Loading...

You're on the old version of Simply Wall St. We will no longer be supporting this site, so we recommend you switch to our brand new platform.

Truworths International

JSE:TRU
Snowflake Description

Excellent balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TRU
JSE
ZAR11B
Market Cap
  1. Home
  2. ZA
  3. Retail
Company description

Truworths International Limited, an investment holding and management company, engages in the retail of fashion apparel, footwear, and related merchandise primarily in South Africa, the United Kingdom, Germany, the Republic of Ireland, Namibia, Swaziland, Botswana, and other African countries. The last earnings update was 43 days ago. More info.


Add to Portfolio Compare Print
  • Truworths International has significant price volatility in the past 3 months.
TRU Share Price and Events
7 Day Returns
-5.8%
JSE:TRU
-12.1%
ZA Specialty Retail
-5.2%
ZA Market
1 Year Returns
-63.4%
JSE:TRU
-50.2%
ZA Specialty Retail
-33.8%
ZA Market
TRU Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Truworths International (TRU) -5.8% -43.6% -45.6% -63.4% -68.9% -72.7%
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
  • TRU underperformed the Specialty Retail industry which returned -50.2% over the past year.
  • TRU underperformed the Market in South Africa which returned -33.8% over the past year.
Price Volatility
TRU
Industry
5yr Volatility vs Market

Value

 Is Truworths International 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 Truworths International 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 Truworths International.

JSE:TRU Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 16.8%
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:TRU
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%) (46.66%))
0.99
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.99
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 8.6% + (0.99 * 8.23%)
16.75%

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

The calculations below outline how an intrinsic value for Truworths International 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:TRU DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (ZAR, Millions) Source Present Value
Discounted (@ 16.75%)
2020 2,315.50 Analyst x2 1,983.27
2021 2,263.50 Analyst x2 1,660.56
2022 2,322.00 Analyst x2 1,459.06
2023 2,420.08 Est @ 4.22% 1,302.50
2024 2,554.08 Est @ 5.54% 1,177.39
2025 2,718.97 Est @ 6.46% 1,073.56
2026 2,911.99 Est @ 7.1% 984.80
2027 3,131.83 Est @ 7.55% 907.18
2028 3,378.13 Est @ 7.86% 838.12
2029 3,651.26 Est @ 8.09% 775.91
Present value of next 10 years cash flows ZAR12,162.00
JSE:TRU DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ZAR3,651.26 × (1 + 8.6%) ÷ (16.75% – 8.6%)
ZAR48,643.60
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ZAR48,643.60 ÷ (1 + 16.75%)10
ZAR10,337.00
JSE:TRU Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ZAR12,162.00 + ZAR10,337.00
ZAR22,499.00
Equity Value per Share
(ZAR)
= Total value / Shares Outstanding
= ZAR22,499.00 / 416.90
ZAR53.97
JSE:TRU Discount to Share Price
Calculation Result
Value per share (ZAR) From above. ZAR53.97
Current discount Discount to share price of ZAR26.10
= -1 x (ZAR26.10 - ZAR53.97) / ZAR53.97
51.6%

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

Current Discount
Amount off the current price Truworths International is available for.
Intrinsic value
>50%
Share price is ZAR26.1 vs Future cash flow value of ZAR53.97
Current Discount Checks
For Truworths International to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Truworths International's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Truworths International'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 Truworths International's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Truworths International's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
JSE:TRU PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-29) in ZAR ZAR2.01
JSE:TRU Share Price ** JSE (2020-04-02) in ZAR ZAR26.1
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 Truworths International.

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

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

= 26.1 ÷ 2.01

13x

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

  • Truworths International is overvalued based on earnings compared to the ZA Specialty Retail industry average.
  • Truworths International is overvalued based on earnings compared to the South Africa market.
Price based on expected Growth
Does Truworths International's expected growth come at a high price?
Raw Data
JSE:TRU PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 13x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
11.2%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:TRU PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 13x ÷ 11.2%

1.16x

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

  • Truworths International is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Truworths International's assets?
Raw Data
JSE:TRU PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-29) in ZAR ZAR21.52
JSE:TRU Share Price * JSE (2020-04-02) in ZAR ZAR26.1
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:TRU PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 26.1 ÷ 21.52

1.21x

* Primary Listing of Truworths International.

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

  • Truworths International is overvalued based on assets compared to the ZA Specialty Retail industry average.
X
Value checks
We assess Truworths International'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. Truworths International 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.

Future Performance

 How is Truworths International expected to perform in the next 1 to 3 years based on estimates from 9 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
11.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Truworths International expected to grow at an attractive rate?
  • Truworths International's earnings growth is expected to exceed the low risk savings rate of 8.6%.
Growth vs Market Checks
  • Truworths International's earnings growth is positive but not above the South Africa market average.
  • Truworths International's revenue growth is positive but not above the South Africa market average.
Annual Growth Rates Comparison
Raw Data
JSE:TRU Future Growth Rates Data Sources
Data Point Source Value (per year)
JSE:TRU Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 11.2%
JSE:TRU Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 2.7%
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:TRU Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in ZAR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
JSE:TRU Future Estimates Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-06-30 20,693 1
2023-06-30 19,868 1
2022-06-30 18,953 3,337 2,424 7
2021-06-30 18,144 3,091 2,265 8
2020-06-30 18,157 3,168 2,325 8
2020-04-03
JSE:TRU Past Financials Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income *
2019-12-29 18,194 2,514 851
2019-09-29 18,144 2,647 862
2019-06-30 18,094 2,779 872
2019-03-31 17,888 4,163 1,723
2018-12-30 17,682 5,034 2,567
2018-09-30 17,615 4,253 2,605
2018-07-01 17,547 3,471 2,643
2018-04-01 17,812 2,908 2,712
2017-12-31 18,077 2,345 2,781
2017-09-30 18,071 2,666 2,804
2017-07-02 18,065 2,987 2,827
2017-04-02 18,242 2,920 2,813

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Truworths International's earnings are expected to grow by 11.2% yearly, however this is not considered high growth (20% yearly).
  • Truworths International's revenue is expected to grow by 2.7% 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:TRU Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Truworths International Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

JSE:TRU Future Estimates Data
Date (Data in ZAR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-06-30
2023-06-30
2022-06-30 5.41 6.07 3.75 5.00
2021-06-30 5.03 5.89 3.15 6.00
2020-06-30 5.33 5.73 4.41 6.00
2020-04-03
JSE:TRU Past Financials Data
Date (Data in ZAR Millions) EPS *
2019-12-29 2.01
2019-09-29 2.02
2019-06-30 2.04
2019-03-31 4.02
2018-12-30 5.98
2018-09-30 6.06
2018-07-01 6.15
2018-04-01 6.31
2017-12-31 6.47
2017-09-30 6.54
2017-07-02 6.60
2017-04-02 6.60

*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.
  • Truworths International is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Truworths International'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.
Truworths International has a total score of 2/6, 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 Truworths International 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 Truworths International'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.
  • Truworths International's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Truworths International's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Truworths International's 1-year earnings growth is negative, it can't be compared to the ZA Specialty Retail industry average.
Earnings and Revenue History
Truworths International'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 Truworths International Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

JSE:TRU Past Revenue, Cash Flow and Net Income Data
Date (Data in ZAR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-29 18,194.00 851.00 5,752.00
2019-09-29 18,144.00 861.50 5,695.00
2019-06-30 18,094.00 872.00 5,638.00
2019-03-31 17,888.00 1,722.50 4,857.00
2018-12-30 17,682.00 2,567.00 4,841.00
2018-09-30 17,614.50 2,605.00 5,144.50
2018-07-01 17,547.00 2,643.00 5,448.00
2018-04-01 17,812.00 2,712.00 5,450.00
2017-12-31 18,077.00 2,781.00 5,452.00
2017-09-30 18,071.00 2,804.00 5,455.00
2017-07-02 18,065.00 2,827.00 5,458.00
2017-04-02 18,241.50 2,813.00 5,466.50
2016-12-25 18,418.00 2,799.00 5,475.00
2016-09-25 17,536.00 2,801.50 5,152.50
2016-06-26 16,654.00 2,804.00 4,830.00
2016-03-26 15,083.00 2,781.00 4,310.50
2015-12-27 13,512.00 2,758.00 3,791.00
2015-09-27 12,401.00 2,609.00 3,519.50
2015-06-28 11,290.00 2,460.00 3,248.00
2015-03-28 11,016.00 2,424.00 3,149.00
2014-12-28 10,742.00 2,388.00 3,050.00
2014-09-28 10,600.00 2,397.00 2,972.00
2014-06-29 10,458.00 2,406.00 2,894.00
2014-03-29 10,310.50 2,407.00 2,979.00
2013-12-29 10,163.00 2,408.00 3,064.00
2013-09-29 9,964.00 2,408.00 2,959.00
2013-06-30 9,765.00 2,408.00 2,854.00

*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.
  • Truworths International has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • It is difficult to establish if Truworths International has efficiently used its assets last year compared to the ZA Specialty Retail industry average (Return on Assets) as it is loss-making.
  • Truworths International's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Truworths International'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.
Truworths International has a total score of 0/6, 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 Truworths International'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 Truworths International's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Truworths International is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Truworths International's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Truworths International'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 8.8x 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 Truworths International Company Filings, last reported 3 months ago.

JSE:TRU Past Debt and Equity Data
Date (Data in ZAR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-29 8,972.00 1,098.00 1,832.00
2019-09-29 8,972.00 1,098.00 1,832.00
2019-06-30 9,175.00 1,440.00 777.00
2019-03-31 9,175.00 1,440.00 777.00
2018-12-30 11,243.00 1,340.00 2,416.00
2018-09-30 11,243.00 1,340.00 2,416.00
2018-07-01 10,369.00 1,950.00 982.00
2018-04-01 10,369.00 1,950.00 982.00
2017-12-31 10,386.00 3,169.00 2,297.00
2017-09-30 10,386.00 3,169.00 2,297.00
2017-07-02 9,450.00 3,785.00 2,055.00
2017-04-02 9,450.00 3,785.00 2,055.00
2016-12-25 9,440.00 4,060.00 3,284.00
2016-09-25 9,440.00 4,060.00 3,284.00
2016-06-26 8,625.00 4,408.00 1,592.00
2016-03-26 8,625.00 4,408.00 1,592.00
2015-12-27 8,536.00 4,636.00 2,495.00
2015-09-27 8,536.00 4,636.00 2,495.00
2015-06-28 7,504.00 0.00 1,462.00
2015-03-28 7,504.00 0.00 1,462.00
2014-12-28 7,382.00 0.00 2,423.00
2014-09-28 7,382.00 0.00 2,423.00
2014-06-29 6,642.00 0.00 1,588.00
2014-03-29 6,642.00 0.00 1,588.00
2013-12-29 6,998.00 0.00 2,565.00
2013-09-29 6,998.00 0.00 2,565.00
2013-06-30 6,224.00 0.00 1,325.00
  • Truworths International's level of debt (12.2%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if Truworths International's debt level has increased without past 5-year debt data.
  • Debt is well covered by operating cash flow (229%, greater than 20% of total debt).
  • Truworths International earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Truworths International'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. Truworths International 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.

Dividends

 What is Truworths International'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
14.71%
Current annual income from Truworths International dividends. Estimated to be 14.33% next year.
If you bought ZAR2,000 of Truworths International shares you are expected to receive ZAR294 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?
  • Truworths International's pays a higher dividend yield than the bottom 25% of dividend payers in South Africa (4.65%).
  • Truworths International's dividend is above 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:TRU 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 9 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:TRU Future Dividends Estimate Data
Date (Data in ZAR) Dividend per Share (annual) Avg. No. Analysts
2024-06-30 4.90 1.00
2023-06-30 4.50 1.00
2022-06-30 3.77 8.00
2021-06-30 3.56 9.00
2020-06-30 3.67 9.00
2020-04-03
JSE:TRU Past Annualized Dividends Data
Date (Data in ZAR) Dividend per share (annual) Avg. Yield (%)
2020-02-20 3.840 10.873
2019-08-15 3.840 7.624
2018-09-25 4.200 5.585
2018-08-16 4.200 5.018
2017-09-28 4.520 5.226
2017-08-18 4.520 5.616
2016-09-26 4.520 5.859
2016-08-18 4.520 5.895
2016-03-09 4.390 4.671
2015-10-06 4.050 4.417
2015-08-20 4.050 4.637
2014-08-21 3.850 4.780
2014-02-24 3.740 4.950
2013-09-25 3.620 4.483
2013-08-22 3.620 4.229
2012-08-22 3.260 3.500
2012-04-03 3.380 3.793
2011-08-18 2.620 3.402
2010-08-19 2.000 2.901
2010-02-18 1.850 3.420
2009-08-20 1.710 4.036

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 Truworths International's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.5x 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 Truworths International'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 Truworths International afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Truworths International 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 Truworths International's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Michael Mark
COMPENSATION ZAR18,795,000
AGE 66
CEO Bio

Mr. Michael Samuel Mark, B.Com., M.B.A., ACMA, serves as the Chief Executive Officer of Truworths International Ltd. Mr. Mark serves as an Executive Chairman and Chief Executive Officer of Truworths limited. He also has been an Executive Director of Truworths Limited since July 1991. He has been an Executive Director of Truworths International Ltd. since July 1988. Mr. Mark has been an Executive Director of Young Designers Emporium (Proprietary) Limited since February 2004. Mr. Mark served as the Chief Executive Officer of Truworths International Ltd. since July 1996. He served as Managing Director of Truworths Ltd. since 1991. He combines 27 years of experience in the retail industry with an ability to retain focus on the Truworths key competencies and an unrivalled understanding of the dynamics of fashion retailing. He serves as a Director of Truworths (Namibia) Ltd, Uzzi (Pty) Ltd. His vision and leadership has enabled the Truworths to achieve exceptional financial performance, including significant growth in turnover, earnings, trading density and return on equity on a consistent basis over an extended period, such that it enjoys international recognition as a retailer of excellence. He served as Chairman of Truworths International Ltd.

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

Hilton Saven

TITLE
Independent Chairman of the Board
COMPENSATION
ZAR1M
AGE
66

Michael Mark

TITLE
CEO & Executive Director
COMPENSATION
ZAR19M
AGE
66

David Pfaff

TITLE
CFO, COO & Executive Director
COMPENSATION
ZAR9M
AGE
54
TENURE
6.6 yrs

Doug Dare

TITLE
Merchandise Planning Director & Executive Director
COMPENSATION
ZAR7M
AGE
58

Sarah Proudfoot

TITLE
Executive Director
COMPENSATION
ZAR5M
AGE
51

Chris Durham

TITLE
Company Secretary
AGE
63

Brian McCluskey

TITLE
Chief Executive Officer of Office Management
AGE
57
Board of Directors Tenure

Average tenure and age of the Truworths International board of directors in years:

8.2
Average Tenure
64
Average Age
  • The tenure for the Truworths International board of directors is about average.
Board of Directors

Hilton Saven

TITLE
Independent Chairman of the Board
COMPENSATION
ZAR1M
AGE
66
TENURE
15.9 yrs

Michael Mark

TITLE
CEO & Executive Director
COMPENSATION
ZAR19M
AGE
66
TENURE
31.8 yrs

David Pfaff

TITLE
CFO, COO & Executive Director
COMPENSATION
ZAR9M
AGE
54
TENURE
6.6 yrs

Doug Dare

TITLE
Merchandise Planning Director & Executive Director
COMPENSATION
ZAR7M
AGE
58
TENURE
3.7 yrs

Sarah Proudfoot

TITLE
Executive Director
COMPENSATION
ZAR5M
AGE
51
TENURE
0.9 yrs

Rob Dow

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR666K
AGE
62
TENURE
22.2 yrs

Roddy Sparks

TITLE
Independent Non Executive Director
COMPENSATION
ZAR747K
AGE
60
TENURE
8.2 yrs

Tony Taylor

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR467K
AGE
72
TENURE
7 yrs

Mike Thompson

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR683K
AGE
76
TENURE
16.1 yrs

J Hans Hawinkels

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR374K
AGE
67
Who owns this company?
Recent Insider Trading
  • Truworths International individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (ZAR) Value (ZAR)
25. Mar 20 Sell Sean Furlong Individual 24. Mar 20 24. Mar 20 -3,008 ZAR27.53 ZAR-82,814
25. Mar 20 Sell Douglas Dare Individual 24. Mar 20 24. Mar 20 -8,627 ZAR27.53 ZAR-237,511
25. Mar 20 Sell David Pfaff Individual 24. Mar 20 24. Mar 20 -4,011 ZAR27.53 ZAR-110,427
18. Mar 20 Sell Sean Furlong Individual 16. Mar 20 16. Mar 20 -1,274 ZAR33.28 ZAR-42,107
18. Mar 20 Sell Douglas Dare Individual 16. Mar 20 16. Mar 20 -6,852 ZAR33.28 ZAR-226,467
18. Mar 20 Sell David Pfaff Individual 16. Mar 20 16. Mar 20 -2,731 ZAR33.28 ZAR-90,263
05. Mar 20 Sell Sean Furlong Individual 02. Mar 20 02. Mar 20 -1,153 ZAR47.41 ZAR-52,313
05. Mar 20 Sell Sarah Proudfoot Individual 02. Mar 20 02. Mar 20 -2,307 ZAR47.41 ZAR-104,671
05. Mar 20 Sell Douglas Dare Individual 02. Mar 20 02. Mar 20 -3,721 ZAR47.41 ZAR-168,825
05. Mar 20 Sell David Pfaff Individual 02. Mar 20 02. Mar 20 -1,268 ZAR47.41 ZAR-57,530
12. Nov 19 Buy Michael Mark Individual 11. Nov 19 11. Nov 19 100,000 ZAR50.25 ZAR5,004,403
X
Management checks
We assess Truworths International'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. Truworths International 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

Truworths International Limited, an investment holding and management company, engages in the retail of fashion apparel, footwear, and related merchandise primarily in South Africa, the United Kingdom, Germany, the Republic of Ireland, Namibia, Swaziland, Botswana, and other African countries. The company operates through Truworths and Office segments. The company operates approximately 728 stores in South Africa; and 49 stores in the rest of Africa. Truworths International Limited was founded in 1917 and is based in Cape Town, South Africa.

Details
Name: Truworths International Limited
TRU
Exchange: JSE
Founded: 1917
ZAR10,881,090,000
416,900,000
Website: http://www.truworthsinternational.com
Address: Truworths International Limited
No. 1 Mostert Street,
Cape Town,
Western Cape, 8001,
South Africa
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
JSE TRU Ordinary Shares The Johannesburg Securities Exchange ZA ZAR 11. May 1998
OTCPK TRWK.F Ordinary Shares Pink Sheets LLC US USD 11. May 1998
NMSE TRW Ordinary Shares Namibian Stock Exchange NA ZAR 11. May 1998
Number of employees
Current staff
Staff numbers
10,110
Truworths International employees.
Industry
Apparel Retail
Retail
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 18:36
End of day share price update: 2020/04/02 00:00
Last estimates confirmation: 2020/04/01
Last earnings filing: 2020/02/20
Last earnings reported: 2019/12/29
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.