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General information

Sector: Basic Materials

The company is available at Interactive Brokers

AECI Limited (JSE:AFE) is a diversified Group of 16 companies. It has regional and international businesses in Africa, Europe, South East Asia, North America, South America and Australia. Products and services are provided to a broad spectrum of customers in the mining, water treatment, plant and animal health, food and beverage, infrastructure and general industrial sectors.

The Group's strategy is to be the supplier of choice in the markets in which it operates and to continue to grow domestically as well as through ongoing expansion of its footprint within the geographies and markets served. In line with this strategy, businesses are managed in five growth pillars: 

Mining Solutions - AEL Intelligent Blasting, Experse and Senmin 

Water & Process - ImproChem

Plant & Animal Health - Nulandis and Schirm 

Food & Beverage - Lake Foods and Southern Canned Products

Chemicals - Chemfit, Chemical Initiatives, ChemSystems, Industrial Oleochemical Products, Much Asphalt and SANS Technical Fibers. Included in this pillar is the Specialty Minerals South Africa joint venture

These pillars are AECI's key reporting segments.

AECI also has a property division, Acacia Real Estate. Its main activities are the management of the Company's leasing portfolio and the provision of services at the Umbogintwini Industrial Complex in KwaZulu-Natal. Together with Head Office support functions, including the treasury, Acacia Real Estate constitutes the Group's sixth reporting segment, namely Property & Corporate.

All business activities are underpinned by the Group's BIGGER values - of being Bold, Innovative, Going Green and being Engaged and Responsible.


  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 3.1% (LTM), projected 3.1%
  • Share price is 17.8% higher than minimum and 22.4% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.4x vs
    )
  • The company is undervalued by EV / projected EBITDA multiple compared to target level (4.4x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)93.91
Share price, USD: 5.04
Common stocks: 105 526 568
Dividend Yield:  0.0%
FCF Yield LTM / expected: 3.1% / 3.1%
EV / LTM EBITDA: 4.4x
Last revenue growth (y/y):  +0.4%
Last growth of EBITDA (y/y):  -0.9%
Historical revenue growth:  +13.0%
Historical growth of EBITDA:  +4.3%
EV / expected EBITDA:
Target EV / EBITDA (hist percentile):
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 532
Net Debt ($m): 291
EV (Enterprise Value): 823
EBITDA LTM ($m): 187
EV / LTM EBITDA: 4.4x
Price to Book: 0.81x

Buy Sell

Revenue and EBITDA

Semi-Annual values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment ZAR per share

Multiple and potential

EV / EBITDA

Potential dynamics

TechCentral Headlines

PepsiCo fund invests in South African agri-tech start-up

A PepsiCo fund has acquired a stake in agri-tech start-up Khula to help underpin the company’s expansion plans.

2023-11-21 13:35 +02:00
by Staff Reporter

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Court battle looming over municipal electricity monopolies

Opposition is mounting to a move by municipalities to try to get the exclusive right to distribute electricity countrywide.

2022-01-13 18:30 +02:00
by Staff Reporter

JSE:AFE JSE:JSE JSE:ATT JSE:ISA

Mboweni questions need to hold onto all state assets

Finance minister Tito Mboweni said a discussion must begin on whether the government needs to retain control of all the assets it currently owns given the poor state of the national finances.

2019-03-25 05:42 +02:00
by Agency Staff

JSE:ANG JSE:AVI JSE:AFE JSE:ISA

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Releases

2022-08-02
Dealings in securities by directors, director of major subsidiary, group company secretary and prescribed officers
2022-07-27
Availability of interim results presentation
2022-07-27
Summarised unaudited interim financial results and cash dividend declaration for the half-year ended 30 June 2022
2022-07-27
AECI Group CEO Mark Anthony Dytor retires
2022-07-18
Disclosure of significant holding of AECI shares
2022-07-08
Availability of B-BBEE compliance report
2022-06-14
Change to the board and board committees: appointment of a non-executive director
2022-06-13
Disclosure of significant holding of AECI shares
2022-06-01
AECI Board committee changes
2022-05-31
Report on proceedings at the annual general meeting
2022-04-29
No change statement, availability of AFS and Guarantors’ AFS and notice of AGM
2022-04-28
Dealings in securities by directors and prescribed officers
2022-04-06
Dealings in securities on behalf of the AECI Long-Term Incentive Plan (the LTIP)
2022-04-05
Dealings in securities on behalf of the AECI Long-Term Incentive Plan (the LTIP)
2022-03-30
Dealings in securities on behalf of the AECI Long-Term Incentive Plan (the LTIP)
2022-03-17
Disclosure of significant holding of AECI shares
2022-03-15
Disclosure of significant holding of AECI shares
2022-03-02
Availability of annual results presentation
2022-03-02
Summarised audited financial results, Board change and cash dividend for the year ended 31 December 2021
2022-02-23
Trading statement for the financial year ended 31 December 2021
2022-02-18
Change to the board: appointment of an executive director
2022-02-16
Specific repurchase of shares, delisting and cancellation
2022-02-01
Specific Repurchase of Shares

SENS Announcements

2024-04-29
AECI - Notifications: Manifest Error, Sustainability Compliance Certificate & Sustainability Margin Adjustment Event
2024-04-26
Dealings in securities by directors, the group company secretary and prescribed officers
2024-04-22
Notice of availability of the 2023 IAR, AFS, Notice of AGM, Guarantors’ AFS and King IV Report
2024-04-09
Dealing in securities by a prescribed officer
2024-03-16
TEST
2024-03-06
AECI05 AECI06 - Interest Payment Notification
2024-02-28
Declaration of final ordinary cash dividend no. 180
2024-02-28
Audited consolidated financial results and final cash dividend declaration for the year ended 31 December 2023
2024-02-26
Trading statement for the financial year ended 31 December 2023
2023-12-14
AECI05 AECI06 - Notice of Sustainability Adjustment Event to Noteholders
2023-12-01
AECI05 AECI06 - Interest Payment Notification
2023-11-30
Dealing in securities by a director
2023-11-21
Declaration of cumulative 5.5 per cent preference share dividend no. 171
2023-11-16
Dealing in securities by a director
2023-11-08
AECI04 - Interest Payment Notification
2023-11-06
Voluntary update for the nine months ended 30 September 2023
2023-10-31
Change to the board – resignation of executive director
2023-10-02
Appointment of Chief Financial Officer (CFO) and Executive Director
2023-09-22
Disclosure of significant holding of AECI shares
2023-09-08
AECI05 AECI06 - Listing of New Financial Instruments
2023-09-07
AECI - Notification of amendments to AECI’s ZAR 5 000 000 000 Domestic Medium Term Note Programme Memorandum
2023-09-06
AECI02 - Interest and capital payments notification
2023-08-29
Dealing in securities by a director
2023-08-23
Dealings in securities by a director
2023-08-01
AECI04 - Interest Payment Notifications
2023-08-01
Dealings in securities by directors, the group company secretary and prescribed officers
2023-07-26
Unaudited consolidated interim financial results and cash dividend declaration for the half-year ended 30 June 2023
2023-07-26
Declaration of interim ordinary cash dividend No. 179
2023-07-11
Availability of B-BBEE compliance report
2023-06-29
Voluntary pre-close period update for the five months ended 31 May 2023
2023-06-06
AECI02 - Interest Payment Notification
2023-06-01
AECI Board Committee changes
2023-05-31
Report on proceedings at the Annual General Meeting
2023-05-23
Declaration of cumulative 5.5 per cent preference share dividend no. 170
2023-05-09
AECI04 - Interest Payment Notification
2023-05-03
Disclosure of significant holding of AECI shares
2023-04-28
No change statement, AFS, update to information incorporated by reference, notice of AGM and change to the board
2023-04-26
Change to the board – resignation of chief financial officer
2023-03-08
AECI02 - Interest Payment Notification
2023-03-01
Summarised audited consolidated results and final cash dividend declaration for the year ended 31 December 2022
2023-02-16
AECI04 - Interest Payment Notification
2023-02-16
Appointment of the new AECI Group Chief Executive (“CE”) And Executive Director
2023-02-02
Disclosure of significant holding of AECI shares
2023-01-26
Update on Retirement of AECI Group CEO and Appointment of Acting Group CEO
2022-12-07
AECI02 - Interest Payment Notification
2022-11-22
Declaration of cumulative 5.5 per cent preference share dividend no. 169
2022-11-16
AECI03 AECI04 - Interest and Capital Payments Notification
2022-09-06
AECI - Interest Payment Notification
2022-08-15
AECI03 AECI04 - Interest Payments Notification
2022-08-02
Dealings in securities by directors, director of major subsidiary, group company secretary and prescribed officers
2022-07-27
Availability of interim results presentation
2022-07-27
Summarised unaudited interim financial results and cash dividend declaration for the half-year ended 30 June 2022
2022-07-27
AECI Group CEO Mark Anthony Dytor retires
2022-07-18
Disclosure of significant holding of AECI shares
2022-07-08
Availability of B-BBEE compliance report
2022-06-14
Change to the board and board committees: appointment of a non-executive director
2022-06-13
Disclosure of significant holding of AECI shares
2022-06-02
AECI02 - Interest Payment Notification
2022-06-01
AECI Board committee changes
2022-05-31
Report on proceedings at the annual general meeting
2022-05-24
Declaration of cumulative 5,5 per cent preference share dividend no. 168
2022-05-16
AECI03 AECI04 - Interest Payments Notification