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Tiger Brands (TBS) ZAR

Tiger Brands manufactures and sells packaged food, home care, and personal care products in South Africa and internationally, including baked goods, canned foods, beverages, and household items.

At a glance: strengths & risks
✓Margins improving (12%→14%, H1 2026)✓Net cash balance sheet✗Profit falling (-22% y/y, H1 2026)

Sector: Food producer

ZA_TBS

Price chart

247.28 ZARDay 0.86%

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
247.28 ZAR · 0.86%
Market cap
35.7 bn ZAR

Growth

Δ revenue y/y
1.3%
Δ EBITDA y/y
19.5%

Multiples

P/E (LTM)
10.6x
P/B (FY)
2.1x
P/E (ann.)
10.8x
EV/EBITDA (LTM)
7.1x
EV/EBITDA (ann.)
7.1x

Cash return

Dividend yield
17.7%
FCF yield (LTM)
-14.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
+2.6%
↓ details

Liquidity

Daily turnover (listing)
94.5 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
2026-03-31H1 2026 (6M)OK17.9
y/y 1.3%
2.1
y/y 26.1%
0.4
y/y -4.5%
2.5
y/y 19.5%
1.7
y/y -21.6%
1.7-0.722.1
y/y -22.0%
11.3
y/y -40.0%
23.5%-0.6stockanalysis.com
2025-09-30H2 2025 (6M)OK16.7
y/y 8.8%
2.0
y/y 47.9%
0.4
y/y 0.6%
2.4
y/y 37.1%
1.7
y/y 9.6%
-0.7-0.727.0
y/y 1.2%
17.0
y/y -6.7%
21.3%-3.1Yahoo Finance
2025-03-31H1 2025 (6M)OK17.7
y/y -2.5%
1.6
y/y 19.8%
0.4
y/y -13.1%
2.1
y/y 10.8%
2.1
y/y 47.8%
2.9-0.528.3
y/y 3.3%
18.9
y/y 8.8%
22.9%-5.8stockanalysis.com
2024-09-30H2 2024 (6M)OK15.4
y/y -14.7%
1.4
y/y -13.5%
0.4
y/y -15.8%
1.8
y/y -14.0%
1.6
y/y 3.8%
2.8-0.426.6
y/y 2.4%
18.2
y/y 5.0%
16.8%-0.8Yahoo Finance
2024-03-31H1 2024 (6M)OK18.1
y/y -6.5%
1.4
y/y 0.6%
0.5
y/y 10.2%
1.9
y/y 3.1%
1.4
y/y 19.0%
0.1-0.527.4
y/y 5.9%
17.3
y/y 4.2%
16.5%0.0stockanalysis.com
2023-09-30H2 2023 (6M)OK18.0
y/y —
1.6
y/y —
0.5
y/y —
2.1
y/y —
1.5
y/y —
0.5-0.726.0
y/y —
17.3
y/y —
15.9%0.9Yahoo Finance
2023-03-31H1 2023 (6M)OK19.4
y/y —
1.4
y/y —
0.5
y/y —
1.8
y/y —
1.2
y/y —
-0.2-0.525.9
y/y —
16.6
y/y —
—0.3stockanalysis.com

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

-5 00005 00010 00015 00020 0002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Year-over-year change

-150%-100%-50%0%2023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Cash flow

FCF (ZAR mln)

-10 000-5 00005 0002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Net debt / cash (ZAR mln)

-6 000-4 000-2 00002023 q12023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q1

Profit and cash

Profit runs ahead of cash
In a typical year of 2022–2025 operating cash flow came to 0.41x of reported net profit; after capex, 0.08x.
year2022202320242025
cash flow / profit0.23x0.14x0.99x0.60x
accruals, % of assets9.2%8.9%0.1%5.7%
Last twelve months (to 2026-03-31): 0.32x of profit came back as operating cash flow.
net debt / EBITDA -0.7x · capex 1.2x of depreciation
● In a typical year operating cash flow covered 41% of reported profit (4 profitable years).
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: +2.6%

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)
= (2 489 − 2 083) × 1.98
805
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (35 725 + -625) ÷ 4 938
7.1x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (7.1 + 8) ÷ 2
7.6x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -5 142 + 0 + 0 − 0
-5 142
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (805 × 7.6 + -5 142) ÷ 35 725
+2.6%

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 +3% vs -10% the year before — a +13.1 pp move. 3-year CAGR +0%.
revenue growth by year: 2023 +10% · 2024 -10% · 2025 +3%
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 SPAR GroupSouth Africa0.54.8x
The Foschini GroupSouth Africa0.94.9x
Bidvest / BidcorpSouth Africa4.56.2x
Shoprite HoldingsSouth Africa10.16.4x
AVI LimitedSouth Africa1.66.7x
Group median4.7x
Group average4.9x
This companySouth Africa2.17.1x

Group median 4.7x; this company 7.1x — a 51% premium.

Group average 4.9x; against the average this company is at a 44% premium.

At the adjusted group median the market cap would be -31% 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
2026-07-01430 ZAREx-dividend: 430 ZAR per sharePaidYahoo Finance (ex-div)
2026-01-143 939 ZAREx-dividend: 3 939 ZAR per sharePaidYahoo Finance (ex-div)
2025-07-021 631 ZAREx-dividend: 1 631 ZAR per sharePaidYahoo Finance (ex-div)
2025-01-15684 ZAREx-dividend: 684 ZAR per sharePaidYahoo Finance (ex-div)
2024-07-03350 ZAREx-dividend: 350 ZAR per sharePaidYahoo Finance (ex-div)
2024-01-17671 ZAREx-dividend: 671 ZAR per sharePaidYahoo Finance (ex-div)
2023-07-05320 ZAREx-dividend: 320 ZAR per sharePaidYahoo Finance (ex-div)
2023-01-18653 ZAREx-dividend: 653 ZAR per sharePaidYahoo Finance (ex-div)
2022-06-29320 ZAREx-dividend: 320 ZAR per sharePaidYahoo Finance (ex-div)
2022-01-12506 ZAREx-dividend: 506 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 Tiger Brands (TBS) — from primary filings.

Frequently asked questions

What is Tiger Brands (TBS)'s P/E ratio?
Tiger Brands (TBS) trades at a P/E of 10.6x (price to trailing 12-month earnings).
What is Tiger Brands (TBS)'s EV/EBITDA?
Tiger Brands (TBS) trades at 7.1x EV/EBITDA.
What is Tiger Brands (TBS)'s P/B ratio?
Tiger Brands (TBS) trades at a P/B of 2.1x.
What is Tiger Brands (TBS)'s dividend yield?
Tiger Brands (TBS)'s trailing 12-month dividend yield is 17.7%.
What is Tiger Brands (TBS)'s return on equity (ROE)?
Tiger Brands (TBS)'s ROE is 23.5%.
What is Tiger Brands (TBS)'s market capitalization?
Tiger Brands (TBS)'s market cap is 35.7 bn ZAR.

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