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 21,104 - -
Change - -15.22% -2.05% 7.03% -10.01% 21.94% - -
Enterprise Value (EV) 1 31,059 27,703 27,988 30,079 28,383 32,457 32,115 31,581
Change - -10.81% 1.03% 7.47% -5.64% 14.35% -1.06% -1.66%
P/E 29.8x 19.1x 14.4x 14.2x 10.7x 11.6x 10.3x 9.02x
PBR 2.18x 1.79x 1.6x 1.76x 1.56x 2x 1.84x 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 1.11x 1.05x
EV / EBITDA 9.57x 7.95x 7.01x 6.7x 5.76x 6.19x 5.79x 5.37x
EV / EBIT 15x 12.1x 10.3x 9.52x 7.94x 8.44x 7.78x 7.09x
EV / FCF 26.5x 56.8x 75x 85.9x 34.7x 22.6x 15x 14.6x
FCF Yield 3.78% 1.76% 1.33% 1.16% 2.88% 4.43% 6.65% 6.86%
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% 5.42% 6.07% 6.79%
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 17.93 17.93 17.93
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.($)
12.75x0.39x8.21x3.04% 11TCr
14.39x1.81x9.04x0.73% 9.22TCr
13.77x1.51x9.07x2.59% 2.91TCr
24.1x2.67x13.54x1.35% 2.7TCr
31.37x5.67x23.61x2.22% 2.12TCr
7.92x1.43x6.48x-.--% 2.1TCr
17.52x1.6x7.99x4.08% 1.63TCr
13.38x0.98x5.52x3.68% 1.18TCr
12.52x1.59x7.69x0.91% 1.16TCr
Average 16.41x 1.96x 10.13x 2.07% 3.8TCr
Weighted average by Cap. 15.27x 1.56x 9.66x 2.01%

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

-40%: Exceptional extension
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