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Pick n Pay Stores (PIK) ZAR

At a glance: strengths & risks
✓Net cash balance sheet✗Loss-making last FY

Sector: Retail (grocery)

ZA_PIK

Price chart

19.03 ZARDay 1.22%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
19.03 ZAR · 1.22%
Market cap
14.0 bn ZAR

Growth

Δ revenue y/y
-2.6%
Δ EBITDA y/y
-37.3%

Multiples

P/E (LTM)
—
P/B (FY)
1.5x
P/E (ann.)
<0
EV/EBITDA (LTM)
4.0x
EV/EBITDA (ann.)
11.3x

Cash return

Dividend yield
—
FCF yield (LTM)
65.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
-77.2%
↓ details

Liquidity

Daily turnover (listing)
27.6 mln ZAR

Shares: yahoo_fundamentals_timeseries/PIK.JO

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B ZAR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB ZAROperating profitB ZARD&AB ZAREBITDAB ZARNet profitB ZAROperating CFB ZARCapex + M&AB ZARAssetsB ZAREquityB ZARROE (annualized)Net debtB ZARSource
2026-02-28FY 2026 (12M)OK120.3
y/y 1.0%
-1.2
y/y —
3.9
y/y 1.9%
2.7
y/y -0.7%
-0.7
y/y —
3.2-2.045.5
y/y -2.8%
9.6
y/y -7.1%
-7.2%-3.1—
2025-08-31H1 2026 (6M)OK60.3
y/y 4.9%
0.3
y/y 273.5%
1.9
y/y 2.2%
2.2
y/y 13.7%
-0.5
y/y —
2.9-0.947.4
y/y 3.0%
10.6
y/y 266.9%
-9.5%-5.1Link
2025-02-28FY 2025 (12M)OK119.0
y/y 6.0%
-1.1
y/y —
3.8
y/y -5.1%
2.7
y/y 53.0%
-0.7
y/y —
2.1-1.746.8
y/y -0.2%
10.3
y/y —
-11.2%-4.2—
2024-08-25H1 2025 (6M)OK57.5
y/y 4.1%
0.1
y/y 161.0%
1.9
y/y -4.3%
2.0
y/y -1.7%
-0.8
y/y —
1.5-0.646.0
y/y -1.7%
2.9
y/y 17.1%
-127.9%-0.5Link
2024-02-29FY 2024 (12M)OK112.3
y/y 5.4%
-2.2
y/y -202.6%
4.0
y/y 12.8%
1.8
y/y -68.9%
-3.3
y/y -382.2%
2.5-3.446.9
y/y 9.9%
-0.3
y/y -107.9%
-304.6%6.1—
2023-08-27H1 2024 (6M)OK55.2
y/y —
0.0
y/y —
2.0
y/y —
2.0
y/y —
-0.6
y/y —
3.0-1.846.8
y/y —
2.5
y/y —
-37.1%-0.1Link
2023-02-28FY 2023 (12M)OK106.6
y/y —
2.2
y/y —
3.6
y/y —
5.7
y/y —
1.2
y/y —
2.7-3.642.7
y/y —
3.7
y/y —
—3.7—

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

025 00050 00075 000100 000125 0002023 FY2024 FY2025 FY2026 FY

Year-over-year change

-100%-50%0%50%2023 FY2024 FY2025 FY2026 FY

Cash flow

FCF (ZAR mln)

-1 00001 0002 0002023 FY2024 FY2025 FY2026 FY

Net debt / cash (ZAR mln)

-5 000-2 50002 5005 0002023 FY2024 FY2025 FY2026 FY

Profit and cash

Profit is cash-backed
In a typical year of 2023–2026 operating cash flow came to 2.32x of reported net profit; after capex, -0.78x. Loss years (2024, 2025, 2026) are left out of the ratio.
year2023202420252026
cash flow / profit2.32x———
accruals, % of assets-3.6%-12.3%-6.2%-8.5%
net debt / EBITDA -1.1x · capex 0.7x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -77.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-02-28 vs 2025-02-28)
= (483 − 770) × 5.62
-1 612
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (13 970 + -3 077) ÷ 2 713
4.0x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (4.0 + 8) ÷ 2
6.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -1 101 + 0 + 0 − 0
-1 101
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-1 612 × 6.0 + -1 101) ÷ 13 970
-77.2%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +1% vs +6% the year before — a -5.0 pp move. 3-year CAGR +4%.
revenue growth by year: 2024 +5% · 2025 +6% · 2026 +1%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2023-05-31119.2539 ZAREx-dividend: 119.2539 ZAR per sharePaidYahoo Finance (ex-div)
2022-11-3038.1221 ZAREx-dividend: 38.1221 ZAR per sharePaidYahoo Finance (ex-div)
2022-06-01157.546 ZAREx-dividend: 157.546 ZAR per sharePaidYahoo Finance (ex-div)
2021-12-0130.4297 ZAREx-dividend: 30.4297 ZAR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Pick n Pay Stores (PIK) — from primary filings.

Pick n Pay Stores Limited is a South African retail company that operates hypermarkets, supermarkets, and other store formats, selling food, clothing, liquor, and general merchandise. It also offers online shopping services and has a presence in other African countries.

Frequently asked questions

What is Pick n Pay Stores (PIK)'s EV/EBITDA?
Pick n Pay Stores (PIK) trades at 4.0x EV/EBITDA.
What is Pick n Pay Stores (PIK)'s P/B ratio?
Pick n Pay Stores (PIK) trades at a P/B of 1.5x.
What is Pick n Pay Stores (PIK)'s return on equity (ROE)?
Pick n Pay Stores (PIK)'s ROE is -4.9%.
What is Pick n Pay Stores (PIK)'s market capitalization?
Pick n Pay Stores (PIK)'s market cap is 14.0 bn ZAR.

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