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The SPAR Group (SPP) ZAR

The SPAR Group is a wholesale and distribution company that supplies goods and services to grocery stores and retail outlets under various brands, including SUPERSPAR, SPAR, and KWIKSPAR, operating in South Africa and internationally.

Sector: Retail (grocery)

ZA_SPP

Price chart

45.54 ZARDay 3.59%

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
45.54 ZAR · 3.59%
Market cap
8.8 bn ZAR

Growth

Δ revenue y/y
3.6%
Δ EBITDA y/y
-47.2%

Multiples

P/E (LTM)
—
P/B (FY)
1.7x
P/E (ann.)
29.8x
EV/EBITDA (LTM)
4.8x
EV/EBITDA (ann.)
5.5x

Cash return

Dividend yield
—
FCF yield (LTM)
3.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
-51.8%
↓ details

Liquidity

Daily turnover (listing)
2.7 mln ZAR

Shares: connector/market_inputs

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
2026-03-27H1 2026 (6M)OK67.5
y/y 3.6%
0.7
y/y -45.3%
0.5
y/y -49.5%
1.3
y/y -47.2%
0.1
y/y —
-1.0-0.444.8
y/y -19.1%
5.4
y/y -17.3%
5.5%5.4stockanalysis.com
2025-09-30H2 2025 (6M)OK66.3
y/y 2.7%
1.1
y/y 4.3%
0.5
y/y -70.0%
1.7
y/y -41.3%
-0.6
y/y -293.2%
2.9-0.446.2
y/y -21.2%
5.3
y/y -48.8%
-81.5%5.0Yahoo Finance
2025-03-28H1 2025 (6M)OK65.2
y/y -2.0%
1.4
y/y -5.7%
1.1
y/y 95.8%
2.4
y/y 22.6%
-4.3
y/y -7583.8%
1.3-0.555.4
y/y -10.2%
6.5
y/y -36.2%
-100.8%5.7stockanalysis.com
2024-09-30H2 2024 (6M)OK64.5
y/y -13.9%
1.1
y/y 23.4%
1.7
y/y 38.6%
2.8
y/y 32.3%
0.3
y/y 170.8%
2.9-0.658.6
y/y -5.1%
10.4
y/y 1.6%
3.4%8.8Yahoo Finance
2024-03-31H1 2024 (6M)OK66.5
y/y -7.1%
1.4
y/y -8.5%
0.6
y/y -45.8%
2.0
y/y -23.2%
0.1
y/y -93.0%
0.5-0.761.7
y/y 2.1%
10.2
y/y -4.5%
1.1%6.3stockanalysis.com
2023-09-30H2 2023 (6M)OK74.9
y/y —
0.9
y/y —
1.2
y/y —
2.1
y/y —
-0.4
y/y —
4.3-0.961.8
y/y —
10.2
y/y —
3.8%9.7Yahoo Finance
2023-03-31H1 2023 (6M)OK71.5
y/y —
1.6
y/y —
1.0
y/y —
2.6
y/y —
0.8
y/y —
0.1-1.260.4
y/y —
10.7
y/y —
—7.5stockanalysis.com

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

-20 000020 00040 00060 00080 0002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Year-over-year change

-200%-100%0%2023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Cash flow

FCF (ZAR mln)

-2 00002 0004 0002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Net debt / cash (ZAR mln)

02 0004 0006 0008 00010 0002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 9.85x of reported net profit; after capex, 5.86x. Loss years (2025) are left out of the ratio.
year2022202320242025
cash flow / profit1.14x10.93x9.85x—
accruals, % of assets-0.5%-6.5%-5.3%-19.7%
net debt / EBITDA 1.2x · 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.

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: -51.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-27 vs 2025-03-28)
= (1 290 − 2 441) × 2.28
-709
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (8 770 + 5 382) ÷ 2 940
4.8x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (4.8 + 8) ÷ 2
6.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 280 + 0 + 0 − 0
0
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-709 × 6.4 + 0) ÷ 8 770
-51.8%

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
  • net-cash rise stripped: net debt fell while EBITDA declined and no share dilution measured (likely equity raise / recapitalisation)
  • EBITDA growth from 3-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +0% vs -11% the year before — a +10.9 pp move. 3-year CAGR -1%.
revenue growth by year: 2023 +8% · 2024 -11% · 2025 +0%
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).

Peer comparison

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

CompanyMarketCap, $bnEV/EBITDA
Woolworths HoldingsSouth Africa1.93.4x
Mr Price GroupSouth Africa2.64.1x
PepkorSouth Africa3.94.1x
Pick n Pay StoresSouth Africa0.94.2x
Truworths InternationalSouth Africa0.94.6x
The Foschini GroupSouth Africa0.94.9x
Bidvest / BidcorpSouth Africa4.56.2x
Shoprite HoldingsSouth Africa10.16.4x
AVI LimitedSouth Africa1.66.7x
Tiger BrandsSouth Africa2.17.0x
Group median4.7x
Group average5.2x
This companySouth Africa0.54.8x

Group median 4.7x; this company 4.8x — a 1% premium.

Group average 5.2x; against the average this company is at a 7% discount.

At the adjusted group median the market cap would be -2% 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 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2022-12-07225 ZAREx-dividend: 225 ZAR per sharePaidYahoo Finance (ex-div)
2022-06-29175 ZAREx-dividend: 175 ZAR per sharePaidYahoo Finance (ex-div)
2021-12-08536 ZAREx-dividend: 536 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 The SPAR Group (SPP) — from primary filings.

Frequently asked questions

What is The SPAR Group (SPP)'s EV/EBITDA?
The SPAR Group (SPP) trades at 4.8x EV/EBITDA.
What is The SPAR Group (SPP)'s P/B ratio?
The SPAR Group (SPP) trades at a P/B of 1.7x.
What is The SPAR Group (SPP)'s return on equity (ROE)?
The SPAR Group (SPP)'s ROE is 5.5%.
What is The SPAR Group (SPP)'s market capitalization?
The SPAR Group (SPP)'s market cap is 8.8 bn ZAR.

See also: South African Stocks (2026): Gold, Cheap Banks and the JSE Discount · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map