Foschini Group Ltd


Estimate Adjusted EBIT Margin

	Fiscal Year Ending					LTM
	Mar-20	Mar-21	Mar-22	Mar-23	Mar-24	Sep-24
(ZAR in millions)	FY-4	FY-3	FY-2	FY-1	FY	LTM

Revenue	35,323	32,950	43,370	51,778	56,221	55,685

Adjusted EBITDA Build-up
EBT, Incl. Unusual Items	3,349	(1,713)	4,029	4,043	4,176	4,088
(+) Net Interest Expense	1,335	994	784	1,368	1,770	1,769
(+) Other Non Operating Exp.
(+) D&A	748	764	772	990	1,117	1,133
(+) Non-recurring Items	245	1,455	121	80	55	37
Adjusted EBITDA	5,678	1,500	5,706	6,482	7,117	7,027

(-) D&A	(748)	(764)	(772)	(990)	(1,117)	(1,133)

Adjusted EBIT	4,930	736	4,934	5,491	6,001	5,893
% of Revenue	14.0%	2.2%	11.4%	10.6%	10.7%	10.6%


	Low	Median	High

Adjusted EBIT Margin	2.2%	10.7%	14.0%

지원하는 계산법

Equity Waterfall


Equity Waterfall

	Model
(ZAR in millions)	Low	Mid	High	Market
Enterprise Value	32,399	82,461	127,414	59,928
(+) Cash & Short Term Investments	2,538	2,538	2,538	2,538
(+) Investments & Other	140	140	140	140
(-) Debt	(22,140)	(22,140)	(22,140)	(22,140)
(-) Other Liabilities	0	0	0	0
(-) Preferred Stock	0	0	0	0
(-) Other	0	0	0	0
Value of Common Equity	12,937	62,999	107,951	40,466
(/) Shares Outstanding	325.5	325.5	325.5	325.5
Implied Stock Price (ZAR)	39.74	193.54	331.65	124.32
FX Rate: ZAR/ZAR	1.00	1.00	1.00	1.00
Implied Stock Price (ZAR)	39.74	193.54	331.65	124.32

Upside / (Downside)	-68.03%	55.68%	166.77%


Stock Price	124.32
Stock Price Close	124.32
Restatment Type	Original
Reporting Currency	ZAR
Trading Currency	ZAR
FX Rate: ZAR/ZAR	1.00
Market Cap	40,466.2
Shares Outstanding	325.5
Share Exchange Ratio	1.0
Liquid Long-term Investments	0

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