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General information

Sector: Consumer Goods

The company is not available at Interactive Brokers

RFG Holdings Limited (JSE:RFG) or Rhodes Food Group, is an internationally recognised producer of convenience meal solutions for customers throughout South Africa, sub-Saharan Africa and in major global markets.

Based in Groot Drakenstein in the Western Cape, South Africa, RFG has a well-capitalised production base comprising 15 manufacturing facilities across South Africa and a fruit processing facility in Eswatini (formerly Swaziland). All operations are well-located close to sources of raw materials and end markets.

The product range includes canned fruit, jam, vegetable and meat products, fruit juices, fruit purees and concentrates, dry packed foods, fresh and frozen ready meals, pies, pastries, bakery and dairy products.

Market-Leading Brand Portfolio

The group’s growing portfolio of market-leading brands, including the flagship Rhodes brand and the iconic Bull Brand, is complemented by premium private label product ranges packed for major South African and international retailers. The group's own brands occupy the number one or significant number two positions in most targeted product categories and have experienced strong market share growth in recent years.

More Than a Century of Growth

The group has been producing canned fruit products and jams since 1896. In 1999, the business was acquired by the shareholders of Swaziland Fruit Canners and renamed Rhodes Food Group.

More than a century after it was founded, Rhodes Food Group listed on the JSE Limited in October 2014, marking a new chapter of growth in its proud history. Since its listing the group has concluded eight strategic acquisitions to strengthen its positioning as a leading, diversified food producer serving multiple markets across the world.



  • Pretty weak financial results growth rate 0.1% (average between last period year over year growth for revenue and EBITDA), are preserved at an average historical level (0.1%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 14.3% (LTM)
  • Share price is 70.8% higher than minimum and 6.1% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (3.8x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)13.15
Share price, USD: 0.7130
Common stocks: 263 117 871

Dividend Yield:  0.0%
FCF Yield LTM: 14.3%
EV / LTM EBITDA: 3.8x
Last revenue growth (y/y):  -9.1%
Last growth of EBITDA (y/y):  +9.2%
Historical revenue growth:  +5.2%
Historical growth of EBITDA:  +11.0%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 188
Net Debt ($m): 39
EV (Enterprise Value): 227
EBITDA LTM ($m): 60
EV / LTM EBITDA: 3.8x
Price to Book: 1.03x

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

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

Releases

2022-08-12
Dealings in securities by director of a major subsidiary
2022-07-19
Dealings in securities by associate of directors
2022-07-13
Dealings in securities by associate of directors
2022-07-11
Dealings in securities by associate of directors
2022-06-13
Dealings in securities by associate of directors
2022-05-25
Summarised consolidated results for the six months ended 3 April 2022
2022-05-18
Trading statement for the six months ended 3 April 2022
2022-03-29
Results of the annual general meeting - Correction
2022-03-17
Trading update for the 22 weeks ended February 2022
2022-03-17
Report on proceedings at the annual general meeting
2021-12-22
Purchase of shares by subsidiary company
2021-12-15
Availability of integrated annual report, no change statement and notice of annual general meeting
2021-12-08
Vesting of performance shares and subsequent sale by company director
2021-12-07
Broad-Based Black Economic Empowerment Act (“the Act”): Annual compliance report
2021-12-07
Vesting of performance shares and subsequent transfer by company directors
2021-12-07
Purchase of shares by subsidiary company
2021-12-07
Vesting of shares and subsequent disposal by directors of a major subsidiary and by the company secretary
2021-11-18
Dealing in securities by a director
2021-11-17
Summarised consolidated results for the year ended 26 September 2021 and cash dividend declaration

SENS Announcements

2024-05-09
Trading statement for the 6 months ended 31 March 2024
2024-03-14
Report on proceedings at the annual general meeting
2024-03-11
Trading update for the five months ended February 2024
2024-01-31
Dealing in securities by a director
2023-12-28
Dealings in securities by directors of a major subsidiary
2023-12-20
Dealings in securities by directors, by directors of a major subsidiary and by the company secretary
2023-12-20
Purchase of shares by subsidiary company
2023-12-14
Availability of integrated annual report and notice of annual general meeting
2023-11-29
Broad-Based Black Economic Empowerment Act (“the Act”): Annual compliance report
2023-11-22
Group audited annual results for the year ended 1 October 2023 and cash dividend declaration
2023-11-10
Trading statement for the year ended 1 October 2023
2023-09-29
Purchase of shares by subsidiary company
2023-09-22
Purchase of shares by subsidiary company
2023-09-18
Purchase of shares by subsidiary company
2023-09-18
Trading update for the 11 months ended August 2023
2023-07-20
Dealing in securities by a director
2023-06-30
Changes to the board
2023-05-24
Disclosure of beneficial interest in RFG ordinary shares
2023-05-24
Summarised consolidated results for the six months ended 2 April 2023
2023-05-11
Trading statement for the 26 weeks ended 2 April 2023
2023-04-28
Change to the board of directors
2023-04-04
Change to the board
2023-03-22
Trading update to February 2023
2023-03-17
Report on proceedings at the Annual General Meeting
2023-01-25
Dealing in securities by a director
2023-01-09
Purchase of shares by subsidiary company
2022-12-28
Purchase of shares by subsidiary company
2022-12-22
Purchase of shares by subsidiary company
2022-12-21
Dealings in securities by director of a major subsidiary
2022-12-15
Availability of integrated annual report, no change statement and notice of annual general meeting
2022-12-14
Dealings in securities by directors, by directors of a major subsidiary and by the company secretary
2022-12-12
Purchase of shares by subsidiary company
2022-12-09
Broad-based Black Economic Empowerment Act (“the Act”): annual compliance report
2022-11-25
Purchase of shares by subsidiary company
2022-11-23
Summarised consolidated results for the year ended 2 October 2022 and cash dividend declaration
2022-11-14
Trading statement for the year ended 2 October 2022
2022-10-04
Purchase of shares by subsidiary company
2022-09-30
Purchase of shares by subsidiary company
2022-09-23
Purchase of shares by subsidiary company
2022-09-21
Purchase of shares by subsidiary company
2022-09-16
Purchase of shares by subsidiary company
2022-09-13
Trading update for the 11 months ended August 2022
2022-08-31
Dealings in securities by director of a major subsidiary
2022-08-12
Dealings in securities by director of a major subsidiary
2022-07-19
Dealings in securities by associate of directors
2022-07-13
Dealings in securities by associate of directors
2022-07-11
Dealings in securities by associate of directors
2022-06-29
Dealings in securities by associate of directors
2022-06-13
Dealings in securities by associate of directors
2022-05-25
Summarised consolidated results for the six months ended 3 April 2022
2022-05-18
Trading statement for the six months ended 3 April 2022