Loading...

We've got a brand new version of Simply Wall St! Try it out

Sasfin Holdings

JSE:SFN
Snowflake Description

Good value with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SFN
JSE
ZAR1B
Market Cap
  1. Home
  2. ZA
  3. Banks
Company description

Sasfin Holdings Limited operates as a bank controlling company that provides various financial products and services in South Africa and Hong Kong. The last earnings update was 17 days ago. More info.


Add to Portfolio Compare Print
SFN Share Price and Events
7 Day Returns
16.7%
JSE:SFN
-1.8%
ZA Banks
-1%
ZA Market
1 Year Returns
-4.5%
JSE:SFN
6.6%
ZA Banks
-2%
ZA Market
SFN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sasfin Holdings (SFN) 16.7% 20% 14.5% -4.5% -53.3% -37%
ZA Banks -1.8% 0.9% 9.7% 6.6% 26.3% 34.8%
ZA Market -1% 1.7% -1% -2% 3.2% 2.4%
1 Year Return vs Industry and Market
  • SFN underperformed the Banks industry which returned 6.6% over the past year.
  • SFN underperformed the Market in South Africa which returned -2% over the past year.
Price Volatility
SFN
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Sasfin Holdings's competitors could be found in our database.

Value

 Is Sasfin Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Sasfin Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Sasfin Holdings.

JSE:SFN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= ZAR46.28 * 9.7%
ZAR4.51
Book Value of Equity per Share Median Book Value from the past 5 years. ZAR46.28
Discount Rate (Cost of Equity) See below 10.3%
Perpetual Growth Rate 10-Year ZA Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for JSE:SFN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year ZA Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.62
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.615 (1 + (1- 28%) (559.6%))
1.266
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.27
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.266 * 5.96%)
10.28%

Discounted Cash Flow Calculation for JSE:SFN using Excess Returns Model Model

The calculations below outline how an intrinsic value for Sasfin Holdings is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

JSE:SFN Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (9.7% – 10.28%) * ZAR46.28)
ZAR-0.25
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= ZAR-0.25 / (10.28% - 2.73%)
ZAR-3.31
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= ZAR46.28 + ZAR-3.31
ZAR42.98
JSE:SFN Discount to Share Price
Calculation Result
Value per share (ZAR) From above. ZAR42.98
Current discount Discount to share price of ZAR31.50
= -1 x (ZAR31.50 - ZAR42.98) / ZAR42.98
26.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Sasfin Holdings is available for.
Intrinsic value
27%
Share price is ZAR31.5 vs Future cash flow value of ZAR42.98
Current Discount Checks
For Sasfin Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Sasfin Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Sasfin Holdings's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Sasfin Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sasfin Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
JSE:SFN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in ZAR ZAR4.60
JSE:SFN Share Price ** JSE (2019-11-14) in ZAR ZAR31.5
South Africa Banks Industry PE Ratio Median Figure of 6 Publicly-Listed Banks Companies 8.91x
South Africa Market PE Ratio Median Figure of 207 Publicly-Listed Companies 10.74x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Sasfin Holdings.

JSE:SFN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= JSE:SFN Share Price ÷ EPS (both in ZAR)

= 31.5 ÷ 4.60

6.85x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sasfin Holdings is good value based on earnings compared to the ZA Banks industry average.
  • Sasfin Holdings is good value based on earnings compared to the South Africa market.
Price based on expected Growth
Does Sasfin Holdings's expected growth come at a high price?
Raw Data
JSE:SFN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.85x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
15%per year
Africa Banks Industry PEG Ratio Median Figure of 38 Publicly-Listed Banks Companies 0.55x
South Africa Market PEG Ratio Median Figure of 75 Publicly-Listed Companies 1.11x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Sasfin Holdings, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Sasfin Holdings's assets?
Raw Data
JSE:SFN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in ZAR ZAR49.25
JSE:SFN Share Price * JSE (2019-11-14) in ZAR ZAR31.5
South Africa Banks Industry PB Ratio Median Figure of 6 Publicly-Listed Banks Companies 1.26x
South Africa Market PB Ratio Median Figure of 267 Publicly-Listed Companies 0.89x
JSE:SFN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= JSE:SFN Share Price ÷ Book Value per Share (both in ZAR)

= 31.5 ÷ 49.25

0.64x

* Primary Listing of Sasfin Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sasfin Holdings is good value based on assets compared to the ZA Banks industry average.
X
Value checks
We assess Sasfin Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Sasfin Holdings has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Sasfin Holdings expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Sasfin Holdings, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
15%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sasfin Holdings expected to grow at an attractive rate?
  • Sasfin Holdings's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Sasfin Holdings's earnings growth is positive but not above the South Africa market average.
  • Unable to compare Sasfin Holdings's revenue growth to the South Africa market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
JSE:SFN Future Growth Rates Data Sources
Data Point Source Value (per year)
JSE:SFN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts 15%
South Africa Banks Industry Earnings Growth Rate Market Cap Weighted Average 12.6%
Africa Banks Industry Revenue Growth Rate Market Cap Weighted Average 10.4%
South Africa Market Earnings Growth Rate Market Cap Weighted Average 16.8%
South Africa Market Revenue Growth Rate Market Cap Weighted Average 8.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
JSE:SFN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in ZAR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
JSE:SFN Past Financials Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income *
2019-06-30 1,147 -964 148
2019-03-31 1,138 -209 146
2018-12-31 1,129 547 143
2018-09-30 1,102 868 129
2018-06-30 1,075 1,189 115
2018-03-31 1,057 179 126
2017-12-31 1,039 -830 138
2017-09-30 1,062 -306 157
2017-06-30 1,086 219 177
2017-03-31 1,107 359 190
2016-12-31 1,127 731 203
2016-09-30 1,127 -20 214

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sasfin Holdings's earnings are expected to grow by 15% yearly, however this is not considered high growth (20% yearly).
  • Unable to determine if Sasfin Holdings is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
JSE:SFN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Sasfin Holdings Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

JSE:SFN Past Financials Data
Date (Data in ZAR Millions) EPS *
2019-06-30 4.60
2019-03-31 4.53
2018-12-31 4.46
2018-09-30 4.02
2018-06-30 3.59
2018-03-31 3.96
2017-12-31 4.33
2017-09-30 4.95
2017-06-30 5.56
2017-03-31 5.98
2016-12-31 6.39
2016-09-30 6.73

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Sasfin Holdings will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Sasfin Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the South Africa market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Africa market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Sasfin Holdings has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Sasfin Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Sasfin Holdings's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Sasfin Holdings's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Sasfin Holdings's 1-year earnings growth exceeds its 5-year average (28.8% vs -5.6%)
  • Sasfin Holdings's earnings growth has exceeded the ZA Banks industry average in the past year (28.8% vs 4.7%).
Earnings and Revenue History
Sasfin Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Sasfin Holdings Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

JSE:SFN Past Revenue, Cash Flow and Net Income Data
Date (Data in ZAR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 1,146.50 148.06 559.71
2019-03-31 1,137.77 145.71 549.40
2018-12-31 1,129.04 143.35 539.09
2018-09-30 1,102.04 129.14 520.95
2018-06-30 1,075.04 114.93 502.82
2018-03-31 1,057.11 126.43 480.31
2017-12-31 1,039.18 137.93 457.81
2017-09-30 1,062.45 157.25 459.09
2017-06-30 1,085.73 176.58 460.38
2017-03-31 1,106.58 189.74 474.19
2016-12-31 1,127.03 202.90 488.01
2016-09-30 1,127.07 213.66 493.02
2016-06-30 1,127.11 224.42 498.03
2016-03-31 1,073.92 214.14 481.58
2015-12-31 1,020.73 203.87 465.13
2015-09-30 972.30 191.28 445.13
2015-06-30 923.86 178.70 425.14
2015-03-31 917.68 169.87 398.88
2014-12-31 911.50 161.03 372.62
2014-09-30 885.22 155.72 361.65
2014-06-30 858.93 150.40 350.68
2014-03-31 817.87 146.57 341.31
2013-12-31 776.80 142.74 331.95
2013-09-30 754.09 139.49 315.60
2013-06-30 731.39 136.24 299.24
2013-03-31 719.78 131.06 300.84
2012-12-31 708.17 125.88 302.44

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Sasfin Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Sasfin Holdings used its assets less efficiently than the ZA Banks industry average last year based on Return on Assets.
  • Unable to establish if Sasfin Holdings improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Sasfin Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Sasfin Holdings has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Sasfin Holdings's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Sasfin Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Sasfin Holdings Company Filings, last reported 4 months ago.

JSE:SFN Past Debt and Equity Data
Date (Data in ZAR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 1,777.38 5,675.50 2,370.60
2019-03-31 1,777.38 5,675.50 2,370.60
2018-12-31 1,703.71 5,231.33 2,327.15
2018-09-30 1,703.71 5,231.33 2,327.15
2018-06-30 1,741.77 5,872.01 3,227.27
2018-03-31 1,741.77 5,872.01 3,227.27
2017-12-31 1,668.04 4,757.82 3,767.45
2017-09-30 1,668.04 4,757.82 3,767.45
2017-06-30 1,659.23 4,233.32 3,383.41
2017-03-31 1,659.23 4,374.44 4,188.45
2016-12-31 1,604.26 3,953.19 4,136.19
2016-09-30 1,604.26 3,953.19 4,136.19
2016-06-30 1,596.55 4,000.98 3,049.03
2016-03-31 1,596.55 4,000.98 3,049.03
2015-12-31 1,508.44 3,661.65 3,362.84
2015-09-30 1,508.44 3,661.65 3,362.84
2015-06-30 1,438.19 4,406.34 4,267.47
2015-03-31 1,438.19 4,406.34 4,267.47
2014-12-31 1,365.73 2,750.48 2,185.07
2014-09-30 1,365.73 2,750.48 2,185.07
2014-06-30 1,320.96 2,475.07 3,181.96
2014-03-31 1,320.96 2,475.07 3,181.96
2013-12-31 1,262.03 2,469.70 2,577.58
2013-09-30 1,262.03 2,469.70 2,577.58
2013-06-30 1,226.70 2,336.54 2,164.61
2013-03-31 1,226.70 2,336.54 2,164.61
2012-12-31 1,186.18 1,981.22 1,427.26
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Sasfin Holdings has an acceptable proportion of non-loan assets held.
  • Sasfin Holdings's liabilities are made up of primarily higher risk sources of funding.
  • Sasfin Holdings has advanced significantly more loans than the customer deposits it holds (i.e. bank has borrowed additional funds to lend).
  • Sasfin Holdings's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Sasfin Holdings has a low allowance for bad loans.
  • Sasfin Holdings has a high level of bad loans (greater than 2%).
X
Financial health checks
We assess Sasfin Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Sasfin Holdings has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Sasfin Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.17%
Current annual income from Sasfin Holdings dividends.
If you bought ZAR2,000 of Sasfin Holdings shares you are expected to receive ZAR63 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Sasfin Holdings's pays a lower dividend yield than the bottom 25% of dividend payers in South Africa (3.3%).
  • Sasfin Holdings's dividend is below the markets top 25% of dividend payers in South Africa (8.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
JSE:SFN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
South Africa Banks Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.9%
South Africa Market Average Dividend Yield Market Cap Weighted Average of 179 Stocks 4%
South Africa Minimum Threshold Dividend Yield 10th Percentile 1.9%
South Africa Bottom 25% Dividend Yield 25th Percentile 3.3%
South Africa Top 25% Dividend Yield 75th Percentile 8.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

JSE:SFN Past Annualized Dividends Data
Date (Data in ZAR) Dividend per share (annual) Avg. Yield (%)
2019-10-29 0.999 3.675
2019-09-17 0.999 3.567
2018-11-14 1.513 4.775
2018-09-17 1.513 4.760
2017-09-19 2.404 5.472
2016-10-31 2.874 5.133
2016-09-19 2.874 4.250
2015-09-09 2.227 3.942
2014-09-10 1.911 3.532
2014-03-11 1.733 3.545
2013-09-11 1.680 3.992
2013-03-11 1.480 4.131
2012-11-01 1.370 3.985
2012-09-10 1.370 4.419
2012-03-08 0.490 1.607
2011-10-27 1.180 3.978
2011-09-14 1.180 3.912
2010-09-08 1.330 3.707
2010-09-02 1.330 3.595
2009-07-15 2.200 5.846
2009-06-30 2.200 8.204

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Sasfin Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.6x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Sasfin Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Sasfin Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sasfin Holdings has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Sasfin Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Michael E. Sassoon
COMPENSATION ZAR7,196,487
AGE 37
TENURE AS CEO 1.8 years
CEO Bio

Mr. Michael E. E. Sassoon has been the Chief Executive Officer of Sasfin Holdings Limited since January 1, 2018 and its Executive Director since October 23, 2015. Mr. Sassoon is Co-Owner of Sassoon Children's Trust. He has been Chief Executive Officer of Sasfin Bank Limited since January 1, 2018. Mr. Sassoon has been Executive Director at Sasfin Bank Limited since October 23, 2015. He serves as the Chief Executive Officer of Sasfin Securities (Pty) Limited and is responsible for Group Marketing and Business Development. Mr. Sassoon served as the Head of Wealth and Capital at Sasfin Holdings Limited from 2013 to January 1, 2018. He served as a Non-Executive Independent Director of Nvest Financial Holdings Limited until March 24, 2015. Mr. Sassoon holds a B.Com in Accounting Science Degree from the University of South Africa and an MBA from University of Rochester, United States of America.

CEO Compensation
  • Michael E.'s compensation has been consistent with company performance over the past year, both up more than 20%.
  • Michael E.'s remuneration is higher than average for companies of similar size in South Africa.
Management Team Tenure

Average tenure and age of the Sasfin Holdings management team in years:

1.8
Average Tenure
48
Average Age
  • The average tenure for the Sasfin Holdings management team is less than 2 years, this suggests a new team.
Management Team

Michael E. Sassoon

TITLE
CEO & Executive Director
COMPENSATION
ZAR7M
AGE
37
TENURE
1.8 yrs

Angela Pillay

TITLE
Group Financial Director & Executive Director
COMPENSATION
ZAR5M
AGE
44
TENURE
1.7 yrs

Josh Souchon

TITLE
Chief Information Officer
COMPENSATION
ZAR3M
AGE
54

Howard Brown

TITLE
Head of Legal & Group Company Secretary
COMPENSATION
ZAR3M
AGE
54

Linda Fröhlich

TITLE
Head of Asset Finance
COMPENSATION
ZAR3M
AGE
50
TENURE
6.1 yrs

Erol Zeki

TITLE
Chief Executive Officer of Sasfin Wealth
COMPENSATION
ZAR3M
AGE
42
TENURE
2.2 yrs

Maston Lane

TITLE
Chief Operating Officer of Banking Pillar
COMPENSATION
ZAR4M
AGE
53

Francois Otto

TITLE
Head of Capital Pillar
COMPENSATION
ZAR2M
AGE
38
TENURE
1.5 yrs

Michael Blackbeard

TITLE
Head of Compliance
AGE
58

Elisheva Gilbert

TITLE
Head Group Marketing & Communications
AGE
46
Board of Directors Tenure

Average tenure and age of the Sasfin Holdings board of directors in years:

1.7
Average Tenure
58.5
Average Age
  • The average tenure for the Sasfin Holdings board of directors is less than 3 years, this suggests a new board.
Board of Directors

Roy Andersen

TITLE
Independent & Non-Executive Chairman
COMPENSATION
ZAR981K
AGE
71
TENURE
6 yrs

Michael E. Sassoon

TITLE
CEO & Executive Director
COMPENSATION
ZAR7M
AGE
37
TENURE
4.8 yrs

Angela Pillay

TITLE
Group Financial Director & Executive Director
COMPENSATION
ZAR5M
AGE
44
TENURE
1.7 yrs

M. Rylands

TITLE
Lead Independent Director
COMPENSATION
ZAR652K
AGE
47

Grant Dunnington

TITLE
Independent Non Executive Director
COMPENSATION
ZAR712K
AGE
59
TENURE
9.8 yrs

Gloria Serobe

TITLE
Non-Executive Director
AGE
59
TENURE
1.7 yrs

Richard Buchholz

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR249K
AGE
61
TENURE
1.7 yrs

Gugu Dingaan

TITLE
Non-Executive Director
AGE
43
TENURE
1.7 yrs

Mark Thompson

TITLE
Independent Non-executive Director
AGE
67
TENURE
0.4 yrs

Eileen Wilton

TITLE
Independent Non-Executive Director
AGE
58
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (ZAR) Value (ZAR)
30. Nov 18 Buy Unitas Enterprises Limited Company 27. Nov 18 29. Nov 18 39,584 ZAR30.00 ZAR1,161,970
X
Management checks
We assess Sasfin Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Sasfin Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Sasfin Holdings Limited operates as a bank controlling company that provides various financial products and services in South Africa and Hong Kong. It operates through three segments: Bank, Wealth, and Capital. The Bank segment engages in the business banking, transactional banking, and treasury businesses. Its services include transactional banking, digital banking platform, direct feed integration, treasury, forex, trade finance, debtor finance, and equipment finance, as well as investment and notice accounts. The Wealth segment offers online investment, asset management, portfolio management and stockbroking, asset consulting, healthcare consulting, wealth advisory, and fixed income products and services. It also provides wealth management, portfolio management, stockbroking, and asset consulting services. The Capital segment offers corporate finance, private equity, property equity, debt capital markets, short-term insurance, cyber insurance, trade, incentive, and logistics services. The company serves entrepreneurs, corporates, institutions, high-net-worth individuals, and business and wealth clients. Sasfin Holdings Limited was founded in 1951 and is headquartered in Johannesburg, South Africa.

Details
Name: Sasfin Holdings Limited
SFN
Exchange: JSE
Founded: 1951
ZAR1,014,201,783
32,196,882
Website: http://www.sasfin.com
Address: Sasfin Holdings Limited
29 Scott Street,
Waverley,
Johannesburg,
Gauteng, 2090,
South Africa
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
JSE SFN Ordinary Shares The Johannesburg Securities Exchange ZA ZAR 08. Sep 1992
JSE SFNP PFD ZAR0.01 The Johannesburg Securities Exchange ZA ZAR 17. Nov 2004
Number of employees
Current staff
Staff numbers
0
Sasfin Holdings employees.
Industry
Diversified Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/15 16:33
End of day share price update: 2019/11/14 00:00
Last earnings filing: 2019/10/29
Last earnings reported: 2019/06/30
Last annual earnings reported: 2019/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.