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General information

Sector: Consumer Goods

The company is available at Interactive Brokers

Astral Foods Limited (JSE:ARL) is the largest integrated poultry producer in South Africa. 

Group activities

Astral is a leading Southern African integrated poultry producer. Key activities comprise manufacturing of animal feeds, broiler genetics, production and sale of day-old chicks and hatching eggs, breeder and broiler production, abattoir and further processing operations and sales and distribution of various key poultry brands.

Integrated broiler operations

The group has four fully integrated broiler production, processing, distribution, sales and marketing operations with a combined processing capacity of over 5 million processed broilers per week.

County Fair, Goldi and Mountain Valley market and distribute a full range of value added products comprising frozen reformed crumbed and ready-to-eat chicken products.County Fair (Western Cape), Festive (Olifantsfontein) and Mountain Valley (Camperdown) market and distribute a full range of fresh and frozen poultry products whereas Goldi (Standerton) primarily manufactures individually quick frozen (“IQF”) products.

Day-old broiler and hatching egg supplier

National Chicks has operations in KwaZulu-Natal, Gauteng and Swaziland and conducts business as a day-old chick and hatching egg supplier to the group's integrated broiler operations and the independent non-integrated broiler producers in South Africa, Swaziland, Botswana and Mozambique. National Chicks supplies small hatcheries in Africa with fertile eggs and has a technical team servicing its customer base.

Broiler genetics

Ross Poultry Breeders situated in KwaZulu-Natal and Gauteng, is the sole distributor and supplier of Ross 308 parent breeding stock to the South African broiler industry. The company has a technical agreement with Aviagen Limited, a multi-national company that holds the worldwide proprietary rights to the “Ross” brand. The company has entered into an agreement with Aviagen for the exclusive South African rights to the International Ross 308 broiler/breeder that is world renowned for its superior broiler and breeder performance.

Animal feed

The South African operations consist of mills located in Standerton, Randfontein, Delmas, Paarl, Port Elizabeth, Pietermaritzburg and Ladismith.
These seven strategically placed feed mills are well equipped to produce and distribute a wide range of specialised products for all commercially farmed animal species. The other African operations consist of a feed mill in Lusaka (Zambia) and an 80% shareholding in a mill in Maputo (Mozambique).

Laboratory services genetics

Central Analytical Laboratories (CAL) analyses animal feed and water samples for the group's own requirements and for the agricultural sector in South Africa.

Strategic focus genetics

To be the best cost integrated poultry producer in selected African countries.



  • Bad financial results growth rate -60.3% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (-0.0%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield -26.1% (LTM)
  • Share price is 7.2% higher than minimum and 35.7% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (-15.4x vs
    )

Key Financials

Share price, ZAR:  (0.0%)141.67
Share price, USD: 7.42
Common stocks: 42 916 637

Dividend Yield:  0.0%
FCF Yield LTM: -26.1%
EV / LTM EBITDA: -15.4x
Last revenue growth (y/y):  -20.7%
Last growth of EBITDA (y/y):  -100.0%
Historical revenue growth:  +5.8%
Historical growth of EBITDA:  -11.9%
Target EV / EBITDA (hist percentile):
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 318
Net Debt ($m): 69
EV (Enterprise Value): 388
EBITDA LTM ($m): -25
EV / LTM EBITDA: -15.4x
Price to Book: 1.47x

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

The Ramaphosa honeymoon is officially over

South African business leaders are becoming frustrated with the pace of reform under President Cyril Ramaphosa. His cabinet choices and spending pledges haven’t helped.

2019-07-10 06:10 +02:00
by Agency Staff

JSE:AVI JSE:MSM JSE:ARL JSE:ISA

Reuters Headlines

S.Africa`s Astral Foods swings to loss on $109 million electricity, bird flu hit

South Africa`s biggest poultry producer Astral Foods swung to a full-year loss on Monday, as an ongoing electricity crisis and the country`s worst bird flu outbreak cost the company 2 billion rand ($108.9 million).

2023-11-20

JSE:AVI JSE:ARL

S.African retailer SPAR exploring egg imports as bird flu hits supplies

Grocery retailer SPAR Group is exploring potentially importing eggs from several southern African countries as South Africa`s worst outbreak of avian flu hits egg supplies and threatens the supply of chicken meat.

2023-10-05

JSE:WHL JSE:SPP JSE:AVI JSE:RCL JSE:ARL JSE:QFH

South African retailers ration eggs as shortages persist

South African grocery retailers Woolworths and Pick n Pay are limiting the amount of eggs shoppers can buy as the country`s worst outbreak of avian flu hits table egg supplies and threatens the supply of chicken meat.

2023-10-04

JSE:SHP JSE:WHL JSE:AVI JSE:RCL JSE:MSM JSE:ARL JSE:QFH

S.Africa`s RCL Foods culls 410,000 chickens amid bird flu outbreak

South Africa`s RCL Foods said on Thursday its poultry unit Rainbow has culled 410,000 chickens due to the country`s worst outbreak of avian flu, heightening fears of chicken meat and egg shortages.

2023-09-28

JSE:AVI JSE:RCL JSE:ARL JSE:MPT JSE:QFH

S.Africa`s Quantum Foods says about 2 million chickens killed by bird flu

South African poultry producer Quantum Foods on Friday said nearly 2 million chickens worth 106 million rand ($5.63 million) have been killed by a bird flu outbreak, increasing fears of a table egg and meat shortage.

2023-09-22

JSE:AVI JSE:ARL JSE:MPT JSE:QFH

S.Africa faces chicken meat shortage as power crisis, bird flu hit producers

Top producer Astral flags loss as power cuts add $100 mln costs

2023-09-21

JSE:ARL

S.Africa`s Astral flags profit plunge as power crisis hits poultry production

Astral Foods expects a 90% plunge in mid-year profit, the poultry processor said on Wednesday, citing rolling power cuts in South Africa that have hit production and hiked costs.

2023-01-25

JSE:AVI JSE:ARL JSE:MPT

S.Africa`s Astral Foods` profits hit by high feed costs, drought

South Africa`s Astral Foods Limited said on Monday its full-year profits plunged by 55% after higher feed costs hit its poultry division, a decline it first warned about in October.

2019-11-18

JSE:ARL JSE:MPT

UPDATE 1-South Africa`s Astral Foods FY profit soars 88 pct

South Africa`s Astral Foods Ltd said on Monday full-year profit surged 88 percent, boosted by upbeat volumes and higher selling prices in its poultry business.

2018-11-19

JSE:AVI JSE:ARL

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Releases

2022-08-15
Appointment of future audit firm
2022-08-11
Environmental, Social and Governance Committee ("ESG Committee")
2022-05-16
Unaudited Interim Results for the six months ended 31 March 2022
2022-04-25
Trading statement
2022-03-15
Chief executive officer’s dealing in securities
2022-03-11
Dealings in securities by directors
2022-03-10
Chief financial officer’s dealing in securities
2022-03-10
Non-executive director’s dealing in securities
2022-03-10
Chief executive officer’s dealing in securities
2022-03-09
Executive director’s dealings in securities
2022-02-04
Results of annual general meeting
2022-02-02
General trading update
2021-12-10
Availability of 2021 integrated report, no change statement, notice of AGM and BEE annual compliance report
2021-12-03
Allocation of shares in terms of forfeitable share plan
2021-11-29
Dealings in securities by the Astral Foods forfeitable share plan

SENS Announcements

2024-03-14
Executive Director’s Dealings in Securities
2024-02-05
Dealings in Securities by a Prescribed Officer of Astral Foods
2024-02-02
Results of Annual General Meeting
2024-01-31
Voluntary Trading Update and Initial Trading Statement
2024-01-26
Disclosure of Beneficial Interests in Securities
2023-12-13
Allocation of Shares in Terms of Forfeitable Share Plan
2023-12-13
Dealings in Securities by the Astral Foods Forfeitable Share Plan and an Executive Director
2023-12-12
Vesting of Shares in Terms of the Forfeitable Share Plan
2023-12-08
Availability of Audited AFS, IR, Notice of AGM, B-BBEE Annual Compliance Report and Proposed REMCOM Meeting
2023-11-20
Audited Results for the year ended 30 September 2023
2023-10-31
Trading Statement
2023-09-22
Disclosure of Beneficial Interests in Securities
2023-09-21
Voluntary Trading Update and Initial Trading Statement
2023-09-14
Astral Foods Pre-Close Briefing Session
2023-09-07
Disclosure of Beneficial Interests in Securities
2023-09-05
Disclosure of Beneficial Interests in Securities
2023-08-14
Disclosure of Beneficial Interests in Securities
2023-07-31
Disclosure of Beneficial Interests in Securities
2023-07-07
Notification of Change of Registered and Postal Address
2023-06-01
Secondary Listing on A2x
2023-05-22
Unaudited Interim Results for the six months ended 31 March 2023
2023-05-03
Trading Statement
2023-03-17
Dealings in Securities by the Astral Foods Forfeitable Share Plan
2023-03-15
Dealings in Securities by the Astral Foods Forfeitable Share Plan
2023-02-27
Feedback on Engagement with Shareholders
2023-02-06
Vesting of Shares in Terms of the Forfeitable Share Plan
2023-02-02
Results of Annual General Meeting and Changes to the Board
2023-01-25
Voluntary Trading Update and Initial Trading Statement
2023-01-23
Disclosure of Beneficial Interests in Securities
2022-12-09
Availability of 2022 Integrated Report, no change statement, notice of AGM and BEE annual compliance report
2022-12-08
Allocation of shares in terms of Forfeitable Share Plan
2022-12-02
Dealings in securities by the astral foods forfeitable share plan
2022-11-21
Audited results for the year ended 30 September 2022
2022-11-17
Change to Environmental, Social and Governance Committee (“ESG Committee”)
2022-11-01
Disclosure of beneficial interests in securities in terms of paragraph 3.83 of the JSE Limited Listings Requirements
2022-10-27
Trading Statement & General Trading Update
2022-10-26
Disclosure of Beneficial Interests in Securities in terms of Paragraph 3.83 of the JSE Limited Listings Requirements
2022-10-19
Disclosure of beneficial interests in securities in terms of paragraph 3.83 of the jse limited listings requirements
2022-09-01
Non-executive director's dealing in securities
2022-09-01
CANCELLATION OF S465286 Non-executive director's dealing in securities
2022-09-01
Non-executive director's dealing in securities
2022-08-15
Appointment of future audit firm
2022-08-11
Environmental, Social and Governance Committee ("ESG Committee")
2022-05-16
Unaudited Interim Results for the six months ended 31 March 2022