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General information

Sector: Consumer Services

The company is available at Interactive Brokers

TFG (JSE:TFG) is one of the foremost independent chain-store groups in South Africa and has a diverse portfolio of 29 leading fashion retail brands.

TFG’s combination of experience and forward-looking dynamism ensures the business can adapt and stay ahead as the industry evolves. The company's unique portfolio of brands, geographic spread and customer retention initiatives differentiates it from other retailers locally and abroad.


Family Fashion


Exact


Male Fashion


Connor, Fabiani, G-star Raw, Johnny Bigg, Markham, Relay Jeans, Tarocash and yd.


Female Fashion


Donna, Foschini, Hobbs, Phase Eight and Whistles


Outdoor and Sport


Rockwear and Totalsports


Homeware and Furniture


@home and @homelivingspace


Youth and Trendy


Archive, Colette, hi, The FIX, Mat & May, SODA Bloc and Sportscene


Jewellery and Accessories


American Swiss, Charles & Keith, Duesouth Escapes and Sterns



  • Bad financial results growth rate -7.1% (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 -5.1% (LTM)
  • Share price is 18.7% higher than minimum and 40.0% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (4.9x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (+1.3%)97.44
Share price, USD: 5.20
Common stocks: 331 011 540

Dividend Yield:  0.0%
FCF Yield LTM: -5.1%
EV / LTM EBITDA: 4.9x
Last revenue growth (y/y):  -4.7%
Last growth of EBITDA (y/y):  -9.4%
Historical revenue growth:  +10.4%
Historical growth of EBITDA:  +12.8%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 1 721
Net Debt ($m): 1 018
EV (Enterprise Value): 2 739
EBITDA LTM ($m): 560
EV / LTM EBITDA: 4.9x
Price to Book: 1.40x

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

10 of the best: top TCS interviews from 2023

Presenting a selection of some of the best episodes from the TechCentral Show in the past year…

2024-01-04 10:10 +02:00
by Nkosinathi Ndlovu

JSE:TFG JSE:AVI JSE:KAP JSE:SPG JSE:BLU JSE:MPT JSE:ISA

Takealot’s route to profitability in clear view

Takealot Group produced a resilient half-year performance, only dampened by parent Naspers’s reporting in US dollars.

2023-11-29 13:46 +02:00
by Nkosinathi Ndlovu

JSE:PRX JSE:NPN JSE:TFG JSE:SPG JSE:MPT

TFG online sales now 10% of total

Retail group TFG’s online sales now make up almost 10% of its turnover, more than double the market average.

2023-11-10 10:15 +02:00
by Duncan McLeod

JSE:TFG JSE:SPG JSE:JSE

South Africa takes a Shein to China

Shein has gained a strong foothold in the e-commerce market in South Africa. But is it competing on a level playing field?

2023-08-22 14:24 +02:00
by Sandra Laurence

JSE:NPN JSE:MRP JSE:TFG JSE:AVI JSE:SPG

Shein: South Africa’s e-retailers battle Chinese fashion giant

Shein is the most downloaded shopping app on South Africa’s Google Play store. And it isn’t even trying that hard.

2023-08-20 14:12 +02:00
by Agency Staff

JSE:PPH JSE:TFG JSE:MSM JSE:SFN JSE:CGN

TCS | Superbalist founders on their new venture, Bash

Luke Jedeikin and Claude Hanan, well known for founding Superbalist, join the TechCentral Show to unpack their new venture.

2023-07-17 15:26 +02:00
by TechCentral

JSE:TFG JSE:SPG JSE:JSE JSE:MPT

China’s Tencent invests in TymeBank

Chinese Internet giant Tencent Holdings has invested in South African digital bank TymeBank.

2021-12-07 15:33 +02:00
by Staff Reporter

JSE:TFG JSE:ISA

TFG snaps up Quench in big e-commerce, logistics push

TFG – the retailer also known as The Foschini Group – has acquired Quench, a digital shopping platform and last-mile delivery provider.

2021-12-02 16:35 +02:00
by Duncan McLeod

JSE:CPI JSE:WHL JSE:TFG JSE:SPG JSE:MSM JSE:ISA

South African retail group TFG plans tech hiring spree

South Africa’s largest fashion and lifestyle retailer, TFG, wants to build up its newly launched technology hub to more than 100 new staff, its CEO said on Thursday.

2021-06-10 13:31 +02:00
by Agency Staff

JSE:TFG JSE:AVI JSE:SPG

Reuters Headlines

UPDATE 1-TFG sales leap with Black Friday and festive boost

South African retailer TFG`s third-quarter sales jumped by 17.3% after Black Friday sales and holiday specials spurred demand for summer clothes and furniture, it said on Monday.

2023-01-23

JSE:TFG JSE:ARH

TFG sales leap with Black Friday and festive boost

JOHANNESBURG (Reuters) -South African retailer TFG`s third-quarter sales jumped by 17.3% after Black Friday sales and holiday specials spurred demand for summer clothes and furniture, it said on Monday.

2023-01-23

JSE:TFG JSE:ARH

UPDATE 1-South African retailer TFG reports first-quarter sales jump, shares rise

South African fashion retailer TFG reported a 16.3% rise in first quarter turnover on Thursday, as consumers coming out of the COVID-19 lockdowns splashed out on items to rejuvenate their wardrobes and homes.

2022-07-28

JSE:TFG JSE:MPT

UPDATE 2-South African retailer TFG to boost local garment production

* Resumes final dividend payout (Recasts with new manufacturing facilities)

2022-06-10

JSE:TFG

UPDATE 2-South African retailer TFG to beef up local manufacturing

South African fashion retailer TFG wants to locally manufacture 30 million pieces of clothing a year within four years as it increasingly turns away from global supply chains, its CEO said after the company swung to a half-year headline profit.

2021-11-11

JSE:TFG JSE:AVI JSE:ISA

CORRECTED-UPDATE 2-S.Africa`s TFG plans tech hiring spree after sliding to a loss

South Africa`s largest fashion and lifestyle retailer TFG wants to build up its newly launched tech hub to more than 100 new staff, its chief executive said on Thursday, after the company swung to an annual operating loss.

2021-06-11

JSE:TFG JSE:AVI JSE:SPG

S.Africa`s TFG posts higher Q3 sales on Jet acquisition boost, online growth

South African fashion retailer TFG reported a 5.5% rise in third-quarter turnover on Tuesday, thanks to its acquisition of budget clothing retailer Jet and strong online sales growth during the COVID-19 pandemic.

2021-01-19

JSE:TFG JSE:AVI JSE:MPT

South Africa`s TFG concludes agreement to buy Jet stores, some approvals pending

South African retailer TFG said on Monday it has concluded an agreement to buy select assets of budget clothes retailer Jet from the administrators of rival Edcon and expects to meet all conditions by the end of September.

2020-08-17

JSE:TFG

UPDATE 1-South Africa`s TFG prices rights issue at 41% discount

South African retailer TFG Limited priced its 3.95 billion rand ($237 million) rights issue at a 40.6% discount on Thursday as it pressed ahead with plans to reduce debt to cope with the coronavirus crisis.

2020-07-16

JSE:TFG JSE:AVI

South African retail group TFG to buy Jet assets from Edcon

The Foschini Group (TFG) is set to buy 371 stores and selected assets of Jet for 480 million rand ($28.7 million) from Edcon`s administrators, it said on Monday, allowing the South African retailer to expand into the budget apparel market.

2020-07-13

JSE:TFG JSE:SPP JSE:AVI

S. African retailers TFG and Mr Price lure holiday shoppers with discounts

South African retailers The Foschini Group (TFG) and Mr Price Group reported healthy sales growth over the holiday season, with Black Friday discounts luring consumers into stores.

2020-01-17

JSE:MRP JSE:TFG JSE:TRU JSE:AVI JSE:MPT

UPDATE 1-South Africa`s rand weaker as power cuts weigh on sentiment

South Africa`s rand weakened on Monday, pressed lower by weak Chinese export data that dented risk appetite and a fifth straight day of nationwide power cuts by utility Eskom as heavy rains and flooding caused failures at multiple power plants.

2019-12-09

JSE:SBK JSE:DSY JSE:CLS JSE:INP JSE:WHL JSE:TFG JSE:INL JSE:ISA

UPDATE 1-S.Africa`s rand boosted by U.S-China trade deal hopes, stocks inch up

South Africa`s rand resumed its advance on Thursday, brushing off a batch of depressing economic data amid renewed expectations that China and the United States will reach a trade deal.

2019-11-07

JSE:SHP JSE:INP JSE:TFG JSE:INL JSE:SPG JSE:ISA

UPDATE 1-South Africa`s rand firms, stocks flat

* Sasol results delayed on Lake Charles project (Updates prices, adds stocks)

2019-08-16

JSE:SOL JSE:DSY JSE:BVT JSE:TFG JSE:SAP JSE:HUG

UPDATE 1-Rand edges down as Ramaphosa, inflation data in focus

South Africa`s rand inched lower late on Thursday, as investors assessed local political developments ahead of local inflation numbers next week and a decision on U.S. interest rates.

2019-06-13

JSE:AGL JSE:ANG JSE:SHP JSE:INP JSE:MRP JSE:TFG JSE:INL

UPDATE 1-South African retailer TFG looks to technology to adapt to retail changes

South African retailer The Foschini Group (TFG) is investing $35 million in technology to adapt to the changing landscape of apparel retail, where online shopping has put a pressure on brick and mortar.

2019-05-23

JSE:TFG JSE:AVI

UPDATE 1-South African markets on knife edge ahead of Ramaphosa address

South Africa`s rand weakened on Thursday against a broadly stronger dollar as investors prepared for President Cyril Ramaphosa`s state of the nation address (SONA) later in the day.

2019-02-07

JSE:NED JSE:CLS JSE:INP JSE:WHL JSE:TFG JSE:INL JSE:AVI

UPDATE 1-South Africa`s rand rallies on U.S. rate cut bets, stocks follow

* Rand reaches best since mid-December (Adds latest prices, analyst comments)

2019-01-04

JSE:NPN JSE:ANG JSE:INP JSE:MRP JSE:TFG JSE:INL

UPDATE 1-S.Africa`s rand falls on subdued risk sentiment; stocks down

* Naspers down nearly 3 percent tracking Tencent (Updates levels, add quotes)

2018-11-08

JSE:NPN JSE:TFG JSE:AVI

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Releases

2022-07-29
No change statement, notice of AGM, availability of integrated annual report, AFS and BEE compliance report
2022-07-28
Trading update for Q1 FY2023 and update on the acquisition of Tapestry Home Brands Proprietary Limited
2022-07-14
Dealing in securities by share incentive scheme
2022-07-11
Directors and company secretary dealing in securities
2022-06-30
Changes to Audit Committee
2022-06-10
Condensed consolidated financial statements for the year ended 31 March 2022, ordinary & preference share dividends
2022-06-08
Notification in terms of section 122(3) of the Companies Act and paragraph 3.83(b) of the JSE Listings Requirements
2022-05-20
Trading update for Q4 FY2022 and further trading statement for the twelve months ended 31 March 2022
2022-04-25
Trading statement for the twelve months ended 31 March 2022 and update on the impact of the KwaZulu-Natal floods
2022-03-09
Notification in terms of section 122(3) of the Companies Act and paragraph 3.83(b) of the JSE Listings Requirements
2022-03-07
Acquisition of Tapestry Home Brands Proprietary Limited by TFG
2022-01-21
Trading update for Q3 FY2022 and the nine months ended December 2021
2021-12-13
Dealing in securities by share incentive scheme
2021-12-02
Voluntary announcement relating to the acquisition of Quench
2021-12-01
Dealing in securities by an associate of a director
2021-11-18
Notification in terms of section 122(3) of the Companies Act and paragraph 3.83(b) of the JSE Listings Requirements
2021-11-11
Unaudited interim results for the half-year ended 30 September 2021, ordinary and preference dividends declarations
2021-10-29
Trading update for Q2 FY2022 and the six-months ended 30 September 2021 and updated trading statement
2021-10-07
Trading statement for the six months ended 30 September 2021 and further update on impacts of civil unrest
2021-09-20
Notification in terms of section 122(3) of the Companies Act and paragraph 3.83(b) of the JSE Listings Requirements

SENS Announcements

2024-03-28
Change to the board – appointment of Chief Financial Officer and executive director
2024-03-18
Dealing in securities by an associate of a director
2024-03-13
Franchise agreement concluded with JD Sports Fashion Plc
2024-02-09
Dealings in securities by associates of a director
2024-01-26
Notification in terms of section 122(3) of the Companies Act and paragraph 3.83(b) of the JSE Listings Requirements
2024-01-24
Trading update for Q3 FY2024 and the nine months ended 30 December 2023
2023-12-13
Notification in terms of section 122(3) of the Companies Act and paragraph 3.83(b) of the JSE Listings Requirements
2023-11-10
Unaudited interim results for the half-year ended 30 September 2023, ordinary and preference dividends declarations
2023-10-13
Change to the board – resignation of Chief Financial Officer and executive director
2023-10-03
Secondary listing on A2X
2023-09-08
Results of annual general meeting
2023-09-05
Trading update for the 22 weeks ended 26 August 2023 & trading statement for the six months ending 30 September 2023
2023-08-21
Notification in terms of section 122(3) of the Companies Act and paragraph 3.83(b) of the JSE Listings Requirements
2023-07-21
No change statement, notice of annual general meeting and availability of BEE compliance report
2023-07-20
Dealing in securities by a director of a major subsidiary
2023-07-14
Dealing in securities by a director and a director of a major subsidiary
2023-07-07
Appointment of independent non-executive directors to the board and board committees
2023-07-04
Dealing in securities by directors, directors of a major subsidiary and company secretary: acceptance of shares
2023-06-27
Dealings in securities by directors, directors of a major subsidiary and company secretary
2023-06-09
Condensed consolidated financial statements for the year ended 31 March 2023, ordinary and preference share dividend
2023-05-10
Trading update for Q4 FY2023 and the twelve months ended 31 March 2023
2023-03-13
Voluntary trading update in respect of the continued impact of load shedding in South Africa
2023-01-23
Trading update for Q3 FY2023 and the nine months ended 31 December 2022
2023-01-19
Notification in terms of section 122(3) of the Companies Act and paragraph 3.83(b) of the JSE Listings Requirements
2022-12-19
Notification in terms of section 122(3) of the Companies Act and paragraph 3.83(b) of the JSE Listings Requirements
2022-11-11
Unaudited interim results for the half-year ended 30 September 2022, ordinary and preference dividends declarations
2022-10-25
Trading update for Q2 FY2023 and the six months ended 30 September 2022 and trading statement
2022-09-21
Notification in terms of section 122(3) of the Companies Act and paragraph 3.83(b) of the JSE Listings Requirements
2022-09-12
Dealing in securities by an associate of a director
2022-09-09
Results of annual general meeting
2022-09-07
Trading update for the first 23 weeks of the 2023 financial year
2022-07-29
No change statement, notice of AGM, availability of integrated annual report, AFS and BEE compliance report
2022-07-28
Trading update for Q1 FY2023 and update on the acquisition of Tapestry Home Brands Proprietary Limited
2022-07-14
Dealing in securities by share incentive scheme
2022-07-11
Directors and company secretary dealing in securities
2022-06-30
Changes to Audit Committee
2022-06-10
Condensed consolidated financial statements for the year ended 31 March 2022, ordinary & preference share dividends
2022-06-08
Notification in terms of section 122(3) of the Companies Act and paragraph 3.83(b) of the JSE Listings Requirements
2022-05-20
Trading update for Q4 FY2022 and further trading statement for the twelve months ended 31 March 2022