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 21,162 - -
Change - -15.22% -2.05% 7.03% -10.01% 22.28% - -
Enterprise Value (EV) 1 31,059 27,703 27,988 30,079 28,383 32,516 32,173 31,640
Change - -10.81% 1.03% 7.47% -5.64% 14.56% -1.05% -1.66%
P/E 29.8x 19.1x 14.4x 14.2x 10.7x 11.6x 10.3x 9.05x
PBR 2.18x 1.79x 1.6x 1.76x 1.56x 2x 1.85x 1.64x
PEG - 0.6x 0.5x 0.9x 0.5x 0.7x 0.8x 0.6x
Capitalization / Revenue 1.02x 0.85x 0.76x 0.76x 0.66x 0.77x 0.73x 0.7x
EV / Revenue 1.47x 1.28x 1.18x 1.19x 1.08x 1.18x 1.12x 1.05x
EV / EBITDA 9.57x 7.95x 7.01x 6.7x 5.76x 6.2x 5.8x 5.38x
EV / EBIT 15x 12.1x 10.3x 9.52x 7.94x 8.45x 7.79x 7.11x
EV / FCF 26.5x 56.8x 75x 85.9x 34.7x 22.6x 15.1x 14.6x
FCF Yield 3.78% 1.76% 1.33% 1.16% 2.88% 4.42% 6.63% 6.84%
Dividend per Share 2 0.34 0.5 0.65 0.7 0.85 0.971 1.088 1.217
Rate of return 2.1% 3.64% 4.81% 4.54% 5.99% 5.4% 6.05% 6.77%
EPS 2 0.543 0.717 0.935 1.089 1.329 1.549 1.743 1.987
Distribution rate 62.6% 69.7% 69.5% 64.3% 64% 62.7% 62.4% 61.2%
Net sales 1 21,200 21,636 23,699 25,202 26,344 27,580 28,822 30,134
EBITDA 1 3,244 3,485 3,990 4,491 4,928 5,246 5,547 5,879
EBIT 1 2,076 2,282 2,716 3,159 3,575 3,846 4,128 4,452
Net income 1 769 1,013 1,321 1,436 1,681 1,958 2,158 2,494
Net Debt 1 9,423 9,359 10,020 10,847 11,076 11,353 11,011 10,478
Reference price 2 16.20 13.72 13.50 15.41 14.20 17.98 17.98 17.98
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 A 11/21/22 A 11/21/23 A 11/22/24 A 11/24/25 A - - -
1ZAR in Million2ZAR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.77x0.41x8.66x2.81% 121B
14.42x1.81x9.05x0.73% 92.43B
13.75x1.5x9.06x2.6% 29.44B
23.13x2.58x13.08x1.44% 25.94B
31.88x5.78x24.03x2.19% 21.69B
8.01x1.43x6.52x-.--% 21.23B
17.29x1.58x7.97x4.57% 16.07B
13.24x0.98x5.49x3.71% 11.82B
12.46x1.58x7.67x0.92% 11.58B
Average 16.44x 1.96x 10.17x 2.11% 39.03B
Weighted average by Cap. 15.50x 1.54x 9.77x 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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