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General information

Sector: Technology

The company is not available at Interactive Brokers

Capital Appreciation Limited (JSE:CTA) is a financial technology company that seeks to serve or partner with established and emerging financial institutions and other large corporates. Capprec is focused on investing in and growing businesses that deliver compelling, innovative and disruptive solutions to our Financial Institution and other clients, allowing them to develop and introduce new products, deliver value to their customers, improve efficiency and control, and eliminate unnecessary operating costs.

Capprec's portfolio consists of:

Payments & Payment Infrastructure

Payments & Payment Infrastructure businesses innovate, develop, manage and promote payment product and payment infrastructure solutions for established and emerging institutional clients and other organisations that need to receive or make payments or deliver incremental value to end customers in a retail environment.

African Resonance

African Resonance is a leading provider of payment infrastructure and related services to established financial institutions, emerging payment service providers, the hospitality industry and retail operators.

Dashpay

Dashpay operates within the South African national payments infrastructure, continually broadening its market reach, while concurrently establishing and securing the transaction capacity of its technology platforms. Dashpay services are ideally suited to serving the rapidly changing needs for secure payment systems, and financial management across Africa.

Software & Services

Synthesis

Synthesis is a strategic technology partner and highly specialised software and systems developer. Synthesis provides consulting, integration services and technology-based product solutions to banking, financial services, retail and healthcare sectors in South Africa and other emerging markets. Synthesis has been a South African pioneer in cloud digital solutions, regulatory technology, payments and cryptography, and managed services with recent extensions into training and the data/Artificial Intelligence (AI)/Machine Learning (ML) space.



  • Bad financial results growth rate -19.3% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (0.1%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 2.5% (LTM)
  • Share price is 10.5% higher than minimum and 43.4% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (5.7x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)1.1600
Share price, USD: 0.062710
Common stocks: 1 310 344 828

Dividend Yield:  0.0%
FCF Yield LTM: 2.5%
EV / LTM EBITDA: 5.7x
Last revenue growth (y/y):  -13.0%
Last growth of EBITDA (y/y):  -25.6%
Historical revenue growth:  +9.1%
Historical growth of EBITDA:  +8.0%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 82
Net Debt ($m): -24
EV (Enterprise Value): 58
EBITDA LTM ($m): 10
EV / LTM EBITDA: 5.7x
Price to Book: 0.98x

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

Capital Appreciation to buy Dariel Solutions for R131m

JSE-listed fintech group Capital Appreciation is acquiring Dariel Solutions for R131-million, to be settled in cash and shares.

2023-04-24 16:00 +02:00
by Staff Reporter

JSE:JSE JSE:CTA

We could be stumbling into a digital welfare dystopia: Open Secrets

Who would have thought the Covid-19 pandemic would present a potential gold mine for companies specialising in the harvesting and selling of data?

2021-12-07 08:30 +02:00
by Roy Cokayne

JSE:JSE JSE:NT1 JSE:CTA JSE:ISA

Rain attracts valuation 40% above Telkom’s market cap

African Rainbow Capital Investments has attached a remarkable R13.1-billion valuation to Rain, giving it a value 40% above Telkom’s current market capitalisation.

2020-03-19 12:50 +02:00
by Duncan McLeod

JSE:MTN JSE:VOD JSE:TKG JSE:JSE JSE:BLU JSE:CTA JSE:ISA

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Releases

2022-07-25
Availability of the 2022 Integrated Report and Notice of the Annual General Meeting
2022-07-19
Appointment of Lead Independent Director
2022-07-01
Dealings in Securities by Director
2022-06-03
Passing of Lead Independent Non-Executive Director - Jacob “Meyer” Kahn
2022-06-02
Audited summarised consolidated financial results for the year ended 31 March 2022 and cash dividend declaration
2022-04-12
Changes to the Composition of Board Committees
2022-03-28
Pre-Close Business Update and Trading Statement
2022-03-02
Acquisition of three Technology Companies in South Africa and a 20% investment in a Company in the Netherlands
2021-11-30
Unaudited interim condensed consolidated financial results for the six months ended 30 September 2021 and dividend
2021-11-23
Trading Statement for the six months ended 30 September 2021
2021-10-11
Interim Trading Statement for the six months ended 30 September 2021
2021-09-23
Resignation of Independent Non-Executive Director
2021-09-13
Broad-Based Black Economic Empowerment Act: Annual Compliance Report
2021-09-06
Directors Dealings
2021-09-03
Results of the Annual General Meeting of Capital Appreciation Limited held on 2 September 2021
2021-09-02
Business Update
2021-07-26
Availability of 2021 Integrated Report and Notice of Annual General Meeting

SENS Announcements

2024-03-25
Business Update for Financial Year Ending 31 March 2024
2024-02-21
Dealings in securities by a director of a major subsidiary
2024-02-14
Dealings in securities by directors of the Company and directors of major subsidiary companies
2023-12-04
Appointment of Non-Executive Director
2023-12-04
Unaudited interim financial results and cash dividend for the six months ended 30 September 2023
2023-11-14
Trading Statement for the six months ended 30 September 2023
2023-10-11
Retirement of Non-Executive Director
2023-09-19
Business Update for the six months ending 30 September 2023
2023-09-11
Availability of B-BBEE Compliance Report
2023-09-07
Results of the Annual General Meeting of Capital Appreciation Limited held on 6 September 2023
2023-08-17
Dealings in securities by a director of the Company
2023-08-04
Dealing in Securities by a Director
2023-07-21
Availability of the 2023 Integrated Report, No Change Statement and Notice of the Annual General Meeting
2023-07-14
Dealings in securities by directors of the Company, and directors of major subsidiaries
2023-07-04
Acquisition of Dariel Solutions Concluded
2023-06-09
Granting of Conditional Share Awards to Executive Directors
2023-06-06
Audited Summarised Consolidated Financial Results for the year ended 31 March 2023 and Cash Dividend Declaration
2023-06-05
Revised trading statement for the year ended 31 March 2023
2023-05-31
Trading Statement For The Year Ended 31 March 2023
2023-04-24
Acquisition of Dariel Solutions (including Dariel Software)
2023-03-31
Business Update for the year ended 31 March 2023
2023-03-30
Appointment of Chairman and Other Board Committee Appointments
2023-02-15
Retirement of the Non-Executive Chairman
2022-12-09
Change of Dividend payment date
2022-12-06
Granting of Conditional Share Awards to Executive Directors
2022-11-29
Unaudited Interim Financial Results for the six months ended 30 September 2022 and Cash Dividend
2022-11-25
Trading Statement
2022-11-17
Broad-Based Black Economic Empowerment Act: Annual Compliance Report
2022-09-08
Results of the Annual General Meeting of Capital Appreciation Limited held on 7 September 2022
2022-09-07
Business update for the five months to 31 August 2022
2022-07-25
Availability of the 2022 Integrated Report and Notice of the Annual General Meeting
2022-07-19
Appointment of Lead Independent Director
2022-07-01
Dealings in Securities by Director
2022-06-03
Passing of Lead Independent Non-Executive Director - Jacob “Meyer” Kahn
2022-06-02
Audited summarised consolidated financial results for the year ended 31 March 2022 and cash dividend declaration