Try our mobile app

General information

Sector: Consumer Services

The company is available at Interactive Brokers

Dis-Chem (JSE:DCP) is a leading retail pharmacy group with operations in South Africa, Namibia and Botswana. The group was co-founded by Ivan and Lynette Saltzman in 1978 when they opened their first retail pharmacy store in Mondeor, south of Johannesburg.

The Group has a PHARMACY FIRST approach meaning it has a dispensary in all of its stores functioning the same hours as the store’s front shop. The Group follows an Everyday Low Price (EDLP) strategy, positioning itself as a discount brand.

The Wholesale division operates a fine picking wholesale business and has three contributors to turnover: 1) Dis-Chem stores, 2) Independent pharmacies and 3) TLC franchisees. The group has four fully operational distribution centres located in Midrand, Delmas, KZN and Cape Town.



  • Bad financial results growth rate -13.0% (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 -0.1% (LTM)
  • Share price is 51.6% higher than minimum and 13.4% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (11.7x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)33.29
Share price, USD: 1.8049
Common stocks: 860 018 023

Dividend Yield:  0.0%
FCF Yield LTM: -0.1%
EV / LTM EBITDA: 11.7x
Last revenue growth (y/y):  -7.5%
Last growth of EBITDA (y/y):  -18.5%
Historical revenue growth:  +5.5%
Historical growth of EBITDA:  +9.3%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 1 552
Net Debt ($m): 224
EV (Enterprise Value): 1 776
EBITDA LTM ($m): 152
EV / LTM EBITDA: 11.7x
Price to Book: 6.96x

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

3.7 million client records compromised in Dis-Chem data ‘incident’

First on TechCentral | Dis-Chem has disclosed that a data “incident” involving a “third-party service provider” has led to the compromise of millions of client records.

2022-05-11 14:20 +02:00
by Duncan McLeod

JSE:DCP JSE:JSE JSE:MPT

Rioting forces halt to vaccinations in key provinces

South Africa’s Covid-19 vaccination programme has been partially halted as violent protests following the imprisonment of former President Jacob Zuma rage in two key provinces.

2021-07-13 13:09 +02:00
by Agency Staff

JSE:DSY JSE:DCP JSE:AVI JSE:SPG

Vodacom, MTN shut retail stores as criminal looting spreads

Some of South Africa’s largest companies were forced to halt operations as violence erupted in parts of the country, with rioters torching trucks and looting stores.

2021-07-12 14:24 +02:00
by Agency Staff

JSE:FSR JSE:MTN JSE:SBK JSE:VOD JSE:DCP JSE:JSE JSE:MSM JSE:MPT

Reuters Headlines

South African Breweries may require staff to have COVID-19 vaccines

South African Breweries (SAB), part of Anheuser-Busch InBev, said on Tuesday it was looking at making COVID-19 vaccinations mandatory for staff across its operations, the latest company in South Africa to consider such a move.

2022-01-04

JSE:ANH JSE:MTN JSE:DSY JSE:OMU JSE:DCP JSE:AVI

S.Africa`s Imperial Logistics says it has been selected to import COVID-19 vaccines

South Africa`s largest logistics company Imperial Logistics has been awarded the tender to import COVID-19 vaccines for the second and subsequent phases of the country`s vaccination programme, it told Reuters on Thursday.

2021-04-22

JSE:APN JSE:CLS JSE:DCP

South Africa`s Dis-Chem sales rise on preventative healthcare demand

South Africa`s Dis-Chem Pharmacies said on Wednesday group revenue rose 12.1% for a 22-week period to Feb. 2, boosted by consumer demand for preventative medicine.

2021-02-17

JSE:CLS JSE:DCP JSE:AVI

S.Africa`s two biggest pharmacies plan to offer COVID-19 vaccines

South Africa`s two biggest pharmacy chains Clicks Group and Dis-Chem Pharmacies said they plan to offer COVID-19 shots at their stores and provide storage and distribution facilities in the vaccine rollout programme once the government provides more details.

2021-01-08

JSE:APN JSE:CLS JSE:DCP JSE:AVI

UPDATE 2-S.Africa`s Dis-Chem lifts profit, withholds dividend as eyes acquisitions

* Shares up more than 6% (Recasts with health insurance acquisition)

2020-11-05

JSE:DCP

Unilever South Africa to pull all TRESemmé products for 10 days over `racist` ad

Unilever has agreed to pull all its TRESemmé haircare products from South African retail stores for 10 days as a show of remorse for a "racist" ad, the consumer group said in a joint statement with an opposition political party.

2020-09-10

JSE:SHP JSE:CLS JSE:WHL JSE:DCP JSE:SPP JSE:MSM

S.Africa`s Dis-chem joins list of retailers removing TRESemmé products from shelves

South Africa`s Dis-Chem Pharmacies has joined a growing list of retailers removing TRESemmé products, a Unilever Plc brand, from their shelves after a hair advertisement was accused of being racist.

2020-09-10

JSE:SHP JSE:CLS JSE:WHL JSE:DCP JSE:SPP JSE:SPG

South African drugstore Dis-Chem half-year profits fall

South African drugstore chain Dis-Chem Pharmacies Ltd reported a 39% drop in interim profit on Thursday, hurt by strike-related costs and lower demand from suppliers.

2019-11-07

JSE:CLS JSE:DCP JSE:MPT JSE:ISA

S.Africa`s Clicks annual earnings rise on solid retail sales

South Africa`s Clicks Group reported a 16.8% rise in full-year earnings on Thursday, driven by strong growth in its retail and distribution businesses despite a weak economy.

2019-10-24

JSE:CLS JSE:DCP

South African drugstore Dis-Chem benefits from medicine price hike

South African drugstore chain Dis-Chem Pharmacies Ltd said on Wednesday that its revenues rose 13.5% in the five months through July, thanks to an increase in medicine prices and a jump in wholesale revenues.

2019-08-28

JSE:CLS JSE:DCP JSE:MPT JSE:ISA

UPDATE 1-South Africa`s Dis-Chem annual profit misses estimates

South African drugstore chain Dis-Chem Pharmacies Ltd`s full-year earnings rose by less than expected, the company said on Thursday, as prolonged industrial action offset the impact of price cuts and aggressive promotions.

2019-05-16

JSE:CLS JSE:DCP JSE:AVI JSE:MPT

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

Releases

2022-08-15
Dealings in Dis-Chem shares by an associate of a prescribed officer of the Company
2022-07-29
Results of the Annual General Meeting
2022-07-14
Directorate change
2022-07-07
Dealing in Dis-Chem shares pursuant to an employee share scheme
2022-06-30
Distribution of Integrated Annual Report, Group and Company Audited Annual Financial Statements
2022-05-23
Reviewed Annual Condensed Consolidated Results for the twelve months ended 28 February 2022
2022-04-28
Trading Statement
2022-04-04
Directorate Change to Board Committees
2022-02-18
Dealings in securities
2022-02-16
Change in beneficial interest
2022-02-14
Trading Update For The 21-Weeks To 26 January 2022
2022-02-09
Small related party transaction - availability of independent expert opinion
2022-01-25
Small Related Party Transaction
2022-01-25
Dealings in securities
2021-11-26
Dealings in securities
2021-11-23
Directorate Change
2021-11-03
Interim Condensed Consolidated Financial Results for the six months ended 31 August 2021
2021-10-18
Trading Statement And Voluntary Announcement Relating To Kaelo Acquisition

SENS Announcements

2024-02-23
Trading Update For The Period 1 September 2023 To 28 January 2024
2024-02-22
Dealings in securities
2024-02-13
Dealings in Dis-Chem shares by an associate of a prescribed officer of the company
2024-02-07
Dealings in securities
2024-02-02
Related Party Transactions – Availability Of Fairness Opinion
2024-01-31
Directors' dealings in securities and change in beneficial interest in shares
2024-01-25
Announcement Regarding A Small Related Party Transaction
2023-11-03
Interim Condensed Consolidated Financial Results for the six months ended 31 August 2023
2023-10-23
Notification of change in beneficial interest
2023-08-31
Dealings in Dis-Chem shares by an associate of a prescribed officer of the Company
2023-08-29
Dealings in Dis-Chem Shares by an Associate of a Prescribed Officer of the Company
2023-08-14
Dealing in securities
2023-07-28
Results of the Annual General Meeting
2023-07-04
Dealings in Securities
2023-06-30
Distribution of Integrated Annual Report, Notice of Annual General Meeting and No Change Statement
2023-06-12
Change in beneficial interest
2023-05-19
Provisional Reviewed Annual Condensed Consolidated Results for the twelve months ended 28 February 2023
2023-05-19
CANCELLATION OF S475257 Provisional Reviewed Annual Condensed Consolidated Results for the twelve months ended 28 February 2023
2023-05-19
Provisional Reviewed Annual Condensed Consolidated Results for the twelve months ended 28 February 2023
2023-05-15
Trading Update And Trading Statement; CEO And CFO Succession; And Acquisition Of A Distribution Centre
2023-04-19
Dealing in securities
2023-02-17
Trading Update For The Period 1 September 2022 To 5 February 2023
2023-02-06
Dealing in Dis-Chem shares pursuant to an employee Share Scheme
2022-11-02
Interim Condensed Consolidated Financial Results for the six months ended 31 August 2022
2022-10-24
Trading Statement
2022-09-20
Directorate change to board committees
2022-08-19
Dealings in securities
2022-08-15
Dealings in Dis-Chem shares by an associate of a prescribed officer of the Company
2022-07-29
Results of the Annual General Meeting
2022-07-14
Directorate change
2022-07-07
Dealing in Dis-Chem shares pursuant to an employee share scheme
2022-06-30
Distribution of Integrated Annual Report, Group and Company Audited Annual Financial Statements
2022-05-23
Reviewed Annual Condensed Consolidated Results for the twelve months ended 28 February 2022