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-18Feb-19Feb-20Feb-21Feb-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*29,54046,35146,1302,190
Zeder*4,8233,166 3,173 1,983 2,672
PSG Alpha 5,2014,7123,618 3,8424,508
Stadio* Stadio
2,4271,277 6628651,324
CA&S** CA&S
9501,075 1,1301,1261,057
Evergreen^ Evergreen
400832975869988
Optimi^ Optimi
350447 305296502
Energy Partners^Energy Partners
500572 118305379
Other investments^Other investments
680599 499446337
Less: minority shareholding held by PSG Alpha management(106) (90) (71)(65)(79)
Dipeo^535  
Other net assets (cash, prefs, loans, provisions, etc.)^^2,6031,702 8792,0203,636
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.