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General information

Sector: Industrials

The company is not available at Interactive Brokers

Nampak Limited (JSE:NPK) is Africa’s leading diversified packaging manufacturer. Nampak leverages the skills of its 5 000+ people and capitalises on its substantial investment in state-of-the-art production facilities. The group's world-class research and development facility based in Cape Town, South Africa, provide technical and innovative product development support to its businesses and customers – many of which are among the world's largest fast-moving consumer goods companies.

The group participates in extensive collection and recycling initiatives and continues to invest significant time and resources into the development of sustainable products. Nampak works to minimise its environmental impact including supporting and facilitating the recycling, re-use and recovery of packaging.

Nampak operates from 22 sites in South Africa and 17 sites in the rest of Africa. The group continues to invest and improve the performance of its base business in South Africa and is accelerating its investment in the rest of Africa, where some of its factories have operated since the 1940s.

Nampak delivers the following products and services:

Metals

Bevcan produces aluminium beverage cans and ends for the alcoholic, carbonated soft drink, fruit juice, energy drink, vegetable juice and ice tea markets. Nampak beverage can facilities are based in South Africa, Angola and Nigeria.

DivFood produces tinplate food cans for the canned food market, as well as a large range of diversified aluminium and tinplate cans including aerosols, monoblocs, paint and shoe polish cans to the personal care, household goods, and industrial markets. Nampak DivFood facilities are based in three regions within South Africa.

The rest of Africa general metal packaging includes food tinplate cans for the fruit, vegetable and milk markets, crowns for the beverage market and diversified tinplate cans for various markets. The operations are based in Kenya, Nigeria, Tanzania, Zambia and Zimbabwe.

Paper

Paper operations include the production of beverage cartons for milk, fruit juice, water and traditional beer, self-opening paper bags for the flour and sugar markets, corrugated cases/boxes for the tobacco, poultry, food and general commercial markets, as well as labels and folding cartons for the tobacco, food and beverage markets. The paper operations are based in South Africa, Kenya, Nigeria, Malawi, Zambia, and Zimbabwe.

Plastics

Nampak Rigid Plastics produces HDPE and PET bottles and jars, plastic closures, tubes, crates and drums suitable for the fruit juice, dairy, carbonated soft drink, water, alcoholic beverage, bakery, agriculture, chemical, petroleum, personal care and household markets. The plastics operations are based in various sites throughout South Africa. Nampak also has a significant plastic packaging manufacturing operation in Zimbabwe, supplemented by smaller scale plants in Zambia and Ethiopia.

Inspection and Coding Solutions

Nampak I&CS is a division that supplies Videojet, Altec, Marsh, TapTone, Sesotec, Purex brands and offers the latest in date coding technology, with a range of ink jet, thermal transfer, laser data/batch coders, package integrity inspection/pressure/ vacuum loss detection and foreign partial Metal or X-Ray detectors. The division is a leading supplier of data/batch coding and package inspection equipment with offices in Johannesburg, Durban, Port Elizabeth, Nelspruit and Cape Town.

Research and Development

Nampak R&D is based in Cape Town, South Africa — employing scientists, engineers, technologists and technicians. The facility’s state-of-the-art analytical equipment, together with the personnel’s knowledge and experience in different fields such as material science, chemical analysis, microbiology, food and beverage science and coatings technology is key to the provision of innovative solutions and services to our operations and customers.

Nampak has been listed on the JSE since 1969.



  • Bad financial results growth rate -48.0% (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 -19.1% (LTM)
  • Share price is 25 886.2% higher than minimum and 44.4% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (10.4x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)168.91
Share price, USD: 9.01
Common stocks: 8 466 047

Dividend Yield:  0.0%
FCF Yield LTM: -19.1%
EV / LTM EBITDA: 10.4x
Last revenue growth (y/y):  -21.7%
Last growth of EBITDA (y/y):  -74.3%
Historical revenue growth:  +7.3%
Historical growth of EBITDA:  +13.5%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 76
Net Debt ($m): 329
EV (Enterprise Value): 405
EBITDA LTM ($m): 39
EV / LTM EBITDA: 10.4x
Price to Book: 0.75x

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

Nampak hit by cyberattack

Nampak has suffered a cyberattack in which an unknown third party has gained access to its IT systems.

2024-03-26 17:11 +02:00
by Staff Reporter

JSE:JSE JSE:MPT JSE:NPK

Eskom reads the riot act to managers over stage-4 load shedding

Eskom has read the riot act to “apathetic” managers at its power stations, calling for an “urgent culture change” in the organisation, as the state-owned monopoly plunges the country into severe load shedding.

2020-09-04 16:30 +02:00
by Staff Reporter

JSE:AVI JSE:NPK JSE:ISA

Eskom suit against Guptas, former bosses a matter of ‘principle’

The R3.8-billion claim Eskom has made against former executives as well as former minister Mosebenzi Zwane and the Gupta brothers, is a matter of principle, CEO André de Ruyter said on Tuesday.

2020-08-12 06:50 +02:00
by Tebogo Tshwane

JSE:AVI JSE:NPK JSE:ISA

Big challenges remain but Eskom is making progress

Eskom has made “key” progress in restructuring the operations of the business, with the power utility committed to meeting the “ambitious” unbundling target date of 2021.

2020-05-22 09:10 +02:00
by Tebogo Tshwane

JSE:AVI JSE:NPK JSE:ISA

EOH appoints former Nampak CEO to its board

JSE-listed technology services company EOH Holdings has appointed former Nampak CEO Andrew Marshall to its board. He joins the board as an independent non-executive director on 21 May.

2020-05-19 08:39 +02:00
by Staff Reporter

JSE:JSE JSE:OCE JSE:NPK JSE:EOH

Eskom to lose R4-billion in revenue during 21-day lockdown

Eskom has told investors it doesn’t currently need to approach the government for more support, even as a Covid-19-related national shutdown slashes revenue.

2020-04-08 05:34 +02:00
by Agency Staff

JSE:NPK JSE:EMN JSE:EMH

Eskom raises spectre of stage-8 load shedding

Eskom warned that its maintenance plan must be supported by the government or South Africa can expect regular blackouts from power cuts of 8GW by mid-2021, a move that would cripple the economy.

2020-03-06 18:14 +02:00
by Agency Staff

JSE:NPK

De Ruyter takes first step to trim Eskom’s bloated workforce

Eskom’s new boss has taken a first step to reduce the indebted South African power utility’s bloated wage bill while avoiding a potential clash with labour unions.

2020-02-15 09:48 +02:00
by Agency Staff

JSE:AVI JSE:NPK

Structured and deliberate: De Ruyter’s plan to bring stability to Eskom

Eskom’s new CEO, André de Ruyter, hopes to regain South Africa’s trust by addressing operational stability at the power utility.

2020-02-03 06:46 +02:00
by Tebogo Tshwane

JSE:AVI JSE:NPK JSE:EMN JSE:EMH JSE:ISA

More frequent load shedding coming: Eskom CEO

Eskom has warned South Africans to brace for more frequent power cuts as it halts the deferral of planned maintenance. The rand weakened as a result.

2020-01-31 17:02 +02:00
by Agency Staff

JSE:AVI JSE:NPK

R18-billion needed to get independents onto power grid: Eskom CEO

Eskom CEO André de Ruyter said that while he favours letting companies generate their own power, there will be significant initial costs if they are to sell their excess generation into the South African grid.

2020-01-28 06:33 +02:00
by Agency Staff

JSE:NPK

Eskom CEO plans overhaul, but with brakes on break-up

Eskom CEO André de Ruyter will this week present a draft plan to change how the utility operates, as media reported he’s considering unbundling the utility at a slower pace than envisaged by the government.

2020-01-26 08:05 +02:00
by Agency Staff

JSE:AVI JSE:NPK JSE:ISA

Eskom extends power cuts as De Ruyter takes the reins

Eskom extended power cuts that started on 4 January until Monday after a conveyor belt failure at its Medupi plant – just as Andre de Ruyter officially takes over as head of the cash-strapped company.

2020-01-05 18:28 +02:00
by Agency Staff

JSE:NPK

New Eskom CEO engaged in questionable stock sales at Sasol

André de Ruyter, the incoming head of South Africa’s debt-burdened state power utility, engaged in questionable stock sales while working as a senior executive at Sasol in 2013, according to a forensic audit report.

2019-12-20 13:59 +02:00
by Agency Staff

JSE:SOL JSE:ANG JSE:AVI JSE:JSE JSE:NPK JSE:ISA

Government wants De Ruyter to take Eskom reins early

Cabinet has mandated public enterprises minister Pravin Gordhan to engage the newly appointed Eskom chief executive, André de Ruyter, on the possibility on commencing in the role earlier than anticipated.

2019-12-17 11:31 +02:00
by Agency Staff

JSE:AVI JSE:NPK JSE:ISA

Eskom adds R14-billion in debt in six months

The financial woes dogging South Africa’s behemoth state power utility show little sign of letting up even as the government grants it massive bailouts.

2019-11-28 13:24 +02:00
by Agency Staff

JSE:NPK JSE:ISA

Bondholders not convinced De Ruyter is best pick for Eskom CEO

Bond investors aren’t showing much faith in Eskom’s new boss, with yields on the company’s 2021 dollar bonds jumping the most in more than three months after the appointment of André de Ruyter.

2019-11-19 08:41 +02:00
by Agency Staff

JSE:FSR JSE:AVI JSE:NPK JSE:ISA

André de Ruyter: The man tasked with saving Eskom

After months of speculation and delays, South Africa named André de Ruyter as CEO of its debt-crippled state power utility, surprising investors with an unexpected choice and angering a key union.

2019-11-19 05:31 +02:00
by Agency Staff

JSE:SOL JSE:NED JSE:AVI JSE:NPK JSE:SFN

André de Ruyter is surprise choice to lead Eskom

Andre de Ruyter has been appointed as CEO of Eskom, the debt-strapped utility that provides about 95% of the nation’s electricity and poses the biggest threat to its economy.

2019-11-18 16:09 +02:00
by Agency Staff

JSE:SOL JSE:NED JSE:AVI JSE:NPK JSE:ISA

Reuters Headlines

South Africa`s Eskom CEO resigns

JOHANNESBURG (Reuters) -South African state power utility`s chief executive André de Ruyter has resigned, the country`s government-owned public broadcaster SABC, local news outlet News24 and a source at the company said on Wednesday.

2022-12-14

JSE:SOL JSE:NED JSE:NPK

UPDATE 2-South Africa appoints Nampak`s de Ruyter as CEO of indebted Eskom

* Eskom battling with high debt, old power plants (Adds analysts, more details)

2019-11-18

JSE:SOL JSE:AVI JSE:NPK JSE:HUG

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Releases

2022-07-06
Declaration of cumulative preference share dividends
2022-07-05
Group Funding Update
2022-05-26
Unaudited consolidated interim results for the six months ended 31 March 2022
2022-04-01
Broad-Based Black Economic Empowerment act 53 of 2003(“the B-BBEE Act”): Annual Compliance Report
2022-03-29
Voluntary trading update for the five months to 28 February 2022 and pre-closed period investor/analyst call
2022-03-01
Change in sponsor
2022-02-17
Results of the annual general meeting of Nampak Limited
2022-02-15
TRP121: Notification of acquisition of securities by Allan Gray
2022-01-12
Declaration of cumulative preference share dividends
2021-12-20
Publication of the 2021 Integrated Report and the notice of the Annual General Meeting
2021-12-09
Dealings in securities
2021-12-06
Summary of audited consolidated financial results for the year ended 30 September 2021
2021-11-30
Trading statement for the year ended 30 September 2021
2021-10-29
Trade Finance Facility
2021-10-01
Voluntary Trading Update for the 11 Months to 31 August 2021

SENS Announcements

2024-03-26
Voluntary Announcement to Market: Cyber Incident
2024-03-26
Category 1 Disposal Announcement
2024-02-21
Changes to Board Committees
2024-02-16
Changes to the Board and Board Committees
2024-02-16
Dealings in securities by a director
2024-02-16
Results of Annual General Meeting
2024-02-15
Voluntary Trading Update for the 3 months ended 31 December 2023
2024-01-16
Declaration of Cumulative Preference Share Dividends
2023-12-21
Dealings in Securities by a Director
2023-12-14
Integrated Annual Report, Notice to Annual General Meeting and Availability of B-BBEE Certificate
2023-12-07
Dealings in securities by a director
2023-12-04
Audited Consolidated Financial Results for the Year Ended 30 September 2023
2023-11-28
Trading Statement for the Year Ended 30 September 2023
2023-10-26
Change to the board
2023-10-05
Changes to the board
2023-10-05
TRP121: Notification of acquisition of securities by Coronation Asset Management (Pty) Ltd
2023-10-03
Correction announcement
2023-10-02
Successful implementation of debt refinancing
2023-10-02
Changes to the board
2023-09-28
TRP121: Notification of acquisition of securities by Wellington Management group LLP (“Wellington”)
2023-09-27
Dealings in securities by associates of directors
2023-09-27
TRP121: Notification of acquisition of securities by MandG Investment Managers (Pty) Ltd (“MandG”)
2023-09-26
Dealings in securities by a prescribed officer
2023-09-26
Result of the Nampak rights offer and directors’ dealings
2023-09-15
Appointment of Group Company Secretary and changes to Board Committee
2023-09-07
Appointment of PSG Capital as sponsor
2023-09-06
Change in sponsor
2023-09-06
Dealings in securities by an associate of a director
2023-09-04
Announcement regarding the availability of the rights offer circular
2023-08-31
Finalisation announcement in respect of the Nampak rights offer and operational update
2023-08-30
Disposal of property and equipment in Nigeria
2023-08-29
Declaration announcement in respect of the Nampak rights offer
2023-08-14
Update on debt refinancing, turnaround strategy, proposed rights offer and appointment of CEO
2023-07-27
Share consolidation: Cash payment applicable to fractional entitlements
2023-07-18
Share consolidation: finalisation announcement
2023-07-12
Declaration of cumulative preference share dividends
2023-06-30
TRP121: Notification of acquisition of securities by PSG Asset Management
2023-06-30
Results of general meeting
2023-06-22
Appointment of interim group company secretary
2023-06-13
Notification of disposal of securities by Old Mutual Limited
2023-05-31
Announcement relating to amendments to MOI, restructure of Nampak's share capital and posting of circular
2023-05-30
Resignation of the group company secretary
2023-05-25
Disposal of property in Tanzania
2023-05-24
Summary of unaudited consolidated interim results for the six months ended 31 March 2023
2023-05-19
Trading statement for the six-month period ended 31 March 2023
2023-04-20
Resignation of CEO, appointment of interim CEO and changes to the board committees
2023-04-04
Update on debt extensions and group refinancing
2023-03-30
Voluntary trading update for the five months to 28 February 2023 and pre-closed period investor/analyst call
2023-03-30
Constitution of a New Board Committee
2023-03-22
Disposal of certain Nampak equipment
2023-03-20
TRP121: Notification of disposal of securities by Standard Bank Group (Pty) Ltd
2023-03-16
Changes to the board
2023-03-06
Cancellation of adjourned general meeting and update on new funding package
2023-02-27
Broad-based Black Economic Empowerment annual compliance report
2023-02-16
Results of annual general meeting
2023-01-30
Voluntary trading update for the three months to 31 December 2022 and proposed capital raise
2023-01-18
Notification of adjournment of extraordinary general meeting of Nampak shareholders
2023-01-16
Proposed adjournment of extra-ordinary general meeting
2023-01-11
TRP121: Notification of acquisition of securities by Peresec Prime Brokers (Pty) Ltd
2023-01-11
Declaration of cumulative preference share dividends
2022-12-29
Dealings in securities
2022-12-15
Announcement relating to amendments to the company’s Memorandum of Incorporation and posting of circular
2022-12-15
Integrated annual report, notice to annual general meeting and availability of B-BBEE certificate
2022-12-14
TRP121: notification of disposal of securities by Allan Gray Proprietary Limited
2022-12-13
Dealings in securities
2022-12-13
Trp121: notification of disposal of securities by Allan Gray Proprietary Limited
2022-12-09
Dealings in securities
2022-12-07
TRP121: notification of acquisition of securities by Standard Bank Group Limited
2022-12-07
TRP 121: notification of acquisition of securities by PSG asset management
2022-12-05
Summary of audited consolidated financial results for the year ended 30 September 2022
2022-12-01
Trading statement for the year ended 30 September 2022 and proposed capital raise
2022-09-30
Voluntary trading update for the 11 months to 31 August 2022 and pre-closed period investor/analyst call
2022-09-19
Change in auditors
2022-07-06
Declaration of cumulative preference share dividends
2022-07-05
Group Funding Update
2022-05-26
Unaudited consolidated interim results for the six months ended 31 March 2022
2022-05-18
Trading statement for the six months ended 31 March 2022