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General information

Sector: Industrials

The company is not available at Interactive Brokers

Sephaku Holdings Limited (JSE:SEP) owns and operates a portfolio of assets focused on the building and construction materials industry. SepHold’s investment portfolio comprises a subsidiary, Métier Mixed Concrete Proprietary Limited (Métier or the subsidiary), and an associate, Dangote Cement South Africa Proprietary Limited (SepCem or the associate).

The South African cement and mixed concrete manufacturing sector holds promising growth opportunities as it is vital to infrastructure development. SepHold invests in modern, efficient capacity for this sector and is well positioned to capitalise on its opportunities, generate growth and create value for shareholders over the long term. Métier and SepCem strive for sustainable returns through the following:


  • Strategically focusing on the building and construction materials sector and its potential earnings and growth opportunities.
  • State-of-the-art production plants with cost efficiencies that enhance competitiveness.
  • Profitable concrete operations with a renowned concentration of technical skills providing solid earnings and positive net operating cashflows.
  • Operational management with deep industry skills and experience, and the ability to successfully execute the strategic objectives.


 

The group is founded on the principles of entrepreneurship, innovation, resilience and empowerment and subscribes to the values of respect, integrity, accountability, transparency and honesty. It was entrepreneurship and resilience that steered SepHold’s founders to become South Africa’s first new cement manufacturer in over 80 years. SepHold executive management actively participates in the operations to ensure they achieve the stated strategic objectives.


  • Bad financial results growth rate -3.4% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (0.4%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 2.3% (LTM)
  • Share price is 56.0% higher than minimum and 45.3% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.3x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (+6.4%)1.1700
Share price, USD: 0.063366
Common stocks: 254 490 909
Dividend Yield:  0.0%
FCF Yield LTM: 2.3%
EV / LTM EBITDA: 4.3x
Last revenue growth (y/y):  +1.3%
Last growth of EBITDA (y/y):  -8.0%
Historical revenue growth:  +9.9%
Historical growth of EBITDA:  +73.6%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 16
Net Debt ($m): 5
EV (Enterprise Value): 21
EBITDA LTM ($m): 5
EV / LTM EBITDA: 4.3x
Price to Book: 0.24x

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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

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Releases

2022-07-29
No change statement and notice of annual general meeting
2022-06-23
Summarised provisional audited financial results for the year ended 31 March 2022
2022-06-15
Trading statement for the twelve months ended 31 March 2022
2022-03-07
Sephaku Cement 2021 financial results summary
2021-11-18
Condensed consolidated unaudited financial results for the six months ended 30 September 2021
2021-11-08
Trading statement for the unaudited interim group financial results for the six months ended 30 September 2021
2021-10-20
Voluntary update on the kiln outage
2021-10-12
Voluntary update on the kiln outage and share price rally
2021-09-30
Operational update
2021-09-15
Participation in the RMB Morgan Stanley Off Piste Investor Conference
2021-09-15
Results of the Annual General Meeting
2021-07-30
No change statement and notice of annual general meeting
2021-06-24
Summarised provisional audited financial results for the year ended 31 March 2021
2021-06-18
Trading statement for the twelve months ended 31 March 2021
2021-05-19
Death of Sephaku Cement Chief Executive Officer

SENS Announcements

2024-04-26
General Repurchase of Shares
2024-03-20
Acquisition of Beneficial Interest in Sephold Ordinary Shares
2023-12-21
General Repurchase of Shares
2023-11-09
Unaudited condensed consolidated interim financial results for the six months ended 30 September 2023
2023-11-03
Trading statement for unaudited interim group financial results for the six months ended 30 September 2023
2023-11-02
Availability of BBBEE Compliance Certificate
2023-10-31
Acquisition of Beneficial Interest in SepHold Ordinary Shares
2023-10-25
Change to External Auditor
2023-09-18
Results of the Annual General Meeting
2023-08-31
Dealings in Securities by Directors
2023-07-31
No change statement and notice of annual general meeting
2023-06-27
Summarised provisional audited financial results for the year ended 31 March 2023
2023-06-27
CANCELLATION OF S476934 Summarised provisional audited financial results for the year ended 31 March 2023
2023-06-27
Summarised provisional audited financial results for the year ended 31 March 2023
2023-06-15
Trading statement for the twelve months ended 31 March 2023
2022-11-25
Change in a director's responsibilities and appointment of SepHold CEO
2022-11-14
Unaudited condensed consolidated interim financial results for the six months ended 30 September 2022
2022-11-10
Trading statement for unaudited interim group financial results for the six months ended 30 September 2022
2022-09-21
Results of the Annual General Meeting
2022-09-16
Availability of BEE Compliance Certificate
2022-07-29
No change statement and notice of annual general meeting
2022-06-23
Summarised provisional audited financial results for the year ended 31 March 2022
2022-06-15
Trading statement for the twelve months ended 31 March 2022