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General information

Sector: Consumer Services

The company is not available at Interactive Brokers

Caxton and CTP Publishers and Printers Limited (JSE:CAT) is a publisher and printer and manufacturer of packaging material in South Africa.

Founded in 1980 by entrepreneurs Terry Moolman and Noel Coburn, Caxton & CTP Publishers, Printers and Distributors is a major participant in the South African print media industry.

Caxton and CTP Publishers and Printers Limited is recognised as one of the largest publishers and printers of books, magazines, newspapers and commercial print in South Africa. The CTP Group is involved in various fields of publishing and printing i.e. newspapers, magazines, commercial print, book printing, stationery, packaging and labels, as well as manufacturing ink for web presses.

Caxton and CTP Publishers and Printers Limited is driven by the quest for excellence across all disciplines of publishing, printing and manufacturing, working with a team of committed, well-trained and empowered employees. Approximately 5 500 people are employed by the group. The CTP Group provides products of outstanding quality to its clients and superior returns to shareholders while contributing to the growth of a democratic and prosperous South Africa.

The CTP Group publishes over 120 community newspapers (over 2 million copies per month) and The Citizen daily newspaper. The Group also owns several successful online properties including LookLocal, AutoDealer, DealFinder and MoneyWeb.

CTP created SPARK Media to be a media sales powerhouse in the marketing and advertising industry. The Caxton subsidiary is borne out of the fusing between NAB, the local newspaper’s national advertising sales company and Habari Media, specialists in digital sales. 



  • Bad financial results growth rate -19.9% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (0.3%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 13.2% (LTM)
  • Share price is 44.8% higher than minimum and 9.2% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (2.1x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)10.35
Share price, USD: 0.5561
Common stocks: 358 454 106

Dividend Yield:  0.0%
FCF Yield LTM: 13.2%
EV / LTM EBITDA: 2.1x
Last revenue growth (y/y):  -9.3%
Last growth of EBITDA (y/y):  -30.6%
Historical revenue growth:  -4.8%
Historical growth of EBITDA:  +54.9%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 199
Net Debt ($m): -98
EV (Enterprise Value): 101
EBITDA LTM ($m): 49
EV / LTM EBITDA: 2.1x
Price to Book: 0.51x

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

More information for subscribed users:
detailed calculation of
Potential and Created Value,
website traffic data

Releases

2022-08-12
Press Release: The reasons why Caxton voted against Mpact Directors pay
2022-08-03
Acquisition of the Operations of Amcor Flexibles South Africa Proprietary Limited
2022-04-05
Acquisition of the operations of Amcor Flexibles South Africa Pty Ltd
2022-03-10
Unaudited Provisional Group Results for the six months ended 31 December 2021
2022-03-10
CANCELLATION OF S458351 Unaudited Provisional Group Results for the six months ended 31 December 2021
2022-03-10
Unaudited Provisional Group Results for the six months ended 31 December 2021
2022-02-22
Trading Statement
2021-12-07
Results of Annual General Meeting ("AGM")
2021-11-02
Distribution of Annual Report, No Change Statement, Notice of Annual General Meeting and B-BBEE Compliance Report
2021-10-13
Reviewed Results for the year ended 30 June 2021: Amended Payment Date for Dividend
2021-09-20
Reviewed Provisional Group Results for the year ended 30 June 2021
2021-08-31
Trading Statement
2021-03-19
Unaudited Provisional Group Results for the six months to 31 December 2020
2021-03-02
Trading Statement

SENS Announcements

2024-03-14
Firm Intention Offer by Caxton to acquire 100% of issued share capital not held by its Assoc & Withdraw Cautionary
2024-03-13
Erratum Announcement
2024-02-22
Trading Statement
2023-12-05
Change of Auditors
2023-09-15
Dealings in Securities by a Director
2023-08-30
Trading Statement
2023-03-01
Trading Statement
2022-10-14
Rulings in relation to Mpact Limited: Competition Tribunal; Takeover Regulation Panel; & Johannesburg Stock Exchange
2022-10-06
Rulings in relation to Mpact Limited: Competition Tribunal; Takeover Regulation Panel & Johannesburg Stock Exchange
2022-08-18
Trading Statement
2022-08-12
Press Release: The reasons why Caxton voted against Mpact Directors pay
2022-08-03
Acquisition of the Operations of Amcor Flexibles South Africa Proprietary Limited