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General information

Sector: Health Care

The company is available at Interactive Brokers

Netcare Limited (JSE:NTC) is an investment holding company which operates through a number of subsidiaries and employs approximately 29 000 people. The Netcare Group invests in growing and continually improving its capabilities and capacity, and in partnering with the public sector, to support the effectiveness of the national healthcare systems in which the group operates.

It is this continuous investment in the latest medical technologies, high-level professional expertise, and commitment to caring for its patients that makes Netcare a leading healthcare provider.



  • Bad financial results growth rate -6.5% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (0.3%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 3.8% (LTM)
  • Share price is 20.9% higher than minimum and 22.1% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (7.5x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)13.35
Share price, USD: 0.7238
Common stocks: 1 423 220 974

Dividend Yield:  0.0%
FCF Yield LTM: 3.8%
EV / LTM EBITDA: 7.5x
Last revenue growth (y/y):  -9.1%
Last growth of EBITDA (y/y):  -4.0%
Historical revenue growth:  0.0%
Historical growth of EBITDA:  +55.4%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 1 030
Net Debt ($m): 532
EV (Enterprise Value): 1 563
EBITDA LTM ($m): 208
EV / LTM EBITDA: 7.5x
Price to Book: 1.76x

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

Founders Factory secures R2.1-billion to fund start-ups

Founders Factory Africa has secured $113-million in additional funding to assist tech start-up founders across Africa.

2023-08-14 13:10 +02:00
by Staff Reporter

JSE:SBK JSE:NTC JSE:MPT

Netcare’s new surgeon is a robot

Hospital group Netcare has deployed a Da Vinci Xi surgical system at its facility in the east of Pretoria. The…

2023-05-03 13:49 +02:00
by Staff Reporter

JSE:SPP JSE:NTC

Hospitalisations still relatively low as Omicron cases soar

South African hospitals are bracing for a surge in admissions as the new Omicron variant drives a sharp rise in coronavirus infections.

2021-12-06 07:45 +02:00
by Agency Staff

JSE:DSY JSE:AVI JSE:NTC JSE:SPG JSE:ISA

WhatsApp deployed as coronavirus spreads in South Africa

About two weeks ago, Praekelt.org, a non-profit foundation that runs a WhatsApp service on maternal well-being for South Africa’s health department, proposed setting up a similar programme to keep people informed about the coronavirus.

2020-03-23 06:22 +02:00
by Agency Staff

JSE:APN JSE:MEI JSE:LHC JSE:AVI JSE:NTC JSE:ISA

Netcare, Founders Factory to invest in health-tech start-ups

Tech accelerator and incubator Founders Factory Africa has struck a deal with healthcare provider Netcare Group to provide a platform for entrepreneurs to build and scale health-tech start-ups in Africa.

2019-06-27 08:37 +02:00
by Staff Reporter

JSE:SBK JSE:AVI JSE:NTC JSE:ISA

Reuters Headlines

South Africa`s Netcare flags decline in first-half profit

South Africa`s Netcare Ltd expects first-half core profit to be down 36% to 38% from a year earlier after a second wave of COVID-19 forced it to suspend elective surgery in favour of necessary and time-sensitive procedures, it said on Thursday.

2021-04-22

JSE:NTC JSE:MPT

How inequality and poverty undermined South Africa`s COVID response

When coronavirus patients started arriving at South Africa`s government-run Thelle Mogoerane Hospital, workers scrambled to set up isolation wards to treat them.

2020-07-31

JSE:LHC JSE:AVI JSE:NTC JSE:SPG JSE:ISA

South Africa government, private hospitals agree deal on COVID-19 patients

The South African government has agreed how much it will pay private hospitals and medical practitioners to treat severely ill COVID-19 patients if public hospitals run out of space, a senior health official told Reuters.

2020-06-07

JSE:AVI JSE:NTC

UPDATE 1-South Africa`s Netcare scraps 2020 outlook due to coronavirus

South Africa`s Netcare has scrapped its 2020 outlook, suspended spending on projects and share buybacks, and may need to review its dividend policy due to the impact of coronavirus, the private hospital company said on Monday.

2020-03-30

JSE:LHC JSE:AVI JSE:NTC JSE:MPT JSE:ISA

UPDATE 1-South Africa`s Netcare posts higher HEPS, forecasts hit to first-half

South Africa`s Netcare Ltd said on Monday its first-half results for 2020 would take a hit from hospital network arrangements and reported higher full-year headline earnings per share, in line with its forecast.

2019-11-18

JSE:LHC JSE:NTC JSE:MPT JSE:ISA

South Africa puts initial universal healthcare cost at $17 billion

South Africa published its draft National Health Insurance (NHI) bill on Thursday, with one senior official estimating universal healthcare for millions of poorer citizens would cost about 256 billion rand ($16.89 billion) to implement by 2022.

2019-08-08

JSE:LHC JSE:NTC

UPDATE 1-South African rand rises on China stimulus hopes, stocks dip

* Stocks down after tepid retail sales (Updates to reflect afternoon trading)

2019-05-15

JSE:MRP JSE:TBS JSE:NTC

UPDATE 1-S.African rand, stocks fall as U.S.-China trade war dents risk appetite

South Africa`s rand weakened on Monday, shedding election- inspired gains, as an escalation in the U.S.-China trade war dented emerging market currencies, while stocks also retreated.

2019-05-13

JSE:DSY JSE:OMU JSE:NTC

UPDATE 1-South Africa`s Life Healthcare warns on earnings after disposal

South Africa`s Life Healthcare said on Wednesday half-year earnings could fall as much as 55 percent due to costs related to the disposal of its stake in India`s Max Healthcare, impairments and other investments.

2019-04-24

JSE:MEI JSE:LHC JSE:NTC JSE:MPT

UPDATE 1-South African rand dips on trade war jitters, stock rise

* Stocks led higher by financials (Adds latest prices, analyst quote)

2018-11-19

JSE:SLM JSE:ABG JSE:PSG JSE:NTC JSE:ARH JSE:ISA

UPDATE 1-S.Africa`s Netcare to pay special dividend, FY earnings inch up

South Africa`s second-largest private hospital firm Netcare Ltd announced on Monday a special dividend payout of 40 cents per share after reporting a marginal rise in full-year earnings.

2018-11-19

JSE:NTC JSE:ISA

UPDATE 1-South Africa`s rand, stocks fall on euro woes

South Africa`s rand weakened against the dollar on Friday and stocks ended lower, tracking weaker European markets that were weighed down by Italy budget worries.

2018-09-28

JSE:NTC JSE:MPT

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Releases

2022-07-12
Dealings in securities
2022-07-07
Resignation of Chair and independent non-executive director
2022-05-23
Unaudited Interim Group Results for the six months ended 31 March 2022
2022-05-19
Voluntary trading statement
2022-04-26
Voluntary trading update for the six months ended 31 March 2022
2022-04-08
Declaration of preference dividend number 32
2022-02-04
Results of annual general meeting
2021-12-14
Availability of annual integrated report, no change statement and BEE Act Annual Compliance Certificate
2021-12-08
Secondary listing on A2X
2021-12-01
Disclosure of acquisition of securities
2021-11-22
Summarised Group Results for the year ended 30 September 2021 and Appointment of independent non-executive directors
2021-11-18
Trading statement
2021-10-22
Voluntary trading update for the year ended 30 September 2021 ("FY 2021")
2021-10-18
Declaration of preference dividend number 31
2017-02-17
Dealings in securities by directors and company secretary of Netcare Limited and directors of major subsidiaries
2017-02-06
Disclosure of Acquisition of Securities

SENS Announcements

2024-05-03
Voluntary trading update for the six months ended 31 March 2024
2024-04-12
Disclosure of Beneficial Interest in Securities
2024-04-09
Declaration of Preference Dividend Number 36
2024-03-25
Change to Executive Committee
2024-03-04
Voluntary Operational Update
2024-02-02
Results of Annual General Meeting
2023-12-18
Availability of Annual Integrated Report, Notice of Annual General Meeting and B-BBEE Annual Compliance Report
2023-12-11
Dealings in Securities by Directors of a Major Subsidiary
2023-11-20
Summarised Group results for the year ended 30 September 2023, dividend declaration and changes to the Board
2023-11-14
Trading Statement
2023-10-16
Declaration of Preference Dividend Number 35
2023-09-28
Voluntary Update on FY 2023 trading
2023-07-28
Executive Leadership and Board Change
2023-06-27
Disclosure of Acquisition of Securities
2023-06-07
Change to the Board of Directors
2023-05-18
Trading Statement
2023-04-14
Disclosure of acquisition of securities
2023-04-11
Declaration of Preference Dividend number 34
2023-03-10
Voluntary trading update for the four months ended 31 January 2023
2023-03-08
Resignation of independent non-executive director
2023-02-03
Results of Annual General Meeting
2022-12-20
Disclosure of acquisition of securities
2022-12-20
Disclosure of acquisition of securities
2022-12-15
Dealings in securities
2022-12-15
Availability of annual report, distribution and notice of AGM, no change statement and BEE certificate
2022-11-21
Summarised Group results for the year ended 30 September 2022, dividend declaration and changes to the Board
2022-11-17
Trading statement
2022-10-24
Declaration of preference dividend number 33
2022-09-29
Dealing in securities by directors of major subsidiary
2022-09-29
Voluntary update on FY 2022 trading
2022-09-19
Changes to the board and board committees
2022-07-12
Dealings in securities
2022-07-07
Resignation of Chair and independent non-executive director
2022-05-23
Unaudited Interim Group Results for the six months ended 31 March 2022
2022-05-19
Voluntary trading statement