SOTP test

Sum-of-the-Parts (“SOTP”)

The latest SOTP calculation set out below includes exchange-listed share prices which are updated to reflect 15-minutes delayed share price information, while all other information was updated at the last reporting period, unless we have reported additional information to the market.

Feb-17Feb-18Feb-19Feb-20Feb-2119 Sep 2021
Asset/Liability Rm Rm Rm Rm Rm Shares
(m)
Share price (R) Value
(Rm)
% of total
Capitec*25,727 29,54046,35146,1302,190
Curro* (incl. Stadio until unbundling in Oct 2017)11,180 7,987 5,714 2,604 3,588 358.8 11.10 3,982 18%
PSG Konsult*6,084 7,048 8,700 6,399 7,282 810.1 10.85 8,78939%
Zeder*5,398 4,8233,166 3,173 1.983 748.4 3.13 2,342 10%
PSG Alpha 1,909 5,2014,7123,618 3,842  4,080 18%
CA&S** CA&S
4899501,075 1,1301,126220.84.811,0625%
Evergreen^ Evergreen
4008329758698694%
Stadio* Stadio
2,4271,277 662865363.63.15 1,1455%
Optimi^ Optimi
331 350447 3052963081%
Energy Partners^Energy Partners
468 500572 1183053041%
Other investments^Other investments
621 680599 4994464642%
Less: minority shareholding held by PSG Alpha management(106) (90) (71)(65) (72) 0%
Dipeo^812535   0%
Other net assets3,5862,6031,702 8792,020  3,276 15%
Cash^^1,5131,0003231871,646  2,910 13%
Pref investments and loans receivable^^2,0021,5581,297542733  7974%
PSG Corporate^      
Other^^+714582150(359)  (431) (2%)
Total assets 54,696 57,737 70,345 62,803 20,905   22,469 100%
Perpetual pref funding*++ (1,350) (1,278) (1,367) (1,463) (1,132) 
Other debt^^ (949) (949) (1,020) (1,020)    
Total SOTP value 52,397 55,510 67,958 60,320 19,773    22,469  
     
Shares in issue (net of treasury shares) (m) 217.5 217.5 218.2 218.2 209.8    209.4  
SOTP value per share (R) 240.87 255.17 311.45 276.43 94.24    107.32  
PSG Group share price (R)* 251.43 217.50 259.78 186.60 66.51    73.37

* Listed on the Johannesburg Stock Exchange, ** Listed on the Botswana Stock Exchange, ^ Internal valuation, ^^ Carrying value

+ The latest balance include a capital gains tax liability in respect of the Capitec shares disposed of.

++ Repurchased in full on 10 August 2021.


  PSG Group share price vs SOTP value per share

Accuracy of data disclaimer
Although the contents of the SOTP calculation have been compiled with considerable care, it may not be accurate or complete and may also include technical errors from time to time which are beyond our control due to share data information contained in the SOTP calculation having been received from third party service providers. It is designed to assist shareholders and/or investors on a more frequent basis with the SOTP calculation and is not for quick investment decisions, as it would lag the JSE Limited share trading platforms with at least 15 minutes in relation to JSE listed companies set out in the SOTP calculation. Accordingly, PSG Group Limited does not assume responsibility for the accuracy thereof and therefore disclaims, any liability for any loss, liability, damages (whether direct or consequential) or expense of any nature whatsoever which may be suffered as a result of or may be attributable, directly or indirectly, to the use of or reliance upon any information and it is the responsibility of the shareholder and/or investor to confirm the accuracy of the information contained in the SOTP calculation.

Financial advisor disclaimer
The information provided included in the SOTP calculation is for GENERAL INFORMATIONAL PURPOSES ONLY and does not constitute an offer to sell any securities or investment advice relating to securities or a representation that the security is a suitable or appropriate investment for any person. You are advised to give independent consideration to and conduct independent investigation with regards to this information and to obtain investment advice from your independent financial advisors. It is designed to assist shareholders and/or investors on a more frequent basis with the SOTP calculation and is not for quick investment decisions, as it would lag the JSE Limited share trading platforms with at least 15 minutes in relation to JSE listed companies set out in the SOTP calculation.