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General information

Sector: Industrials

The company is not available at Interactive Brokers

PPC Limited (JSE:PPC) is a leading supplier of materials and solutions into the basic services sector in southern Africa. PPC has 11 cement factories in South Africa, Botswana, DRC, Ethiopia, Rwanda and Zimbabwe.
PPC’s capacity is around eleven and a half million tonnes of cement products each year. PPC’s Materials business comprises of Pronto Readymix (including Ulula Ash) and 3Q Mahuma Concrete. PPC’s footprint in the readymix sector has grown to include 26 batching plants across South Africa.
PPC also produces aggregates with its Mooiplaas aggregates quarry in Gauteng having the largest aggregate production capacity in South Africa. PPC Lime, one of the largest lime producers in the southern hemisphere, produces metallurgical-grade lime, burnt dolomite and limestone.

Throughout its history, PPC has focused on quality in everything it does, growing into a business dedicated to perfecting the science behind producing cement, aggregates, lime, readymix and fly ash. A business that has built more bridges to connect communities; built world-class stadiums filled with home-grown and international fans; and a business that has improved lives and built schools to empower its communities and mould the minds of Africa's future leaders.



  • Good financial results growth rate 13.2% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (-0.0%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 9.9% (LTM)
  • Share price is 62.2% higher than minimum and 44.2% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (3.5x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)3.26
Share price, USD: 0.1752
Common stocks: 1 555 214 724

Dividend Yield:  0.0%
FCF Yield LTM: 9.9%
EV / LTM EBITDA: 3.5x
Last revenue growth (y/y):  +2.3%
Last growth of EBITDA (y/y):  +24.1%
Historical revenue growth:  -2.0%
Historical growth of EBITDA:  -3.3%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 272
Net Debt ($m): 57
EV (Enterprise Value): 330
EBITDA LTM ($m): 95
EV / LTM EBITDA: 3.5x
Price to Book: 0.76x

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

‘Shocking!’ Alarm at move to ‘push through’ SABC Bill

Media organisations have pointed out “a series of catastrophic and unconstitutional flaws” with the SABC Bill.

2024-02-27 11:28 +02:00
by Sandra Laurence

JSE:SPP JSE:AVI JSE:PPC JSE:HUG JSE:ISA

New load shedding blocks for Joburg – here’s how you are affected

Eskom has handed over load shedding operations for large parts of Johannesburg to City Power.

2023-11-06 11:57 +02:00
by Sandra Laurence

JSE:MTN JSE:DSY JSE:SPP JSE:AVI JSE:PPC JSE:MPT JSE:LEW JSE:ISA

John Holdsworth’s Tautona goes mining for AI gold

Tautona.ai, founded by well-known tech entrepreneur John Holdsworth, is using AI in an effort to overhaul the insurance industry.

2023-09-14 12:09 +02:00
by Nkosinathi Ndlovu

JSE:AVI JSE:RLO JSE:PPC JSE:MPT

The company buying up Altron shares

Value Capital Partners, chaired by former Brait CEO Antony Ball, recently made further big purchases of Altron shares.

2023-08-31 15:46 +02:00
by Sandra Laurence

JSE:PPH JSE:TBS JSE:BYI JSE:AVI JSE:TKG JSE:KAP JSE:JSE JSE:ADH JSE:SUI JSE:PPC JSE:BAT JSE:ADR JSE:ISA

Reuters Headlines

Cricket-South Africa claim victory as Maharaj, Harmer put Bangladesh in a spin

DURBAN (Reuters) -Left-arm spinner Keshav Maharaj took seven wickets as South Africa made light work of bowling Bangladesh out for 53 in 19 overs in their second innings to claim a 220-run victory in the first test at Kingsmead on Monday.

2022-04-04

JSE:AVI JSE:PPC

Cricket-South Africa focused on beating India despite off-field woes

Test captain Dean Elgar says he will not let the allegations of racist conduct that have come to light at Cricket South Africa in recent months become an excuse for failure as his side prepare to host India in a three-match series from Sunday.

2021-12-21

JSE:PPC JSE:EMN JSE:EMH

South Africa set for wave of equity fundraising as banks shun risk

South Africa is set see a wave of equity fundraising as banks` capacity to lend is under strain from rising bad debts just as corporations are in need of funds to cope with fallout from the coronavirus pandemic.

2020-09-23

JSE:SBK JSE:AVI JSE:JSE JSE:FBR JSE:PPC JSE:ISA

South Africa`s PPC names CFO, domestic April sales volumes seen 95% lower

South African cement producer PPC said on Thursday it had appointed Ronel van Dijk permanent chief financial officer and warned overall South Africa sales volumes for April will be around 95% lower compared to the same month in 2019.

2020-04-30

JSE:AVI JSE:PPC

South Africa`s PPC bows to environmental regulations

South African cement company PPC said on Friday it expects to pay as much as 120 million rand ($8.5 million) per year due to the new carbon tax and will shut down a kiln at its Port Elizabeth plant to adhere to new emission standards.

2019-06-28

JSE:PPC JSE:MPT JSE:ARH

UPDATE 1-South African cement firm PPC`s profits boosted by cost cuts

South African cement company PPC reported a 33% increase in annual earnings on Thursday, buoyed by a reduction of group overhead costs and other saving initiatives.

2019-06-27

JSE:AVI JSE:PPC JSE:ISA

South Africa`s PPC picks ex-Lafarge veteran van Wiljnen as CEO

South African cement company PPC named ex-LafargeHolcim veteran Roland van Wiljnen as its new chief executive on Wednesday after a near seven-month search.

2019-06-26

JSE:PPC

UPDATE 2-Cement maker PPC seeks CEO as Claassen to retire

South African cement producer PPC reported an 11 percent increase in half-year profit on Friday and said it is seeking a successor to CEO Johan Claassen who wants to retire.

2018-11-23

JSE:PPC JSE:ISA

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Releases

2022-07-27
Notice of Annual General Meeting, Integrated Annual Report and B-BBEE Certificate and Change to the Board
2022-07-07
Dealing in Securities by an Associate of Directors
2022-07-06
Change to the Board of Directors of PPC
2022-07-05
Dealing in Securities by an Associate of Directors
2022-07-04
Audited Consolidated Financial Statements for the year ended 31 March 2022 No Change Statement
2022-06-27
Condensed Consolidated Financial Statements for the year ended 31 March 2022
2022-06-22
Trading Statement
2022-04-04
Change in external auditor
2022-04-01
Dealing in securities by associate of directors and disclosure of beneficial interest in securities
2022-03-28
Dealing in securities by an associate of directors
2022-03-23
Operational update for the twelve months ending 31 March 2022 and change to board committee
2022-03-22
Dealing in securities by an associate of directors
2022-01-25
Dealing in securities by an associate of directors and disclosure of beneficial interests in securities
2022-01-24
Disclosure of beneficial interest in securities
2022-01-21
Dealing in securities by a director
2021-11-30
Appointment of Questco as sponsor
2021-11-29
Publication of Task Force on Climate-related Financial Disclosures Report
2021-11-23
Publication of Task Force on Climate-related Financial Disclosures Report
2021-11-22
Group results for the six months ended 30 September 2021 Short Form Announcement

SENS Announcements

2024-03-27
Operational Update for the Ten Months ended 31 January 2024
2024-01-31
General Repurchase of Shares
2024-01-25
PPC Successfully Concludes Disposal of its 51% Interest in CIMERWA (Rwanda)
2024-01-18
Changes to Executive Leadership Team - Voluntary Announcement
2024-01-02
Vesting of Shares to former Chief Executive Officer - Long Term Incentive Plan
2023-11-28
Dealing in Shares pursuant to Long-Term Incentive Plan
2023-11-27
Leadership and Governance Update - Appointment of Matias Cardarelli as Chief Executive Officer of PPC
2023-11-20
Group Results for the Six Months ended 30 September 2023
2023-11-17
Disposal by PPC Limited of its 51% Interest in CIMERWA - Rwanda
2023-11-09
Trading Statement for the six month ended 30 September 2023
2023-09-20
Operating Update for the five months ended 31 August 2023
2023-09-07
Availibility of Broad-Based Black Economic Empowerment Compliance Report
2023-09-06
Results of Annual General Meeting
2023-09-04
Appointment of Matias Cardarelli as Chief Executive Officer of PPC
2023-08-07
Employment Equity Transaction
2023-07-28
Notice of Annual General Meeting and Publication of Integrated Annual Report
2023-06-26
Summarised Audited Consolidated Financial Statements for the Year Ended 31 March 2023
2023-06-26
Further Trading Statement for the Twelve Months ended 31 March 2023
2023-06-15
Trading statement and operational update for the 12 months ended 31 March 2023
2023-05-24
Secondary Listing of PPC on A2X
2023-03-16
Capital Markets Day and Operational Update for the Twelve Months ending 31 March 2023
2023-02-07
Response to Media Speculation regarding Sale of PPC Zimbabwe
2022-11-25
Disclosure of Beneficial Interest in Securities
2022-11-21
Group Results for the six months ended 30 September 2022
2022-11-21
CANCELLATION OF S468618 Group Results of the six months ended 30 September 2022
2022-11-21
Group Results of the six months ended 30 September 2022
2022-11-16
Trading Statement and Operation Update for the six months ended 30 September 2022
2022-09-30
Vesting of shares in terms of Forfeitable Share Plan
2022-09-21
Disclosure of beneficial interests in securities
2022-09-14
Operating Update for the five months ended 31 August 2022
2022-09-09
Results of Annual General Meeting and Change to the Board of Directors
2022-07-27
Notice of Annual General Meeting, Integrated Annual Report and B-BBEE Certificate and Change to the Board
2022-07-07
Dealing in Securities by an Associate of Directors
2022-07-06
Change to the Board of Directors of PPC
2022-07-05
Dealing in Securities by an Associate of Directors
2022-07-04
Audited Consolidated Financial Statements for the year ended 31 March 2022 No Change Statement
2022-06-27
Condensed Consolidated Financial Statements for the year ended 31 March 2022
2022-06-22
Trading Statement