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The SPAR Group (SPP) ZAR

At a glance: strengths & risks
✗Profit falling (-1472%)✗Loss-making last FY

Sector: Retail (grocery)

ZA_SPP

Price chart

40.41 ZARDay -1.44%

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
40.41 ZAR · -1.44%
Market cap
7.8 bn ZAR

Growth

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

Multiples

P/E (LTM)
—
P/B (FY)
1.5x
P/E (ann.)
26.4x
EV/EBITDA (LTM)
4.5x
EV/EBITDA (ann.)
5.1x

Cash return

Dividend yield
—
FCF yield (LTM)
3.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
-56.3%
↓ details

Liquidity

Daily turnover (listing)
29.7 mln ZAR

Shares: yahoo_fundamentals_timeseries/SPP.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
2026-03-27H1 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%5.4Link
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%5.0—
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%5.7Link
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%8.8—
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%6.3Link
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%9.7—
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 —
—7.5Link

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.

Fundamental value creation

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

Value created per year: -56.8%

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)
= (7 782 + 5 382) ÷ 2 940
4.5x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (4.5 + 8) ÷ 2
6.2x
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 × 6.2 + 0) ÷ 7 782
-56.8%

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).

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.

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.

Frequently asked questions

What is The SPAR Group (SPP)'s EV/EBITDA?
The SPAR Group (SPP) trades at 4.5x EV/EBITDA.
What is The SPAR Group (SPP)'s P/B ratio?
The SPAR Group (SPP) trades at a P/B of 1.5x.
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 7.8 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