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General information

Sector: Financials

The company is not available at Interactive Brokers

Alexander Forbes (JSE:AFH) is a diversified financial services organisation providing a broad range of employee benefits, consulting (including healthcare), investment management, insurance and wealth management solutions to both corporate clients and individual customers to create, grow and protect their wealth and assets, helping them secure a lifetime of financial well-being and security.

Alexander Forbes clients span both the private and public sector market segments on the institutional side, and individual members. The group's principal geographic focus is South Africa (where it has been operating since 1935) sub-Saharan Africa and the Channel Islands.

What the Group does

For 85 years the Alexander Forbes brand has been synonymous with financial expertise and innovative, yet reliable, solutions. The group has built its premium brand through an in-depth understanding of the employee benefit and investment industry and has provided innovative solutions to its clients, making it a trusted adviser and partner of choice. The group creates value for its clients by ensuring they and their financial needs are at the centre of everything it does. The group provides advice, products and solutions that meet the needs of its clients through its client-centric operating model.

Alexander Forbes employees are dedicated to delivering outstanding employee benefit, investment and administrative solutions and services for institutional clients, and securing the financial well-being of individual clients.



  • Good financial results growth rate 18.9% (average between last period year over year growth for revenue and Net Income), there is acceleration compared to average historical growth rates (0.2%)
  • Dividend yield for the last twelve months 0.0%
  • Share price is 89.2% higher than minimum and 15.1% lower than maximum for the last 3 years
  • The company is overvalued by P/E LTM multiple compared to target level (11.9x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (-1.7%)6.30
Share price, USD: 0.3420
Common stocks: 1 327 613 105

Dividend Yield:  0.0%
P/E LTM: 11.9x
Last revenue growth (y/y):  -2.9%
Last growth of Net Income (y/y):  +40.7%
Historical revenue growth:  -0.1%
Historical growth of Net Income:  +41.7%
Target P/E (hist percentile):
Fundamental value created in LTM:
P/E mutiple calculation
Market Cap ($m): 454
Net Profit ($m): 38
P/E LTM: 11.9x
Price to Book: 1.95x

Revenue and Net Income

Semi-Annual values ($m)

Change (y/y)

Share price and dividends (Download history)

Share price

Payment ZAR per share

Multiple and potential

P / E

Potential dynamics

Reuters Headlines

South Africa`s African Rainbow Capital to raise stake in Alexander Forbes

South African investment company African Rainbow Capital (ARC) will increase its shareholding in Alexander Forbes Group Holdings Limited to 33.9% after Mercer Africa pulls out, all three companies said on Wednesday.

2020-01-22

JSE:AFH JSE:ISA

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Releases

2022-08-15
Dealings in securities by executive director
2022-08-12
Dealings in securities by executive director and prescribed officers
2022-08-10
Disclosure of significant holding of Alexforbes ordinary shares
2022-08-08
Joint announcement regarding the results of the partial offer including the scaling back of tenders of excess shares
2022-08-04
Dealings in securities by executive director
2022-08-01
Dealings in securities by executive director and prescribed officers
2022-07-29
No change statement, availability of AFS and the IAR, notice of AGM and BBBEE annual compliance report
2022-07-26
Dealings in securities by prescribed officers
2022-07-18
Joint declaration and finalisation announcement regarding the partial offer and distribution of the offer circular
2022-07-15
Disclosure of significant holding of Alexander Forbes ordinary shares and resignation of director
2022-07-07
Joint announcement – sale agreement unconditional and update on the proposed partial offer
2022-07-06
Dealings in securities by directors, a director of a major subsidiary, company secretary and prescribed officers
2022-06-29
Directorate changes
2022-06-07
Directorate changes
2022-06-06
Acceptance of an award by a director
2022-06-06
Extract from the audited results for the year ended 31 March 2022 and final cash dividend declaration
2022-05-23
Trading statement for the twelve months ended 31 March 2022
2022-04-29
Resignation of independent non-executive director
2022-04-06
Changes to director functions
2022-04-01
Completion of the transfer of the group risk and retail life businesses to Sanlam Life
2022-03-31
Alexander Forbes attending investor conference
2022-03-29
Acceptance of an award by a prescribed officer
2022-03-28
Disclosure of significant holding of Alexander Forbes ordinary shares
2022-03-28
Acceptance of awards by directors, company secretary and prescribed officers
2022-03-18
Announcement regarding the intended acquisition of a strategic minority shareholding in Alexander Forbes
2022-02-14
Directorate change
2021-12-15
Update announcement regarding related party transaction - acquisition of EBS International Proprietary Limited
2021-12-08
Notification of change in external auditor
2021-12-06
Extract of the unaudited interim results and cash dividend declaration for the six months ended 30 September 2021
2021-12-06
Acquisition of Sanlam’s large standalone Retirement Fund Admin Business and sale of AFICA Group to Sanlam

SENS Announcements

2024-02-12
Change in independent non-executive director responsibilities
2024-01-05
Disclosure of significant holding of Alexforbes ordinary shares
2023-12-04
Extract from the interim results for the six months ended 30 September 2023 and interim cash dividend declaration
2023-11-13
Trading statement for the six months ended 30 September 2023
2023-11-08
Voluntary announcement regarding the acquisition by Alexforbes of OUTvest
2023-09-05
Report on proceedings at the annual general meeting and committee appointment
2023-07-31
No change statement, availability of AFS, integrated report, notice of AGM and B-BBEE compliance report
2023-06-30
Share dealings by directors, prescribed officers, a director of a major subsidiary and company secretary
2023-06-28
Release of annual financial statements for the year ended 31 March 2023
2023-06-12
Extract from the reviewed results for the year ended 31 March 2023 and final cash dividend declaration
2023-06-12
Appointment of Director and Chair
2023-05-23
Trading statement for the twelve months ended 31 March 2023
2023-05-05
Voluntary announcement regarding the acquisition by Alexforbes of a majority stake in TSA Administration
2023-04-28
Correction announcement: changes in director responsibilities
2023-04-26
Changes in director responsibilities
2023-03-01
Completion of the sale of the Alexforbes individual client administration business (Afica Group) to Sanlam Life
2023-02-15
Change to the board of directors
2023-01-27
Dealings in securities by a prescribed officer
2022-12-08
Dealings in securities by prescribed officer
2022-12-05
Extract of the unaudited interim results and cash dividend declaration for the six months ended 30 September 2022
2022-11-01
Completion of the acquisition of Sanlam Life’s operations in large stand-alone retirement fund administration
2022-09-02
Report on proceedings at the annual general meeting
2022-08-26
Board and committee changes
2022-08-15
Dealings in securities by executive director
2022-08-12
Dealings in securities by executive director and prescribed officers
2022-08-10
Disclosure of significant holding of Alexforbes ordinary shares
2022-08-08
Joint announcement regarding the results of the partial offer including the scaling back of tenders of excess shares
2022-08-04
Dealings in securities by executive director
2022-08-01
Dealings in securities by executive director and prescribed officers
2022-07-29
No change statement, availability of AFS and the IAR, notice of AGM and BBBEE annual compliance report
2022-07-26
Dealings in securities by prescribed officers
2022-07-18
Joint declaration and finalisation announcement regarding the partial offer and distribution of the offer circular
2022-07-15
Disclosure of significant holding of Alexander Forbes ordinary shares and resignation of director
2022-07-07
Joint announcement – sale agreement unconditional and update on the proposed partial offer
2022-07-06
Dealings in securities by directors, a director of a major subsidiary, company secretary and prescribed officers
2022-06-29
Directorate changes
2022-06-07
Directorate changes
2022-06-06
Acceptance of an award by a director
2022-06-06
Extract from the audited results for the year ended 31 March 2022 and final cash dividend declaration
2022-05-23
Trading statement for the twelve months ended 31 March 2022