Financials KAP Limited

Equities

End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
2.52 ^ZAR	+3.28%		-2.70%	-3.82%

Apr. 25	Kazatomprom Names Chief Commercial Officer	MT
Apr. 08	Kazatomprom HR Chief Resigns; First Strategy, Development Chief Appointed	MT

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,969	6,423	10,454	10,877	6,688	6,285	-	-
Enterprise Value (EV) ¹	19,495	13,509	17,031	18,336	14,715	13,885	12,103	10,115
P/E ratio	14.6 x	-2.99 x	10.8 x	6.27 x	16.2 x	5.28 x	4.25 x	3.49 x
Yield	4.11%	-	3.63%	6.59%	-	2.38%	9.92%	11.5%
Capitalization / Revenue	0.58 x	0.29 x	0.44 x	0.39 x	0.23 x	0.21 x	0.19 x	0.18 x
EV / Revenue	0.76 x	0.61 x	0.71 x	0.66 x	0.5 x	0.46 x	0.37 x	0.29 x
EV / EBITDA	5.25 x	4.99 x	4.98 x	4.22 x	3.81 x	3.42 x	2.67 x	2.02 x
EV / FCF	15.7 x	-8.58 x	10.2 x	16.9 x	39.9 x	14 x	6.07 x	4.33 x
FCF Yield	6.35%	-11.7%	9.79%	5.93%	2.51%	7.14%	16.5%	23.1%
Price to Book	1.18 x	0.67 x	1.03 x	0.94 x	0.59 x	0.47 x	0.4 x	0.33 x
Nbr of stocks (in thousands)	2,677,874	2,579,365	2,531,201	2,472,000	2,477,094	2,494,000	-	-
Reference price ²	5.590	2.490	4.130	4.400	2.700	2.520	2.520	2.520
Announcement Date	8/21/19	8/20/20	8/20/21	8/24/22	8/30/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	25,602	22,166	23,956	27,979	29,628	30,424	32,612	34,849
EBITDA ¹	3,713	2,707	3,419	4,340	3,864	4,056	4,528	5,015
EBIT ¹	2,723	1,347	2,102	2,936	2,367	2,551	2,962	3,360
Operating Margin	10.64%	6.08%	8.77%	10.49%	7.99%	8.39%	9.08%	9.64%
Earnings before Tax (EBT) ¹	1,706	-2,595	1,696	2,347	796	1,738	2,147	2,602
Net income ¹	1,033	-2,190	991	1,746	414	1,202	1,499	1,824
Net margin	4.03%	-9.88%	4.14%	6.24%	1.4%	3.95%	4.6%	5.23%
EPS ²	0.3820	-0.8320	0.3830	0.7020	0.1670	0.4770	0.5930	0.7227
Free Cash Flow ¹	1,238	-1,574	1,668	1,087	369	992	1,995	2,338
FCF margin	4.84%	-7.1%	6.96%	3.89%	1.25%	3.26%	6.12%	6.71%
FCF Conversion (EBITDA)	33.34%	-	48.79%	25.05%	9.55%	24.46%	44.06%	46.62%
FCF Conversion (Net income)	119.85%	-	168.31%	62.26%	89.13%	82.54%	133.12%	128.16%
Dividend per Share ²	0.2300	-	0.1500	0.2900	-	0.0600	0.2500	0.2900
Announcement Date	8/21/19	8/20/20	8/20/21	8/24/22	8/30/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,526	7,086	6,577	7,459	8,027	7,600	5,819	3,830
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.219 x	2.618 x	1.924 x	1.719 x	2.077 x	1.874 x	1.285 x	0.7638 x
Free Cash Flow ¹	1,238	-1,574	1,668	1,087	369	992	1,995	2,338
ROE (net income / shareholders' equity)	10.4%	4.66%	11.1%	17%	9.2%	9.1%	9.9%	9.85%
ROA (Net income/ Total Assets)	-	-	-	-	-	4.8%	5.4%	5.55%
Assets ¹	-	-	-	-	-	25,038	27,752	32,869
Book Value Per Share ²	4.740	3.720	4.010	4.660	4.610	5.410	6.370	7.660
Cash Flow per Share	0.8600	0.7900	1.360	1.780	1.540	-	-	-
Capex ¹	1,231	2,048	1,817	2,212	2,237	2,161	1,389	1,380
Capex / Sales	4.81%	9.24%	7.58%	7.91%	7.55%	7.1%	4.26%	3.96%
Announcement Date	8/21/19	8/20/20	8/20/21	8/24/22	8/30/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

C+

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

2.52 ZAR

Average target price

3.013 ZAR

Spread / Average Target

+19.58%

	1st Jan change	Capi.
KAP LIMITED	-3.82%	334M
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ILLINOIS TOOL WORKS INC.	-5.21%	74.17B
3M COMPANY	-16.00%	50.82B
ALPHA DHABI HOLDING	-24.57%	38.6B
MITSUBISHI ELECTRIC CORPORATION	+19.71%	31.74B
DANUBE AG	+14.46%	29.82B