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Foschini Group

JSE:TFGP
Snowflake Description

Established dividend payer with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TFGP
JSE
ZAR15B
Market Cap
  1. Home
  2. ZA
  3. Retail
Company description

The Foschini Group Limited, together with its subsidiaries, operates independent chain-stores in South Africa and internationally. The last earnings update was 148 days ago. More info.


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TFGP Share Price and Events
7 Day Returns
0%
JSE:TFGP
-12.1%
ZA Specialty Retail
-5.2%
ZA Market
1 Year Returns
-1.6%
JSE:TFGP
-50.2%
ZA Specialty Retail
-33.8%
ZA Market
TFGP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Foschini Group (TFGP) 0% 0% 0% -1.6% -28.2% -23.8%
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
  • TFGP outperformed the Specialty Retail industry which returned -50.2% over the past year.
  • TFGP outperformed the Market in South Africa which returned -33.8% over the past year.
Price Volatility
TFGP
Industry
5yr Volatility vs Market

Value

 Is Foschini 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 Foschini 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 Foschini Group.

JSE:TFGP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 18.9%
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:TFGP
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%) (119.66%))
1.25
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.25
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.6% + (1.25 * 8.23%)
18.89%

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

The calculations below outline how an intrinsic value for Foschini 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:TFGP DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (ZAR, Millions) Source Present Value
Discounted (@ 18.89%)
2020 1,454.00 Analyst x1 1,222.98
2021 2,021.00 Analyst x1 1,429.79
2022 2,317.00 Analyst x1 1,378.75
2023 2,465.05 Est @ 6.39% 1,233.79
2024 2,638.90 Est @ 7.05% 1,110.94
2025 2,837.27 Est @ 7.52% 1,004.67
2026 3,059.76 Est @ 7.84% 911.30
2027 3,306.66 Est @ 8.07% 828.36
2028 3,578.75 Est @ 8.23% 754.07
2029 3,877.22 Est @ 8.34% 687.16
Present value of next 10 years cash flows ZAR10,561.00
JSE:TFGP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ZAR3,877.22 × (1 + 8.6%) ÷ (18.89% – 8.6%)
ZAR40,918.75
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ZAR40,918.75 ÷ (1 + 18.89%)10
ZAR7,252.01
JSE:TFGP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ZAR10,561.00 + ZAR7,252.01
ZAR17,813.01
Equity Value per Share
(ZAR)
= Total value / Shares Outstanding
= ZAR17,813.01 / 231.60
ZAR76.91
JSE:TFGP Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in JSE:TFGP represents 0.01863x of JSE:TFG
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.01863x
Value per Share
(Listing Adjusted, ZAR)
= Value per Share (ZAR) x Listing Adjustment Factor
= ZAR 76.91 x 0.01863
ZAR1.43
Value per share (ZAR) From above. ZAR1.43
Current discount Discount to share price of ZAR1.22
= -1 x (ZAR1.22 - ZAR1.43) / ZAR1.43
14.8%

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

Current Discount
Amount off the current price Foschini Group is available for.
Intrinsic value
15%
Share price is ZAR1.22 vs Future cash flow value of ZAR1.43
Current Discount Checks
For Foschini Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Foschini Group's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Foschini Group'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 Foschini Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Foschini Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
JSE:TFGP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in ZAR ZAR11.69
JSE:TFG Share Price ** JSE (2020-04-03) in ZAR ZAR65.5
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 Foschini Group.

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

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

= 65.5 ÷ 11.69

5.6x

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

  • Foschini Group is good value based on earnings compared to the ZA Specialty Retail industry average.
  • Foschini Group is good value based on earnings compared to the South Africa market.
Price based on expected Growth
Does Foschini Group's expected growth come at a high price?
Raw Data
JSE:TFGP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.6x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
1.4%per year
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 .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.6x ÷ 1.4%

4.13x

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

  • Foschini Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Foschini Group's assets?
Raw Data
JSE:TFGP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in ZAR ZAR61.11
JSE:TFG Share Price * JSE (2020-04-03) in ZAR ZAR65.5
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:TFGP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 65.5 ÷ 61.11

1.07x

* Primary Listing of Foschini Group.

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

  • Foschini Group is good value based on assets compared to the ZA Specialty Retail industry average.
X
Value checks
We assess Foschini 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 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. Foschini Group has a total score of 3/6, 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 Foschini Group expected to perform in the next 1 to 3 years based on estimates from 8 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
1.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Foschini Group expected to grow at an attractive rate?
  • Foschini Group's earnings growth is positive but not above the low risk savings rate of 8.6%.
Growth vs Market Checks
  • Foschini Group's earnings growth is positive but not above the South Africa market average.
  • Foschini Group's revenue growth is positive but not above the South Africa market average.
Annual Growth Rates Comparison
Raw Data
JSE:TFGP Future Growth Rates Data Sources
Data Point Source Value (per year)
JSE:TFGP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 1.4%
JSE:TFGP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 5.8%
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:TFGP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in ZAR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
JSE:TFGP Future Estimates Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 47,341 2,649 1
2023-03-31 44,437 2,469 1
2022-03-31 40,369 4,068 2,995 7
2021-03-31 37,435 4,607 2,629 8
2020-04-03
2020-03-31 36,801 4,755 2,702 8
JSE:TFGP Past Financials Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income *
2019-09-30 35,144 3,080 2,702
2019-06-30 34,622 3,038 2,670
2019-03-31 34,101 2,996 2,638
2018-12-31 33,078 4,044 2,610
2018-09-30 32,055 3,744 2,570
2018-06-30 30,287 3,114 2,488
2018-03-31 28,520 2,483 2,407
2017-12-31 26,506 2,598 2,358
2017-09-30 24,511 2,714 2,315
2017-06-30 24,030 2,618 2,333
2017-03-31 23,549 2,522 2,351
2016-12-31 23,155 2,437 2,289

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Foschini Group's earnings are expected to grow by 1.4% yearly, however this is not considered high growth (20% yearly).
  • Foschini Group's revenue is expected to grow by 5.8% 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:TFGP 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 8 Analyst Estimates (S&P Global) See Below

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

JSE:TFGP Future Estimates Data
Date (Data in ZAR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31
2023-03-31
2022-03-31 12.12 13.77 7.63 5.00
2021-03-31 10.61 12.70 5.59 6.00
2020-04-03
2020-03-31 11.59 12.00 11.30 6.00
JSE:TFGP Past Financials Data
Date (Data in ZAR Millions) EPS *
2019-09-30 11.69
2019-06-30 11.55
2019-03-31 11.42
2018-12-31 11.30
2018-09-30 11.13
2018-06-30 10.92
2018-03-31 10.70
2017-12-31 10.69
2017-09-30 10.70
2017-06-30 10.89
2017-03-31 11.08
2016-12-31 10.86

*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.
  • Foschini Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Foschini 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.
Foschini Group 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.

Past Performance

  How has Foschini 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 Foschini Group'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.
  • Foschini Group's year on year earnings growth rate has been positive over the past 5 years.
  • Foschini Group's 1-year earnings growth is less than its 5-year average (5.1% vs 11.1%)
  • Foschini Group's earnings growth has exceeded the ZA Specialty Retail industry average in the past year (5.1% vs -3.4%).
Earnings and Revenue History
Foschini 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 Foschini Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

JSE:TFGP 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 35,143.50 2,702.10 17,416.40
2019-06-30 34,622.45 2,670.25 17,198.00
2019-03-31 34,101.40 2,638.40 16,979.60
2018-12-31 33,078.25 2,610.40 18,541.40
2018-09-30 32,055.10 2,570.00 17,666.80
2018-06-30 30,287.30 2,488.45 15,722.90
2018-03-31 28,519.50 2,406.90 13,779.00
2017-12-31 26,505.95 2,357.95 8,362.90
2017-09-30 24,510.50 2,315.20 7,528.80
2017-06-30 24,029.60 2,333.30 7,263.25
2017-03-31 23,548.70 2,351.40 6,997.70
2016-12-31 23,155.35 2,288.90 6,853.50
2016-09-30 22,762.00 2,226.40 6,709.30
2016-06-30 21,934.75 2,191.00 6,455.50
2016-03-31 21,107.50 2,155.60 6,201.70
2015-12-31 19,824.75 1,921.55 5,897.10
2015-09-30 18,542.00 1,687.50 5,592.50
2015-06-30 17,313.95 1,593.05 5,263.15
2015-03-31 16,085.90 1,498.60 4,933.80
2014-12-31 15,444.55 1,556.05 4,761.35
2014-09-30 14,803.20 1,613.50 4,588.90
2014-06-30 14,481.10 1,576.00 4,482.85
2014-03-31 14,159.00 1,538.50 4,376.80
2013-09-30 13,445.10 1,368.10 3,835.70
2013-06-30 13,170.75 1,431.65 3,810.85

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

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Foschini Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Foschini Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Foschini 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 1.9x 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 Foschini Group Company Filings, last reported 6 months ago.

JSE:TFGP Past Debt and Equity Data
Date (Data in ZAR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 14,153.50 9,656.80 1,159.80
2019-06-30 14,153.50 9,656.80 1,159.80
2019-03-31 14,307.30 9,213.40 1,161.30
2018-12-31 14,307.30 9,213.40 1,161.30
2018-09-30 13,538.60 9,657.70 1,002.50
2018-06-30 13,538.60 9,657.70 1,002.50
2018-03-31 13,126.00 9,350.60 1,206.20
2017-12-31 13,272.30 9,350.60 1,206.20
2017-09-30 13,346.60 8,546.50 744.80
2017-06-30 13,346.60 8,546.50 744.80
2017-03-31 10,519.50 7,749.20 878.50
2016-12-31 10,519.50 7,749.20 878.50
2016-09-30 9,955.60 7,708.40 976.00
2016-06-30 9,955.60 7,708.40 976.00
2016-03-31 9,900.70 8,165.70 895.00
2015-12-31 9,900.70 8,165.70 895.00
2015-09-30 9,128.80 7,847.10 1,012.70
2015-06-30 9,128.80 7,847.10 1,012.70
2015-03-31 8,133.60 7,042.50 813.60
2014-12-31 8,133.60 7,042.50 813.60
2014-09-30 7,761.80 1,803.40 441.60
2014-06-30 7,761.80 1,803.40 441.60
2014-03-31 8,089.90 2,960.40 313.20
2013-09-30 7,743.50 6,032.60 1,179.30
2013-06-30 7,743.50 6,032.60 1,179.30
  • Foschini Group's level of debt (68.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (24% vs 68.2% today).
  • Debt is well covered by operating cash flow (31.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.9x coverage).
X
Financial health checks
We assess Foschini 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. Foschini Group has a total score of 4/6, 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 Foschini 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
11.98%
Current annual income from Foschini Group dividends. Estimated to be 11.82% next year.
If you bought ZAR2,000 of Foschini Group shares you are expected to receive ZAR240 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?
  • Foschini Group's pays a higher dividend yield than the bottom 25% of dividend payers in South Africa (4.65%).
  • Foschini 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:TFGP 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 8 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:TFGP Future Dividends Estimate Data
Date (Data in ZAR) Dividend per Share (annual) Avg. No. Analysts
2024-03-31 7.97 1.00
2023-03-31 7.43 1.00
2022-03-31 8.30 8.00
2021-03-31 7.25 9.00
2020-04-03
2020-03-31 7.75 9.00
JSE:TFGP Past Annualized Dividends Data
Date (Data in ZAR) Dividend per share (annual) Avg. Yield (%)
2019-11-07 7.850 6.179
2019-07-15 7.800 4.768
2019-05-23 7.800 4.387
2018-07-16 7.450 4.383
2018-05-24 7.450 4.115
2017-07-14 7.200 4.268
2017-05-25 7.200 5.187
2016-07-21 6.910 4.626
2015-07-20 5.880 4.327
2014-08-04 5.360 3.721
2014-05-29 5.360 4.714
2013-07-12 5.060 5.028
2013-05-30 5.060 5.125
2012-11-08 5.010 4.196
2012-08-02 4.550 3.507
2012-05-29 4.550 3.489
2011-05-27 3.500 3.474
2010-11-16 3.080 3.620
2010-06-21 2.880 3.942
2010-05-27 2.880 4.430
2009-06-01 2.880 4.874
2009-05-28 2.880 6.147

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 Foschini Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.5x coverage).
X
Income/ dividend checks
We assess Foschini 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 Foschini Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Foschini Group has a total score of 5/6, 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 Foschini 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
Anthony Thunström
COMPENSATION ZAR21,006,600
AGE 47
TENURE AS CEO 1.6 years
CEO Bio

Mr. Anthony E. Thunström, BCom (Hons Acc), CA(SA), serves as CEO at The Foschini Group Limited since September 03, 2018. He had been the Chief Financial Officer of The Foschini Group Limited and has been its Executive Director since July 1, 2015 and also serves as its Member of Operating Board. Mr. Thunström has been responsible for running a number of regional and pan-African businesses for KPMG. He is a Chartered Accountant with over 21 years professional experience across various industries. Mr. Thunström served as Chief Operating Officer for KPMG Africa. He has been Director at RAG Holdco Pty Limited since July 24, 2017. Mr. Thunström has served as a Board Member of KPMG South Africa. He holds B.Comm (Hons Acc) and CA(SA).

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

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

7.8
Average Tenure
52
Average Age
  • The average tenure for the Foschini Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Anthony Thunström

TITLE
CEO, Member of Operating Board & Executive Director
COMPENSATION
ZAR21M
AGE
47
TENURE
1.6 yrs

Bongiwe Ntuli

TITLE
CFO, Member of Operating Board & Executive Director
COMPENSATION
ZAR6M
AGE
41
TENURE
1.3 yrs

Martin Mendelsohn

TITLE
Director of Exact hi The Fix Soda Bloc
AGE
60
TENURE
13.1 yrs

Donald Gedye

TITLE
Group Director - Sports Div.
AGE
60

Brent Curry

TITLE
Chief Information Officer of TFG Infotec TFG Logistics & TFG Services and Member of Operating Board
AGE
57
TENURE
13.5 yrs

G. Naidoo

TITLE
Group Director of TFG Jewellery Division & Home Division and Member of Operating Board
AGE
51
TENURE
13.5 yrs

Stuart Baird

TITLE
Group Director of Foschini Division & Member of Operating Board
AGE
53

Senta Morley

TITLE
Group Director of TFG HR & Member of Operating Board
AGE
49
TENURE
2.5 yrs

J. Fisher

TITLE
Group Director - Financial Services & Group Analytics and Member of Operating Board
AGE
46

Selwyn Eagle

TITLE
Managing Director of TFG Merchandise Procurement
AGE
60
Board of Directors Tenure

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

10.3
Average Tenure
59.5
Average Age
  • The average tenure for the Foschini Group board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Michael Lewis

TITLE
Independent Non-Executive Chairman
COMPENSATION
ZAR977K
AGE
59
TENURE
4.8 yrs

Anthony Thunström

TITLE
CEO, Member of Operating Board & Executive Director
COMPENSATION
ZAR21M
AGE
47
TENURE
4.8 yrs

Bongiwe Ntuli

TITLE
CFO, Member of Operating Board & Executive Director
COMPENSATION
ZAR6M
AGE
41
TENURE
1.3 yrs

Sam Abrahams

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR791K
AGE
80
TENURE
22.3 yrs

Eddy Oblowitz

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR831K
AGE
60
TENURE
9.5 yrs

Ronnie Stein

TITLE
Non-Executive Director
COMPENSATION
ZAR614K
AGE
70
TENURE
21.3 yrs

Doug Murray

TITLE
Non-Executive Director
COMPENSATION
ZAR21M
AGE
61
TENURE
13 yrs

Fatima Abrahams

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR656K
AGE
57
TENURE
17.3 yrs

Nomahlubi Simamane

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR613K
AGE
60
TENURE
11.2 yrs

Tumi Makgabo-Fiskerstrand

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR613K
AGE
44
TENURE
7.4 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 Foschini 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. Foschini 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.

News

Simply Wall St News

Company Info

Description

The Foschini Group Limited, together with its subsidiaries, operates independent chain-stores in South Africa and internationally. It operates through four segments: TFG Africa Retail, Credit, TFG London, and TFG Australia. The company offers clothing for men, ladies, and kids; jewelry; cellphones and smart phones; accessories; cosmetics; sporting and outdoor apparel and equipment; and household items and furniture under 29 brands. It provides its products under the @home, @homelivingspace, American Swiss, Archive, Charles & Keith, Colette, Connor, Donna, Duesouth, Exact, Fabiani, The FIX, Foschini, G-Star RAW, Hi, Hobbs, Johnny Bigg, Markham, Mat & May, Phase Eight, Relay Jeans, Rockwear, SODA Bloc, Sportscene, Sterns, Tarocash, Totalsports, Whistles, and yd brands. The company also publishes magazines; and offers insurance products. It operates 4, 085 trading outlets in 32 countries on 5 continents. The company was formerly known as Foschini Limited and changed its name to The Foschini Group Limited in September 2010. The Foschini Group Limited was founded in 1924 and is headquartered in Cape Town, South Africa.

Details
Name: The Foschini Group Limited
TFGP
Exchange: JSE
Founded: 1924
ZAR15,169,800,000
231,600,000
Website: http://www.tfglimited.co.za
Address: The Foschini Group Limited
Stanley Lewis Centre,
340 Voortrekker Road,
Cape Town,
Western Cape, 7500,
South Africa
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
JSE TFG Ordinary Shares The Johannesburg Securities Exchange ZA ZAR 02. Jan 1980
OTCPK FHNI.Y SPONSORED ADR Pink Sheets LLC US USD 06. Mar 1996
JSE TFGP 6.5% CUM PRF ZAR2 The Johannesburg Securities Exchange ZA ZAR 02. Jan 1992
Number of employees
Current staff
Staff numbers
0
Foschini Group employees.
Industry
Apparel Retail
Retail
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 21:03
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/01
Last earnings filing: 2019/11/07
Last earnings reported: 2019/09/30
Last annual earnings reported: 2019/03/31


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.