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General information

Sector: Consumer Services

The company is not available at Interactive Brokers

Tsogo Sun Gaming Limited (JSE:TSG) provides authentic gaming and entertainment in South Africa. Combining 13 Casinos, 23 Galaxy Bingo sites and 9 VSlots operations throughout the country, the group offers a diverse range of gaming and entertainment options including theatre productions, movies, restaurants, ten-pin bowling, a theme park, a bird and reptile park and much more.

The group's vision is to provide quality gaming and entertainment experiences at every one of its destinations.



  • Bad financial results growth rate -11.7% (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 13.8% (LTM)
  • Share price is 75.9% higher than minimum and 15.6% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (5.1x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (+1.4%)11.26
Share price, USD: 0.6099
Common stocks: 1 042 342 342

Dividend Yield:  0.0%
FCF Yield LTM: 13.8%
EV / LTM EBITDA: 5.1x
Last revenue growth (y/y):  -9.2%
Last growth of EBITDA (y/y):  -14.2%
Historical revenue growth:  +16.5%
Historical growth of EBITDA:  +61.8%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 636
Net Debt ($m): 446
EV (Enterprise Value): 1 082
EBITDA LTM ($m): 211
EV / LTM EBITDA: 5.1x
Price to Book: 2.46x

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

Reuters Headlines

UPDATE 2-South African hospitality stocks sink as COVID-19 restrictions tightened

South African hospitality, grocery retail and gym stocks sank on Monday alongside the rand currency after the government tightened COVID-19 restrictions to cope with new coronavirus infections.

2021-06-28

JSE:SHP JSE:NED JSE:WHL JSE:SPP JSE:AVI JSE:TSG JSE:MSM JSE:SUI JSE:BAT

South African casinos switch slot machines back on, but hurdles remain

When Sun International`s Times Square Casino in South Africa`s administrative capital Pretoria opens its doors again on Monday, following a three-month shutdown, every second slot machine will be off and shields will separate clients.

2020-06-29

JSE:AVI JSE:TSG JSE:SUI

South Africa`s Tsogo Sun Gaming`s annual profit hit by lockdown

South Africa`s Tsogo Sun Gaming on Tuesday reported a marginal fall in annual core earnings and did not declare a final dividend, as it shuttered its casinos amid nationwide lockdowns to contain the spread of the COVID-19 pandemic.

2020-06-09

JSE:AVI JSE:TSG JSE:MPT

UPDATE 1-S.Africa`s Tsogo Sun Hotels core profit hit by travel restrictions

South Africa`s Tsogo Sun Hotels Ltd on Friday reported a 9% fall in annual core earnings and did not declare a final dividend, due to a sharp drop in local and international travel amid the coronavirus pandemic.

2020-05-29

JSE:AVI JSE:TSG JSE:MPT JSE:ISA

South Africa braces for lockdown as coronavirus cases spike to 554

South African businesses braced for a nationwide lockdown and panic buyers stockpiled food and other essentials on Tuesday as the number of confirmed coronavirus cases jumped to 554 from 402 a day earlier.

2020-03-24

JSE:AVI JSE:TSG JSE:MPT JSE:ISA

UPDATE 1-South Africa braces for lockdown as coronavirus cases spike to 554

* Listed firms try to cut costs (Adds cafe owner, shoppers, National Treasury, context)

2020-03-24

JSE:AVI JSE:TSG JSE:MPT JSE:ISA

South Africa`s coronavirus cases reach 554, country braces for lockdown

South Africa`s confirmed number of coronavirus cases rose to 554 on Tuesday from 402 a day earlier, as businesses raced to make plans for a nationwide lockdown from midnight on Thursday.

2020-03-24

JSE:AVI JSE:TSG JSE:LEW JSE:ARH

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

Releases

2022-07-29
No Change Statement, Publication of Annual Financial Statements, Integrated Report, Notice of AGM and B-BBEE report
2022-07-25
Small Related Party transactions concluded with Tsogo Sun Hotels Limited and its Subsidiaries
2022-05-26
Reviewed Preliminary Condensed Consolidated Financial Results for the year ended 31 March 2022
2022-05-26
Small related party transactions concluded with Tsogo Sun Hotels Limited and it's subsidiaries
2022-05-23
Trading Statement for the year ended 31 March 2022
2021-12-02
Results of Annual General Meeting
2021-11-25
Condensed unaudited consolidated interim financial statements for the six months ended 30 September 2021
2021-11-18
Trading Statement for the six months ended 30 September 2021
2021-09-03
Publication and distribution of integrated annual report; notice of AGM and B-BBEE annual compliance report
2021-07-30
No change statement, publication of annual financial statements and delay in integrated report
2021-07-06
Change to the composition of the TSG board of directors
2021-05-27
Reviewed Preliminary Condensed Consolidated Financial Results for the year ended 31 March 2021
2021-05-21
Trading Statement for the year ended 31 March 2021
2021-03-19
TRP121: Notification of an acquisition of beneficial interest in shares
2020-12-24
Directors and Associates Dealings in Shares
2020-12-04
Results of Annual General Meeting
2020-11-19
Condensed unaudited consolidated interim financial statements for the six months ended 30 September 2020

SENS Announcements

2023-11-27
Condensed unaudited interim financial statements and cash dividend for the six months ended 30 September 2023
2023-11-14
Trading Statement for the six months ended 30 September 2023
2023-09-29
Repurchase, Cancellation and Delisting of Treasury Shares
2023-09-11
Results of the Odd-Lot Offer
2023-08-29
Results of Annual General Meeting
2023-08-24
Finalisation Announcement in relation to the Odd-Lot Offer
2023-08-16
Results of the General Meeting of the TSG Shareholders to Approve the Odd-Lot Offer
2023-07-31
No Change Statement, Publication of AFS, Integrated Report, Notice of AGM and B-BBEE Annual Compliance Report
2023-07-31
Notice of availability of annual financial statements
2023-07-18
Odd-lot Offer to Shareholders holding less than 100 Tsogo Sun Shares
2023-06-05
Finalisation Announcement - Change of Name
2023-05-31
Results of voting at General Meeting and Change of Name
2023-05-25
Reviewed preliminary condensed consolidated financial results for the year ended 31 March 2023 and cash dividend
2023-05-17
Trading Statement
2023-05-03
Proposed change of name and distribution of circular to shareholders
2023-02-09
Mandatory Audit Firm Rotation
2022-12-08
Change of payment date for Interim Dividend due to public holiday on 27 December 2022
2022-11-24
Unaudited Consolidated Interim Financial Results and Dividend Declaration for the six months ended 30 September 2022
2022-11-21
Trading Statement for the six months ended 30 September 2022
2022-09-21
Results of Annual General Meeting
2022-08-18
Declaration of final dividend in respect of the year ended 31 March 2022
2022-07-29
No Change Statement, Publication of Annual Financial Statements, Integrated Report, Notice of AGM and B-BBEE report
2022-07-29
Notice of availability of Annual Financial Statements, and update to the Information Statement
2022-07-25
Small Related Party transactions concluded with Tsogo Sun Hotels Limited and its Subsidiaries
2022-05-26
Reviewed Preliminary Condensed Consolidated Financial Results for the year ended 31 March 2022
2022-05-26
Small related party transactions concluded with Tsogo Sun Hotels Limited and it's subsidiaries
2022-05-23
Trading Statement for the year ended 31 March 2022