Company Valuation: Alexander Forbes Group Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 5,336 5,572 6,304 7,790 9,306 8,335
Change - 4.42% 13.13% 23.58% 19.46% -10.44%
Enterprise Value (EV) 1 2,774 2,972 3,383 4,981 7,200 5,927
Change - 7.13% 13.81% 47.26% 44.55% -17.69%
P/E 29.9x 12.7x 9.55x 12.1x 11x 10.3x
PBR 1.31x 1.39x 1.4x 1.72x 2.42x 2.16x
PEG - 0x 0.2x -5.87x 0.3x -1.19x
Capitalization / Revenue 1.32x 1.33x 1.4x 1.54x 1.65x 1.33x
EV / Revenue 0.69x 0.71x 0.75x 0.98x 1.27x 0.94x
EV / EBITDA 3.63x 3.8x 4.2x 5.72x 7.22x 5.39x
EV / EBIT 4.22x 4.44x 4.74x 6.45x 8.06x 5.98x
EV / FCF 10.1x 4.52x 2.81x 7.6x 12.9x 5.3x
FCF Yield 9.87% 22.1% 35.5% 13.2% 7.74% 18.9%
Dividend per Share 2 0.22 0.32 0.42 0.5 0.55 0.57
Rate of return 5.37% 6.93% 8.24% 7.92% 7.19% 8.7%
EPS 2 0.137 0.3644 0.5342 0.5232 0.6971 0.637
Distribution rate 161% 87.8% 78.6% 95.6% 78.9% 89.5%
Net sales 1 4,035 4,198 4,487 5,059 5,651 6,277
EBITDA 1 764 782 806 871 997 1,100
EBIT 1 657 669 714 772 893 991
Net income 1 185 495 704 672 883 841
Net Debt 1 -2,562 -2,600 -2,921 -2,809 -2,106 -2,408
Reference price 2 4.100 4.620 5.100 6.310 7.650 6.550
Nbr of stocks (in thousands) 1,301,541 1,206,084 1,236,000 1,234,582 1,216,511 1,272,508
Announcement Date 14/06/21 06/06/22 28/06/23 10/06/24 09/06/25 10/06/26
1ZAR in Million2ZAR
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 562M
15.54x3.63x - 2.31% 164B
19.57x5.48x11.75x2.17% 164B
17.43x7.64x - 1.44% 109B
25.15x11.73x20.16x4.28% 74.1B
13.89x5.31x - 1.89% 50.89B
12.06x1.82x5.72x1.27% 47.36B
14.18x5.38x17.47x1.88% 33.06B
4.79x4.8x4.84x3.7% 34.25B
Average 15.32x 5.72x 11.99x 2.37% 75.16B
Weighted average by Cap. 16.89x 5.76x 12.57x 2.3%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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