{"id":644,"date":"2025-03-31T01:01:00","date_gmt":"2025-03-31T01:01:00","guid":{"rendered":"https:\/\/bluegemresearch.co.za\/?p=644"},"modified":"2025-03-29T09:16:59","modified_gmt":"2025-03-29T09:16:59","slug":"sabvest-capital-fy-24-results-wonderful-performance","status":"publish","type":"post","link":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/?p=644","title":{"rendered":"Sabvest Capital \u2013 FY 24 Results \u2013 Wonderful Performance"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>Share Code: SBP \u2013 Market Cap: R3.5bn \u2013 Dividend Yield: 1.1%<\/em><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/03\/Sabvest-Capital_Results-Note_FY-24.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Sabvest Capital_Results Note_FY 24.\"><\/object><a id=\"wp-block-file--media-b9dba183-49d4-46b1-9ba6-b081b7178457\" href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/03\/Sabvest-Capital_Results-Note_FY-24.pdf\">Sabvest Capital_Results Note_FY 24<\/a><a href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/03\/Sabvest-Capital_Results-Note_FY-24.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-b9dba183-49d4-46b1-9ba6-b081b7178457\">Download<\/a><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>FY 24 Results: Excellent Results<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sabvest\u2019s Net Asset Value (NAV) increased to R5bn, up 18% from R4,3bn and, amplified by share buy-backs at below-NAV prices, the Group\u2019s Net Asset Value per share (NAV ps) increased by 21% to 13213cps (FY 23: 10936cps).<\/li>\n\n\n\n<li>Major contributors to the NAV increase include strong performance from almost all investees, particularly ITL, which experienced a material fair value gain as the labelling group (finally) recovered strongly following the draw-out apparel sector post-COVID recovery.<\/li>\n\n\n\n<li>Major realizations during the period include Metrofile, Rolfes, WeBuyCars, and (a partial exit of) Sunspray.<\/li>\n\n\n\n<li>Share buybacks amounted to R59.9m (2023: R11.8 million) for 850 000 SBP shares (VWAP was c.7047cps).<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/03\/2025-03-31-Sabvest-Portfolio.png\"><img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"458\" src=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/03\/2025-03-31-Sabvest-Portfolio.png\" alt=\"\" class=\"wp-image-646\" srcset=\"https:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/03\/2025-03-31-Sabvest-Portfolio.png 720w, https:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/03\/2025-03-31-Sabvest-Portfolio-300x191.png 300w, https:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/03\/2025-03-31-Sabvest-Portfolio-624x397.png 624w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Thoughts: Positive Momentum Going Forward<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Growing investee profitability, central degearing annualizing and, possibly, further opportunistic share buy-backs are all promising for per share NAV growth in the coming period.<\/li>\n\n\n\n<li>Furthermore, we expect good NAV growth to be particularly driven by positive performances in Apex Partners (DRA Global\u2019s unlock) and the ITL Holdings Group (recovery shifting to growth).<\/li>\n\n\n\n<li>It is worth note that the consistent execution of profitable exits at or <em>above<\/em> book value further supports our view of the sturdiness of the Group\u2019s NAV.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Valuation, 12m TP &amp; Implied Return: Discounted<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>We estimate that the share is currently trading at a c.31% discount to its current 13108cps NAV and\u2014after including a HoldCo c.10% <em>discount<\/em> against this NAV of 10% (unchanged)\u2014we believe that the share\u2019s fair value is around 11798cps (previously: 10754cps).<\/li>\n\n\n\n<li>Rolling our post-discount fair value forward, we see the Group\u2019s 12m TP as 14017cps (previously: 12616cps) with an implied return of +55% from these levels.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-file\"><a id=\"wp-block-file--media-b9dba183-49d4-46b1-9ba6-b081b7178457\" href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/03\/Sabvest-Capital_Results-Note_FY-24.pdf\"><strong>Sabvest Capital &#8211; FY 24 Results Note<\/strong><\/a><a href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/03\/Sabvest-Capital_Results-Note_FY-24.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-b9dba183-49d4-46b1-9ba6-b081b7178457\">Download<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share Code: SBP \u2013 Market Cap: R3.5bn \u2013 Dividend Yield: 1.1% FY 24 Results: Excellent Results Thoughts: Positive Momentum Going Forward Valuation, 12m TP &amp; Implied Return: Discounted<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[13,15,60,118,140,20,30,16],"class_list":["post-644","post","type-post","status-publish","format-standard","hentry","category-sabvest_capital","tag-equity-research","tag-jse","tag-research","tag-sabvest","tag-sabvest-capital","tag-small-cap","tag-small-caps","tag-south-africa"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=\/wp\/v2\/posts\/644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=644"}],"version-history":[{"count":1,"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=\/wp\/v2\/posts\/644\/revisions"}],"predecessor-version":[{"id":647,"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=\/wp\/v2\/posts\/644\/revisions\/647"}],"wp:attachment":[{"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}