Financials Santam Ltd

Equities

End-of-day quote Johannesburg S.E. Other stock markets 03:30:00 09/05/2024 am IST			5-day change	1st Jan Change
299.7 ^ZAR	-0.42%		+1.12%	+4.57%

29/02	Santam Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI
29/02	Transcript : Santam Ltd, 2023 Earnings Call, Feb 29, 2024

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	32,757	28,765	30,370	28,953	32,354	33,788	-	-
Enterprise Value (EV) ¹	32,757	28,765	30,370	28,953	32,354	38,145	38,400	33,788
P/E ratio	14.7 x	52.1 x	10.9 x	14.1 x	9.71 x	11.5 x	10.2 x	9.28 x
Yield	3.83%	-	4.54%	5.1%	-	5.01%	5.38%	5.78%
Capitalization / Revenue	-	-	-	-	1.1 x	1.01 x	0.94 x	0.81 x
EV / Revenue	-	-	-	-	1.1 x	1.14 x	1.07 x	0.81 x
EV / EBITDA	-	-	-	-	6.7 x	8.86 x	8.33 x	7.36 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	3.36 x	3 x	2.59 x	2.59 x	-	2.77 x	2.47 x	2.22 x
Nbr of stocks (in thousands)	1,12,900	1,12,900	1,12,900	1,12,900	1,12,900	1,12,900	-	-
Reference price ²	290.1	254.8	269.0	256.4	286.6	299.3	299.3	299.3
Announcement Date	05/03/20	04/03/21	03/03/22	02/03/23	29/02/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	-	-	-	29,335	33,502	35,833	41,860
EBITDA ¹	-	-	-	-	4,829	4,307	4,608	4,588
EBIT ¹	-	-	-	-	4,504	4,152	4,455	4,437
Operating Margin	-	-	-	-	15.35%	12.39%	12.43%	10.6%
Earnings before Tax (EBT) ¹	-	-	-	-	4,405	5,013	5,318	5,645
Net income ¹	2,199	542	2,745	1,990	3,250	2,874	3,242	3,549
Net margin	-	-	-	-	11.08%	8.58%	9.05%	8.48%
EPS ²	19.78	4.890	24.78	18.16	29.52	26.11	29.45	32.24
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	11.10	-	12.22	13.07	-	15.00	16.10	17.29
Announcement Date	05/03/20	04/03/21	03/03/22	02/03/23	29/02/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	4,357	4,612	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	1.012 x	1.001 x	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	23.9%	5.74%	26.4%	17.8%	-	26.3%	26.5%	25.2%
ROA (Net income/ Total Assets)	-	-	-	-	-	4.27%	4.39%	4.52%
Assets ¹	-	-	-	-	-	67,375	73,866	78,568
Book Value Per Share ²	86.40	84.80	104.0	99.00	-	108.0	121.0	135.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	05/03/20	04/03/21	03/03/22	02/03/23	29/02/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

299.3 ZAR

Average target price

323.1 ZAR

Spread / Average Target

+7.96%

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