Company Valuation: Netcare Limited

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 21,636 18,344 17,968 19,232 17,307 20,892 - -
Change - -15.22% -2.05% 7.03% -10.01% 20.71% - -
Enterprise Value (EV) 1 31,059 27,703 27,988 30,079 28,383 32,245 31,903 31,370
Change - -10.81% 1.03% 7.47% -5.64% 13.61% -1.06% -1.67%
P/E 29.8x 19.1x 14.4x 14.2x 10.7x 11.5x 10.2x 8.93x
PBR 2.18x 1.79x 1.6x 1.76x 1.56x 1.98x 1.82x 1.62x
PEG - 0.6x 0.5x 0.9x 0.5x 0.7x 0.8x 0.6x
Capitalization / Revenue 1.02x 0.85x 0.76x 0.76x 0.66x 0.76x 0.72x 0.69x
EV / Revenue 1.47x 1.28x 1.18x 1.19x 1.08x 1.17x 1.11x 1.04x
EV / EBITDA 9.57x 7.95x 7.01x 6.7x 5.76x 6.15x 5.75x 5.34x
EV / EBIT 15x 12.1x 10.3x 9.52x 7.94x 8.38x 7.73x 7.05x
EV / FCF 26.5x 56.8x 75x 85.9x 34.7x 22.4x 14.9x 14.5x
FCF Yield 3.78% 1.76% 1.33% 1.16% 2.88% 4.46% 6.69% 6.9%
Dividend per Share 2 0.34 0.5 0.65 0.7 0.85 0.971 1.088 1.217
Rate of return 2.1% 3.64% 4.81% 4.54% 5.99% 5.47% 6.13% 6.85%
EPS 2 0.543 0.717 0.935 1.089 1.329 1.549 1.743 1.987
Distribution rate 62.6% 69.7% 69.5% 64.3% 64% 62.7% 62.4% 61.2%
Net sales 1 21,200 21,636 23,699 25,202 26,344 27,580 28,822 30,134
EBITDA 1 3,244 3,485 3,990 4,491 4,928 5,246 5,547 5,879
EBIT 1 2,076 2,282 2,716 3,159 3,575 3,846 4,128 4,452
Net income 1 769 1,013 1,321 1,436 1,681 1,958 2,158 2,494
Net Debt 1 9,423 9,359 10,020 10,847 11,076 11,353 11,011 10,478
Reference price 2 16.20 13.72 13.50 15.41 14.20 17.75 17.75 17.75
Nbr of stocks (in thousands) 1,335,547 1,337,000 1,331,000 1,248,047 1,218,789 1,177,000 - -
Announcement Date 22/11/21 21/11/22 21/11/23 22/11/24 24/11/25 - - -
1ZAR in Million2ZAR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.37x0.38x8.05x3.13% 109B
14.31x1.8x9.01x0.73% 91.68B
13.96x1.52x9.16x2.56% 29.29B
23.28x2.6x13.15x1.4% 26.11B
31x5.61x23.36x2.25% 20.97B
7.58x1.39x6.3x-.--% 20.09B
17.3x1.58x7.91x4.13% 15.81B
13.56x0.99x5.55x3.63% 11.86B
11.99x1.55x7.54x0.95% 11.14B
Average 16.15x 1.94x 10.00x 2.09% 37.3B
Weighted average by Cap. 15.03x 1.55x 9.54x 2.04%

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