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JSE

OTCPK:JSEJ.F
Snowflake Description

Flawless balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
JSEJ.F
OTCPK
ZAR12B
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

JSE Limited operates as a securities exchange in South Africa. The last earnings update was 23 days ago. More info.


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JSEJ.F Share Price and Events
7 Day Returns
0%
OTCPK:JSEJ.F
-0.2%
US Capital Markets
0.4%
US Market
1 Year Returns
-26%
OTCPK:JSEJ.F
-12.4%
US Capital Markets
3.5%
US Market
JSEJ.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
JSE (JSEJ.F) 0% 5.1% - -26% 17.5% 43.7%
US Capital Markets -0.2% -1.4% 11.7% -12.4% 55.2% 57.9%
US Market 0.4% 1.6% 16.4% 3.5% 39.4% 44%
1 Year Return vs Industry and Market
  • JSEJ.F underperformed the Capital Markets industry which returned -12.4% over the past year.
  • JSEJ.F underperformed the Market in United States of America which returned 3.5% over the past year.
Price Volatility
JSEJ.F
Industry
5yr Volatility vs Market

JSEJ.F Value

 Is JSE 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 JSE 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 JSE.

OTCPK:JSEJ.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= ZAR54.69 * 21.6%
ZAR11.79
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. ZAR54.69
Discount Rate (Cost of Equity) See below 7.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 OTCPK:JSEJ.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.726 (1 + (1- 28%) (0%))
0.816
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.816 * 5.96%)
7.6%

Discounted Cash Flow Calculation for OTCPK:JSEJ.F using Excess Returns Model Model

The calculations below outline how an intrinsic value for JSE 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.

OTCPK:JSEJ.F Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (21.6% – 7.6%) * ZAR54.69)
ZAR7.63
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= ZAR7.63 / (7.6% - 2.73%)
ZAR156.87
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= ZAR54.69 + ZAR156.87
ZAR211.56
OTCPK:JSEJ.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:JSEJ.F represents 0.08039x of JSE:JSE
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.08039x
Value per Share
(Listing Adjusted, USD)
= Value per Share (ZAR) x Listing Adjustment Factor
= ZAR 211.56 x 0.08039
$17.01
Value per share (USD) From above. $17.01
Current discount Discount to share price of $11.40
= -1 x ($11.40 - $17.01) / $17.01
33%

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

Current Discount
Amount off the current price JSE is available for.
Intrinsic value
33%
Share price is $11.4 vs Future cash flow value of $17.01
Current Discount Checks
For JSE to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • JSE's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • JSE'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 JSE's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are JSE's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:JSEJ.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in ZAR ZAR10.56
JSE:JSE Share Price ** JSE (2019-03-01) in ZAR ZAR141.8
United States of America Capital Markets Industry PE Ratio Median Figure of 78 Publicly-Listed Capital Markets Companies 23.69x
United States of America Market PE Ratio Median Figure of 3,058 Publicly-Listed Companies 17.52x

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

** Primary Listing of JSE.

OTCPK:JSEJ.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 141.8 ÷ 10.56

13.42x

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

  • JSE is good value based on earnings compared to the US Capital Markets industry average.
  • JSE is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does JSE's expected growth come at a high price?
Raw Data
OTCPK:JSEJ.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13.42x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
6.6%per year
United States of America Capital Markets Industry PEG Ratio Median Figure of 33 Publicly-Listed Capital Markets Companies 2.14x
United States of America Market PEG Ratio Median Figure of 2,103 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

OTCPK:JSEJ.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13.42x ÷ 6.6%

2.05x

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

  • JSE is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on JSE's assets?
Raw Data
OTCPK:JSEJ.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in ZAR ZAR46.36
JSE:JSE Share Price * JSE (2019-03-01) in ZAR ZAR141.8
United States of America Capital Markets Industry PB Ratio Median Figure of 150 Publicly-Listed Capital Markets Companies 4.83x
United States of America Market PB Ratio Median Figure of 5,157 Publicly-Listed Companies 1.88x
OTCPK:JSEJ.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 141.8 ÷ 46.36

3.06x

* Primary Listing of JSE.

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

  • JSE is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess JSE'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 Capital Markets 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 Capital Markets industry average (and greater than 0)? (1 check)
  5. JSE has a total score of 4/6, 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.

JSEJ.F Future Performance

 How is JSE expected to perform in the next 1 to 3 years based on estimates from 4 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
6.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is JSE expected to grow at an attractive rate?
  • JSE's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • JSE's earnings growth is positive but not above the United States of America market average.
  • JSE's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:JSEJ.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:JSEJ.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 6.6%
OTCPK:JSEJ.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 5.5%
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 6.5%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.2%

*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
OTCPK:JSEJ.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in ZAR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:JSEJ.F Future Estimates Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 2,612 1,349 1,090 2
2020-12-31 2,538 1,191 1,006 4
2019-12-31 2,243 1,235 919 2
OTCPK:JSEJ.F Past Financials Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income *
2018-12-31 2,255 913 904
2018-06-30 2,337 1,011 977
2018-03-31 2,297 994 906
2017-12-31 2,257 977 836
2017-09-30 2,258 959 831
2017-06-30 2,271 942 826
2017-03-31 2,320 959 873
2016-12-31 2,369 976 920
2016-09-30 2,355 995 951
2016-06-30 2,341 1,013 982
2016-03-31 2,268 951 941

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • JSE's earnings are expected to grow by 6.6% yearly, however this is not considered high growth (20% yearly).
  • JSE's revenue is expected to grow by 5.5% 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
OTCPK:JSEJ.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from JSE Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:JSEJ.F Future Estimates Data
Date (Data in ZAR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 12.68 13.13 12.23 2.00
2020-12-31 12.14 12.14 12.14 1.00
2019-12-31 11.28 11.28 11.28 1.00
OTCPK:JSEJ.F Past Financials Data
Date (Data in ZAR Millions) EPS *
2018-12-31 10.56
2018-06-30 11.41
2018-03-31 10.59
2017-12-31 9.77
2017-09-30 9.72
2017-06-30 9.66
2017-03-31 10.20
2016-12-31 10.75
2016-09-30 11.11
2016-06-30 11.47
2016-03-31 10.99

*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.
  • JSE is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess JSE'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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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.
JSE has a total score of 2/6, 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.

JSEJ.F Past Performance

  How has JSE 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 JSE's growth in the last year to its industry (Capital Markets).
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.
  • JSE's year on year earnings growth rate has been positive over the past 5 years.
  • JSE's 1-year earnings growth is less than its 5-year average (8.2% vs 10.7%)
  • JSE's earnings growth has not exceeded the US Capital Markets industry average in the past year (8.2% vs 35.7%).
Earnings and Revenue History
JSE'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 JSE Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:JSEJ.F 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 2,254.77 904.28 505.90
2018-06-30 2,337.49 976.79 543.48
2018-03-31 2,297.06 906.15 564.82
2017-12-31 2,256.62 835.51 586.15
2017-09-30 2,258.24 831.00 605.49
2017-06-30 2,270.86 826.49 624.82
2017-03-31 2,319.75 873.09 625.35
2016-12-31 2,368.65 919.70 625.88
2016-09-30 2,354.59 950.65 578.68
2016-06-30 2,340.53 981.61 531.49
2016-03-31 2,268.48 940.54 513.62
2015-12-31 2,196.44 899.48 495.76
2015-09-30 2,084.64 815.81 519.94
2015-06-30 1,972.85 732.14 544.12
2015-03-31 1,881.76 683.24 536.26
2014-12-31 1,790.67 634.34 528.39
2014-09-30 1,731.62 590.49 500.40
2014-06-30 1,672.56 546.65 472.40
2014-03-31 1,634.97 526.64 471.38
2013-12-31 1,597.38 506.63 470.37
2013-09-30 1,554.19 500.39 448.06
2013-06-30 1,511.00 494.14 425.76
2013-03-31 1,455.61 398.13 410.19
2012-12-31 1,400.22 302.11 394.63
2012-09-30 1,397.89 245.38 389.22
2012-06-30 1,395.56 188.65 383.81
2012-03-31 1,398.52 265.22 370.69

*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.
  • JSE has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • JSE used its assets less efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • JSE's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess JSE'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 Capital Markets 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.
JSE has a total score of 2/6, 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.

JSEJ.F Health

 How is JSE'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 JSE's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • JSE is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • JSE's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of JSE'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.
  • JSE has no debt, it does not need to be covered by short term assets.
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 JSE Company Filings, last reported 2 months ago.

OTCPK:JSEJ.F Past Debt and Equity Data
Date (Data in ZAR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 3,968.44 0.00 2,573.94
2018-06-30 3,689.28 0.00 2,352.94
2018-03-31 3,689.28 0.00 2,352.94
2017-12-31 3,626.38 0.00 2,377.46
2017-09-30 3,626.38 0.00 2,377.46
2017-06-30 3,184.66 0.00 1,984.04
2017-03-31 3,184.66 0.00 1,984.04
2016-12-31 3,269.53 0.00 2,094.78
2016-09-30 3,269.53 0.00 2,094.78
2016-06-30 2,862.46 0.00 1,755.46
2016-03-31 2,862.46 0.00 1,755.46
2015-12-31 2,956.15 0.00 1,907.63
2015-09-30 2,956.15 0.00 1,907.63
2015-06-30 2,503.86 0.00 1,549.76
2015-03-31 2,503.86 0.00 1,549.76
2014-12-31 2,473.99 24.72 1,631.24
2014-09-30 2,473.99 24.72 1,631.24
2014-06-30 2,159.88 27.19 1,302.28
2014-03-31 2,159.88 27.19 1,302.28
2013-12-31 2,188.47 41.76 1,378.95
2013-09-30 2,188.47 41.76 1,378.95
2013-06-30 1,936.15 21.63 1,107.64
2013-03-31 1,936.15 21.63 1,107.64
2012-12-31 1,871.02 23.88 1,128.78
2012-09-30 1,871.02 23.88 1,128.78
2012-06-30 1,641.68 25.52 924.25
2012-03-31 1,641.68 25.52 924.25
  • JSE has no debt.
  • JSE has no debt compared to 5 years ago when it was 1.9%.
  • JSE has no debt, it does not need to be covered by operating cash flow.
  • JSE has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess JSE'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. JSE has a total score of 6/6, 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.

JSEJ.F Dividends

 What is JSE'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
4.62%
Current annual income from JSE dividends. Estimated to be 5.13% next year.
If you bought $2,000 of JSE shares you are expected to receive $92 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?
  • JSE's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • JSE's dividend is above the markets top 25% of dividend payers in United States of America (3.67%).
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
OTCPK:JSEJ.F 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 4 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 43 Stocks 2.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2006 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

OTCPK:JSEJ.F Future Dividends Estimate Data
Date (Data in ZAR) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 7.57 2.00
2020-12-31 7.47 4.00
2019-12-31 6.81 3.00
OTCPK:JSEJ.F Past Annualized Dividends Data
Date (Data in ZAR) Dividend per share (annual) Avg. Yield (%)
2019-02-28 6.550 4.218
2018-02-21 6.050 3.583
2017-03-27 5.600 4.052
2017-02-28 5.600 3.888
2016-03-11 6.250 3.855
2016-02-25 6.250 4.270
2015-12-09 6.835 5.907
2015-03-23 4.800 3.631
2015-03-05 4.800 3.940
2014-03-11 3.500 3.378
2013-03-12 2.500 3.092
2012-03-13 2.500 3.382
2011-03-15 2.100 3.037
2010-03-08 1.920 2.644
2010-03-01 1.920 3.043
2009-03-24 1.920 3.425

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of JSE's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess JSE'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 JSE afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. JSE has a total score of 5/6, see the detailed checks below.


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

JSEJ.F Management

 What is the CEO of JSE'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
Nicky Newton-King
COMPENSATION ZAR15,518,000
AGE 51
TENURE AS CEO 7.2 years
CEO Bio

Ms. Nicky F. Newton-King has been the Chief Executive Officer of JSE Limited (Johannesburg Stock Exchange) since January 1, 2012 and as its Executive Director since 2000. Ms. Newton-King joined the JSE in 1996 and is responsible for negotiating and implementing the JSE's major corporate transactions as well as the development of corporate strategy. Ms. Newton-King served as Deputy Chief Executive Officer at JSE Limited since 2003. She was a Partner of Webber Wentzel Bowens Attorneys. She has been a Director of World Federation of Exchanges since October 28, 2014. She serves as a Member of the Financial Markets Advisory Board and the Presidential Remuneration Commission, World Economic Forum Young Global Leader and Yale World Fellow 2006. She serves as Member of King Task Group into Insider Trading, the Financial Markets Advisory Board. She has been a Non-Executive Director of Strate (Pty) Ltd. since 2018 and previously served the same position. In 2003, she was Business Women of the Year. She holds a BA and LLB from the University of Stellenbosch and LLM from the University of Cambridge.

CEO Compensation
  • Nicky's compensation has been consistent with company performance over the past year.
  • Nicky's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

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

4.6
Average Tenure
51.5
Average Age
  • The tenure for the JSE management team is about average.
Management Team

Nicky Newton-King

TITLE
CEO & Executive Director
COMPENSATION
ZAR16M
AGE
51
TENURE
7.2 yrs

Aarti Takoordeen

TITLE
CFO & Executive Director
COMPENSATION
ZAR5M
AGE
38
TENURE
6 yrs

Graeme Brookes

TITLE
Director of Governance
COMPENSATION
ZAR5M
AGE
50

Zeona Jacobs

TITLE
Director of Marketing & Corporate Affairs
COMPENSATION
ZAR5M
AGE
54

John Burke

TITLE
Director of Issuer Regulation
COMPENSATION
ZAR7M
AGE
52
TENURE
22 yrs

Leanne Parsons

TITLE
Director of Information Services & Equity Market
COMPENSATION
ZAR8M
AGE
52

Nemer Oosthuyse

TITLE
Director of Capital Markets
COMPENSATION
ZAR6M
AGE
60
TENURE
4.6 yrs

Hendrik Kotze

TITLE
Group Chief Information Officer
TENURE
0.3 yrs

Donald Khumalo

TITLE
Director of Human Resources
AGE
41
TENURE
2.3 yrs

Maryke Vreulink

TITLE
Head of Cape Town Office
TENURE
3.2 yrs
Board of Directors Tenure

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

6
Average Tenure
51.5
Average Age
  • The tenure for the JSE board of directors is about average.
Board of Directors

Nku Cheryl Nyembezi-Heita

TITLE
Independent Non-Executive Chairman
COMPENSATION
ZAR2M
AGE
58
TENURE
4.8 yrs

Nicky Newton-King

TITLE
CEO & Executive Director
COMPENSATION
ZAR16M
AGE
51
TENURE
14.2 yrs

Aarti Takoordeen

TITLE
CFO & Executive Director
COMPENSATION
ZAR5M
AGE
38
TENURE
6 yrs

Graeme Brookes

TITLE
Director of Governance
COMPENSATION
ZAR5M
AGE
50

John Burke

TITLE
Director of Issuer Regulation
COMPENSATION
ZAR7M
AGE
52
TENURE
14.2 yrs

Leanne Parsons

TITLE
Director of Information Services & Equity Market
COMPENSATION
ZAR8M
AGE
52
TENURE
1.2 yrs

Mantsika Matooane

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR522K
AGE
42
TENURE
6.6 yrs

Suresh Kana

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR320K
AGE
63
TENURE
3.7 yrs

David Lawrence

TITLE
Non Executive Director
COMPENSATION
ZAR543K
AGE
66
TENURE
10.9 yrs

Michael Jordaan

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR290K
AGE
50
TENURE
5.2 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by JSE insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
07. Mar 19 Buy Aarti Takoordeen Individual 07. Mar 19 07. Mar 19 65 $11.04 $717
07. Mar 19 Buy Graeme Brookes Individual 07. Mar 19 07. Mar 19 65 $11.04 $717
07. Mar 19 Buy Nicky Newton-King Individual 07. Mar 19 07. Mar 19 65 $11.04 $717
07. Mar 19 Buy John Burke Individual 07. Mar 19 07. Mar 19 65 $11.04 $717
08. Mar 19 Buy Aarti Takoordeen Individual 05. Mar 19 06. Mar 19 16,710 $11.24 $187,757
08. Mar 19 Buy Graeme Brookes Individual 05. Mar 19 06. Mar 19 7,854 $11.24 $88,249
08. Mar 19 Buy Nicky Newton-King Individual 05. Mar 19 06. Mar 19 52,112 $11.24 $585,540
08. Mar 19 Buy John Burke Individual 05. Mar 19 06. Mar 19 18,420 $11.24 $206,971
26. Sep 18 Sell JSE Limited, Employee share scheme Company 21. Sep 18 25. Sep 18 -68,939 $10.78 $-742,288
X
Management checks
We assess JSE'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. JSE 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.

JSEJ.F News

Simply Wall St News

JSEJ.F Company Info

Description

JSE Limited operates as a securities exchange in South Africa. The company offers a range of securities with post-trade and regulatory services to primary and secondary capital markets. It trades in bonds, bonds derivatives, debentures, equities, warrants, exchange traded products, and gold coins, as well as agricultural, currency, energy, equity, metal, and interest rate derivatives. JSE Limited also offers clearing, settlement, and assurance services; index services; funds management services; technology services; and information services, including market data, as well as sells live, statistical, historical, and end-of-day data. The company was founded in 1887 and is based in Sandton, South Africa.

Details
Name: JSE Limited
JSEJ.F
Exchange: OTCPK
Founded: 1887
ZAR839,031,089
85,522,001
Website: http://www.jse.co.za
Address: JSE Limited
One Exchange Square,
2 Gwen Lane,
Sandton,
Gauteng, 2196,
South Africa
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
JSE JSE Ordinary Shares The Johannesburg Securities Exchange ZA ZAR 05. Jun 2006
OTCPK JSEJ.F Ordinary Shares Pink Sheets LLC US USD 05. Jun 2006
Number of employees
Current staff
Staff numbers
362
JSE employees.
Industry
Financial Exchanges and Data
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/23 00:00
End of day share price update: 2019/03/01 00:00
Last estimates confirmation: 2019/03/13
Last earnings filing: 2019/02/28
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.