Sum-of-the-Parts (“SOTP”)
The latest SOTP calculation set out below includes JSE-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-16 | Feb-17 | Feb-18 | Feb-19 | Feb-20 | 24 May 2020 | ||||
| Asset/Liability | Rm | Rm | Rm | Rm | Rm | Shares (m) | Share price (R) | Value (Rm) | % of total |
| Capitec * | 16,820 | 25,727 | 29,540 | 46,351 | 46,130 | 35.5 | 860.00 | 30,517 | 68% |
| Curro * (incl. Stadio until unbundling in Oct 2017) | 9,773 | 11,180 | 7,987 | 5,714 | 2,604 | 228.2 | 7.40 | 1,689 | 4% |
| PSG Konsult * | 5,441 | 6,084 | 7,048 | 8,700 | 6,399 | 810.1 | 7.00 | 5,670 | 13% |
| Zeder * | 2,815 | 5,398 | 4,823 | 3,166 | 3,173 | 748.4 | 1.85 | 1,384 | 3% |
| PSG Alpha | 1,367 | 1,909 | 5,201 | 4,712 | 3,618 | 3,417 | 8% | ||
| Stadio * (since unbundling from Curro in Oct 2017) | 2,379 | 1,253 | 649 | 359.6 | 0.90 | 317 | 1% | ||
| Other investments + | 1,367 | 1,909 | 2,822 | 3,459 | 2,969 | 3,100 | 7% | ||
| Dipeo + | 557 | 812 | 535 | 0% | |||||
| Other assets | 5,868 | 3,586 | 2,603 | 1,702 | 879 | 2,494 | 4% | ||
| Cash ** | 2,895 | 1,513 | 1,000 | 323 | 187 | 1,905 | 3% | ||
| Pref investments and loans receivable ** | 1,335 | 2,002 | 1,558 | 1,297 | 542 | 509 | 1% | ||
| PSG Corporate ++ | 1,510 | ||||||||
| Other ** | 128 | 71 | 45 | 82 | 150 | 80 | 0% | ||
| Total assets | 42,641 | 54,696 | 57,737 | 70,345 | 62,803 | 45,171 | 100% | ||
| Perpetual pref funding * | (1,309) | (1,350) | (1,278) | (1,367) | (1,463) | 17.4 | 62.50 | (1,088) | |
| Other debt ** | (949) | (949) | (949) | (1,020) | (1,020) | (1,031) | |||
| Total SOTP value | 40,383 | 52,397 | 55,510 | 67,958 | 60,320 | 43,052 | |||
| Shares in issue (net of treasury shares) (m) | 216.3 | 217.5 | 217.5 | 218.2 | 218.2 | 218.2 | |||
| SOTP value per share (R) | 186.67 | 240.87 | 255.17 | 311.45 | 276.43 | 197.30 | |||
| PSG Group share price (R) * | 173.69 | 251.43 | 217.50 | 259.78 | 186.60 | 156.14 | |||
* Listed on the JSE Ltd, ** Carrying value, + SOTP value, ++ Valuation
Note : PSG Group's potential capital gains tax ("CGT") liability in the event of its portfolio realisation is negligible given that its listed investments, including Capitec, Curro, PSG Konsult, Zeder and Stadio, could be unbundled in terms of the corporate relief provisions of the Income Tax Act without triggering CGT for PSG Group. The aforementioned listed investments comprise more than 90% of PSG Group's total SOTP assets.
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 price information contained in the SOTP calculation having been received from third-party service providers. The SOTP calculation is indicative of the value of PSG Group Limited’s underlying portfolio of net assets. It does not take into account factors such as size of shareholdings, liquidity of the underlying assets, tax on the potential disposal of underlying assets (in contrast to where corporate relief provisions may apply, such as with an unbundling), head office operating profit/loss and other factors which may have an impact on the comparability of the latest SOTP calculation with the ruling PSG Group Limited share price.
It is designed to continuously assist shareholders and/or investors with the SOTP calculation and is not intended to be used for quick investment decisions, as it would lag the JSE share trading platforms by at least 15 minutes.
PSG Group Limited does not assume responsibility for the accuracy of the SOTP calculation and accordingly disclaims all liability for any loss, 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 contained herein. It is the sole responsibility of the shareholder and/or investor to verify the accuracy of the information contained in this SOTP calculation and to form his/her own view as to the value of PSG Group Limited shares.
Financial advisor disclaimer
The information provided and included in the SOTP calculation is for general information 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 this information and to obtain investment advice from your independent financial advisor.