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Sanlam

DB:LA6A
Snowflake Description

Adequate balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LA6A
DB
ZAR157B
Market Cap
  1. Home
  2. DE
  3. Insurance
Company description

Sanlam Limited provides various financial solutions to individual, business, and institutional clients. The last earnings update was 54 days ago. More info.


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LA6A Share Price and Events
7 Day Returns
-4.3%
DB:LA6A
0.7%
DE Insurance
-0.6%
DE Market
1 Year Returns
-12.1%
DB:LA6A
9.5%
DE Insurance
-10.8%
DE Market
LA6A Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sanlam (LA6A) -4.3% -7.2% -6.6% -12.1% 27.7% 11.5%
DE Insurance 0.7% -3.5% 4.9% 9.5% 35.3% 56.1%
DE Market -0.6% -3.3% 2.3% -10.8% 8% 8%
1 Year Return vs Industry and Market
  • LA6A underperformed the Insurance industry which returned 9.5% over the past year.
  • LA6A underperformed the Market in Germany which returned -10.8% over the past year.
Price Volatility
LA6A
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Sanlam's competitors could be found in our database.

Value

 Is Sanlam undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Sanlam to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Sanlam.

DB:LA6A Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= ZAR26.77 * 18.5%
ZAR4.96
Book Value of Equity per Share Median Book Value from the past 5 years. ZAR26.77
Discount Rate (Cost of Equity) See below 5.2%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:LA6A
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.727 (1 + (1- 28%) (5.35%))
0.836
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.836 * 5.96%)
5.21%

Discounted Cash Flow Calculation for DB:LA6A using Excess Returns Model Model

The calculations below outline how an intrinsic value for Sanlam is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:LA6A Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (18.5% – 5.21%) * ZAR26.77)
ZAR3.57
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= ZAR3.57 / (5.21% - 0.23%)
ZAR71.55
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= ZAR26.77 + ZAR71.55
ZAR98.31
DB:LA6A Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:LA6A represents 0.06298x of JSE:SLM
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.06298x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (ZAR) x Listing Adjustment Factor
= ZAR 98.31 x 0.06298
€6.19
Value per share (EUR) From above. €6.19
Current discount Discount to share price of €4.52
= -1 x (€4.52 - €6.19) / €6.19
27%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Sanlam is available for.
Intrinsic value
27%
Share price is €4.52 vs Future cash flow value of €6.19
Current Discount Checks
For Sanlam to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Sanlam's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Sanlam's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Sanlam's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sanlam's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:LA6A PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in ZAR ZAR5.65
JSE:SLM Share Price ** JSE (2019-05-23) in ZAR ZAR71.75
Germany Insurance Industry PE Ratio Median Figure of 6 Publicly-Listed Insurance Companies 12.98x
Germany Market PE Ratio Median Figure of 422 Publicly-Listed Companies 20.28x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Sanlam.

DB:LA6A PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= JSE:SLM Share Price ÷ EPS (both in ZAR)

= 71.75 ÷ 5.65

12.69x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sanlam is good value based on earnings compared to the DE Insurance industry average.
  • Sanlam is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Sanlam's expected growth come at a high price?
Raw Data
DB:LA6A PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.69x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-1.2%per year
Germany Insurance Industry PEG Ratio Median Figure of 5 Publicly-Listed Insurance Companies 3.12x
Germany Market PEG Ratio Median Figure of 271 Publicly-Listed Companies 1.51x

*Line of best fit is calculated by linear regression .

DB:LA6A PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.69x ÷ -1.2%

-10.18x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sanlam earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Sanlam's assets?
Raw Data
DB:LA6A PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in ZAR ZAR33.57
JSE:SLM Share Price * JSE (2019-05-23) in ZAR ZAR71.75
Germany Insurance Industry PB Ratio Median Figure of 6 Publicly-Listed Insurance Companies 1.03x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.78x
DB:LA6A PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= JSE:SLM Share Price ÷ Book Value per Share (both in ZAR)

= 71.75 ÷ 33.57

2.14x

* Primary Listing of Sanlam.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sanlam is overvalued based on assets compared to the DE Insurance industry average.
X
Value checks
We assess Sanlam's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Sanlam has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Sanlam expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-1.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sanlam expected to grow at an attractive rate?
  • Sanlam's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Sanlam's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Sanlam's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:LA6A Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:LA6A Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -1.2%
DB:LA6A Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 2.7%
Germany Insurance Industry Earnings Growth Rate Market Cap Weighted Average 4.5%
Germany Insurance Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13.2%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:LA6A Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in ZAR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:LA6A Future Estimates Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 80,605 1
2020-12-31 74,634 11,589 1
2019-12-31 69,123 10,279 1
DB:LA6A Past Financials Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income *
2018-12-31 75,796 17,604 11,627
2018-09-30 94,103 16,422 11,367
2018-06-30 112,409 32,286 11,106
2018-03-31 115,217 30,903 11,015
2017-12-31 118,025 12,474 10,923
2017-09-30 102,771 21,524 9,948
2017-06-30 87,516 30,573 8,973
2017-03-31 88,390 25,537 9,298
2016-12-31 89,264 20,500 9,623
2016-09-30 89,912 24,784 9,914
2016-06-30 90,560 29,067 10,205
2016-03-31 88,965 33,497 9,798

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sanlam's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Sanlam's revenue is expected to grow by 2.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:LA6A Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Sanlam Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:LA6A Future Estimates Data
Date (Data in ZAR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 5.24 5.24 5.24 1.00
2019-12-31 4.65 4.65 4.65 1.00
DB:LA6A Past Financials Data
Date (Data in ZAR Millions) EPS *
2018-12-31 5.65
2018-09-30 5.57
2018-06-30 5.48
2018-03-31 5.46
2017-12-31 5.44
2017-09-30 4.96
2017-06-30 4.48
2017-03-31 4.64
2016-12-31 4.81
2016-09-30 4.96
2016-06-30 5.10
2016-03-31 4.90

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Sanlam is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Sanlam's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Sanlam has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Sanlam performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Sanlam's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Sanlam's year on year earnings growth rate has been positive over the past 5 years.
  • Sanlam's 1-year earnings growth exceeds its 5-year average (6.4% vs 5.9%)
  • Sanlam's earnings growth has not exceeded the DE Insurance industry average in the past year (6.4% vs 9.4%).
Earnings and Revenue History
Sanlam's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Sanlam Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:LA6A Past Revenue, Cash Flow and Net Income Data
Date (Data in ZAR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 75,796.00 11,627.00 21,126.00
2018-09-30 94,102.50 11,366.50 19,553.00
2018-06-30 112,409.00 11,106.00 17,980.00
2018-03-31 115,217.00 11,014.50 17,535.00
2017-12-31 118,025.00 10,923.00 17,090.00
2017-09-30 102,770.50 9,948.00 16,811.00
2017-06-30 87,516.00 8,973.00 16,532.00
2017-03-31 88,390.00 9,298.00 16,401.50
2016-12-31 89,264.00 9,623.00 16,271.00
2016-09-30 89,912.00 9,914.00 16,169.50
2016-06-30 90,560.00 10,205.00 16,068.00
2016-03-31 88,965.00 9,798.00 15,737.00
2015-12-31 87,370.00 9,391.00 15,406.00
2015-09-30 89,381.50 9,142.00 15,092.50
2015-06-30 91,393.00 8,893.00 14,779.00
2015-03-31 93,599.50 8,811.00 14,415.50
2014-12-31 95,806.00 8,729.00 14,052.00
2014-09-30 107,309.50 8,945.50 13,624.50
2014-06-30 118,813.00 9,162.00 13,197.00
2014-03-31 113,319.00 8,646.50 12,746.00
2013-12-31 107,825.00 8,131.00 12,295.00
2013-09-30 102,817.50 7,446.00 11,865.50
2013-06-30 97,810.00 6,761.00 11,436.00
2013-03-31 96,010.50 6,208.00 11,097.00
2012-12-31 94,211.00 5,655.00 10,758.00
2012-09-30 79,249.00 5,474.50 10,115.00
2012-06-30 66,287.00 5,294.00 9,842.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Sanlam has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Sanlam used its assets more efficiently than the DE Insurance industry average last year based on Return on Assets.
  • Sanlam's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Sanlam's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Sanlam has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Sanlam's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Sanlam's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Sanlam's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Sanlam's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Sanlam's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 14.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Sanlam Company Filings, last reported 4 months ago.

DB:LA6A Past Debt and Equity Data
Date (Data in ZAR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 81,617.00 8,377.00 64,307.00
2018-09-30 81,617.00 8,377.00 64,307.00
2018-06-30 69,680.00 6,527.00 64,315.00
2018-03-31 69,680.00 6,527.00 64,315.00
2017-12-31 63,437.00 6,587.00 55,620.00
2017-09-30 63,437.00 6,587.00 55,620.00
2017-06-30 58,206.00 7,312.00 50,053.00
2017-03-31 58,206.00 7,312.00 50,053.00
2016-12-31 59,086.00 6,638.00 52,839.00
2016-09-30 59,086.00 6,638.00 52,839.00
2016-06-30 56,819.00 6,278.00 51,662.00
2016-03-31 56,819.00 6,278.00 51,662.00
2015-12-31 60,192.00 5,782.00 54,296.00
2015-09-30 60,192.00 5,782.00 54,296.00
2015-06-30 51,777.00 5,308.00 43,152.00
2015-03-31 51,777.00 5,308.00 43,152.00
2014-12-31 51,235.00 5,812.00 41,479.00
2014-09-30 51,235.00 5,812.00 41,479.00
2014-06-30 46,138.00 5,910.00 39,870.00
2014-03-31 46,138.00 5,910.00 39,870.00
2013-12-31 44,616.00 6,152.00 36,539.00
2013-09-30 44,616.00 6,152.00 36,539.00
2013-06-30 39,601.00 4,833.00 82,797.00
2013-03-31 39,601.00 4,833.00 82,797.00
2012-12-31 39,526.00 5,463.00 30,518.00
2012-09-30 39,889.00 5,463.00 71,571.00
2012-06-30 36,103.00 6,356.00 72,719.00
  • Sanlam's level of debt (10.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (13.8% vs 10.3% today).
  • Debt is well covered by operating cash flow (210.1%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 13.8x coverage).
X
Financial health checks
We assess Sanlam's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Sanlam has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Sanlam's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.35%
Current annual income from Sanlam dividends. Estimated to be 4.97% next year.
If you bought €2,000 of Sanlam shares you are expected to receive €87 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Sanlam's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.42%).
  • Sanlam's dividend is above the markets top 25% of dividend payers in Germany (3.88%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:LA6A Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
Germany Insurance Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:LA6A Future Dividends Estimate Data
Date (Data in ZAR) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 3.93 4.00
2020-12-31 3.58 5.00
2019-12-31 3.27 5.00
DB:LA6A Past Annualized Dividends Data
Date (Data in ZAR) Dividend per share (annual) Avg. Yield (%)
2019-04-01 3.120 4.050
2019-03-07 3.120 4.205
2018-03-08 2.900 3.754
2018-03-07 2.900 3.067
2017-03-09 2.680 3.663
2017-03-08 2.680 3.886
2016-03-10 2.450 3.821
2016-03-09 2.450 4.023
2015-03-05 2.250 3.525
2015-03-04 2.250 3.065
2014-03-13 2.000 3.124
2014-03-06 2.000 3.785
2013-03-07 1.650 3.406
2012-04-02 1.300 3.407
2012-03-08 1.300 3.991
2011-03-10 1.150 4.099
2011-03-09 1.150 4.250
2010-03-11 1.040 4.106
2010-03-10 1.040 4.123

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Sanlam has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Sanlam only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Sanlam's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.6x coverage).
X
Income/ dividend checks
We assess Sanlam's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Sanlam afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sanlam has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Sanlam's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ian Kirk
COMPENSATION ZAR22,521,000
AGE 60
TENURE AS CEO 3.8 years
CEO Bio

Mr. Ian Maxwell Kirk, FCA ( Ireland), CA(SA), HD ip BDP (Wits), has been the Group Chief Executive Officer and Executive Director of Sanlam Limited since July 1, 2015. Mr. Kirk has been Group Chief Executive Officer and Executive Director of Sanlam Life Insurance Limited since July 01, 2015. Mr. Kirk serves as an Executive Director of Sanlam Subsidiaries. He served as Deputy Group Chief Executive of Sanlam Limited from January 1, 2015 to July 1, 2015. He was responsible for overseeing all elements of the business as well as driving new initiatives to determine and execute the strategy for Sanlam’s profitable growth in South Africa and– thereby ensuring that Sanlam remained at the forefront of insurance. He served as the Chief Executive Officer of Santam Ltd from July 2007 to January 1, 2015. He served as the Chief Executive of Strategy and Special Projects of Sanlam Ltd. since June 1, 2006. He served as Deputy Chief Executive Officer of Liberty Group Limited since March 2005. He served as the Chief Executive Officer of Capital Alliance Holdings Limited from August 1996 to 2004. He served as Deputy Head of ABS (Audit and Business Advisory Service) since 1995 and Managing Director of AGA Holdings since 1996. He was appointed to PricewaterhouseCoopers partnership in 1986 and assumed overall responsibility for the computer audit function in it. He served as an Assistant Manager at PriceWaterhouse international. He joined the Johannesburg office's computer audit department in September 1981. He serves as a Non-Executive Chairman of Centriq Insurance Company Ltd. and Centriq Insurance Holdings Ltd. He serves as the Chairman of Sanlam Investment Holdings, SPF and Sanlam Emerging markets. He served as the Chairman of Standard General Insurance Company Limited, a subsidiary of African Bank Investments Limited. He has been Nominee Director at Shriram Capital Limited since December 8, 2016. He has been a Non-Executive Director at Afrocentric Investment Corporation Limited since December 15, 2015 and Santam Ltd since June 14, 2007. He serves as a Director of Beaux Lane (SA) Properties. He serves as a Director of Nova group of companies. He serves as a Director of Sanlam Netherlands Holdings. He serves as a Member of Sanlam Foundation Trust and Ubuntu-Botho Investment Trust. He served as a Director of Capital Alliance Holdings Limited and its subsidiary companies since August 1996. He served as a Non Executive Director of Standard General Insurance Company Limited ("stangen"). Mr. Kirk completed his Chartered Accountant (CA) in 1984, a H.Dip in Business Data Processing at WITS in 1985 and the Certified Information System Audit qualification in 1985. He was selected for the PriceWaterhouse International Service Program in 1981. He studied at Sanford Park School, Trinity College Dublin and qualified as an ACA (Ireland) in 1979.

CEO Compensation
  • Ian's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Ian's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Sanlam management team in years:

4.3
Average Tenure
57
Average Age
  • The tenure for the Sanlam management team is about average.
Management Team

Ian Kirk

TITLE
Group CEO & Executive Director
COMPENSATION
ZAR23M
AGE
60
TENURE
3.8 yrs

Heinie Werth

TITLE
Financial Director & Executive Director
COMPENSATION
ZAR12M
AGE
54
TENURE
2.6 yrs

Temba Mvusi

TITLE
Executive Director
COMPENSATION
ZAR8M
AGE
63
TENURE
13.8 yrs

Anton Gildenhuys

TITLE
Chief Actuary & Group Risk Officer
COMPENSATION
ZAR10M
TENURE
4.3 yrs

Lizé Lambrechts

TITLE
Chief Executive Officer of Santam Limited
COMPENSATION
ZAR13M
AGE
54
TENURE
4.3 yrs

Robert Roux

TITLE
Chief Executive Officer of Sanlam Investments Management
COMPENSATION
ZAR17M
AGE
53

Junior Ngulube

TITLE
Chief Executive Officer of Sanlam Emerging Markets
COMPENSATION
ZAR11M
AGE
60
TENURE
2.6 yrs

Ainsley Moos

TITLE
Head of Group Communications and Operations Manager of Group Chief Executive Officer's Office
TENURE
6.7 yrs

Danie Claassen

TITLE
Head of Group Tax Services

Andre Nortier

TITLE
Chief Audit Executive
Board of Directors Tenure

Average tenure and age of the Sanlam board of directors in years:

8.3
Average Tenure
62.5
Average Age
  • The tenure for the Sanlam board of directors is about average.
Board of Directors

Johan van Zyl

TITLE
Non Independent & Non-Executive Chairman of the Board
COMPENSATION
ZAR1M
AGE
62
TENURE
1.9 yrs

Ian Kirk

TITLE
Group CEO & Executive Director
COMPENSATION
ZAR23M
AGE
60
TENURE
13.3 yrs

Patrice Motsepe

TITLE
Deputy Chairman
COMPENSATION
ZAR832K
AGE
56

Heinie Werth

TITLE
Financial Director & Executive Director
COMPENSATION
ZAR12M
AGE
54
TENURE
2.6 yrs

Temba Mvusi

TITLE
Executive Director
COMPENSATION
ZAR8M
AGE
63
TENURE
10.3 yrs

Chris Swanepoel

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR3M
AGE
68
TENURE
8.3 yrs

Anton Botha

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR1M
AGE
64
TENURE
13.3 yrs

Sipho Nkosi

TITLE
Lead Independent Non-Executive Director
COMPENSATION
ZAR452K
AGE
64
TENURE
2.4 yrs

Rejoice Simelane

TITLE
Non-Executive Director
COMPENSATION
ZAR573K
AGE
66
TENURE
15.3 yrs

Karabo Nondumo

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR800K
AGE
39
TENURE
3.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
10. Apr 19 Sell Sanlam Limited Share Incentive Trust Company 08. Apr 19 08. Apr 19 -215,802 €4.79 €-1,033,773
19. Mar 19 Sell Sanlam Limited Share Incentive Trust Company 15. Mar 19 15. Mar 19 -389,005 €4.67 €-1,815,403
14. Jun 18 Buy Heinie Werth Individual 12. Jun 18 12. Jun 18 58,255 €4.72 €274,972
14. Jun 18 Sell Heinie Werth Individual 11. Jun 18 11. Jun 18 -71,671 €4.76 €-340,808
14. Jun 18 Sell Temba Mvusi Individual 11. Jun 18 11. Jun 18 -27,430 €4.75 €-130,186
14. Jun 18 Buy Temba Mvusi Individual 12. Jun 18 12. Jun 18 26,861 €4.72 €126,788
14. Jun 18 Sell Temba Mvusi Individual 11. Jun 18 11. Jun 18 -21,838 €4.76 €-103,758
14. Jun 18 Buy Ian Kirk Individual 12. Jun 18 12. Jun 18 250,156 €4.72 €1,180,774
12. Jun 18 Buy Sanlam Limited Share Incentive Trust Company 06. Jun 18 11. Jun 18 5,010,342 €5.09 €24,075,362
X
Management checks
We assess Sanlam's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Sanlam has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Sanlam Limited provides various financial solutions to individual, business, and institutional clients. The company operates through Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investment Group, Sanlam Corporate, and Santam segments. It offers life, disability cover, income protection, severe illness, medical, short-term, and group risk benefits insurances; financial planning and retirement solutions; investment products; wealth, and professionals and graduates insurance services; and personal loans. It also provides business advice, business continuity and risk management, and employee health and retirement plans for small and medium businesses, and self-employed professionals. It operates primarily in South Africa, rest of Africa, and internationally. Sanlam Limited was founded in 1918 and is headquartered in Bellville, South Africa.

Details
Name: Sanlam Limited
LA6A
Exchange: DB
Founded: 1918
ZAR9,691,501,611
2,181,428,299
Website: http://www.sanlam.co.za
Address: Sanlam Limited
2 Strand Road,
Bellville,
Western Cape, 7530,
South Africa
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
JSE SLM Ordinary Shares The Johannesburg Securities Exchange ZA ZAR 30. Nov 1998
OTCPK SLMA.F Ordinary Shares Pink Sheets LLC US USD 30. Nov 1998
DB LA6A Ordinary Shares Deutsche Boerse AG DE EUR 30. Nov 1998
NMSE SLA Ordinary Shares Namibian Stock Exchange NA ZAR 30. Nov 1998
OTCPK SLLD.Y SPONSORED ADR Pink Sheets LLC US USD 10. Mar 2009
Number of employees
Current staff
Staff numbers
21,267
Sanlam employees.
Industry
Life and Health Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 21:13
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/04/30
Last earnings filing: 2019/03/30
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.