{"id":731,"date":"2026-03-23T01:01:00","date_gmt":"2026-03-23T01:01:00","guid":{"rendered":"https:\/\/bluegemresearch.co.za\/?p=731"},"modified":"2026-03-22T05:53:18","modified_gmt":"2026-03-22T05:53:18","slug":"sabvest-capital-fy-25-results-strong-growth-more-to-come","status":"publish","type":"post","link":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/?p=731","title":{"rendered":"Sabvest Capital \u2013 FY 25 Results \u2013 Strong Growth, More to Come"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>Share Code: SBP \u2013 Market Cap: R6bn \u2013 Share Price discount to NAV: 12%<\/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\/2026\/03\/Sabvest-Capital_Results-Note_FY-25.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of &lt;strong&gt;Sabvest Capital - FY 25 - Results Note&lt;\/strong&gt;.\"><\/object><a id=\"wp-block-file--media-b8f409d9-46d0-4b0f-8dd2-c04cdf291967\" href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2026\/03\/Sabvest-Capital_Results-Note_FY-25.pdf\"><strong>Sabvest Capital &#8211; FY 25 &#8211; Results Note<\/strong><\/a><a href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2026\/03\/Sabvest-Capital_Results-Note_FY-25.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-b8f409d9-46d0-4b0f-8dd2-c04cdf291967\">Download<\/a><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>FY 25 Results: Excellent Growth<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Sabvest <\/strong>reported excellent growth (+22% y\/y) in its Net Asset Value (NAV) per share to 16105cps (FY 24: 13213cps), predominantly driven by <strong>Apex Partners\u2019<\/strong> tripling in value during the period (Apex took control of &amp;, thus, started consolidating in DRA during the year).<\/li>\n\n\n\n<li>The Group hiked its dividend accordingly by +28% to 130cps (FY 24: 105cps), and its balance sheet is largely ungeared with good capacity for future investments.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2026\/03\/2026-03-23-Sabvest.png\" target=\"_blank\" rel=\" noreferrer noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"836\" height=\"452\" src=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2026\/03\/2026-03-23-Sabvest.png\" alt=\"\" class=\"wp-image-733\" srcset=\"https:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2026\/03\/2026-03-23-Sabvest.png 836w, https:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2026\/03\/2026-03-23-Sabvest-300x162.png 300w, https:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2026\/03\/2026-03-23-Sabvest-768x415.png 768w, https:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2026\/03\/2026-03-23-Sabvest-624x337.png 624w\" sizes=\"auto, (max-width: 836px) 100vw, 836px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Thoughts: Momentum Likely to Continue<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Most of Sabvest\u2019s businesses have clearly positive prospects, with some more neutral, and only <strong>Halewood<\/strong> potentially showing structural weakness (declines in the global alcoholic beverage market persist).<\/li>\n\n\n\n<li>FY 26E should see <strong>Apex<\/strong> consolidate DRA Global for a full twelve months, implying upside in its FY 26E fair value.<\/li>\n\n\n\n<li><strong>ITL Holdings<\/strong> and <strong>SA Bias\u2019s <\/strong>Flowmax are well-positioned to grow (organically and\/or acquisitively) while <strong>Amicus<\/strong> should benefit from its Global Grinder merger in due course. At the same time, <strong>Masimong\u2019s <\/strong>Seriti should reap a material windfall from higher energy\/thermal coal prices following the USA-Iran war.<\/li>\n\n\n\n<li>The obvious risk to our view is a prolonged disruption to the global economy caused by the USA-Iran war.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Valuation &amp; Implied Return: Starting to Reflect Value<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>We estimate that the share is currently trading at a discount to its current 16180cps 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 14613cps (previously: 12334cps).<\/li>\n\n\n\n<li>Rolling our post-discount fair value forward, we see the Group\u2019s 12m TP as 17119cps (previously: 14540cps) with an implied return of +20% from these levels.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-file\"><a id=\"wp-block-file--media-b8f409d9-46d0-4b0f-8dd2-c04cdf291967\" href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2026\/03\/Sabvest-Capital_Results-Note_FY-25.pdf\"><strong>Sabvest Capital &#8211; FY 25 &#8211; Results Note<\/strong><\/a><a href=\"http:\/\/v5j22kvl0zh.c.updraftclone.com\/wp-content\/uploads\/2026\/03\/Sabvest-Capital_Results-Note_FY-25.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-b8f409d9-46d0-4b0f-8dd2-c04cdf291967\">Download<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Share Code: SBP \u2013 Market Cap: R6bn \u2013 Share Price discount to NAV: 12% FY 25 Results: Excellent Growth Thoughts: Momentum Likely to Continue Valuation &amp; Implied Return: Starting to Reflect Value<\/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":[],"class_list":["post-731","post","type-post","status-publish","format-standard","hentry","category-sabvest_capital"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=\/wp\/v2\/posts\/731","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=731"}],"version-history":[{"count":1,"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=\/wp\/v2\/posts\/731\/revisions"}],"predecessor-version":[{"id":734,"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=\/wp\/v2\/posts\/731\/revisions\/734"}],"wp:attachment":[{"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/v5j22kvl0zh.c.updraftclone.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}