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AECI

AFE.JO
41
Chemicals - Specialty · Basic Materials
Price
10200.00 ZAc
+100.00 (+0.99%)
Market Cap
10.76B ZAc
Exchange
Johannesburg Stock Exchange
Winston Score
41
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 29, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Mixed
Cash Flow
Strong
Stability
Strong
Valuation
Strong
Dividends
Mixed

Winston Score History

The full picture

AECI Ltd, a diversified South African-based enterprise with a global footprint, provides solutions across a broad spectrum of industries. These include mining, water management, agricultural and animal health, food and beverage production, infrastructure development, and general industrial sectors. Its international presence spans Africa, Europe, Southeast Asia, the Americas (North and South), and Australia. The company organizes its extensive operations into five primary divisions: AECI Mining, AECI Water, AECI Agri Health, AECI Chemicals, and AECI Property Services & Corporate. AECI Mining offers comprehensive "mine-to-mineral" services for the extractive industry, which include commercial explosives, initiation technologies, expert blasting services, and specific surfactants used in explosive manufacturing. AECI Water is dedicated to integrated water treatment and process solutions, providing specialized chemicals and equipment for various applications like public and industrial water systems, desalination facilities, and utility operations. AECI Agri Health focuses on the agricultural and animal well-being sectors, producing and distributing crop protection agents, plant fertilizers, animal feed premixes, unique animal health formulations, and fine chemicals. AECI Chemicals serves as a key supplier of essential raw materials and related services to clients within the food and beverage, general manufacturing, road construction, and wider industrial sectors. Lastly, AECI Property Services & Corporate manages property leasing and comprehensive management services for office, industrial, and retail properties. Founded in 1894, the company maintains its headquarters in Sandton, South Africa.

Share count broadly stable

0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 106.8M (2021) → 106.7M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
7.7%
Thin — 7.7% gross margin
Profit after running costs
Operating Margin
7.7%
Modest — 7.7% operating margin
Return on the money invested
ROCE
15.9%
Strong — 15.9% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
-0.4%
Shrinking sales (-0.4% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
368%
Turns 368% of profit into real cash
Spare cash per sale
FCF Margin
1.8%
Thin free cash flow (1.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.34
Conservative — low debt load (0.34)
Covers its interest
Interest Cover
5.54x
Adequate interest coverage (5.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
25.6x
Growth-priced — P/E 25.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+18.1
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (25.6 → 7.5)

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Dividends

Dividend
Dividend Yield
2.51%
Moderate income — 2.51% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-59.0%
Dividend cut (-59.0% YoY) — warning sign

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