Sum-of-the-Parts (“SOTP”)
The latest SOTP calculation set out below includes exchange-listed share prices which are updated to reflect 15-minute 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-18 | Feb-19 | Feb-20 | Feb-21 | Feb-22 | |
| Asset/Liability | Rm | Rm | Rm | Rm | Rm |
| PSG Konsult* | 7,048 | 8,700 | 6,399 | 7,282 | 11,130 |
| Curro* | 7,987 | 5,714 | 2,604 | 3,588 | 4,826 |
| Capitec* | 29,540 | 46,351 | 46,130 | 2,190 | |
| Zeder* | 4,823 | 3,166 | 3,173 | 1,983 | 2,672 |
| PSG Alpha | 5,201 | 4,712 | 3,618 | 3,842 | 4,508 |
Stadio* Stadio | 2,427 | 1,277 | 662 | 865 | 1,324 |
CA&S** CA&S | 950 | 1,075 | 1,130 | 1,126 | 1,057 |
Evergreen^ Evergreen | 400 | 832 | 975 | 869 | 988 |
Optimi^ Optimi | 350 | 447 | 305 | 296 | 502 |
Energy Partners^Energy Partners | 500 | 572 | 118 | 305 | 379 |
Other investments^Other investments | 680 | 599 | 499 | 446 | 337 |
| Less: minority shareholding held by PSG Alpha management | (106) | (90) | (71) | (65) | (79) |
| Dipeo^ | 535 | ||||
| Other net assets (cash, prefs, loans, provisions, etc.)^^ | 2,603 | 1,702 | 879 | 2,020 | 3,636 |
| Total net assets | 57,737 | 70,345 | 62,803 | 20,905 | 26, 772 |
| Perpetual pref funding*+ | (1,278) | (1,367) | (1,463) | (1,132) | |
| Other debt^^ | (949) | (1,020) | (1,020) | ||
| Total SOTP value | 55,510 | 67,958 | 60,320 | 19,773 | 26,772 |
| Shares in issue (net of treasury shares) (m) | 217.5 | 218.2 | 218.2 | 209.8 | 209.4 |
| SOTP value per share (R)++ | 255.17 | 311.45 | 276.43 | 94.24 | 127.88 |
| PSG Group share price (R)*++ | 217.50 | 259.78 | 186.60 | 66.51 | 81.83 |
* Listed on the Johannesburg Stock Exchange, ** Listed on the Botswana Stock Exchange, ^ Internal valuation, ^^ Carrying value
+ Repurchased in full on 10 Aug 2021.
++ Amounts up to and including 29 Feb 2020 include the Capitec interest that was unbundled during the year ended 28 Feb 2021.