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 19,562 - -
Change - -15.22% -2.05% 7.03% -10.01% 13.03% - -
Enterprise Value (EV) 1 31,059 27,703 27,988 30,079 28,383 30,409 30,432 30,065
Change - -10.81% 1.03% 7.47% -5.64% 7.14% 0.08% -1.21%
P/E Ratio 29.8x 19.1x 14.4x 14.2x 10.7x 10.8x 9.59x 8.22x
PBR 2.18x 1.79x 1.6x 1.76x 1.56x 1.78x 1.68x 1.51x
PEG - 0.6x 0.5x 0.9x 0.5x 0.7x 0.7x 0.5x
Capitalization / Revenue 1.02x 0.85x 0.76x 0.76x 0.66x 0.71x 0.68x 0.65x
EV / Revenue 1.47x 1.28x 1.18x 1.19x 1.08x 1.1x 1.06x 1x
EV / EBITDA 9.57x 7.95x 7.01x 6.7x 5.76x 5.79x 5.54x 5.16x
EV / EBIT 15x 12.1x 10.3x 9.52x 7.94x 7.92x 7.44x 6.8x
EV / FCF 26.5x 56.8x 75x 85.9x 34.7x 21.3x 14.4x 13.9x
FCF Yield 3.78% 1.76% 1.33% 1.16% 2.88% 4.69% 6.95% 7.2%
Dividend per Share 2 0.34 0.5 0.65 0.7 0.85 0.971 1.094 1.227
Rate of return 2.1% 3.64% 4.81% 4.54% 5.99% 5.84% 6.58% 7.38%
EPS 2 0.543 0.717 0.935 1.089 1.329 1.537 1.733 2.021
Distribution rate 62.6% 69.7% 69.5% 64.3% 64% 63.2% 63.1% 60.7%
Net sales 1 21,200 21,636 23,699 25,202 26,344 27,576 28,784 30,089
EBITDA 1 3,244 3,485 3,990 4,491 4,928 5,248 5,497 5,832
EBIT 1 2,076 2,282 2,716 3,159 3,575 3,838 4,093 4,424
Net income 1 769 1,013 1,321 1,436 1,681 1,958 2,152 2,502
Net Debt 1 9,423 9,359 10,020 10,847 11,076 10,847 10,870 10,503
Reference price 2 16.20 13.72 13.50 15.41 14.20 16.62 16.62 16.62
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 Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
10.8x1.1x5.79x5.85% 1.18B
15.72x0.44x9.55x2.69% 125B
12.36x1.64x8.12x0.83% 82.82B
11.26x1.34x8.09x3.01% 24.53B
21.16x2.32x11.72x1.57% 22.56B
29.11x5.3x22.22x2.43% 20.01B
6.54x1.12x5.27x-.--% 14.19B
14.47x1.37x6.99x4.85% 13.82B
13.54x1.67x8.03x0.84% 12.75B
12.74x0.99x5.54x3.57% 12.05B
Average 14.77x 1.73x 9.13x 2.57% 32.9B
Weighted average by Cap. 15.07x 1.37x 9.49x 2.1%

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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