FirstRand Limited

NMSE:FST Stock Report

Market Cap: R428.9b

FirstRand Valuation

Is FST undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FST when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FST (ZAR76.53) is trading above our estimate of fair value (ZAR28.43)

Significantly Below Fair Value: FST is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FST?

Key metric: As FST is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for FST. This is calculated by dividing FST's market cap by their current earnings.
What is FST's PE Ratio?
PE Ratio11.2x
EarningsR38.19b
Market CapR428.85b

Price to Earnings Ratio vs Peers

How does FST's PE Ratio compare to its peers?

The above table shows the PE ratio for FST vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average45.1x
8591 ORIX
9.4x5.7%JP¥3.8t
JIOFIN Jio Financial Services
126.3xn/a₹2.0t
BAJAJFINSV Bajaj Finserv
29.9x26.2%₹2.5t
2885 Yuanta Financial Holding
14.8x8.9%NT$438.1b
FST FirstRand
11.2x10.5%R428.9b

Price-To-Earnings vs Peers: FST is good value based on its Price-To-Earnings Ratio (11.2x) compared to the peer average (45.2x).

Price to Earnings Ratio vs Industry

How does FST's PE Ratio compare vs other companies in the African Diversified Financial Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
FST 11.2xIndustry Avg. 9.1xNo. of Companies9PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: FST is expensive based on its Price-To-Earnings Ratio (11.2x) compared to the African Diversified Financial industry average (9.2x).

Price to Earnings Ratio vs Fair Ratio

What is FST's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FST PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate FST's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst FST forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentR76.53
R87.04
+13.7%
3.0%R93.00R84.00n/a9
Nov ’25R77.49
R88.17
+13.8%
3.3%R93.00R85.00n/a8
Oct ’25R82.09
R88.42
+7.7%
2.8%R93.00R85.00n/a8
Sep ’25R85.98
R84.52
-1.7%
8.1%R93.00R72.63n/a8
Aug ’25R80.81
R81.68
+1.1%
9.3%R93.00R69.00n/a9
Jul ’25R77.62
R76.99
-0.8%
7.8%R86.20R69.00n/a9
Jun ’25R65.00
R75.68
+16.4%
6.8%R85.00R69.00n/a9
May ’25R65.16
R75.45
+15.8%
8.0%R87.00R69.00n/a9
Apr ’25R61.73
R75.91
+23.0%
7.7%R87.00R70.00n/a10
Mar ’25R65.54
R77.00
+17.5%
8.7%R91.00R70.00n/a9
Feb ’25R66.26
R77.45
+16.9%
8.4%R91.00R70.00n/a9
Jan ’25R73.51
R75.82
+3.1%
8.1%R86.00R68.00n/a9
Dec ’24R67.98
R75.26
+10.7%
7.4%R86.00R68.00n/a9
Nov ’24R62.23
R74.91
+20.4%
7.7%R86.00R68.00R77.499
Oct ’24R63.86
R76.02
+19.0%
7.0%R86.00R69.00R82.099
Sep ’24R73.64
R76.48
+3.9%
7.4%R85.00R66.00R85.989
Aug ’24R72.92
R75.15
+3.1%
7.7%R85.00R66.00R80.819
Jul ’24R68.50
R74.75
+9.1%
7.3%R84.00R66.00R77.629
Jun ’24R61.18
R73.82
+20.7%
8.5%R84.00R65.00R65.009
May ’24R64.36
R74.23
+15.3%
8.9%R84.00R65.00R65.169
Apr ’24R60.38
R73.86
+22.3%
8.7%R84.00R65.00R61.739
Mar ’24R66.83
R73.01
+9.2%
6.9%R81.00R64.00R65.549
Feb ’24R65.98
R72.78
+10.3%
6.8%R80.06R64.00R66.269
Jan ’24R62.12
R73.57
+18.4%
6.1%R80.06R66.50R73.518
Dec ’23R60.84
R72.55
+19.2%
8.0%R80.00R60.00R67.989
Nov ’23R64.19
R72.10
+12.3%
7.4%R78.00R60.00R62.239

Analyst Forecast: Target price is less than 20% higher than the current share price.

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