Financials Sanlam Limited

Equities

End-of-day quote Johannesburg S.E. Other stock markets 03:30:00 28/06/2024 am IST			5-day change	1st Jan Change
80.92 ^ZAR	+3.16%		-0.34%	+11.15%

06/06	Sanlam Limited Announces Board and Committee Changes	CI
25/05	BlackRock pushed Anglo to extend talks with BHP, FT reports	RE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,72,551	1,21,323	1,22,582	99,852	1,56,958	1,66,744	-	-
Enterprise Value (EV) ¹	1,05,972	61,961	70,822	68,949	1,36,976	1,44,606	1,41,485	1,66,744
P/E ratio	23.1 x	42.9 x	13.1 x	8.53 x	-	11.9 x	11.4 x	10.4 x
Yield	4.22%	5.11%	5.63%	7.39%	5.49%	5.39%	5.78%	6.22%
Capitalization / Revenue	2.05 x	1.39 x	1.23 x	1.02 x	-	7.95 x	7.74 x	7.19 x
EV / Revenue	1.26 x	0.71 x	0.71 x	0.71 x	-	6.9 x	6.56 x	7.19 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.43 x	1.87 x	1.75 x	1.39 x	1.72 x	1.87 x	1.74 x	1.61 x
Nbr of stocks (in thousands)	21,81,428	20,65,065	20,65,065	20,49,500	21,56,010	20,60,600	-	-
Reference price ²	79.10	58.75	59.36	48.72	72.80	80.92	80.92	80.92
Announcement Date	12/03/20	11/03/21	09/03/22	09/03/23	07/03/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	84,250	87,161	99,632	97,606	-	20,972	21,555	23,178
EBITDA	-	-	-	-	-	-	-	-
EBIT	-	10,393	16,115	13,374	-	-	-	-
Operating Margin	-	11.92%	16.17%	13.7%	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	20,682	-	-	-
Net income ¹	7,150	2,863	9,473	11,863	14,478	14,319	15,646	17,485
Net margin	8.49%	3.28%	9.51%	12.15%	-	68.28%	72.59%	75.44%
EPS ²	3.421	1.371	4.537	5.709	-	6.827	7.078	7.809
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	3.340	3.000	3.340	3.600	4.000	4.365	4.676	5.037
Announcement Date	12/03/20	11/03/21	09/03/22	09/03/23	07/03/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	66,579	59,362	51,760	30,903	19,982	22,137	25,259	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	10.5%	4.34%	13.5%	16.8%	19.5%	17.2%	16.6%	16.4%
ROA (Net income/ Total Assets)	0.83%	0.31%	0.9%	1.15%	1.46%	1.59%	1.61%	1.63%
Assets ¹	8,57,911	9,22,061	10,47,203	10,31,386	9,94,300	9,03,384	9,74,854	10,75,317
Book Value Per Share ²	32.50	31.40	33.90	35.00	42.40	43.30	46.60	50.30
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	12/03/20	11/03/21	09/03/22	09/03/23	07/03/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

80.92 ZAR

Average target price

80.78 ZAR

Spread / Average Target

-0.18%

	1st Jan change	Capi.
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