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 19,821 - -
Change - -15.22% -2.05% 7.03% -10.01% 14.53% - -
Enterprise Value (EV) 1 31,059 27,703 27,988 30,079 28,383 31,175 30,835 30,324
Change - -10.81% 1.03% 7.47% -5.64% 9.84% -1.09% -1.66%
P/E Ratio 29.8x 19.1x 14.4x 14.2x 10.7x 10.7x 9.45x 8.22x
PBR 2.18x 1.79x 1.6x 1.76x 1.56x 1.85x 1.71x 1.51x
PEG - 0.6x 0.5x 0.9x 0.5x 0.6x 0.7x 0.6x
Capitalization / Revenue 1.02x 0.85x 0.76x 0.76x 0.66x 0.72x 0.69x 0.66x
EV / Revenue 1.47x 1.28x 1.18x 1.19x 1.08x 1.13x 1.07x 1.01x
EV / EBITDA 9.57x 7.95x 7.01x 6.7x 5.76x 5.94x 5.59x 5.2x
EV / EBIT 15x 12.1x 10.3x 9.52x 7.94x 8.1x 7.51x 6.85x
EV / FCF 26.5x 56.8x 75x 85.9x 34.7x 21.7x 14.4x 14x
FCF Yield 3.78% 1.76% 1.33% 1.16% 2.88% 4.61% 6.92% 7.14%
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 1.55 1.759 2.021
Distribution rate 62.6% 69.7% 69.5% 64.3% 64% 62.7% 62.2% 60.7%
Net sales 1 21,200 21,636 23,699 25,202 26,344 27,575 28,788 30,089
EBITDA 1 3,244 3,485 3,990 4,491 4,928 5,245 5,517 5,832
EBIT 1 2,076 2,282 2,716 3,159 3,575 3,847 4,107 4,424
Net income 1 769 1,013 1,321 1,436 1,681 1,958 2,239 2,502
Net Debt 1 9,423 9,359 10,020 10,847 11,076 11,354 11,014 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) 13,35,547 13,37,000 13,31,000 12,48,047 12,18,789 11,77,000 - -
Announcement Date 22/11/21 21/11/22 21/11/23 22/11/24 24/11/25 - - -
1ZAR in Million2ZAR
Estimates

P/E Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.12x0.45x9.71x2.63% 13TCr
12.53x1.66x8.19x0.82% 8.4TCr
11.13x1.33x8.03x3.05% 2.42TCr
21.16x2.32x11.72x1.57% 2.26TCr
28.84x5.25x22.03x2.45% 1.98TCr
6.87x1.15x5.42x-.--% 1.49TCr
15.16x1.43x7.27x4.63% 1.45TCr
13.91x1.7x8.14x0.82% 1.31TCr
12.7x0.99x5.53x3.58% 1.2TCr
Average 15.38x 1.81x 9.56x 2.17% 3.7TCr
Weighted average by Cap. 15.28x 1.37x 9.57x 2.05%

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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