Financials Santam Ltd

Equities

End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2024-04-29 pm EDT			5-day change	1st Jan Change
300.6 ^ZAR	+0.18%		+1.49%	+4.88%

Feb. 29	Santam Ltd Reports Earnings Results for the Full Year Ended December 31, 2023	CI
Feb. 29	Transcript : Santam Ltd, 2023 Earnings Call, Feb 29, 2024

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	32,757	28,765	30,370	28,953	32,354	33,458	-	-
Enterprise Value (EV) ¹	32,757	28,765	30,370	28,953	32,354	37,815	38,070	33,458
P/E ratio	14.7 x	52.1 x	10.9 x	14.1 x	9.71 x	11.3 x	10.1 x	9.19 x
Yield	3.83%	-	4.54%	5.1%	-	5.06%	5.43%	5.83%
Capitalization / Revenue	-	-	-	-	1.1 x	1 x	0.93 x	0.8 x
EV / Revenue	-	-	-	-	1.1 x	1.13 x	1.06 x	0.8 x
EV / EBITDA	-	-	-	-	6.7 x	8.78 x	8.26 x	7.29 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	3.36 x	3 x	2.59 x	2.59 x	-	2.74 x	2.45 x	2.2 x
Nbr of stocks (in thousands)	112,900	112,900	112,900	112,900	112,900	112,900	-	-
Reference price ²	290.1	254.8	269.0	256.4	286.6	296.4	296.4	296.4
Announcement Date	3/5/20	3/4/21	3/3/22	3/2/23	2/29/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	-	-	-	-	29,335	33,502	35,833	41,860
EBITDA ¹	-	-	-	-	4,829	4,307	4,608	4,588
EBIT ¹	-	-	-	-	4,504	4,152	4,455	4,437
Operating Margin	-	-	-	-	15.35%	12.39%	12.43%	10.6%
Earnings before Tax (EBT) ¹	-	-	-	-	4,405	5,013	5,318	5,645
Net income ¹	2,199	542	2,745	1,990	3,250	2,874	3,242	3,549
Net margin	-	-	-	-	11.08%	8.58%	9.05%	8.48%
EPS ²	19.78	4.890	24.78	18.16	29.52	26.11	29.45	32.24
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	11.10	-	12.22	13.07	-	15.00	16.10	17.29
Announcement Date	3/5/20	3/4/21	3/3/22	3/2/23	2/29/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	4,357	4,612	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	1.012 x	1.001 x	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	23.9%	5.74%	26.4%	17.8%	-	26.3%	26.5%	25.2%
ROA (Net income/ Total Assets)	-	-	-	-	-	4.27%	4.39%	4.52%
Assets ¹	-	-	-	-	-	67,375	73,866	78,568
Book Value Per Share ²	86.40	84.80	104.0	99.00	-	108.0	121.0	135.0
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	3/5/20	3/4/21	3/3/22	3/2/23	2/29/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

296.4 ZAR

Average target price

323.1 ZAR

Spread / Average Target

+9.03%

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