Super Group Limited

JSE:SPG Stock Report

Market Cap: R8.0b

Super Group Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: SPG (ZAR23.49) is trading below our estimate of fair value (ZAR39.64)

Significantly Below Fair Value: SPG is trading below fair value by more than 20%.

Key Valuation Metric

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

Key metric: As SPG is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for SPG. This is calculated by dividing SPG's market cap by their current revenue.
What is SPG's PS Ratio?
PS Ratio0.1x
SalesR64.90b
Market CapR7.96b

Price to Sales Ratio vs Peers

How does SPG's PS Ratio compare to its peers?

The above table shows the PS ratio for SPG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.4x
WBC We Buy Cars Holdings
0.8x15.1%R16.5b
MTH Motus Holdings
0.2x5.2%R21.4b
CMH Combined Motor Holdings
0.2x4.9%R2.4b
LEW Lewis Group
0.5xn/aR3.9b
SPG Super Group
0.1x3.2%R8.0b

Price-To-Sales vs Peers: SPG is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (0.4x).

Price to Sales Ratio vs Industry

How does SPG's PS Ratio compare vs other companies in the African Specialty Retail Industry?

1 CompanyPrice / SalesEstimated GrowthMarket Cap
SPG 0.1xIndustry Avg. 0.6xNo. of Companies5PS00.40.81.21.62+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: SPG is good value based on its Price-To-Sales Ratio (0.1x) compared to the African Specialty Retail industry average (0.6x).

Price to Sales Ratio vs Fair Ratio

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

SPG PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.1x
Fair PS Ratio0.2x

Price-To-Sales vs Fair Ratio: SPG is good value based on its Price-To-Sales Ratio (0.1x) compared to the estimated Fair Price-To-Sales Ratio (0.2x).

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 SPG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentR23.49
R30.35
+29.2%
19.3%R40.00R25.40n/a4
Nov ’25R21.89
R30.60
+39.8%
18.5%R40.00R25.40n/a4
Oct ’25R23.81
R32.03
+34.5%
15.1%R40.00R27.00n/a4
Sep ’25R27.75
R34.28
+23.5%
10.7%R40.00R31.00n/a4
Aug ’25R30.50
R36.22
+18.8%
14.1%R44.00R31.00n/a5
Jul ’25R29.29
R36.22
+23.7%
14.1%R44.00R31.00n/a5
Jun ’25R27.11
R36.22
+33.6%
14.1%R44.00R31.00n/a5
May ’25R27.96
R37.42
+33.8%
17.1%R46.00R31.00n/a5
Apr ’25R25.70
R38.20
+48.6%
15.1%R46.00R31.00n/a5
Mar ’25R27.57
R40.80
+48.0%
10.2%R46.00R35.00n/a5
Feb ’25R28.85
R39.50
+36.9%
9.2%R45.00R35.00n/a4
Jan ’25R29.75
R39.33
+32.2%
10.7%R45.00R35.00n/a3
Dec ’24R28.69
R39.33
+37.1%
10.7%R45.00R35.00n/a3
Nov ’24R32.85
R39.00
+18.7%
11.7%R45.00R34.00R21.893
Oct ’24R33.08
R39.00
+17.9%
11.7%R45.00R34.00R23.813
Sep ’24R34.13
R38.33
+12.3%
9.6%R43.00R34.00R27.753
Aug ’24R35.63
R38.33
+7.6%
9.6%R43.00R34.00R30.503
Jul ’24R32.13
R40.50
+26.1%
6.2%R43.00R38.00R29.292
Jun ’24R31.28
R41.50
+32.7%
3.6%R43.00R40.00R27.112
May ’24R31.99
R41.50
+29.7%
3.6%R43.00R40.00R27.962
Apr ’24R32.59
R41.50
+27.3%
3.6%R43.00R40.00R25.702
Mar ’24R36.00
R37.50
+4.2%
14.7%R43.00R32.00R27.572
Feb ’24R27.62
R33.50
+21.3%
4.5%R35.00R32.00R28.852
Jan ’24R26.48
R33.50
+26.5%
4.5%R35.00R32.00R29.752
Dec ’23R25.54
R33.50
+31.2%
4.5%R35.00R32.00R28.692
Nov ’23R25.99
R33.50
+28.9%
4.5%R35.00R32.00R32.852

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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