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The Foschini Group (TFG) ZAR

The Foschini Group operates retail stores and online platforms, selling clothing, accessories, homeware, and other consumer goods under multiple brand names across South Africa and internationally.

At a glance: strengths & risks
✓Revenue growing (+7%)✗Profit falling (-59%)✗Margins compressing (10%→8%)

Sector: Retail

ZA_TFG

Price chart

47.9 ZARDay 1.76%

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
47.9 ZAR · 1.76%
Market cap
15.1 bn ZAR

Growth

Δ revenue y/y
2.7%
Δ EBITDA y/y
-230.7%

Multiples

P/E (LTM)
11.5x
P/B (FY)
0.6x
P/E (ann.)
20.3x
EV/EBITDA (LTM)
4.9x
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
5.6%
FCF yield (LTM)
30.6%

Value creation

fundamental value/yr, % of market cap
Value created / year
-57.8%
↓ details

Liquidity

Daily turnover (listing)
42 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
2026-03-31H2 2026 (6M)OK33.3
y/y 2.7%
-4.0
y/y -50.9%
3.3
y/y 2.7%
-0.7
y/y -230.7%
0.4
y/y -81.3%
5.2-0.960.2
y/y 0.9%
24.9
y/y -2.7%
5.3%8.0Link
2025-09-30H1 2026 (6M)OK29.2
y/y 12.7%
2.3
y/y -9.9%
3.1
y/y 11.8%
5.4
y/y 1.5%
0.9
y/y -21.2%
1.4-1.161.2
y/y 11.5%
25.2
y/y 3.9%
7.4%10.1Link
2025-03-31H2 2025 (6M)OK32.4
y/y 8.7%
-2.6
y/y 5.1%
3.2
y/y 7.5%
0.5
y/y 201.1%
2.0
y/y 11.9%
4.8-1.059.7
y/y 10.2%
25.6
y/y 6.1%
12.8%6.8Link
2024-09-30H1 2025 (6M)OK25.9
y/y -2.0%
2.5
y/y -4.1%
2.8
y/y 3.6%
5.4
y/y -0.2%
1.2
y/y -4.3%
0.9-0.854.9
y/y 4.1%
24.3
y/y 6.7%
9.9%7.6Link
2024-03-31H2 2024 (6M)OK29.8
y/y —
-2.8
y/y —
3.0
y/y —
0.2
y/y —
1.8
y/y —
5.7-1.054.2
y/y 2.0%
24.1
y/y 11.5%
12.9%4.9Link
2023-09-30H1 2024 (6M)OK26.4
y/y —
2.7
y/y —
2.7
y/y —
5.4
y/y —
1.3
y/y —
3.0-1.052.7
y/y —
22.7
y/y —
11.3%7.8Link
2023-03-31FY 2023 (12M)OK51.8
y/y —
4.9
y/y —
5.1
y/y —
10.0
y/y —
3.0
y/y —
3.1-3.053.1
y/y —
21.7
y/y —
—7.1Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

-10 000010 00020 00030 0002023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Year-over-year change

-400%-200%0%200%2023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Cash flow

FCF (ZAR mln)

-5 000-2 50002 5005 0007 5002023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Net debt / cash (ZAR mln)

02 5005 0007 50010 0002023 q32023 q42024 q12024 q32024 q42025 q12025 q32025 q42026 q12026 q4

Profit and cash

Worth a look
In a typical year of 2023–2026 operating cash flow came to 2.34x of reported net profit; after capex, 1.73x.
year2023202420252026
cash flow / profit1.03x2.88x1.80x5.03x
accruals, % of assets-0.2%-10.5%-4.3%-8.8%
Last twelve months (to 2026-03-31): 5.03x of profit came back as operating cash flow.
net debt / EBITDA 1.7x · capex 0.4x of depreciation
● Capex is 38% 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: -57.8%

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)
= (-711 − 544) × 2.00
-1 175
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (15 103 + 7 962) ÷ 4 724
4.9x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (4.9 + 8) ÷ 2
6.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -1 156 + 0 + 0 − 0
-1 156
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-1 175 × 6.4 + -1 156) ÷ 15 103
-57.8%

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
  • 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 +7% vs +4% the year before — a +3.5 pp move. 3-year CAGR +6%.
revenue growth by year: 2024 +9% · 2025 +4% · 2026 +7%
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: Retail. Each peer is shown as it trades and re-priced onto this company's market (South Africa) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Fix PriceRussia0.51.1x1.5x
Magazine LuizaBrazil1.13.0x2.2x
MagnitRussia1.62.0x2.6x
VseInstrumentiRussia0.52.6x3.4x
Woolworths HoldingsSouth Africa1.93.4x3.4x
X5 Retail GroupRussia6.62.6x3.4x
LentaRussia2.82.7x3.5x
BelugaRussia0.33.0x3.9x
Walmart de México y Centroamérica, S.A.B. de C.V.Mexico43.77.5x5.3x
Abrau DursoRussia0.24.7x6.2x
Shoprite HoldingsSouth Africa10.16.4x6.4x
OKEYRussia0.25.3x7.0x
Group median3.0x3.5x
Group average3.7x4.1x
This companySouth Africa0.94.9x4.9x

Group median 3.0x as traded, 3.5x adjusted; this company 4.9x — a 40% premium.

Group average 3.7x as traded, 4.1x adjusted; against the average this company is at a 20% premium.

At the adjusted group median the market cap would be -44% 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 18.3x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-04; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-15140 ZAREx-dividend: 140 ZAR per sharePaidYahoo Finance (ex-div)
2025-12-30130 ZAREx-dividend: 130 ZAR per sharePaidYahoo Finance (ex-div)
2025-07-16230 ZAREx-dividend: 230 ZAR per sharePaidYahoo Finance (ex-div)
2024-12-31160 ZAREx-dividend: 160 ZAR per sharePaidYahoo Finance (ex-div)
2024-07-17200 ZAREx-dividend: 200 ZAR per sharePaidYahoo Finance (ex-div)
2024-01-03150 ZAREx-dividend: 150 ZAR per sharePaidYahoo Finance (ex-div)
2023-07-19150 ZAREx-dividend: 150 ZAR per sharePaidYahoo Finance (ex-div)
2023-01-04170 ZAREx-dividend: 170 ZAR per sharePaidYahoo Finance (ex-div)
2022-07-20330 ZAREx-dividend: 330 ZAR per sharePaidYahoo Finance (ex-div)
2022-01-05170 ZAREx-dividend: 170 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).

Investor reporting (IR): https://tfglimited.co.za/investor-relations/

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 Foschini Group (TFG) — from primary filings.

Frequently asked questions

What is The Foschini Group (TFG)'s P/E ratio?
The Foschini Group (TFG) trades at a P/E of 11.5x (price to trailing 12-month earnings).
What is The Foschini Group (TFG)'s EV/EBITDA?
The Foschini Group (TFG) trades at 4.9x EV/EBITDA.
What is The Foschini Group (TFG)'s P/B ratio?
The Foschini Group (TFG) trades at a P/B of 0.6x.
What is The Foschini Group (TFG)'s dividend yield?
The Foschini Group (TFG)'s trailing 12-month dividend yield is 5.6%.
What is The Foschini Group (TFG)'s return on equity (ROE)?
The Foschini Group (TFG)'s ROE is 3.0%.
What is The Foschini Group (TFG)'s market capitalization?
The Foschini Group (TFG)'s market cap is 15.1 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