Financials RFG Holdings Limited

Equities

End-of-day quote Johannesburg S.E. Other stock markets 23:00:00 27/06/2024 BST			5-day change	1st Jan Change
15.78 ^ZAR	+3.48%		+1.81%	+16.89%

05-22	Transcript : RFG Holdings Limited, H1 2024 Earnings Call, May 22, 2024
05-22	S.African hotel-owner Southern Sun reports 88% jump in full-year profit	RE

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,925	3,375	3,268	2,881	2,855	4,104	-	-
Enterprise Value (EV) ¹	5,089	4,499	4,352	3,978	3,582	4,628	4,195	3,755
P/E ratio	18.2 x	15.6 x	15.2 x	8.02 x	6.03 x	7.75 x	7.04 x	6.45 x
Yield	1.86%	2.23%	2.33%	4.18%	5.66%	4.37%	4.91%	5.42%
Capitalization / Revenue	0.72 x	0.58 x	0.55 x	0.4 x	0.36 x	0.49 x	0.46 x	0.43 x
EV / Revenue	0.94 x	0.77 x	0.73 x	0.55 x	0.45 x	0.56 x	0.47 x	0.4 x
EV / EBITDA	8.98 x	7.2 x	6.89 x	5.12 x	3.35 x	4.11 x	3.53 x	2.97 x
EV / FCF	30.5 x	13.3 x	34.5 x	22.7 x	6.93 x	9.79 x	8.07 x	7.71 x
FCF Yield	3.28%	7.51%	2.9%	4.41%	14.4%	10.2%	12.4%	13%
Price to Book	1.59 x	1.3 x	1.19 x	0.95 x	0.84 x	1.09 x	0.99 x	0.89 x
Nbr of stocks (in thousands)	261,637	261,637	261,637	261,637	260,735	260,078	-	-
Reference price ²	15.00	12.90	12.49	11.01	10.95	15.78	15.78	15.78
Announcement Date	19/11/19	17/11/20	17/11/21	23/11/22	22/11/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	5,414	5,864	5,950	7,255	7,887	8,310	8,852	9,461
EBITDA ¹	566.6	625	631.3	776.3	1,070	1,126	1,189	1,266
EBIT ¹	397.1	406.4	391.5	532.5	771.7	820.2	863.4	926.3
Operating Margin	7.34%	6.93%	6.58%	7.34%	9.78%	9.87%	9.75%	9.79%
Earnings before Tax (EBT) ¹	275.1	296.8	299.8	486	657.3	732.4	806.3	880.9
Net income ¹	216.3	216.3	216.1	360.7	476.6	535.4	584.9	638.6
Net margin	3.99%	3.69%	3.63%	4.97%	6.04%	6.44%	6.61%	6.75%
EPS ²	0.8250	0.8250	0.8210	1.373	1.816	2.036	2.241	2.446
Free Cash Flow ¹	166.9	337.6	126.1	175.5	516.9	472.7	520	487
FCF margin	3.08%	5.76%	2.12%	2.42%	6.55%	5.69%	5.87%	5.15%
FCF Conversion (EBITDA)	29.45%	54.03%	19.98%	22.61%	48.29%	41.97%	43.74%	38.46%
FCF Conversion (Net income)	77.16%	156.08%	58.36%	48.67%	108.45%	88.29%	88.9%	76.27%
Dividend per Share ²	0.2790	0.2880	0.2910	0.4600	0.6200	0.6898	0.7755	0.8552
Announcement Date	19/11/19	17/11/20	17/11/21	23/11/22	22/11/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,164	1,124	1,084	1,098	727	524	90.5	-
Net Cash position ¹	-	-	-	-	-	-	-	349
Leverage (Debt/EBITDA)	2.055 x	1.798 x	1.717 x	1.414 x	0.6791 x	0.4657 x	0.0761 x	-
Free Cash Flow ¹	167	338	126	176	517	473	520	487
ROE (net income / shareholders' equity)	9.05%	8.5%	8.6%	12.5%	14.8%	14.7%	14.8%	14.8%
ROA (Net income/ Total Assets)	-	-	-	-	8.69%	9.25%	9.8%	10.1%
Assets ¹	-	-	-	-	5,487	5,788	5,968	6,322
Book Value Per Share ²	9.440	9.950	10.50	11.60	13.00	14.40	16.00	17.70
Cash Flow per Share ²	1.520	1.900	1.320	1.630	3.070	3.030	2.910	3.230
Capex ¹	231	160	222	252	288	296	298	312
Capex / Sales	4.28%	2.72%	3.72%	3.47%	3.65%	3.56%	3.37%	3.29%
Announcement Date	19/11/19	17/11/20	17/11/21	23/11/22	22/11/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

15.78 ZAR

Average target price

17.2 ZAR

Spread / Average Target

+9.00%

	1st Jan change	Capi.
RFG HOLDINGS LIMITED	+16.89%	215M
NESTLÉ S.A.	-5.94%	269B
MONDELEZ INTERNATIONAL, INC.	-9.65%	89.33B
DANONE	-2.73%	39.44B
KRAFT HEINZ	-12.87%	39.19B
THE HERSHEY COMPANY	-1.40%	37.15B
GENERAL MILLS, INC.	-2.89%	35.62B
ARCHER-DANIELS-MIDLAND COMPANY	-16.30%	29.97B
NESTLÉ INDIA LIMITED	-4.02%	29.26B
ASSOCIATED BRITISH FOODS PLC	+4.52%	23.22B