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Sabvest Capital Limited

SBP.JO
61
Asset Management · Financial Services
Price
14615.00 ZAc
+0.00 (+0.00%)
Market Cap
5.50B ZAc
Exchange
Johannesburg Stock Exchange
Winston Score
61
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Exceptional
Growth
Mixed
Cash Flow
Weak
Stability
Good
Valuation
Good
Dividends
Good

Share count falling — buybacks

5.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 40.2M (2021) → 37.9M (2025)

Winston Score History

The full picture

Sabvest Capital is a South African investment holding company that owns stakes in a range of private and listed businesses. It focuses mainly on industrial, technology, and consumer-facing companies, acting as a long-term investor rather than buying and selling frequently. It is one of the older independent investment holding companies listed on the Johannesburg Stock Exchange.

The company makes money through dividends, interest, and capital gains from its portfolio of investments, rather than selling a product or service directly. It operates almost entirely in South Africa, with some exposure to international markets through its portfolio companies. Its main competitive advantage is its concentrated, long-term ownership approach and experienced management team, which allows it to build value over many years. The key risk is that its performance depends heavily on the health of the South African economy and the success of a relatively small number of investee companies, making it vulnerable to local economic downturns or poor performance by any single holding.

Score breakdown

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Quality

Profit per sale
Gross Margin
100.0%
Premium pricing power — 100.0% gross margin
Profit after running costs
Operating Margin
463.5%
Excellent — 463.5% operating margin
Return on the money invested
ROCE
20.1%
Exceptional — 20.1% 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
-17.5%
Shrinking sales (-17.5% YoY)
Profit growth
EPS YoY
+76.5%
Earnings growing fast (+76.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
-1%
Weak — only -1% of profit becomes cash
Spare cash per sale
FCF Margin
-5.9%
Burning cash (-5.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
4.5x
Attractive valuation — P/E 4.5

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
1.23%
Small dividend — 1.23% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+30.6%
Dividend growing fast (30.6% YoY)

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