South African Undervalued over 20% based on DCF

MTN Group

Market Cap: R355.8b

Provides mobile telecommunications services in South Africa, Nigeria, South and East Africa, West and Central Africa, and the Middle East and North Africa.

Impala Platinum Holdings

Market Cap: R220.3b

Engages in the mining, concentrating, refining, and sells of platinum group metals (PGMs) and associated base metals in South Africa, Zimbabwe, and Canada.

Sibanye Stillwater

Market Cap: R147.8b

Operates as a precious metals mining company in South Africa, the United States, Europe, and Australia.

Northam Platinum Holdings

Market Cap: R137.0b

Through its subsidiary, Northam Platinum Limited, engages in the production and sale of platinum group metals.

Sasol

Market Cap: R133.7b

Operates as a chemical and energy company.

Aspen Pharmacare Holdings

Market Cap: R59.5b

Manufactures and markets specialty and branded pharmaceutical products in Africa, the Middle East, the Americas, Europe CIS, Australasia, and Asia.

Mr Price Group

Market Cap: R40.1b

Provides fashion-value merchandise in South Africa and internationally.

Premier Group

Market Cap: R22.1b

Operates as a consumer-packaged goods company in South Africa and internationally.

Netcare

Market Cap: R20.0b

An investment holding company, operates private hospitals in South Africa.

Datatec

Market Cap: R16.2b

Provides information and communication technology (ICT) solutions and services worldwide.

AECI

Market Cap: R11.9b

Provides products and services for mining, water treatment, plant and animal health, food and beverage, manufacturing, and general industrial sectors.

Hosken Consolidated Investments

Market Cap: R11.6b

An investment holding company, operates media and broadcasting, gaming, transport, properties, coal mining, and branded products and manufacturing businesses in South Africa, Other African countries, the Middle East, Europe, and the United Kingdom.

Sun International

Market Cap: R11.6b

Owns and operates casino, hotel, and resort properties in South Africa.

Italtile

Market Cap: R10.2b

Manufactures, retails, and franchises tiles, bathroom ware, and related home-finishing products in South Africa, rest of Africa, and Australia.

PPC

Market Cap: R9.1b

Engages in the production and sale of cement, aggregates, ready mix concrete, and fly ash in South Africa, Botswana, and Zimbabwe.

Raubex Group

Market Cap: R9.0b

Engages in the infrastructure development and construction materials business in South Africa, Australia, rest of Africa, and internationally.

Altron

Market Cap: R7.7b

Engages in information communication and technology business in South Africa, rest of Africa, Europe, and internationally.

Exemplar REITail

Market Cap: R5.8b

A listed Real Estate Investment Trust (REIT), which develops, owns and manages township and rural retail real estate.

Hudaco Industries

Market Cap: R5.3b

Imports and distributes automotive, industrial, and electronic consumable products in South Africa and internationally.

Caxton and CTP Publishers and Printers

Market Cap: R4.5b

Caxton and CTP Publishers and Printers Limited publishes and prints newspapers and magazines in South Africa.

Lewis Group

Market Cap: R4.4b

Engages in the retail of household furniture, home appliances, electronic goods, and homewares in South Africa, Botswana, Lesotho, Eswatini, and Namibia.

Octodec Investments

Market Cap: R4.2b

Octodec Investments Limited (Octodec or the company), its subsidiaries and associated company (the group) is a real estate investment trust (REIT) listed on the JSE Ltd (JSE) and A2X, with a diversified portfolio of 226 residential, retail, office and industrial properties situated in the major metropolitan areas of Tshwane and Johannesburg.

Acsion

Market Cap: R4.2b

Engages in property holding and development activities in South Africa and internationally.

Nampak

Market Cap: R3.9b

Engages in the manufacture and sale of packaging products in South Africa and rest of Africa.

Spur

Market Cap: R3.2b

Operates as a restaurant franchisor in South Africa and internationally.

Combined Motor Holdings

Market Cap: R2.5b

An investment holding company, engages in the motor retail and distribution business in South Africa.

Zeda

Market Cap: R2.4b

Provides mobility solutions in South Africa and other countries in Sub-Saharan Africa.

Argent Industrial

Market Cap: R1.7b

Manufactures and trades in steel and steel-related products in South Africa, Asia, the Middle East, Australia, New Zealand, North America, South America, rest of Africa, the United Kingdom, rest of Europe, and internationally.

Frontier Transport Holdings

Market Cap: R1.6b

An investment holding company, operates in the transport sector in South Africa.

SAB Zenzele Kabili Holdings (RF)

Market Cap: R1.2b

Produces, markets, distributes, and sells beer.

Santova

Market Cap: R959.3m

Provides logistics services in Africa, the Asia Pacific, Europe, North America, and the United Kingdom.

Adcorp Holdings

Market Cap: R614.5m

Provides workforce solutions in South Africa and Australia.

Afine Investments

Market Cap: R362.7m

Operates as an investment property holding company.

Delta Property Fund

Market Cap: R235.7m

Delta Property Fund Limited (“Delta” or “the Group”) is a South African domiciled Level 1 B-BBEE Real Estate Investment Trust (“REIT”).

Huge Group

Market Cap: R233.0m

An investment holding company, provides mobile connectivity services in South Africa and Sub-Saharan Africa.