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Truworths International ZAR

Truworths International is an investment holding and management company that retails fashion apparel, accessories, and homeware through its Truworths Africa and Office UK segments, offering products for women, men, and kids under various brand names.

At a glance: strengths & risks
✓Low leverage (0.5x EBITDA)✗Margins compressing (22%→18%)

Sector: Retail (apparel)

ZA_TRU

Price chart

42.71 ZARDay 0.59%

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
42.71 ZAR · 0.59%
Market cap
15.5 bn ZAR

Growth

Δ revenue y/y
-0.4%
Δ EBITDA y/y
-50.7%

Multiples

P/E (LTM)
5.8x
P/B (FY)
1.5x
P/E (ann.)
9.3x
EV/EBITDA (LTM)
4.6x
EV/EBITDA (ann.)
8.8x

Cash return

Dividend yield
11.0%
FCF yield (LTM)
-0.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
-41.0%
↓ details

Liquidity

Daily turnover (listing)
13.3 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
2026-06-30FY 2026 (12M)OK21.3
y/y 0.1%
2.2
y/y -31.5%
1.6
y/y 3.6%
3.8
y/y -20.2%
2.7
y/y -4.6%
2.4-0.620.1
y/y 0.9%
10.3
y/y -4.0%
25.1%1.8Yahoo Finance
2025-12-28H1 2026 (6M)OK12.1
y/y 0.4%
2.1
y/y 2.7%
0.8
y/y -0.8%
2.8
y/y 1.7%
1.8
y/y 0.4%
2.7-0.320.2
y/y -0.0%
10.9
y/y 1.4%
33.9%4.7stockanalysis.com
2025-06-30FY 2025 (12M)OK21.3
y/y 3.2%
3.2
y/y 1.5%
1.5
y/y 2.8%
4.7
y/y 1.9%
2.8
y/y -28.2%
2.8-0.719.9
y/y 6.7%
10.7
y/y 12.9%
26.0%1.5Yahoo Finance
2024-12-29H1 2025 (6M)OK12.1
y/y 2.5%
2.0
y/y -5.2%
0.8
y/y 5.6%
2.8
y/y -2.5%
1.8
y/y -7.3%
3.1-0.420.2
y/y 14.6%
10.7
y/y 23.1%
36.1%0.5stockanalysis.com
2024-06-30H2 2024 (6M)OK8.9
y/y -1.7%
1.1
y/y 44.1%
0.8
y/y 4.5%
1.8
y/y 24.3%
1.9
y/y 37.2%
-0.1-0.418.7
y/y 15.6%
9.5
y/y 24.2%
42.7%1.8Yahoo Finance
2023-12-31H1 2024 (6M)OK11.8
y/y —
2.1
y/y —
0.7
y/y —
2.8
y/y —
2.0
y/y —
2.5-0.417.6
y/y —
8.7
y/y —
48.1%-1.9stockanalysis.com
2023-06-30H2 2023 (6M)OK9.0
y/y —
0.7
y/y —
0.7
y/y —
1.5
y/y —
1.4
y/y —
0.1-0.316.1
y/y —
7.7
y/y —
43.9%0.8Yahoo Finance
2023-01-01H1 2023 (6M)OK10.9
y/y —
2.0
y/y —
0.6
y/y —
2.7
y/y —
1.9
y/y —
1.5-0.415.5
y/y —
7.3
y/y —
—-1.1stockanalysis.com

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

02 5005 0007 50010 00012 5002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Year-over-year change

-60%-40%-20%0%20%2023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Cash flow

FCF (ZAR mln)

-2 000-1 00001 0002 0003 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H12026 H2

Net debt / cash (ZAR mln)

-2 00002 0004 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H12026 FY

Profit and cash

Worth a look
In a typical year of 2022–2026 operating cash flow came to 0.62x of reported net profit; after capex, 0.51x.
year20222023202420252026
cash flow / profit0.62x0.47x0.62x0.99x0.89x
accruals, % of assets8.5%10.8%8.0%0.1%1.5%
Last twelve months (to 2026-06-30): 0.89x of profit came back as operating cash flow.
net debt / EBITDA 0.5x · capex 0.4x of depreciation
● In a typical year operating cash flow covered 62% of reported profit (5 profitable years).
● Capex is 44% 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: -41.0%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (978 − 1 985) × 3.88
-959
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (15 465 + 1 814) ÷ 3 790
4.6x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (4.6 + 8) ÷ 2
6.3x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -324 + 0 + 0 − 0
-324
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-959 × 6.3 + -324) ÷ 15 465
-41.0%

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 decelerating ▼
Last-year revenue growth +0% vs +3% the year before — a -3.1 pp move. 3-year CAGR +2%.
revenue growth by year: 2024 +4% · 2025 +3% · 2026 +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
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
Tiger BrandsSouth Africa2.17.0x
Group median4.8x
Group average5.2x
This companySouth Africa0.94.6x

Group median 4.8x; this company 4.6x — a 6% discount.

Group average 5.2x; against the average this company is at a 12% discount.

At the adjusted group median the market cap would be +7% 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
2026-09-16153 ZAREx-dividend: 153 ZAR per sharePaidYahoo Finance (ex-div)
2026-03-18321 ZAREx-dividend: 321 ZAR per sharePaidYahoo Finance (ex-div)
2025-09-17170 ZAREx-dividend: 170 ZAR per sharePaidYahoo Finance (ex-div)
2025-03-18317 ZAREx-dividend: 317 ZAR per sharePaidYahoo Finance (ex-div)
2024-10-02197 ZAREx-dividend: 197 ZAR per sharePaidYahoo Finance (ex-div)
2024-03-19332 ZAREx-dividend: 332 ZAR per sharePaidYahoo Finance (ex-div)
2023-09-20245 ZAREx-dividend: 245 ZAR per sharePaidYahoo Finance (ex-div)
2023-03-15320 ZAREx-dividend: 320 ZAR per sharePaidYahoo Finance (ex-div)
2022-09-21205 ZAREx-dividend: 205 ZAR per sharePaidYahoo Finance (ex-div)
2022-03-09300 ZAREx-dividend: 300 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 Truworths International — from primary filings.

Frequently asked questions

What is Truworths International's P/E ratio?
Truworths International trades at a P/E of 5.8x (price to trailing 12-month earnings).
What is Truworths International's EV/EBITDA?
Truworths International trades at 4.6x EV/EBITDA.
What is Truworths International's P/B ratio?
Truworths International trades at a P/B of 1.5x.
What is Truworths International's dividend yield?
Truworths International's trailing 12-month dividend yield is 11.0%.
What is Truworths International's return on equity (ROE)?
Truworths International's ROE is 16.1%.
What is Truworths International's market capitalization?
Truworths International's market cap is 15.5 bn ZAR.

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