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 21,092 - -
Change - -15.22% -2.05% 7.03% -10.01% 21.87% - -
Enterprise Value (EV) 1 31,059 27,703 27,988 30,079 28,383 32,416 32,062 31,440
Change - -10.81% 1.03% 7.47% -5.64% 14.21% -1.09% -1.94%
P/E 29.8x 19.1x 14.4x 14.2x 10.7x 11.6x 10.2x 9.08x
PBR 2.18x 1.79x 1.6x 1.76x 1.56x 2x 1.84x 1.63x
PEG - 0.6x 0.5x 0.9x 0.5x 0.7x 0.8x 0.7x
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 1.11x 1.04x
EV / EBITDA 9.57x 7.95x 7.01x 6.7x 5.76x 6.2x 5.77x 5.36x
EV / EBIT 15x 12.1x 10.3x 9.52x 7.94x 8.46x 7.77x 7.11x
EV / FCF 26.5x 56.8x 75x 85.9x 34.7x 23.9x 15.8x 14.3x
FCF Yield 3.78% 1.76% 1.33% 1.16% 2.88% 4.18% 6.32% 6.98%
Dividend per Share 2 0.34 0.5 0.65 0.7 0.85 0.9742 1.097 1.221
Rate of return 2.1% 3.64% 4.81% 4.54% 5.99% 5.44% 6.12% 6.82%
EPS 2 0.543 0.717 0.935 1.089 1.329 1.549 1.755 1.974
Distribution rate 62.6% 69.7% 69.5% 64.3% 64% 62.9% 62.5% 61.9%
Net sales 1 21,200 21,636 23,699 25,202 26,344 27,568 28,869 30,168
EBITDA 1 3,244 3,485 3,990 4,491 4,928 5,232 5,553 5,864
EBIT 1 2,076 2,282 2,716 3,159 3,575 3,833 4,124 4,425
Net income 1 769 1,013 1,321 1,436 1,681 1,958 2,176 2,480
Net Debt 1 9,423 9,359 10,020 10,847 11,076 11,324 10,970 10,349
Reference price 2 16.20 13.72 13.50 15.41 14.20 17.92 17.92 17.92
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, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
11.57x1.18x6.2x5.44% 131.78Cr
13.86x0.41x8.67x2.83% 12TCr
14.5x1.82x9.08x0.72% 9.29TCr
14.05x1.53x9.21x2.54% 3.03TCr
24x2.66x13.49x1.35% 2.69TCr
8.46x1.48x6.76x-.--% 2.24TCr
32.8x5.89x24.21x2.12% 2.22TCr
15.91x1.48x7.09x4.47% 1.46TCr
13.88x1x5.63x3.54% 1.25TCr
12.11x1.56x7.56x0.94% 1.13TCr
Average 16.11x 1.90x 9.79x 2.39% 3.55TCr
Weighted average by Cap. 15.68x 1.56x 9.82x 1.96%

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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