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SPAR Group

JSE:SPP
Snowflake Description

Solid track record average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SPP
JSE
ZAR34B
Market Cap
  1. Home
  2. ZA
  3. Consumer Retailing
Company description

The SPAR Group Ltd engages in the wholesale and distribution of goods and services to SPAR grocery stores and various other branded group retail outlets in Southern Africa, Ireland, Switzerland, and Poland. The last earnings update was 102 days ago. More info.


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SPP Share Price and Events
7 Day Returns
1.2%
JSE:SPP
0.8%
ZA Consumer Retailing
-5.2%
ZA Market
1 Year Returns
-5.3%
JSE:SPP
-11.5%
ZA Consumer Retailing
-33.8%
ZA Market
SPP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
SPAR Group (SPP) 1.2% 6.8% -7.4% -5.3% 5% -8.4%
ZA Consumer Retailing 0.8% -6.4% -14.1% -11.5% -12.9% -3%
ZA Market -5.2% -21.1% -29% -33.8% -28% -31.7%
1 Year Return vs Industry and Market
  • SPP outperformed the Consumer Retailing industry which returned -11.5% over the past year.
  • SPP outperformed the Market in South Africa which returned -33.8% over the past year.
Price Volatility
SPP
Industry
5yr Volatility vs Market

SPP Value

 Is SPAR Group 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 SPAR Group 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 SPAR Group.

JSE:SPP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 15.2%
Perpetual Growth Rate 10-Year ZA Government Bond Rate 8.6%

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:SPP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year ZA Govt Bond Rate 8.6%
Equity Risk Premium S&P Global 8.2%
Consumer Retailing Unlevered Beta Simply Wall St/ S&P Global 0.48
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.483 (1 + (1- 28%) (21.48%))
0.704
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.6% + (0.8 * 8.23%)
15.18%

Discounted Cash Flow Calculation for JSE:SPP using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for SPAR Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

JSE:SPP DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (ZAR, Millions) Source Present Value
Discounted (@ 15.18%)
2020 2,842.00 Analyst x2 2,467.36
2021 2,523.50 Analyst x2 1,902.04
2022 2,662.00 Analyst x2 1,741.93
2023 2,822.31 Est @ 6.02% 1,603.38
2024 3,014.10 Est @ 6.8% 1,486.61
2025 3,235.24 Est @ 7.34% 1,385.33
2026 3,484.87 Est @ 7.72% 1,295.51
2027 3,763.00 Est @ 7.98% 1,214.50
2028 4,070.31 Est @ 8.17% 1,140.51
2029 4,408.01 Est @ 8.3% 1,072.31
Present value of next 10 years cash flows ZAR15,309.00
JSE:SPP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ZAR4,408.01 × (1 + 8.6%) ÷ (15.18% – 8.6%)
ZAR72,708.11
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ZAR72,708.11 ÷ (1 + 15.18%)10
ZAR17,687.29
JSE:SPP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ZAR15,309.00 + ZAR17,687.29
ZAR32,996.29
Equity Value per Share
(ZAR)
= Total value / Shares Outstanding
= ZAR32,996.29 / 188.92
ZAR174.66
JSE:SPP Discount to Share Price
Calculation Result
Value per share (ZAR) From above. ZAR174.66
Current discount Discount to share price of ZAR181.25
= -1 x (ZAR181.25 - ZAR174.66) / ZAR174.66
-3.8%

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

  • The current share price of SPAR Group is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 SPAR Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are SPAR Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
JSE:SPP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in ZAR ZAR11.24
JSE:SPP Share Price ** JSE (2020-04-03) in ZAR ZAR181.25
South Africa Consumer Retailing Industry PE Ratio Median Figure of 7 Publicly-Listed Consumer Retailing Companies 16.42x
South Africa Market PE Ratio Median Figure of 201 Publicly-Listed Companies 8.08x

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

** Primary Listing of SPAR Group.

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

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

= 181.25 ÷ 11.24

16.12x

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

  • SPAR Group is good value based on earnings compared to the ZA Consumer Retailing industry average.
  • SPAR Group is overvalued based on earnings compared to the South Africa market.
Price based on expected Growth
Does SPAR Group's expected growth come at a high price?
Raw Data
JSE:SPP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.12x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
8.3%per year
South Africa Consumer Retailing Industry PEG Ratio Median Figure of 6 Publicly-Listed Consumer Retailing Companies 1.86x
South Africa Market PEG Ratio Median Figure of 78 Publicly-Listed Companies 0.84x

*Line of best fit is calculated by linear regression .

JSE:SPP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.12x ÷ 8.3%

1.93x

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

  • SPAR Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on SPAR Group's assets?
Raw Data
JSE:SPP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in ZAR ZAR38.80
JSE:SPP Share Price * JSE (2020-04-03) in ZAR ZAR181.25
South Africa Consumer Retailing Industry PB Ratio Median Figure of 8 Publicly-Listed Consumer Retailing Companies 3.99x
South Africa Market PB Ratio Median Figure of 271 Publicly-Listed Companies 0.67x
JSE:SPP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 181.25 ÷ 38.80

4.67x

* Primary Listing of SPAR Group.

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

  • SPAR Group is overvalued based on assets compared to the ZA Consumer Retailing industry average.
X
Value checks
We assess SPAR Group'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 Consumer Retailing 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 Consumer Retailing industry average (and greater than 0)? (1 check)
  5. SPAR Group has a total score of 1/6, 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.

SPP Future Performance

 How is SPAR Group expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

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
8.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is SPAR Group expected to grow at an attractive rate?
  • SPAR Group's earnings growth is positive but not above the low risk savings rate of 8.6%.
Growth vs Market Checks
  • SPAR Group's earnings growth is positive but not above the South Africa market average.
  • SPAR Group's revenue growth is positive but not above the South Africa market average.
Annual Growth Rates Comparison
Raw Data
JSE:SPP Future Growth Rates Data Sources
Data Point Source Value (per year)
JSE:SPP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 8.3%
JSE:SPP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 6.4%
South Africa Consumer Retailing Industry Earnings Growth Rate Market Cap Weighted Average 11.7%
South Africa Consumer Retailing Industry Revenue Growth Rate Market Cap Weighted Average 6.9%
South Africa Market Earnings Growth Rate Market Cap Weighted Average 16%
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:SPP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in ZAR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
JSE:SPP Future Estimates Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-09-30 148,809 3,108 1
2022-09-30 132,583 3,218 2,748 9
2021-09-30 124,186 3,134 2,513 10
2020-09-30 116,733 3,238 2,257 10
2020-04-03
JSE:SPP Past Financials Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income *
2019-09-30 109,477 1,127 2,163
2019-06-30 107,393 2,563 1,981
2019-03-31 105,310 4,000 1,799
2018-12-31 103,164 3,667 1,813
2018-09-30 101,018 3,334 1,827
2018-06-30 99,487 2,938 1,885
2018-03-31 98,001 2,542 1,942
2017-12-31 96,687 2,602 1,881
2017-09-30 95,373 2,663 1,821
2017-06-30 95,723 2,712 1,859
2017-03-31 95,986 2,760 1,898
2016-12-31 93,337 2,730 1,856

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • SPAR Group's earnings are expected to grow by 8.3% yearly, however this is not considered high growth (20% yearly).
  • SPAR Group's revenue is expected to grow by 6.4% yearly, however this is not considered high growth (20% yearly).
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:SPP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from SPAR Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

JSE:SPP Future Estimates Data
Date (Data in ZAR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-09-30
2022-09-30 14.01 15.98 13.11 5.00
2021-09-30 12.89 14.53 12.15 6.00
2020-09-30 11.51 12.85 10.37 6.00
2020-04-03
JSE:SPP Past Financials Data
Date (Data in ZAR Millions) EPS *
2019-09-30 11.24
2019-06-30 10.29
2019-03-31 9.34
2018-12-31 9.42
2018-09-30 9.49
2018-06-30 9.79
2018-03-31 10.08
2017-12-31 9.77
2017-09-30 9.45
2017-06-30 9.73
2017-03-31 10.02
2016-12-31 10.06

*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.
  • SPAR Group is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess SPAR Group'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 South 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.
SPAR Group 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.

SPP Past Performance

  How has SPAR Group 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 SPAR Group's growth in the last year to its industry (Consumer Retailing).
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.
  • SPAR Group's year on year earnings growth rate has been positive over the past 5 years.
  • SPAR Group's 1-year earnings growth exceeds its 5-year average (18.4% vs 7.7%)
  • SPAR Group's earnings growth has exceeded the ZA Consumer Retailing industry average in the past year (18.4% vs 12.6%).
Earnings and Revenue History
SPAR Group'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 SPAR Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

JSE:SPP Past Revenue, Cash Flow and Net Income Data
Date (Data in ZAR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 109,477.10 2,163.40 10,939.40
2019-06-30 107,393.40 1,981.20 10,755.00
2019-03-31 105,309.70 1,799.00 10,401.80
2018-12-31 103,163.85 1,813.10 10,201.80
2018-09-30 101,018.00 1,827.20 10,170.60
2018-06-30 99,487.05 1,885.45 10,189.85
2018-03-31 98,001.20 1,942.00 10,026.60
2017-12-31 96,687.15 1,881.30 9,747.80
2017-09-30 95,373.10 1,820.60 9,469.00
2017-06-30 95,723.30 1,858.85 8,828.45
2017-03-31 95,985.50 1,897.60 8,896.30
2016-12-31 93,337.00 1,856.30 8,127.30
2016-09-30 90,688.50 1,815.00 7,358.30
2016-06-30 84,989.65 1,638.85 6,358.20
2016-03-31 79,290.80 1,462.70 5,358.10
2015-12-31 76,274.80 1,441.80 5,115.35
2015-09-30 73,258.80 1,420.90 4,872.60
2015-06-30 69,080.20 1,453.30 4,495.30
2015-03-31 64,901.60 1,485.70 4,118.00
2014-12-31 59,692.30 1,415.35 3,641.55
2014-09-30 54,483.00 1,345.00 3,165.10
2014-06-30 52,044.90 1,293.80 2,928.85
2014-03-31 49,606.80 1,242.60 2,692.60
2013-12-31 48,701.30 1,214.95 2,631.45
2013-09-30 47,795.80 1,187.30 2,570.30
2013-06-30 46,315.15 1,155.80 2,516.40

*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.
  • SPAR Group has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • SPAR Group used its assets more efficiently than the ZA Consumer Retailing industry average last year based on Return on Assets.
  • SPAR Group's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess SPAR Group'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 Consumer Retailing 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.
SPAR Group has a total score of 5/6, 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.

SPP Health

 How is SPAR Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up SPAR Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • SPAR Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • SPAR Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of SPAR Group'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.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2.7x debt.
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 SPAR Group Company Filings, last reported 6 months ago.

JSE:SPP Past Debt and Equity Data
Date (Data in ZAR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 7,467.30 7,355.70 1,486.70
2019-06-30 7,467.30 7,355.70 1,486.70
2019-03-31 7,052.30 5,898.30 1,170.90
2018-12-31 7,052.30 5,898.30 1,170.90
2018-09-30 7,109.80 5,204.70 1,607.20
2018-06-30 7,109.80 5,204.70 1,607.20
2018-03-31 6,421.40 5,879.20 1,144.00
2017-12-31 6,421.40 5,879.20 1,144.00
2017-09-30 6,560.40 5,574.10 1,740.70
2017-06-30 6,575.00 4,793.30 1,740.70
2017-03-31 5,787.20 5,525.70 1,006.40
2016-12-31 5,787.20 5,525.70 1,006.40
2016-09-30 5,642.90 4,937.30 2,040.00
2016-06-30 5,642.90 4,937.30 2,040.00
2016-03-31 3,465.70 4,542.40 461.10
2015-12-31 3,465.70 4,542.40 461.10
2015-09-30 3,328.40 2,974.20 481.30
2015-06-30 3,328.40 2,974.20 481.30
2015-03-31 3,151.90 3,764.60 353.10
2014-12-31 3,151.90 3,764.60 353.10
2014-09-30 3,026.50 2,931.00 436.20
2014-06-30 3,026.50 2,931.00 436.20
2014-03-31 3,242.40 1,147.30 159.60
2013-12-31 3,242.40 1,147.30 159.60
2013-09-30 3,175.60 110.90 112.20
2013-06-30 3,177.70 110.90 112.20
  • SPAR Group's level of debt (98.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (97.1% vs 98.5% today).
  • Debt is not well covered by operating cash flow (15.3%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 185x coverage).
X
Financial health checks
We assess SPAR Group'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. SPAR Group has a total score of 3/6, 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.

SPP Dividends

 What is SPAR Group'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
4.41%
Current annual income from SPAR Group dividends. Estimated to be 4.96% next year.
If you bought ZAR2,000 of SPAR Group shares you are expected to receive ZAR88 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?
  • SPAR Group's pays a lower dividend yield than the bottom 25% of dividend payers in South Africa (4.65%).
  • SPAR Group's dividend is below the markets top 25% of dividend payers in South Africa (13.76%).
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:SPP 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 10 Analyst Estimates (S&P Global) See Below
South Africa Consumer Retailing Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 2.8%
South Africa Market Average Dividend Yield Market Cap Weighted Average of 170 Stocks 5.5%
South Africa Minimum Threshold Dividend Yield 10th Percentile 2.6%
South Africa Bottom 25% Dividend Yield 25th Percentile 4.6%
South Africa Top 25% Dividend Yield 75th Percentile 13.8%

Industry and Market average data is calculated daily.

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

JSE:SPP Future Dividends Estimate Data
Date (Data in ZAR) Dividend per Share (annual) Avg. No. Analysts
2023-09-30
2022-09-30 9.82 8.00
2021-09-30 9.03 9.00
2020-09-30 8.19 9.00
2020-04-03
JSE:SPP Past Annualized Dividends Data
Date (Data in ZAR) Dividend per share (annual) Avg. Yield (%)
2019-12-23 8.000 4.372
2019-11-13 8.000 3.928
2018-12-20 7.290 3.774
2018-11-14 7.290 3.818
2017-12-22 6.750 3.483
2017-11-15 6.750 3.532
2017-05-31 6.500 3.955
2016-12-22 6.650 3.642
2016-11-16 6.650 3.516
2016-01-18 6.320 3.243
2015-11-11 6.320 3.464
2015-05-20 5.840 3.069
2014-12-29 5.400 2.972
2014-11-12 5.400 3.504
2014-05-22 5.010 3.939
2013-11-13 4.850 3.953
2013-05-15 4.540 3.835
2012-11-14 4.300 3.630
2011-11-09 3.770 3.264
2011-11-08 3.770 3.808
2010-11-17 3.620 3.844
2010-11-16 3.620 3.658
2009-11-11 3.220 4.141

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of SPAR Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.4x coverage).
X
Income/ dividend checks
We assess SPAR Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 2.6%) - 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 SPAR Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. SPAR Group has a total score of 4/6, see the detailed checks below.


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

SPP Management

 What is the CEO of SPAR Group'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
Graham O’Connor
COMPENSATION ZAR14,592,000
AGE 63
TENURE AS CEO 6.3 years
CEO Bio

Mr. Graham Owen O’Connor, B.com, CA (SA), has been the Group Chief Executive Officer of the SPAR Group Limited since January 31, 2014. He joined the SPAR Group Limited in 1986. Mr. O’Connor is a Partner in five SPAR stores. Mr. O’Connor served as the Divisional Managing Director of SPAR’s KZN Division in 1987. Mr. O’Connor has been an Executive Director of the SPAR Group Ltd., since February 2014 and joined The SPAR Group in 1986. Mr. O’Connor served as Group Accountant in 1986.

CEO Compensation
  • Graham's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Graham's remuneration is about average for companies of similar size in South Africa.
Management Team Tenure

Average tenure and age of the SPAR Group management team in years:

10.3
Average Tenure
52.5
Average Age
  • The average tenure for the SPAR Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Graham O’Connor

TITLE
Group CEO & Executive Director
COMPENSATION
ZAR15M
AGE
63
TENURE
6.3 yrs

Mark Godfrey

TITLE
Group Financial Director & Executive Director
COMPENSATION
ZAR11M
AGE
54
TENURE
10.3 yrs

Mark Huxtable

TITLE
Chief Information Officer & Group IT Executive
AGE
58
TENURE
0.6 yrs

Mike Prentice

TITLE
Group Marketing Executive
AGE
51
TENURE
13.3 yrs

Thuli Tabudi

TITLE
Group Human Resources Executive
AGE
50
TENURE
12.4 yrs

Brett Botten

TITLE
Managing Director of SPAR South Rand Division
AGE
54
TENURE
10.3 yrs

Conrad Isaac

TITLE
Managing Director of SPAR Eastern Cape Division
AGE
57
TENURE
14.3 yrs

Desmond Borrageiro

TITLE
Managing Director of SPAR North Rand Division
AGE
44
TENURE
8.3 yrs

Alison Zweers

TITLE
Managing Director SPAR Western Cape Division & Namibia
AGE
49
TENURE
4.3 yrs

Max Oliva

TITLE
Managing Director of SPAR KwaZulu-Natal division
AGE
42
Board of Directors Tenure

Average tenure and age of the SPAR Group board of directors in years:

6.2
Average Tenure
55
Average Age
  • The tenure for the SPAR Group board of directors is about average.
Board of Directors

Mike Hankinson

TITLE
Independent Non-Executive Chairman
COMPENSATION
ZAR1M
AGE
70

Graham O’Connor

TITLE
Group CEO & Executive Director
COMPENSATION
ZAR15M
AGE
63
TENURE
6.2 yrs

Mark Godfrey

TITLE
Group Financial Director & Executive Director
COMPENSATION
ZAR11M
AGE
54
TENURE
9.5 yrs

Rob Philipson

TITLE
CEO of SPAR Switzerland & Chairman of SPAR Sri Lanka
AGE
50

Leo Crawford

TITLE
Group Chief Executive of BWG Group & Chairman: SPAR Ireland
AGE
60

Harish Mehta

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR848K
AGE
69
TENURE
15.5 yrs

Marang Mashologu

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR544K
AGE
43
TENURE
4.3 yrs

Phumla Mnganga

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR741K
AGE
51
TENURE
14.3 yrs

Andrew Waller

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR631K
AGE
56
TENURE
2.2 yrs

Lwazi Koyana

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR185K
AGE
50
TENURE
0.9 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)
28. Jan 20 Buy Spar Group Ltd., ESOP Company 23. Jan 20 27. Jan 20 50,698 ZAR206.72 ZAR10,306,329
24. Jan 20 Buy Spar Group Ltd., ESOP Company 20. Jan 20 22. Jan 20 49,302 ZAR205.05 ZAR8,292,898
29. Nov 19 Buy Spar Group Ltd., ESOP Company 25. Nov 19 28. Nov 19 65,572 ZAR205.39 ZAR13,298,267
19. Nov 19 Buy Spar Group Ltd., ESOP Company 13. Nov 19 18. Nov 19 27,600 ZAR217.36 ZAR5,824,219
19. Nov 19 Sell Wayne Hook Individual 13. Nov 19 13. Nov 19 -32,000 ZAR205.00 ZAR-6,430,739
30. Sep 19 Buy Spar Group Ltd., ESOP Company 25. Sep 19 27. Sep 19 45,000 ZAR193.89 ZAR8,607,398
25. Sep 19 Buy Spar Group Ltd., ESOP Company 18. Sep 19 19. Sep 19 25,000 ZAR195.09 ZAR4,836,839
X
Management checks
We assess SPAR Group'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. SPAR Group 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.

SPP News

Simply Wall St News

SPP Company Info

Description

The SPAR Group Ltd engages in the wholesale and distribution of goods and services to SPAR grocery stores and various other branded group retail outlets in Southern Africa, Ireland, Switzerland, and Poland. The company offers fresh produce, meat, and baked goods. It operates six distribution centers. The SPAR Group Ltd is headquartered in Pinetown, South Africa.

Details
Name: The SPAR Group Ltd
SPP
Exchange: JSE
Founded:
ZAR34,242,123,556
188,922,061
Website: http://www.spar.co.za
Address: The SPAR Group Ltd
22 Chancery Lane,
Pinetown,
KwaZulu-Natal, 3610,
South Africa
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
JSE SPP Ordinary Shares The Johannesburg Securities Exchange ZA ZAR 18. Oct 2004
OTCPK SGPP.F Ordinary Shares Pink Sheets LLC US USD 18. Oct 2004
Number of employees
Current staff
Staff numbers
0
SPAR Group employees.
Industry
Food Distributors
Consumer Retailing
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 20:54
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/01
Last earnings filing: 2019/12/23
Last earnings reported: 2019/09/30
Last annual earnings reported: 2019/09/30


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.