Company Valuation: FirstRand Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 300,612 349,672 384,032 430,958 423,437 551,213 - -
Change - 16.32% 9.83% 12.22% -1.75% 30.18% - -
Enterprise Value (EV) 300,612 349,672 384,032 430,958 423,437 551,213 551,213 551,213
Change - 16.32% 9.83% 12.22% -1.75% 30.18% 0% 0%
P/E 11.2x 10.7x 10.6x 11.3x 10.1x 13.6x 10.9x 9.56x
PBR 1.84x 1.98x 2.13x 2.2x 1.95x 2.41x 2.18x 1.99x
PEG - 0.5x 1x 2.24x 1.03x -5.84x 0.5x 0.7x
Capitalization / Revenue 2.78x 3.05x 2.91x 3.1x 2.89x 3.47x 3.31x 3.05x
EV / Revenue 0x 0x 0x 0x 0x 3.47x 3.31x 3.05x
EV / EBITDA - - - - - - - -
EV / EBIT 0x 0x - - 0x 6.91x 6.34x 5.74x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 2.63 3.42 3.84 4.15 4.66 4.894 5.892 6.528
Rate of return 4.91% 5.48% 5.61% 5.4% 6.16% 4.94% 5.95% 6.59%
EPS 2 4.769 5.843 6.487 6.814 7.479 7.305 9.051 10.36
Distribution rate 55.1% 58.5% 59.2% 60.9% 62.3% 67% 65.1% 63%
Net sales 1 108,059 114,712 131,986 138,978 146,753 158,733 166,378 180,775
EBITDA - - - - - - - -
EBIT 1 50,633 53,761 - - 70,755 79,800 86,961 95,989
Net income 1 26,743 33,599 36,366 38,191 41,876 42,040 55,816 60,931
Net Debt - - - - - - - -
Reference price 2 53.59 62.37 68.50 76.90 75.69 99.04 99.04 99.04
Nbr of stocks (in thousands) 5,609,488 5,606,414 5,606,303 5,604,137 5,594,358 5,565,559 - -
Announcement Date 9/16/21 9/15/22 9/14/23 9/12/24 9/11/25 - - -
1ZAR in Million2ZAR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.56x - - 4.94% 34.06B
14.36x - - 1.74% 964B
13.78x - - 1.85% 451B
5.97x - - 5.19% 381B
12.66x - - 4.12% 355B
18.93x - - 2.26% 301B
5.7x - - 5.35% 300B
12.16x - - 2.15% 269B
6x - - 5.24% 264B
14.94x - - 2.65% 261B
Average 11.80x 3.55% 358.04B
Weighted average by Cap. 12.13x 3.09%

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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  4. Valuation FirstRand Limited