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General information

Sector: Industrials

The company is available at Interactive Brokers

Barloworld Limited (JSE:BAW) is a distributor of leading global brands providing integrated rental, fleet management, product support and logistics solutions. Established in 1902 in South Africa, Barlowworld is one of the country’s oldest companies. Inspiring leadership, a reputation for ethical conduct, innovation and a commitment to giving back have ensured Barloworld’s longevity over the past 118 years.

The core divisions of the group comprise Equipment (earthmoving equipment and power systems), Automotive (car rental, motor retail, fleet services, used vehicles and disposal solutions) and Logistics (logistics management and supply chain optimisation).

The brands the company represents on behalf of its principals include Caterpillar, Avis, Budget, Mercedes-Benz, Toyota, Volkswagen, Audi, BMW, Ford, Mazda, and others. The company has corporate offices in Johannesburg (South Africa) and Maidenhead (United Kingdom).



  • Pretty weak financial results growth rate 1.2% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (-0.0%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 21.8% (LTM)
  • Share price is 44.2% higher than minimum and 44.0% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (3.0x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (-0.3%)86.07
Share price, USD: 4.62
Common stocks: 189 687 138

Dividend Yield:  0.0%
FCF Yield LTM: 21.8%
EV / LTM EBITDA: 3.0x
Last revenue growth (y/y):  -2.2%
Last growth of EBITDA (y/y):  +4.5%
Historical revenue growth:  -8.8%
Historical growth of EBITDA:  +6.2%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 877
Net Debt ($m): 90
EV (Enterprise Value): 967
EBITDA LTM ($m): 318
EV / LTM EBITDA: 3.0x
Price to Book: 0.99x

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

Board shake-up at Telkom

Less than a year after joining Telkom’s board, former Openserve CEO Alphonzo Samuels has resigned as a non-executive director. The company has also appointed two new directors.

2021-07-02 12:22 +02:00
by Staff Reporter

JSE:FSR JSE:OMU JSE:TCP JSE:TBS JSE:BAW JSE:TKG JSE:MSM JSE:DTC JSE:SBP JSE:ISA

MTN among firms in BEE commission’s cross hairs on voting rights

A finding by the commission last week regarding MTN’s empowerment scheme’s contravention of the B-BBEE Act will have wide implications for similar schemes operated by other listed companies.

2019-07-15 07:11 +02:00
by Ray Mahlaka

JSE:NPN JSE:MTN JSE:SOL JSE:MCG JSE:BAW JSE:JSE JSE:ISA

Reuters Headlines

South Africa`s Tongaat, Barloworld in deadlock over starch business deal

South Africa`s heavily indebted sugar producer Tongaat Hulett is in a deadlock over the sale of its starch business to Barloworld over a condition set during the signing of deal, the two companies said on Tuesday.

2020-05-12

JSE:BAW JSE:AVI JSE:TON

South Africa`s Barloworld in talks to buy a Caterpillar business

Barloworld Ltd is in talks to buy a business from Caterpillar Inc using proceeds from the sale of a unit earlier this year, the head of the South African equipment maker said on Monday.

2018-11-19

JSE:BAW

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Releases

2022-07-21
Dealings in securities
2022-07-15
Dealings in securities by a director
2022-07-01
General share repurchase by Barloworld
2022-05-26
Dealings in securities
2022-05-26
Barloworld to buy back up to 10% of its issued ordinary share capital through a repurchase program
2022-05-20
Dealings in securities
2022-05-16
Trading statement for the six months ended 31 March 2022 and cancellation of Barloworld’s listing in the UK
2022-04-14
Ratings update
2022-03-29
Voluntary trading update for the five months to 28 February 2022
2022-03-03
Dealings in securities by a director of a major subsidiary
2022-03-01
Statement on Russia business
2022-02-21
Appointment to audit committee
2022-02-15
Change to the board of directors: appointment of non -executive director
2022-02-11
Results of annual general meeting
2022-02-10
CEO’s AGM statement and voluntary trading update for the first quarter to 31 December 2021
2022-02-01
Barloworld - further announcement regarding annual general meeting
2021-12-28
Finalisation announcement regarding the declaration of a special dividend
2021-12-20
Broad Based Black Economic Empowerment Act ("The Act"): Annual Compliance Report
2021-12-17
Notice of de-listing from the Namibian Stock Exchange

SENS Announcements

2024-04-30
Disclosure of Beneficial Interest in Securities
2024-04-09
Interest Payment Notifications
2024-04-08
Preference Dividend No.173
2024-03-26
Voluntary Trading Update for the five months ended 29 February 2024
2024-02-22
Step-Down Margin Notification: BAW37, BAW38, BAWGL1 AND BAWGL2
2024-02-15
Voluntary trading update for the four months to 31 January 2024
2024-02-14
Interest Payment and Capital Redemption Notification
2024-01-15
Dealings in securities
2024-01-12
Correction Announcement : Interest Payment Notification for BAW41 AND BAW42
2023-12-27
Interest Payment Notification
2023-12-12
Availability of integrated annual report, notice of annual general meeting and changes to the board
2023-12-12
Broad Based Black Economic Empowerment Act: Annual Compliance Certificate
2023-11-23
Dealing in securities by a prescribed officer of Barloworld
2023-11-15
Interest Payment Notification
2023-11-14
Trading statement for the twelve months ended 30 September 2023
2023-10-19
Listings of New Financial Instruments
2023-10-10
Preference dividend no.172
2023-10-04
Interest Payment and Capital Redemption Notification
2023-09-28
Voluntary trading update for the eleven months to 31 August 2023
2023-08-23
Correction to Interest Payment Notification
2023-08-15
Interest Payment Notification
2023-07-05
Interest Payment Notification
2023-06-29
Listing of new financial instrument
2023-05-31
Secondary listing of Barloworld on A2X
2023-05-25
Listing of new financial instrument
2023-05-22
Short form announcement: Interim results for the six months ended 31 March 2023
2023-05-10
Interest payment notification
2023-04-14
Changes to the board and board committees
2023-04-06
Preference Dividend No.171
2023-04-05
Interest Payment Notification
2023-03-13
Dealings in securities
2023-02-20
Dealing in securities by prescribed officer of Barloworld
2023-02-17
Voluntary trading update for the four months to 31 January 2023
2023-02-15
Capital and interest payment notification
2023-01-04
Interest payment notification
2022-12-13
Finalisation announcement regarding the declaration of a special dividend
2022-12-02
Interest and capital payment notification
2022-11-21
Proposed unbundling of Zeda limited by Barloworld Limited and separate listing of Zeda on the JSE
2022-11-21
Annual results for the 12 months ended 30 September 2022
2022-11-15
Interest payment notification
2022-11-14
Trading statement for the twelve months ended 30 September 2022
2022-10-17
Preference dividend no.170
2022-10-05
Interest payment notification
2022-09-20
Change in company secretary
2022-09-20
Dealings in securities
2022-09-19
Dealings in securities by director
2022-09-07
Market repurchase: BAW31
2022-09-02
Interest payment notification
2022-08-26
Partial capital redemption : BAW22
2022-08-25
Correction announcement: directors’ dealings in securities
2022-08-19
Listing of new financial instruments
2022-08-15
Interest payment notification
2022-07-11
Listing of new financial instruments
2022-07-06
Interest payment notification
2022-07-01
General share repurchase by Barloworld
2022-06-01
Capital and interest payment notifications
2022-05-26
Dealings in securities
2022-05-26
Barloworld to buy back up to 10% of its issued ordinary share capital through a repurchase program
2022-05-23
Interim results for the six months ended 31 March 2022
2022-05-20
Dealings in securities
2022-05-16
Trading statement for the six months ended 31 March 2022 and cancellation of Barloworld’s listing in the UK
2022-05-13
Interest payment notification