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General information

Sector: Consumer Services

The company is not available at Interactive Brokers

Combined Motors Holdings Limited (JSE:CMH) is an investment holding company with subsidiaries owning interests in retail motor, car hire, financial services, distribution of consumables, digital marketing and workshop equipment. 

CMH represents many leading motor vehicle brands in South Africa and aims to assist customers with all their motoring requirements. The company's staff are specialists in their fields and committed to ensuring that customers have a unique and memorable experience.

The company's car hire services operate through First Car Rental.

CMH Strategy

In developing the Group strategy, and in all its business dealings, the Board is fully committed to business integrity, fairness, transparency and accountability in all its activities. To this end, the Board subscribes to high standards of corporate governance in all aspects of business, and to the ongoing development and implementation of best business practice.

The Board also recognises the role the Group has to play in the country’s transformation process. It believes that the development of initiatives in this area will generate long-term benefits for both the Group and the country.

Mission Statement

Customers - to provide a total commitment to customer satisfaction in all aspects of business, and to ensure that customers are treated fairly and equitably by a motivated, well-trained team of specialists.

Suppliers - to conduct relationships in an ethical and supportive manner conducive to the achievement of mutual long-term profit and market share objectives.

Employees - to provide a stable and challenging work environment in which employees are treated on an equal opportunity basis with open lines of communication, are encouraged to participate to the maximum of their ability and are rewarded commensurate with their achievement.

Shareholders - to produce a consistent, meaningful growth in earnings and dividends, commensurate with the risks involved, after making adequate provision for future expansion.

In doing so, to become a valued, respected and committed contributor to society.



  • Bad financial results growth rate -7.5% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (0.2%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 7.7% (LTM)
  • Share price is 41.8% higher than minimum and -2.6% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (3.2x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (+2.9%)34.89
Share price, USD: 1.9934
Common stocks: 74 926 254

Dividend Yield:  0.0%
FCF Yield LTM: 7.7%
EV / LTM EBITDA: 3.2x
Last revenue growth (y/y):  -8.9%
Last growth of EBITDA (y/y):  -6.1%
Historical revenue growth:  +4.2%
Historical growth of EBITDA:  +26.3%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 149
Net Debt ($m): 58
EV (Enterprise Value): 207
EBITDA LTM ($m): 65
EV / LTM EBITDA: 3.2x
Price to Book: 2.16x

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

5 cheapest electric cars in South Africa

TechCentral has compiled a list of the five most affordable electric cars available in South Africa.

2024-02-26 15:25 +02:00
by Tadek Szutowicz

JSE:AVI JSE:MPT JSE:CMH JSE:ARH JSE:ISA

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

Releases

2022-07-01
Dealings in securities by Director
2022-06-08
Changes to the CMH Board
2022-06-08
Results of Annual General Meeting
2022-05-30
BBBEE Annual Compliance Certificate
2022-05-09
Posting and notice of annual general meeting
2022-05-03
Notification of publication of presentation to analysts
2022-05-03
Abridged consolidated financial statements for the year ended 28 February 2022, and dividend declaration
2022-04-11
Change to the board of directors
2022-03-31
Updated trading statement for the year ended 28 February 2022
2022-02-01
Initial trading statement for the year ended 28 February 2022
2022-01-25
Obituary - John Edwards
2021-12-02
Proposed appointment of new external auditor
2021-10-19
Interim results for the six months ended 31 August 2021
2021-09-20
Trading statement for the six month ended 31 August 2021
2021-08-12
Dealings in securities by Associate of Director
2021-06-17
Appointment of Directors
2021-06-08
Results of annual general meeting
2021-06-03
Dealings in securities by Director
2021-05-31
BBBEE Annual Compliance Certificate

SENS Announcements

2024-08-23
Notification in terms of section 122 of the Companies Act, No. 71 of 2008
2024-08-15
Dealings in securities by Associate of director
2024-08-14
Dealings in securities by associates of a director
2024-06-12
Results of Annual General Meeting
2024-05-31
Broad-Based Black Economic Empowerment Amendment Act No.46 of 2013 (“B-BBEE Act”): Annual Compliance Report
2024-05-08
Notification of publication of presentation to analysts
2024-05-07
Group Financial highlights for the year ended 29 February 2024, dividend declaration and notice of AGM
2024-04-12
Appointment of director and resignation
2023-11-13
Dividend dates amended due to the public holiday announced
2023-10-13
Appointment of Company Secretary
2023-10-12
Unaudited Group Financial Highlights for the six months ended 31 August 2023, and dividend declaration
2023-08-29
Change in company secretary
2023-07-19
Dealings in securities by Company secretary
2023-06-27
Dealings in Securities
2023-06-08
Results of Annual General Meeting
2023-05-30
BBBEE Annual Compliance Report
2023-05-10
Posting and notice of annual general meeting
2023-05-03
Abridged consolidated financial statements for the year ended 28 February 2023, and dividend declaration
2023-04-05
Trading statement for the financial year ended 28 February 2023
2023-01-24
Dealings in securities by a Director
2023-01-23
Dealings in securities by a director
2022-10-18
Interim results for the six months ended 31 August 2022
2022-09-26
Trading Statement for the six months ended 31 August 2022
2022-07-01
Dealings in securities by Director
2022-06-08
Changes to the CMH Board
2022-06-08
Results of Annual General Meeting
2022-05-30
BBBEE Annual Compliance Certificate
2022-05-09
Posting and notice of annual general meeting