Company Valuation: KAP Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 10,877 6,688 7,108 5,127 6,772 7,021 - -
Change - -38.51% 6.28% -27.87% 32.08% 3.69% - -
Enterprise Value (EV) 1 18,336 14,715 15,485 13,182 13,654 13,350 12,401 12,358
Change - -19.75% 5.23% -14.87% 3.58% -2.22% -7.11% -0.35%
P/E 6.27x 16.2x 6.6x 513x -56.3x 6.09x 5.44x 4.83x
PBR 0.94x 0.59x 0.57x 0.41x 0.56x 0.52x 0.47x 0.43x
PEG - -0.2x 0x -5.2x 0x -0x 0.5x 0.4x
Capitalization / Revenue 0.39x 0.23x 0.24x 0.17x 0.23x 0.23x 0.22x 0.21x
EV / Revenue 0.66x 0.5x 0.53x 0.45x 0.46x 0.45x 0.39x 0.37x
EV / EBITDA 4.22x 3.81x 4.19x 3.85x 3.52x 3.42x 2.87x 2.71x
EV / EBIT 6.25x 6.22x 6.88x 6.81x 5.52x 5.25x 4.43x 4.11x
EV / FCF 16.9x 39.9x -39.3x 8.23x 6.29x 8.01x 6.29x 6.35x
FCF Yield 5.93% 2.51% -2.54% 12.1% 15.9% 12.5% 15.9% 15.7%
Dividend per Share 2 0.29 - - - - - 0.11 0.125
Rate of return 6.59% - - - - - 3.93% 4.46%
EPS 2 0.702 0.167 0.432 0.004 -0.048 0.46 0.515 0.58
Distribution rate 41.3% - - - - - 21.4% 21.6%
Net sales 1 27,979 29,628 29,062 29,615 29,606 29,907 32,134 33,842
EBITDA 1 4,340 3,864 3,694 3,422 3,882 3,904 4,323 4,567
EBIT 1 2,936 2,367 2,250 1,937 2,473 2,544 2,802 3,005
Net income 1 1,746 414 1,090 10 -119 1,161 1,314 1,480
Net Debt 1 7,459 8,027 8,377 8,055 6,882 6,329 5,380 5,337
Reference price 2 4.400 2.700 2.850 2.050 2.700 2.800 2.800 2.800
Nbr of stocks (in thousands) 2,472,000 2,477,094 2,494,000 2,501,000 2,508,000 2,507,672 - -
Announcement Date 8/24/22 8/30/23 8/30/24 8/28/25 8/31/26 - - -
1ZAR in Million2ZAR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.37x - - -.--% 1,074B
25.49x2.05x12.63x1.08% 157B
22.06x3.7x12.71x1.92% 85.08B
29.68x2.17x16.28x0.77% 82.78B
23.37x5.02x17.12x2.42% 76.19B
19.42x1.56x11.04x1.27% 66.63B
29.89x3.78x17.21x3.05% 65.44B
47.2x2.88x14.86x2.67% 26.73B
Average 27.19x 3.02x 14.55x 1.65% 204.3B
Weighted average by Cap. 22.34x 2.91x 14.25x 0.57%

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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