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Pepkor (PPH) ZAR

Pepkor Holdings is the largest discount and value retailer in southern Africa, operating chains including PEP, Ackermans and Shoe City, alongside fintech and telecom offerings for mass-market consumers.

At a glance: strengths & risks
✓Revenue growing (+13% y/y, H1 2026)✓Low leverage (0.6x EBITDA)

Sector: Discount retail

ZA_PPH

Price chart

18.5 ZARDay 1.93%

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
18.5 ZAR · 1.93%
Market cap
68.3 bn ZAR

Growth

Δ revenue y/y
13.2%
Δ EBITDA y/y
11.6%

Multiples

P/E (LTM)
11.5x
P/B (FY)
1.1x
P/E (ann.)
10.2x
EV/EBITDA (LTM)
4.2x
EV/EBITDA (ann.)
4.5x

Cash return

Dividend yield
2.9%
FCF yield (LTM)
2.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+11.5%
↓ details

Liquidity

Daily turnover (listing)
202.8 mln ZAR

Shares: yahoo_fundamentals_timeseries/PPH.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
2026-03-31H1 2026 (6M)OK54.8
y/y 13.2%
6.3
y/y 9.4%
2.8
y/y 17.1%
9.1
y/y 11.6%
3.4
y/y 9.8%
1.3-1.0124.3
y/y 12.0%
65.2
y/y 7.5%
10.5%13.1stockanalysis.com
2025-09-30H2 2025 (6M)OK46.9
y/y 12.0%
7.5
y/y 31.3%
2.5
y/y -4.4%
10.1
y/y 20.1%
2.6
y/y 747.1%
3.1-1.7115.0
y/y 6.8%
63.2
y/y 8.0%
9.1%8.9Yahoo Finance
2025-03-31H1 2025 (6M)OK48.5
y/y 12.0%
5.8
y/y 13.2%
2.4
y/y 4.5%
8.2
y/y 10.5%
3.1
y/y 23.7%
1.4-1.1111.0
y/y 0.4%
60.7
y/y 1.5%
10.3%9.8stockanalysis.com
2024-09-30H2 2024 (6M)OK41.9
y/y 6.2%
5.7
y/y 80.0%
2.6
y/y 10.4%
8.4
y/y 50.2%
-0.4
y/y 90.7%
5.8-1.5107.7
y/y -0.9%
58.5
y/y -0.5%
3.5%7.3Yahoo Finance
2024-03-31H1 2024 (6M)OK43.3
y/y 9.5%
5.1
y/y 8.6%
2.3
y/y -0.3%
7.4
y/y 5.7%
2.5
y/y -17.1%
0.4-1.1110.6
y/y -2.5%
59.7
y/y -6.1%
8.3%8.6stockanalysis.com
2023-09-30H2 2023 (6M)OK39.4
y/y —
3.2
y/y —
2.4
y/y —
5.6
y/y —
-4.3
y/y —
5.1-1.5108.7
y/y —
58.8
y/y —
-2.1%7.6Yahoo Finance
2023-03-31H1 2023 (6M)OK39.5
y/y —
4.7
y/y —
2.3
y/y —
7.0
y/y —
3.0
y/y —
0.6-1.2113.4
y/y —
63.6
y/y —
—9.0stockanalysis.com

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

-20 000020 00040 00060 0002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Year-over-year change

0%10%20%30%2023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Cash flow

FCF (ZAR mln)

-4 000-2 00002 0004 0006 0008 0002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Net debt / cash (ZAR mln)

05 00010 00015 0002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Profit and cash

Worth a look
In a typical year of 2022–2025 operating cash flow came to 0.89x of reported net profit; after capex, 0.48x. Loss years (2023) are left out of the ratio.
year2022202320242025
cash flow / profit0.89x—2.98x0.79x
accruals, % of assets0.6%-6.5%-3.8%1.0%
Last twelve months (to 2026-03-31): 0.74x of profit came back as operating cash flow.
net debt / EBITDA 0.6x · capex 0.6x of depreciation
● Capex is 57% of depreciation - the asset base is being consumed faster than replaced.
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.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

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

Value created per year: +11.5%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (9 130 − 8 179) × 1.81
1 724
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (68 263 + 13 146) ÷ 16 552
4.9x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (4.9 + 8) ÷ 2
6.5x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -3 310 + 0 + 0 − 0
-3 310
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (1 724 × 6.5 + -3 310) ÷ 68 263
+11.5%

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 accelerating ▲
Last-year revenue growth +12% vs +8% the year before — a +4.2 pp move. 3-year CAGR +6%.
revenue growth by year: 2023 -3% · 2024 +8% · 2025 +12%
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).

EV/EBITDA — daily history

Current 5.5x · 3-year 75th pct 8.0x

EV/EBITDA3-year 75th pct

Peer comparison

Group: consumer (South Africa). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Woolworths HoldingsSouth Africa2.13.7x
Mr Price GroupSouth Africa2.64.1x
Pick n Pay StoresSouth Africa0.94.4x
The SPAR GroupSouth Africa0.54.9x
Truworths InternationalSouth Africa1.04.9x
The Foschini GroupSouth Africa1.05.0x
Bidvest / BidcorpSouth Africa4.76.4x
AVI LimitedSouth Africa1.66.5x
Shoprite HoldingsSouth Africa11.06.9x
Tiger BrandsSouth Africa2.37.4x
Group median5.0x
Group average5.4x
This companySouth Africa4.14.2x

Group median 5.0x; this company 4.2x — a 15% discount.

Group average 5.4x; against the average this company is at a 22% discount.

At the adjusted group median the market cap would be +19% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.0x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.3x, India 18.4x, Indonesia 4.7x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-01-1452.9549 ZAREx-dividend: 52.9549 ZAR per sharePaidYahoo Finance (ex-div)
2025-01-1548.5053 ZAREx-dividend: 48.5053 ZAR per sharePaidYahoo Finance (ex-div)
2024-01-1748.0757 ZAREx-dividend: 48.0757 ZAR per sharePaidYahoo Finance (ex-div)
2023-01-1855.1667 ZAREx-dividend: 55.1667 ZAR per sharePaidYahoo Finance (ex-div)
2022-01-1944.2 ZAREx-dividend: 44.2 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 Pepkor (PPH) — from primary filings.

Frequently asked questions

What is Pepkor (PPH)'s P/E ratio?
Pepkor (PPH) trades at a P/E of 11.5x (price to trailing 12-month earnings).
What is Pepkor (PPH)'s EV/EBITDA?
Pepkor (PPH) trades at 4.2x EV/EBITDA.
What is Pepkor (PPH)'s P/B ratio?
Pepkor (PPH) trades at a P/B of 1.1x.
What is Pepkor (PPH)'s dividend yield?
Pepkor (PPH)'s trailing 12-month dividend yield is 2.9%.
What is Pepkor (PPH)'s return on equity (ROE)?
Pepkor (PPH)'s ROE is 10.5%.
What is Pepkor (PPH)'s market capitalization?
Pepkor (PPH)'s market cap is 68.3 bn ZAR.

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