Conversion (EBITDA)	4.53%	44.65%	65.07%	21.9%	10.02%	50.45%	46.7%	48.67%
FCF Conversion (Net income)	10.12%	-	195.14%	57.52%	25.72%	116.93%	106.04%	106.48%
Dividend per Share ²	6.000	2.820	6.000	7.440	8.760	9.349	10.16	11.15
Announcement Date	9/2/19	9/14/20	9/6/21	9/5/22	9/4/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	7,800	19,200	13,300	12,000	24,157	23,803	21,194	18,091
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9248 x	2.317 x	1.153 x	0.9008 x	1.575 x	1.553 x	1.317 x	1.061 x
Free Cash Flow ¹	382	3,700	7,503	2,917	1,536	7,730	7,516	8,297
ROE (net income / shareholders' equity)	18%	14.3%	18%	20.2%	19.5%	19.4%	19.4%	19.3%
ROA (Net income/ Total Assets)	7.41%	4.56%	4.92%	5.97%	5.87%	7.03%	7.27%	7.5%
Assets ¹	50,959	-10,150	78,097	84,954	101,767	93,992	97,534	103,887
Book Value Per Share ²	75.70	68.20	75.10	83.50	97.10	105.0	117.0	131.0
Cash Flow per Share ²	7.630	12.50	28.60	16.40	14.80	28.90	34.70	37.40
Capex ¹	2,198	1,678	2,241	2,671	3,519	3,370	3,374	3,477
Capex / Sales	2.85%	2.19%	2.54%	2.67%	3.06%	2.73%	2.59%	2.54%
Announcement Date	9/2/19	9/14/20	9/6/21	9/5/22	9/4/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

239.8 ZAR

Average target price

295.3 ZAR

Spread / Average Target

+23.13%

	1st Jan change	Capi.
THE BIDVEST GROUP LIMITED	-4.93%	4.33B
BERKSHIRE HATHAWAY INC.	+11.85%	869B
INTERNATIONAL HOLDING COMPANY	0.00%	239B
GE AEROSPACE	+27.20%	178B
HONEYWELL INTERNATIONAL INC.	-7.75%	126B
ILLINOIS TOOL WORKS INC.	-5.21%	74.17B
3M COMPANY	-16.00%	50.82B
ALPHA DHABI HOLDING	-24.57%	38.6B
MITSUBISHI ELECTRIC CORPORATION	+19.71%	31.74B
DANUBE AG	+14.46%	29.82B