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African and Overseas Enterprises

JSE:AOVP
Snowflake Description

Excellent balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AOVP
JSE
ZAR320M
Market Cap
  1. Home
  2. ZA
  3. Retail
Company description

African and Overseas Enterprises Limited, through its subsidiaries, engages in the retail trading and property investment activities. The last earnings update was 186 days ago. More info.


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AOVP Share Price and Events
7 Day Returns
0%
JSE:AOVP
-12.1%
ZA Specialty Retail
-5.2%
ZA Market
1 Year Returns
0%
JSE:AOVP
-50.2%
ZA Specialty Retail
-33.8%
ZA Market
AOVP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
African and Overseas Enterprises (AOVP) 0% 0% 0% 0% -28.6% -20%
ZA Specialty Retail -12.1% -37.6% -45.2% -50.2% -47.5% -59.8%
ZA Market -5.2% -21.1% -29% -33.8% -28% -31.7%
1 Year Return vs Industry and Market
  • AOVP outperformed the Specialty Retail industry which returned -50.2% over the past year.
  • AOVP outperformed the Market in South Africa which returned -33.8% over the past year.
Price Volatility
AOVP
Industry
5yr Volatility vs Market

AOVP Value

 Is African and Overseas Enterprises 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 African and Overseas Enterprises 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 African and Overseas Enterprises.

JSE:AOVP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 16.1%
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:AOVP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year ZA Govt Bond Rate 8.6%
Equity Risk Premium S&P Global 8.2%
Specialty Retail Unlevered Beta Simply Wall St/ S&P Global 0.74
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.738 (1 + (1- 28%) (23.53%))
0.908
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.91
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.6% + (0.908 * 8.23%)
16.07%

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

The calculations below outline how an intrinsic value for African and Overseas Enterprises 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:AOVP DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (ZAR, Millions) Source Present Value
Discounted (@ 16.07%)
2020 59.11 Est @ 63.59% 50.93
2021 86.95 Est @ 47.09% 64.53
2022 117.85 Est @ 35.54% 75.36
2023 150.22 Est @ 27.46% 82.75
2024 182.97 Est @ 21.8% 86.84
2025 215.61 Est @ 17.84% 88.16
2026 248.10 Est @ 15.07% 87.39
2027 280.67 Est @ 13.13% 85.18
2028 313.71 Est @ 11.77% 82.02
2029 347.65 Est @ 10.82% 78.30
Present value of next 10 years cash flows ZAR781.00
JSE:AOVP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ZAR347.65 × (1 + 8.6%) ÷ (16.07% – 8.6%)
ZAR5,051.44
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ZAR5,051.44 ÷ (1 + 16.07%)10
ZAR1,137.80
JSE:AOVP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ZAR781.00 + ZAR1,137.80
ZAR1,918.80
Equity Value per Share
(ZAR)
= Total value / Shares Outstanding
= ZAR1,918.80 / 11.45
ZAR167.57
JSE:AOVP Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in JSE:AOVP represents 0.36765x of JSE:AOO
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.36765x
Value per Share
(Listing Adjusted, ZAR)
= Value per Share (ZAR) x Listing Adjustment Factor
= ZAR 167.57 x 0.36765
ZAR61.61
Value per share (ZAR) From above. ZAR61.61
Current discount Discount to share price of ZAR10.00
= -1 x (ZAR10.00 - ZAR61.61) / ZAR61.61
83.8%

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

Current Discount
Amount off the current price African and Overseas Enterprises is available for.
Intrinsic value
>50%
Share price is ZAR10 vs Future cash flow value of ZAR61.61
Current Discount Checks
For African and Overseas Enterprises to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • African and Overseas Enterprises's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • African and Overseas Enterprises's share price is below the future cash flow value, and 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 African and Overseas Enterprises's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are African and Overseas Enterprises's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
JSE:AOVP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in ZAR ZAR1.77
JSE:AOO Share Price ** JSE (2020-04-02) in ZAR ZAR27.2
South Africa Specialty Retail Industry PE Ratio Median Figure of 12 Publicly-Listed Specialty Retail Companies 8.38x
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 African and Overseas Enterprises.

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

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

= 27.2 ÷ 1.77

15.4x

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

  • African and Overseas Enterprises is overvalued based on earnings compared to the ZA Specialty Retail industry average.
  • African and Overseas Enterprises is overvalued based on earnings compared to the South Africa market.
Price based on expected Growth
Does African and Overseas Enterprises's expected growth come at a high price?
Raw Data
JSE:AOVP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.4x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
South Africa Specialty Retail Industry PEG Ratio Median Figure of 6 Publicly-Listed Specialty Retail Companies 0.92x
South Africa Market PEG Ratio Median Figure of 78 Publicly-Listed Companies 0.84x

*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 African and Overseas Enterprises, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on African and Overseas Enterprises's assets?
Raw Data
JSE:AOVP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in ZAR ZAR14.72
JSE:AOO Share Price * JSE (2020-04-02) in ZAR ZAR27.2
South Africa Specialty Retail Industry PB Ratio Median Figure of 12 Publicly-Listed Specialty Retail Companies 1.18x
South Africa Market PB Ratio Median Figure of 271 Publicly-Listed Companies 0.67x
JSE:AOVP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 27.2 ÷ 14.72

1.85x

* Primary Listing of African and Overseas Enterprises.

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

  • African and Overseas Enterprises is overvalued based on assets compared to the ZA Specialty Retail industry average.
X
Value checks
We assess African and Overseas Enterprises'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 Specialty Retail 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 Specialty Retail industry average (and greater than 0)? (1 check)
  5. African and Overseas Enterprises has a total score of 2/6, 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.

AOVP Future Performance

 How is African and Overseas Enterprises expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as African and Overseas Enterprises has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
12.7%
Expected Specialty Retail industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is African and Overseas Enterprises expected to grow at an attractive rate?
  • Unable to compare African and Overseas Enterprises's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare African and Overseas Enterprises's earnings growth to the South Africa market average as no estimate data is available.
  • Unable to compare African and Overseas Enterprises's revenue growth to the South Africa market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
JSE:AOVP Future Growth Rates Data Sources
Data Point Source Value (per year)
South Africa Specialty Retail Industry Earnings Growth Rate Market Cap Weighted Average 12.7%
South Africa Specialty Retail Industry Revenue Growth Rate Market Cap Weighted Average 5.1%
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:AOVP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (9 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:AOVP Past Financials Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income *
2019-06-30 679 63 20
2019-03-31 654 42 21
2018-12-31 629 22 21
2018-09-30 608 29 13
2018-06-30 588 36 6
2018-03-31 577 35 4
2017-12-31 566 33 2
2017-09-30 547 22 1
2017-06-30 529 11 0
2017-03-31 526 14 0
2016-12-31 522 16 -1
2016-09-30 530 28 2

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if African and Overseas Enterprises is high growth as no earnings estimate data is available.
  • Unable to determine if African and Overseas Enterprises 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:AOVP Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (9 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from African and Overseas Enterprises Company Filings, last reported 9 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

JSE:AOVP Past Financials Data
Date (Data in ZAR Millions) EPS *
2019-06-30 1.77
2019-03-31 1.81
2018-12-31 1.85
2018-09-30 1.18
2018-06-30 0.50
2018-03-31 0.35
2017-12-31 0.20
2017-09-30 0.10
2017-06-30 0.01
2017-03-31 -0.03
2016-12-31 -0.07
2016-09-30 0.15

*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 African and Overseas Enterprises will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Check out African and Overseas Enterprises's track record over time to understand how much the company has returned to shareholders and its earnings growth rate in the past.
  2. African and Overseas Enterprises's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Retail companies here
  3. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess African and Overseas Enterprises'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.
African and Overseas Enterprises has a total score of 0/6, 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.

AOVP Past Performance

  How has African and Overseas Enterprises performed over the past 5 years?

  • African and Overseas Enterprises's last earnings update was 186 days ago.
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 African and Overseas Enterprises's growth in the last year to its industry (Specialty Retail).
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.
  • African and Overseas Enterprises has delivered over 20% year on year earnings growth in the past 5 years.
  • African and Overseas Enterprises's 1-year earnings growth exceeds its 5-year average (252.4% vs 37.3%)
  • African and Overseas Enterprises's earnings growth has exceeded the ZA Specialty Retail industry average in the past year (252.4% vs -3.4%).
Earnings and Revenue History
African and Overseas Enterprises'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 African and Overseas Enterprises Company Filings, last reported 9 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

JSE:AOVP Past Revenue, Cash Flow and Net Income Data
Date (Data in ZAR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 678.87 20.12
2019-03-31 654.04 20.60
2018-12-31 629.21 21.09
2018-09-30 608.42 13.40
2018-06-30 587.63 5.71
2018-03-31 576.82 3.97
2017-12-31 566.01 2.22
2017-09-30 547.38 1.18
2017-06-30 528.76 0.15
2017-03-31 525.52 -0.33
2016-12-31 522.29 -0.80
2016-09-30 529.94 1.72
2016-06-30 537.59 4.24
2016-03-31 535.53 8.34
2015-12-31 533.47 12.44
2015-09-30 524.78 12.13
2015-06-30 516.09 11.82
2015-03-31 507.84 6.50
2014-12-31 499.60 1.18
2014-09-30 495.84 -2.88
2014-06-30 492.08 -6.93
2014-03-31 487.84 -5.58 -46.97
2013-12-31 483.60 -4.24 -93.93
2013-09-30 479.02 -5.45 -46.97
2013-06-30 474.44 -6.66

*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.
  • African and Overseas Enterprises has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • African and Overseas Enterprises used its assets less efficiently than the ZA Specialty Retail industry average last year based on Return on Assets.
  • African and Overseas Enterprises has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess African and Overseas Enterprises'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 Specialty Retail 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.
African and Overseas Enterprises has a total score of 4/6, 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.

AOVP Health

 How is African and Overseas Enterprises'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 African and Overseas Enterprises's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • African and Overseas Enterprises is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • African and Overseas Enterprises's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of African and Overseas Enterprises'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 2.4x 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 African and Overseas Enterprises Company Filings, last reported 9 months ago.

JSE:AOVP Past Debt and Equity Data
Date (Data in ZAR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 319.57 75.20 55.59
2019-03-31 319.57 75.20 55.59
2018-12-31 308.19 0.00 38.11
2018-09-30 308.19 0.00 38.11
2018-06-30 272.52 0.00 69.50
2018-03-31 272.52 0.00 69.50
2017-12-31 268.01 0.00 77.33
2017-09-30 268.01 0.00 77.33
2017-06-30 260.80 0.00 59.95
2017-03-31 260.80 0.00 59.95
2016-12-31 261.43 0.00 72.27
2016-09-30 261.43 0.00 72.27
2016-06-30 262.41 0.00 84.52
2016-03-31 262.41 0.00 84.52
2015-12-31 264.95 0.00 94.83
2015-09-30 264.95 0.00 94.83
2015-06-30 261.96 0.00 81.78
2015-03-31 261.96 0.00 81.78
2014-12-31 250.97 0.00 69.68
2014-09-30 250.97 0.00 69.68
2014-06-30 239.46 0.00 58.69
2014-03-31 239.46 0.00 58.69
2013-12-31 247.60 0.00 69.97
2013-09-30 247.60 0.00 69.97
2013-06-30 260.46 0.00 100.17
  • African and Overseas Enterprises's level of debt (23.5%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if African and Overseas Enterprises's debt level has increased without past 5-year debt data.
  • Debt is well covered by operating cash flow (83.4%, greater than 20% of total debt).
  • African and Overseas Enterprises earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess African and Overseas Enterprises'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. African and Overseas Enterprises has a total score of 5/6, 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.

AOVP Dividends

 What is African and Overseas Enterprises'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
0%
Current annual income from African and Overseas Enterprises dividends.
If you bought ZAR2,000 of African and Overseas Enterprises shares you are expected to receive ZAR0 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?
  • Unable to evaluate African and Overseas Enterprises's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate African and Overseas Enterprises's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:AOVP 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 Specialty Retail Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 7.1%
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:AOVP Past Annualized Dividends Data
Date (Data in ZAR) Dividend per share (annual) Avg. Yield (%)
2018-03-09 0.000 0.000
2017-09-26 0.000 0.000
2017-09-08 0.000 0.000
2016-09-26 0.170 1.118
2016-09-08 0.170 1.133
2015-11-26 0.350 2.995
2015-03-12 0.000 0.000
2014-09-30 0.000 0.000
2014-09-08 0.000 0.000
2013-11-18 0.350 2.917
2012-09-07 0.350 2.250
2011-09-19 0.320 2.043
2011-09-08 0.320 2.950
2010-09-20 0.280 3.011
2010-09-08 0.280 3.011
2009-11-03 0.250 2.759
2009-09-03 0.250 2.778

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

  • Unable to perform a dividend volatility check as African and Overseas Enterprises has not reported any payouts.
  • Unable to verify if African and Overseas Enterprises's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of African and Overseas Enterprises's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as African and Overseas Enterprises has not reported any payouts.
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 African and Overseas Enterprises'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 African and Overseas Enterprises afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. African and Overseas Enterprises has a total score of 0/6, see the detailed checks below.


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

AOVP Management

 What is the CEO of African and Overseas Enterprises'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
Marcell Jonathan Golding
COMPENSATION ZAR424,000
AGE 59
TENURE AS CEO 1.6 years
CEO Bio

Mr. Marcell Jonathan Anthony Golding, BA (Hons), is Co-owner of Geomer Investments (Pty) Ltd. He is Chief Executive Officer of African and Overseas Enterprises Limited since August 31, 2018. He is Chairman of the Board at Texton Property Fund Limited since November 27, 2018. Mr. Golding served as the Chief Executive Officer of MIDI TV (Pty) and e.tv (Pty) Ltd. from 1999 to 2014. He was a Co-founder of Hosken Consolidated Investments Limited. He served as an Executive Director of Hosken Consolidated Investments Limited from 1997 to October 2014. He has been Chairman of KWV International (Pty) Ltd. since April 30, 2011. Mr. Golding has been the Non-Executive Chairman at Johnnic Holdings Limited since August 18, 2006 and has been its Director since December 12, 2005. He serves as Chairman of KWV Holdings Ltd. He has been Chairman of Rex Trueform Group Limited since September 30, 2017. He was Chairman of African and Overseas Enterprises Limited since September 30, 2017 until August 31, 2018. He serves as Non-Executive Chairman of Celcom Group Ltd. He serves as the Chairman of Softline Holdings. He served as Executive Chairman of Hosken Consolidated Investments Limited (HCI) from 1997 to October 30, 2014. Mr. Golding served as the Founding Chairman at the Mineworkers Investment Company (linked to the National Union of Mineworkers) in 1994. In 1997, he served as an office-bearer in the National Union of Mineworkers from 1987 to 1994, ultimately becoming Deputy General Secretary since 1987. He has over 30 years of experience working in various industries in South Africa. He has been Independent Non-Executive Director of Rex Trueform Group Limited since September 2, 2016 and Vunani Limited since October 5, 2016. He has been Non-Executive Director of African and Overseas Enterprises Limited since September 2, 2016. He has been Non-Executive Director of Tsogo Sun Holdings Limited since April 30, 2004, Texton Property Fund Limited since May 21, 2018 and KWV International (Pty) Ltd. since February 10, 2011. He serves as a Director of JCI and Global Capital. He serves as a Director of Geomer Investments Proprietary Limited. He served as a Director of Montauk Holdings Limited until May 1, 2014. He served as a Director at Advanced Resources Group Ltd. since August 1998 until March 2006. He served as a Director of Niveus Investments Limited until May 24, 2013. From 1994 to 1997, he was a Member at the South African Parliament, where he chaired the Minerals and Energy Committee and the Audited Commission, the Oversight Committee of the office of the Auditor General. He was also involved in the Congress of South African Trade Unions since its inception in 1986 and served as a member of parliament from 1994 to 1997. Mr. Golding holds BA degree with honors and a post-graduate degree from the University of Cape Town.

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

Average tenure and age of the African and Overseas Enterprises management team in years:

1.8
Average Tenure
50
Average Age
  • The average tenure for the African and Overseas Enterprises management team is less than 2 years, this suggests a new team.
Management Team

Marcell Jonathan Golding

TITLE
CEO & Director
COMPENSATION
ZAR424K
AGE
59
TENURE
1.6 yrs

Willem Nel

TITLE
Financial Director & Director
COMPENSATION
ZAR2M
AGE
55
TENURE
1.8 yrs

Catherine Lloyd

TITLE
Chief Executive Officer of Rex Trueform Group Limited
COMPENSATION
ZAR2M
AGE
48

Damien Franklin

TITLE
Executive Director
COMPENSATION
ZAR6M
AGE
35

Adam Snitcher

TITLE
Company Secretary
AGE
39
TENURE
6.8 yrs

Al Prinsloo

TITLE
Senior Executive

Nicole Böhm

TITLE
Senior Executive
AGE
52
Board of Directors Tenure

Average tenure and age of the African and Overseas Enterprises board of directors in years:

2.4
Average Tenure
56
Average Age
  • The average tenure for the African and Overseas Enterprises board of directors is less than 3 years, this suggests a new board.
Board of Directors

Masedi Molosiwa

TITLE
Independent Non-Executive Chairman of the Board
COMPENSATION
ZAR140K
AGE
47
TENURE
1.7 yrs

Marcell Jonathan Golding

TITLE
CEO & Director
COMPENSATION
ZAR424K
AGE
59
TENURE
3.6 yrs

Willem Nel

TITLE
Financial Director & Director
COMPENSATION
ZAR2M
AGE
55
TENURE
1.8 yrs

Patrick Naylor

TITLE
Lead Independent Non-Executive Director
COMPENSATION
ZAR276K
AGE
74
TENURE
9.5 yrs

Hugh Roberts

TITLE
Independent Director
COMPENSATION
ZAR214K
AGE
57
TENURE
2.4 yrs

Luntu Sebatane

TITLE
Independent Director
COMPENSATION
ZAR172K
AGE
38
TENURE
2.4 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)
X
Management checks
We assess African and Overseas Enterprises'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. African and Overseas Enterprises 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.

AOVP News

Simply Wall St News

AOVP Company Info

Description

African and Overseas Enterprises Limited, through its subsidiaries, engages in the retail trading and property investment activities. The company sells ladies’ and men’s clothing, shoes, costume jewelry, related fashion accessories, and cosmetics through Queenspark branded outlets located in South Africa and Namibia, as well as through the Queenspark-branded franchised outlet in Kenya. It also owns and manages a property portfolio. The company is based in Cape Town, South Africa.

Details
Name: African and Overseas Enterprises Limited
AOVP
Exchange: JSE
Founded:
ZAR319,622,428
11,450,801
Website: http://www.rextrueform.co.za
Address: African and Overseas Enterprises Limited
263 Victoria Road,
Salt River,
Cape Town,
Western Cape, 7925,
South Africa
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
JSE AOO Ordinary Shares The Johannesburg Securities Exchange ZA ZAR 02. Jan 1992
JSE AOVP 6% CUM PTG PRF ZAR2 The Johannesburg Securities Exchange ZA ZAR 01. Jul 1993
JSE AON N Ordinary Shares The Johannesburg Securities Exchange ZA ZAR 20. Oct 1995
Number of employees
Current staff
Staff numbers
0
African and Overseas Enterprises employees.
Industry
Apparel Retail
Retail
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 18:43
End of day share price update: 2020/04/02 00:00
Last earnings filing: 2019/09/30
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.