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 21,021 - -
Change - -15.22% -2.05% 7.03% -10.01% 21.46% - -
Enterprise Value (EV) 1 31,059 27,703 27,988 30,079 28,383 32,375 32,032 31,499
Change - -10.81% 1.03% 7.47% -5.64% 14.06% -1.06% -1.66%
P/E 29.8x 19.1x 14.4x 14.2x 10.7x 11.5x 10.2x 8.99x
PBR 2.18x 1.79x 1.6x 1.76x 1.56x 1.99x 1.84x 1.63x
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 0.76x 0.73x 0.7x
EV / Revenue 1.47x 1.28x 1.18x 1.19x 1.08x 1.17x 1.11x 1.05x
EV / EBITDA 9.57x 7.95x 7.01x 6.7x 5.76x 6.17x 5.78x 5.36x
EV / EBIT 15x 12.1x 10.3x 9.52x 7.94x 8.42x 7.76x 7.08x
EV / FCF 26.5x 56.8x 75x 85.9x 34.7x 22.5x 15x 14.5x
FCF Yield 3.78% 1.76% 1.33% 1.16% 2.88% 4.44% 6.66% 6.87%
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% 5.44% 6.09% 6.81%
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 17.86 17.86 17.86
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.53x1.17x6.17x5.44% 129.18Cr
13.9x0.42x8.72x2.78% 12TCr
14.38x1.81x9.03x0.73% 9.21TCr
13.95x1.52x9.16x2.56% 2.97TCr
23.41x2.61x13.21x1.42% 2.63TCr
31.69x5.75x23.9x2.2% 2.16TCr
8.03x1.43x6.53x-.--% 2.13TCr
17.03x1.56x7.87x4.64% 1.57TCr
13.63x0.99x5.57x3.61% 1.21TCr
12.99x1.62x7.84x0.88% 1.21TCr
Average 16.05x 1.89x 9.80x 2.43% 3.54TCr
Weighted average by Cap. 15.55x 1.53x 9.78x 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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