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General information

Sector: Consumer Services

The company is not available at Interactive Brokers

Kaap Agri Limited (JSE:KAL) specialises in retail and trade in agricultural, fuel and related retail markets in Southern Africa. With its strategic footprint, infrastructure, facilities and client network, Kaap Agri follows a differentiated market approach. In support of the core retail business, Kaap Agri also offers financial, grain handling and agency services.

Kaap Agri has more than 200 operating points that stretch over 95 cities, towns and places, and include areas such as the Swartland, Boland, Winelands, Overberg, Langkloof, Namaqualand,  Orange River, Sundays River Valley, Namibia and adjacent areas, as well as Limpopo, Mpumalanga and Gauteng. It operates the following businesses:

Agrimark

With over 70 stores in South Africa and Namibia, Agrimark is steadily becoming a favourite one-stop-shop for a wide range of agricultural and lifestyle products.

Liquormark

Liquormark stores stock a wide variety of beers and local wines, as well as spirits, mixers, ice and a small selection of bar paraphernalia at competitive prices.

Pakmark

Pakmark are specialists in the supply of packaging material for use both locally and for the export market and is the biggest supplier of packaging material to the fruit industry in sub Saharan Africa. Pakmark's extensive product range covers all packaging components, including bags, cartons, dividers, pallets, punnets, sheets, trays and other items.

Kaap Agri Mechanisation

Kaap Agri Mechanisation offers a wide range of high-quality farming machinery and equipment, supported by great service and quality parts.

Wesgraan

Wesgraan is the trading arm of the Kaap Agri. Although wheat is its speciality, the business is also actively involved in the trading of other winter cereals, oil seeds and maize.

Expressmark

Expressmark delivers competitive diesel prices, a fully stocked convenience store and friendly, professional staff to its customers.

The Fuel Company

TFC provides a full retail fuel service including a range of convenience stores and quick service restaurants to a diverse range of customers across South Africa.

TEGO Plastics

TEGO Plastics (TEGO) is a world-class, proudly South African manufacturing company specialising in manufacturing large, plastic injection moulded products. Using large injection moulding machines and robotics in a state-of-the-art manufacturing facility, TEGO provides unique and solutions-driven products to various industries in South Africa.



  • Pretty weak financial results growth rate 3.5% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (0.1%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 10.2% (LTM)
  • Share price is 24.3% higher than minimum and 24.6% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (5.8x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (-1.3%)41.45
Share price, USD: 2.16
Common stocks: 73 333 333

Dividend Yield:  0.0%
FCF Yield LTM: 10.2%
EV / LTM EBITDA: 5.8x
Last revenue growth (y/y):  +2.4%
Last growth of EBITDA (y/y):  +4.7%
Historical revenue growth:  +13.2%
Historical growth of EBITDA:  +2.8%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 158
Net Debt ($m): 131
EV (Enterprise Value): 289
EBITDA LTM ($m): 49
EV / LTM EBITDA: 5.8x
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

Reuters Headlines

S.Africa`s PSG Group to offload $1.2 bln stake in units to investors

* PSG will distribute shares in four listed firms to unlock value

2022-03-01

JSE:CPI JSE:PSG JSE:JSE JSE:COH JSE:SDO JSE:KAL JSE:HUG

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

Releases

2022-08-02
Dealing In Kaap Agri Shares By A Director
2022-08-01
Implementation of the Acquisition of Peg Retail Holdings
2022-07-21
Disclosure Of Acquisition Of Securities
2022-07-19
Disclosure Of Disposal Of Securities
2022-07-18
Dealing In Kaap Agri Shares By A Director
2022-07-11
Dealing In Kaap Agri Shares By A Director
2022-07-08
Dealing In Kaap Agri Shares By A Director
2022-07-07
Dealing In Kaap Agri Shares By A Director
2022-07-06
Dealings In Kaap Agri Shares By A Director
2022-07-04
Dealing In Kaap Agri Shares By A Director
2022-07-01
Dealings In Kaap Agri Shares By A Director
2022-06-29
Dealings In Kaap Agri Shares By A Director
2022-06-15
Dealing In Kaap Agri Shares By A Director
2022-06-09
Dealing in Kaap Agri shares by a director
2022-06-06
Acquisition of PEG Retail Holdings - Results of General Meeting
2022-06-01
Dealing in Kaap Agri Shares by a Director
2022-05-17
Dealings in Kaap Agri shares by a director
2022-05-10
Condensed Consolidated Financial Results For The Six Months Ended 31 March 2022
2022-05-04
Distribution of Circular and Notice of General Meeting
2022-04-28
Announcement Of Results And Webcast
2022-04-26
Trading Statement
2022-04-22
Implementation of the Disposal of TFC Properties and Prospects
2022-03-01
Zeder Unbundling of its Shareholding in the Company
2022-02-23
Dealing In Kaap Agri Shares By An Associate Of A Director
2022-02-21
Dealings In Kaap Agri Shares By A Director
2022-02-16
Dealings In Kaap Agri Shares By A Director
2022-02-16
Dealing In Kaap Agri Shares By A Director
2022-02-15
Dealing In Kaap Agri Shares By A Director
2022-02-10
Results Of The Annual General Meeting
2022-02-10
Voluntary Business Update At AGM
2022-01-31
Acceptance Of Rights Granted Under The Kaap Agri Equity Settled Management Share Incentive Scheme

SENS Announcements

2024-03-28
Dealings In KAL Group Shares
2024-03-28
Appointment Of Director
2024-02-08
Results Of The Annual General Meeting
2024-02-08
Voluntary Business Update At AGM
2024-02-05
Dealing In KAL Group Shares By A Director
2024-01-18
Integrated Annual Report
2024-01-16
Settlement of awards under KAL Group’s Long-Term Incentive Plan
2024-01-12
Dealings In KAL Group shares
2023-12-18
Distribution Of Notice Of Annual General Meeting
2023-12-14
Broad-Based Black Economic Empowerment Act: Annual Compliance Report
2023-12-04
Dealing In KAL Shares By A Director
2023-11-23
Change To The Audit And Risk Committee
2023-11-23
Audited Consolidated Financial Statements For The Year Ended 30 September 2023 And Dividend Declaration
2023-11-09
Announcement Of Results And Webcast
2023-09-21
Dealings In KAL Group Shares
2023-09-15
Change To The Board Of Directors
2023-06-12
Dealings In KAL Group Shares
2023-05-24
Acceptance Of Awards Under KAL’s Long-Term Incentive Plan
2023-05-17
Dealing In KAL Shares By A Director
2023-05-11
Dealings In KAL Shares By A Director
2023-05-09
Dealing In KAL Shares By A Director
2023-05-04
Notification Of Change In External Auditor
2023-05-04
Condensed Consolidated Financial Results For The Six Months Ended 31 March 2023
2023-04-24
Results Of The Odd-Lot Offer
2023-04-24
Announcement Of Results And Webcast
2023-03-30
Results Of The General Meeting, Finalisation Announcement And Confirmation Of The Odd-Lot Offer Price
2023-03-23
Dealing In KAL Shares By A Director
2023-03-22
Dealing In KAL Shares By A Director
2023-03-10
Finalisation Announcement Regarding the Proposed Name Change of the Company
2023-02-28
Odd-Lot Offer And Notice Of General Meeting
2023-02-23
Dealing In KAL Shares By A Director
2023-02-13
Update Announcement Regarding the Proposed Name Change of the Company
2023-02-09
Resignation Of Director
2023-02-09
Results Of The Annual General Meeting
2023-02-09
Voluntary Business Update At AGM
2023-01-20
Settlement Of Awards Under Kaap Agri’s Long-Term Incentive Plan
2023-01-19
Integrated Annual Report
2022-12-15
No Change Statement, Distribution Of Notice Of AGM And Summarised Financial Statements, And Proposed Name Change
2022-12-09
Broad-Based Black Economic Empowerment Act: Annual Compliance Report
2022-12-02
Acceptance Of Awards Under Kaap Agri’s Long-Term Incentive Plan
2022-11-24
Summarised Consolidated Financial Statements For The Year Ended 30 September 2022 And Dividend Declaration
2022-11-09
Announcement Of Results And Webcast
2022-09-30
Dealing In Kaap Agri Shares By A Director
2022-09-30
Dealing In Kaap Agri Shares By An Associate Of A Director
2022-09-30
Acceptance And Conversion Of Awards Under Kaap Agri’s Long-Term Incentive Plan
2022-09-28
Dealing In Kaap Agri Shares By An Associate Of A Director
2022-09-26
Changes To The Board
2022-09-13
Disclosure Of Changes In Beneficial Interests In Securities Of The Company
2022-09-13
Shares Received Pursuant To PSG Group Limited’s Unbundling Of Kaap Agri Shares
2022-08-30
Voluntary Trading Update For The Ten Months Ended 31 July 2022 And Trading Statement
2022-08-25
Dealing In Kaap Agri Shares By A Director
2022-08-02
Dealing In Kaap Agri Shares By A Director
2022-08-01
Implementation of the Acquisition of Peg Retail Holdings
2022-07-21
Disclosure Of Acquisition Of Securities
2022-07-19
Disclosure Of Disposal Of Securities
2022-07-18
Dealing In Kaap Agri Shares By A Director
2022-07-11
Dealing In Kaap Agri Shares By A Director
2022-07-08
Dealing In Kaap Agri Shares By A Director
2022-07-07
Dealing In Kaap Agri Shares By A Director
2022-07-06
Dealings In Kaap Agri Shares By A Director
2022-07-04
Dealing In Kaap Agri Shares By A Director
2022-07-01
Dealings In Kaap Agri Shares By A Director
2022-06-29
Dealings In Kaap Agri Shares By A Director
2022-06-15
Dealing In Kaap Agri Shares By A Director
2022-06-09
Dealing in Kaap Agri shares by a director
2022-06-06
Acquisition of PEG Retail Holdings - Results of General Meeting
2022-06-01
Dealing in Kaap Agri Shares by a Director
2022-05-17
Dealings in Kaap Agri shares by a director
2022-05-10
Condensed Consolidated Financial Results For The Six Months Ended 31 March 2022