{"id":690,"date":"2025-08-26T01:01:00","date_gmt":"2025-08-26T01:01:00","guid":{"rendered":"https:\/\/bluegemresearch.co.za\/?p=690"},"modified":"2025-08-25T16:04:48","modified_gmt":"2025-08-25T16:04:48","slug":"sabvest-capital-h125-results-apex-drives-nav-growth","status":"publish","type":"post","link":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/?p=690","title":{"rendered":"Sabvest Capital \u2013 H1:25 Results \u2013 Apex Drives NAV Growth"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>Share Code: SBP &#8211; Market Cap: R3.6bn \u2013 Share Price discount to NAV: 31%<\/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\/08\/Sabvest-Capital_Results-Note_H1_25.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of &lt;strong&gt;Sabvest Capital - Results Note - H1:25&lt;\/strong&gt;.\"><\/object><a id=\"wp-block-file--media-d03ad778-db6a-4781-9092-bab13ffd253f\" href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/08\/Sabvest-Capital_Results-Note_H1_25.pdf\"><strong>Sabvest Capital &#8211; Results Note &#8211; H1:25<\/strong><\/a><a href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/08\/Sabvest-Capital_Results-Note_H1_25.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-d03ad778-db6a-4781-9092-bab13ffd253f\">Download<\/a><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>H1:25 Results: Share buy-backs enhance growth<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Sabvest&#8217;s Net Asset Value (NAV) grew +15% y\/y versus H1:24 (or +3% versus FY 24), which, when combined with further accretive share buy-backs, saw NAV per share grow +5% to 13882cps (FY 24: 13213cps).<\/li>\n\n\n\n<li>H1:25 share buybacks amounted to R69.3m (FY 24: R59.9m), or 735,000 SBP shares at a VWAP of c.9429cps (well below NAV and wonderfully accretive).<\/li>\n\n\n\n<li>Importantly, valuation multiples were kept flat during the period, thus providing NAV growth of good quality.<\/li>\n\n\n\n<li>Strong growth in Apex Partners and continued momentum in the recovery in ITL Holdings more than offset some disappointing performance in Amicus, Narrowtex (part of SA Bias), and Halewood SA.<\/li>\n\n\n\n<li>The dividend was hiked +14% to 40cps (H1:24 \u2013 35cps).<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/08\/2025-08-25-Sabvest.jpg\" target=\"_blank\" rel=\" noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"702\" src=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/08\/2025-08-25-Sabvest-1024x702.jpg\" alt=\"\" class=\"wp-image-692\" srcset=\"https:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/08\/2025-08-25-Sabvest-1024x702.jpg 1024w, https:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/08\/2025-08-25-Sabvest-300x206.jpg 300w, https:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/08\/2025-08-25-Sabvest-768x527.jpg 768w, https:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/08\/2025-08-25-Sabvest-624x428.jpg 624w, https:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/08\/2025-08-25-Sabvest.jpg 1120w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Thoughts: Momentum in H2:25E could rise<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>We expect continued growth from Apex (particularly as it unlocks value from DRA), and we expect ITL Holdings\u2019 and Valemount\u2019s respective performances to pick up momentum through the remaining year.<\/li>\n\n\n\n<li>We also expect near-term recoveries in both Amicus (likely) &amp; SA Bias\u2019 Flowmax (likely) with a medium-term upside in Valemount (probable) &amp; Halewood (possible).<\/li>\n\n\n\n<li>Overall, though, we expect a good H2:25E performance from the Group\u2019s businesses and their resulting investment values in Sabvest\u2019s H2:25E 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 13704cps NAV and\u2014after including a HoldCo <em>discount<\/em> against this NAV of 10% (unchanged)\u2014we believe that the share\u2019s fair value is around 12334cps (previously: 11798cps).<\/li>\n\n\n\n<li>Rolling our post-discount fair value forward, we see the Group\u2019s 12m TP as 14540cps (previously: 14017cps) with an implied return of +53% from these levels.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-file\"><a id=\"wp-block-file--media-d03ad778-db6a-4781-9092-bab13ffd253f\" href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/08\/Sabvest-Capital_Results-Note_H1_25.pdf\"><strong>Sabvest Capital &#8211; Results Note &#8211; H1:25<\/strong><\/a><a href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2025\/08\/Sabvest-Capital_Results-Note_H1_25.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-d03ad778-db6a-4781-9092-bab13ffd253f\">Download<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share Code: SBP &#8211; Market Cap: R3.6bn \u2013 Share Price discount to NAV: 31% H1:25 Results: Share buy-backs enhance growth Thoughts: Momentum in H2:25E could rise 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":[119,13,15,179,60,140,178,20,30,16],"class_list":["post-690","post","type-post","status-publish","format-standard","hentry","category-sabvest_capital","tag-chris-seabrooke","tag-equity-research","tag-jse","tag-masimong","tag-research","tag-sabvest-capital","tag-saqbvest","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\/690","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=690"}],"version-history":[{"count":1,"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=\/wp\/v2\/posts\/690\/revisions"}],"predecessor-version":[{"id":693,"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=\/wp\/v2\/posts\/690\/revisions\/693"}],"wp:attachment":[{"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}