Financials Alexander Forbes Group Holdings Limited

Equities

AFH

ZAE000191516

Investment Management & Fund Operators

End-of-day quote Johannesburg S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
6.25 ZAR +0.32% Intraday chart for Alexander Forbes Group Holdings Limited -2.95% -5.30%

Valuation

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Capitalization 1 9,089 6,192 5,230 5,336 5,572 6,304
Enterprise Value (EV) 1 3,710 1,811 2,149 2,774 2,972 3,383
P/E ratio 38.3 x 18.8 x -36.1 x 29.9 x 12.7 x 9.55 x
Yield 5.83% 5.96% 7.01% 5.37% 6.93% 8.24%
Capitalization / Revenue 1.76 x 1.53 x 1.3 x 1.32 x 1.33 x 1.4 x
EV / Revenue 0.72 x 0.45 x 0.53 x 0.69 x 0.71 x 0.75 x
EV / EBITDA 3.4 x 2.24 x 2.61 x 3.63 x 3.8 x 4.2 x
EV / FCF 10.3 x -25.8 x 1.68 x 10.1 x 4.52 x 2.81 x
FCF Yield 9.68% -3.87% 59.3% 9.87% 22.1% 35.5%
Price to Book 1.49 x 1.07 x 1.08 x 1.31 x 1.39 x 1.4 x
Nbr of stocks (in thousands) 1,262,427 1,231,000 1,222,000 1,301,541 1,206,084 1,236,000
Reference price 2 7.200 5.030 4.280 4.100 4.620 5.100
Announcement Date 6/8/18 6/14/19 6/8/20 6/14/21 6/6/22 6/28/23
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net sales 1 5,169 4,058 4,022 4,035 4,198 4,487
EBITDA 1 1,092 807 822 764 782 806
EBIT 1 954 685 706 657 669 714
Operating Margin 18.46% 16.88% 17.55% 16.28% 15.94% 15.91%
Earnings before Tax (EBT) 1 614 575 -514 708 713 790
Net income 1 240 334 -145 185 495 704
Net margin 4.64% 8.23% -3.61% 4.58% 11.79% 15.69%
EPS 2 0.1880 0.2670 -0.1187 0.1370 0.3644 0.5342
Free Cash Flow 1 359.2 -70.12 1,276 273.9 658 1,202
FCF margin 6.95% -1.73% 31.71% 6.79% 15.67% 26.79%
FCF Conversion (EBITDA) 32.9% - 155.17% 35.85% 84.14% 149.13%
FCF Conversion (Net income) 149.69% - - 148.04% 132.93% 170.74%
Dividend per Share 2 0.4200 0.3000 0.3000 0.2200 0.3200 0.4200
Announcement Date 6/8/18 6/14/19 6/8/20 6/14/21 6/6/22 6/28/23
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net Debt 1 - - - - - -
Net Cash position 1 5,379 4,381 3,081 2,562 2,600 2,921
Leverage (Debt/EBITDA) - - - - - -
Free Cash Flow 1 359 -70.1 1,276 274 658 1,202
ROE (net income / shareholders' equity) 4.56% 5.12% -13.8% 9.73% 11.8% 12.9%
ROA (Net income/ Total Assets) 0.2% 0.14% 0.15% 0.13% 0.12% 0.12%
Assets 1 121,519 242,556 -97,709 140,364 421,277 597,116
Book Value Per Share 2 4.820 4.700 3.950 3.130 3.320 3.640
Cash Flow per Share 2 4.650 4.120 3.250 1.790 2.220 2.300
Capex 1 321 113 51 107 115 142
Capex / Sales 6.21% 2.78% 1.27% 2.65% 2.74% 3.16%
Announcement Date 6/8/18 6/14/19 6/8/20 6/14/21 6/6/22 6/28/23
1ZAR in Million2ZAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

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