Company Valuation: KAP Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 10,454 10,877 6,688 7,108 5,127 6,972 - -
Change - 4.05% -38.51% 6.28% -27.87% 35.99% - -
Enterprise Value (EV) 1 17,031 18,336 14,715 15,485 13,182 15,092 13,422 12,233
Change - 7.66% -19.75% 5.23% -14.87% 14.49% -11.07% -8.86%
P/E 10.8x 6.27x 16.2x 6.6x 513x 6.87x 6.23x 5.2x
PBR 1.03x 0.94x 0.59x 0.57x 0.41x 0.48x 0.44x 0.4x
PEG - 0.1x -0.2x 0x -5.2x 0x 0.6x 0.3x
Capitalization / Revenue 0.44x 0.39x 0.23x 0.24x 0.17x 0.24x 0.22x 0.21x
EV / Revenue 0.71x 0.66x 0.5x 0.53x 0.45x 0.51x 0.42x 0.36x
EV / EBITDA 4.98x 4.22x 3.81x 4.19x 3.85x 3.8x 3.17x 2.74x
EV / EBIT 8.1x 6.25x 6.22x 6.88x 6.81x 6.07x 5.18x 4.21x
EV / FCF 10.2x 16.9x 39.9x -39.3x 8.23x 12.2x 5.99x 5.91x
FCF Yield 9.79% 5.93% 2.51% -2.54% 12.1% 8.18% 16.7% 16.9%
Dividend per Share 2 0.15 0.29 - - - - 0.095 0.215
Rate of return 3.63% 6.59% - - - - 3.42% 7.73%
EPS 2 0.383 0.702 0.167 0.432 0.004 0.4045 0.446 0.535
Distribution rate 39.2% 41.3% - - - - 21.3% 40.2%
Net sales 1 23,956 27,979 29,628 29,062 29,615 29,578 31,786 33,716
EBITDA 1 3,419 4,340 3,864 3,694 3,422 3,976 4,235 4,470
EBIT 1 2,102 2,936 2,367 2,250 1,937 2,488 2,592 2,906
Net income 1 991 1,746 414 1,090 10 996 1,123 1,355
Net Debt 1 6,577 7,459 8,027 8,377 8,055 8,120 6,450 5,261
Reference price 2 4.130 4.400 2.700 2.850 2.050 2.780 2.780 2.780
Nbr of stocks (in thousands) 2,531,201 2,472,000 2,477,094 2,494,000 2,501,000 2,508,000 - -
Announcement Date 8/20/21 8/24/22 8/30/23 8/30/24 8/28/25 - - -
1ZAR in Million2ZAR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.87x0.51x3.8x-.--% 433M
20.53x - - -.--% 1,081B
26.1x2.12x13.05x1.07% 156B
23.6x3.89x13.35x1.82% 89.91B
31.31x2.38x17.97x0.75% 84.56B
24.47x5.24x17.88x2.31% 79.77B
21.69x1.73x12.36x1.15% 72.27B
31.34x3.91x18x2.64% 68.91B
47.52x2.91x14.98x2.63% 27.32B
Average 25.94x 2.84x 13.92x 1.38% 184.45B
Weighted average by Cap. 22.89x 3.06x 15.07x 0.55%

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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