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Data-driven stock valuation

Afrimat (AFT) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Afrimat stock ZAR 27.49, price ZAR 39.15, that is 29.8% below the price, quality 48 out of 100. Rating: overvalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.

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Basic Materials ZA · ISIN ZAE000086302

A Afrimat logo Some data Nov 5, 2026

Afrimat

AFT · JSE
Expensive, weak quality

Our calculation puts a fair price 30% below what the stock costs today.

Low debt
Generates free cash flow
Quality 48/100
Expensive Growth (revenue 5y +22.1 %/yr in ZAR)
Loss over the last twelve months · -0.3% net margin (TTM) · fiscal year 2026 1.2%
Some data
Fair value R27.49 · Overvalued
Trails peers (2/12)
Narrow moat 21/100 · thin data
⟳ Cyclical
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

R74.75 R25.60 Fair Value R27.49 Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range R25.60 – R74.75 · fair‑value band R19.12 – R38.57 · the R39.15 price screens above the R27.49 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Afrimat Limited operates as a mining and materials company primarily in the southern African region. The company operates through five segments: Construction Materials, Industrial Minerals, Bulk Commodities, Future Materials and Metals, and Services.

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The Construction Materials segment provides aggregates products, including sand, gravel, and crushed stone; and concrete-based products made from rock, sand, water, cement, and readymix cement. This segment also processes and sells fly-ash; and manufactures and supplies cement.

The Industrial Minerals segment offers limestone, dolomite, and industrial sand. The Bulk Commodities segment provides iron ore and anthracite. The Future Materials and Metals segment produces phosphate and rare earths.

The Services segment offers IT, consulting, and external logistical; and mining services, such as mobile crushing, screening, drilling, blasting, mining, and loading and hauling services. The company was founded in 1963 and is based in Bellville, South Africa.

Stock analysis

Afrimat (AFT) currently trades at R39.15, while our model-based Fair Value estimate is R27.49, 30% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of R24.25 per share, and 4 of the 25 models we run sit above the R39.15 price.

Bear case: the Dividend Discount group reads lowest at R3.35, and 21 of the 25 models stay below the price. Data coverage for this calculation is medium.

Scenario range: R19.12 (bear) to R38.57 (bull), the price of R39.15 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 48/100 (below-average quality), in the Basic Materials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Afrimat reported revenue of 10.0B ZAR in FY2026 versus 4.7B ZAR in FY2022, a compound +20.9%/yr. Reported net income was 122M ZAR in FY2026, compounding −37.0%/yr from FY2022.

Key figures

Market cap 6.0B ZAR Small · P/S ratio 0.55 · EPS (TTM) R−0.2000 · Dividend yield 0.0% · Net margin −0.3% · Return on equity 0.1% · Return on assets (EBIT) 13.3% (5-year average) · Operating margin 3.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 21 out of 100 (low confidence).

What moves the price

The share trades about 15% below its 52-week high and 53% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −21% fair-value upside, at −30%, AFT screens richer than that median.

Fair Value models

Bear R19.12 Fair Value R27.49 Bull R38.57
Price R39.15 · Downside -29.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF R8.93 R14.72 R27.83 76
Residual Income R16.07 R16.61 R17.99 76
Growth DCF R8.46 R15.38 R25.53 75
All 25 models by family
DCF Models
FCF DCF R8.93 R14.72 R27.83 76
Owner Earnings R10.69 R20.88 R37.28 72
5Y Revenue Exit R16.42 R34.81 R63.62 68
5Y EBITDA Exit R27.49 R59.52 R106.35 71
5Y P/E Exit R7.98 R16.29 R26.44 68
10Y Revenue Exit R12.33 R27.62 R51.41 62
10Y EBITDA Exit R19.25 R43.71 R87.26 63
10Y P/E Exit R8.14 R15.33 R26.59 61
Earnings-Based
Graham-Dodd R5.36 R33.96 R47.46 63
Lynch FV R9.81 R14.02 R18.22 61
PEG = 1.0 R9.81 R14.02 R18.22 57
EPV R10.77 R12.19 R13.34 73
Dividend Discount
Gordon GGM R2.11 R3.41 R4.31 69
DDM Multi-Stage R2.11 R3.29 R3.67 67
Multiples
P/E Multiple R10.05 R13.40 R16.75 63
P/S Multiple R10.05 R13.40 R16.75 57
P/B Multiple R60.66 R80.89 R101.11 55
EV/EBIT R16.26 R25.27 R34.27 63
EV/EBITDA R34.05 R48.98 R63.92 66
EV/Revenue R12.66 R22.70 R32.73 51
Asset-Based
NCAV (Graham) R13.48 R18.06 R26.96 53
Growth DCF
Growth DCF R8.46 R15.38 R25.53 75
Economic Profit
Residual Income R16.07 R16.61 R17.99 76
ROIC Compounder R10.77 R12.19 R13.34 71
Growth Earnings
Growth-Adj P/E R12.74 R18.20 R23.66 67

The fair value above starts from this blend and is adjusted for a cyclical trough year.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 48/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 34
How much profit the company makes from its sales and capital
Quality Growth 65
Are margins and returns getting better?
Cashflow 36
Do the profits arrive as real cash?
Financial strength 46
Debt, balance sheet and risk of trouble
Investment 55
Does it invest with discipline instead of growing at any price?
Low Volatility 69
How calm the share price moves, does not count
Price momentum 53
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 45
Distance to the 52-week high, does not count
New shares 75
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+20.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+26.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.1%
Start year 2021 (pandemic). Over 10 years: +17.7% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.0%
What shareholders gained per year (last 5 years), in ZAR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in ZAR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−28.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−28.8%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−28.8% vs −6.4%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.24% → 5%
Pace: the 5-year rate starts in 2021 (pandemic)

AFT screens overvalued: fair value 30% below the price. Compare with CRH plc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Building Materials · 257 stocks

Beats the industry median on 2/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 48 · Below median
Fair Value upside −27.6% · Below median
Profitability
Return on equity (12 months) 0.1% · Below median
Return on assets 1.6% · Below median
Net margin (12 months) −0.4% · Below median
Operating margin (12 months) 3.1% · Below median
Growth and dividend
Revenue growth (quarter YoY) −4.3% · Below median
Dividend yield (12 months) 0.0% · Bottom 25%
Balance sheet
Debt / equity 0.19× · Above median

Valuation Multiplesvs Building Materials median · lower = cheaper

P/B 1.32× · Pricier than median
P/S (12 months) 0.77× · Cheaper than median
EV/EBITDA 8.2× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 30
FUTURE (revenue growth)0 · sector 13
PAST (return on equity)1 · sector 17
HEALTH (low debt)91 · sector 92
DIVIDEND (yield)0 · sector 47

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Building Materials stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
China Jushi Co 600176 ¥27.45 ¥28.04 +2% vs AFT
Heidelberg Materials AG HEI €173.80 €177.49 +2% vs AFT
Holcim AG HOLN CHF 73.26 CHF 66.54 −9% vs AFT
Amrize AG AMRZ $41.87 $35.08 −16% vs AFT
CRH plc CRH $94.81 $75.09 −21% vs AFT
Vulcan Materials Company VMC $282.72 $132.92 −53% vs AFT
Martin Marietta Materials, Inc MLM $518.15 $214.62 −59% vs AFT
Grasim Industries Limited GRASIM ₹3,227 ₹1,245 −61% vs AFT
UltraTech Cement Limited ULTRACEMCO ₹12,450 ₹4,721 −62% vs AFT
James Hardie Industries plc JHX A$41.89 A$10.28 −75% vs AFT

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Afrimat: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Afrimat Fair Value". https://www.fairvalue-calculator.com/stock/AFT

Frequently asked questions

Is Afrimat (AFT) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of R27.49 versus a price of R39.15, about 30% lower (overvalued).
What is the fair value of AFT?
Our model-based fair value for Afrimat is R27.49 (as of Nov 5, 2026), built from audited fundamentals. The current price: R39.15.
What is the quality score of AFT?
Afrimat has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Afrimat (AFT)?
Our model-based price target is the fair value of R27.49 (as of Nov 5, 2026) from 25 valuation models. Cautious scenario R19.12, optimistic scenario R38.57. It is a calculation from audited fundamentals, not an analyst target.
What is the Afrimat stock forecast for 2026?
Our models put fair value at R27.49, about 30% lower versus a price of R39.15 (overvalued). Cautious scenario R19.12, optimistic scenario R38.57. The calculation is refreshed regularly with new filings.
What is the revenue of Afrimat (AFT)?
Afrimat reported trailing-twelve-month revenue of about 9.8B ZAR (latest available figure, as of Nov 5, 2026).
Does Afrimat pay a dividend?
Afrimat currently shows a dividend yield of 0.01% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Afrimat (AFT)?
Afrimat has a dividend yield of 0.0%.
What is the intrinsic value of Afrimat (AFT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Afrimat it is R27.49 per share (as of Nov 5, 2026), against a price of R39.15. It is the blended result of 25 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Afrimat stock overvalued or undervalued in 2026?
As of Nov 5, 2026, AFT trades above its calculated fair value: price R39.15, fair value R27.49, a gap of about −30% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AFT?
No. The price is what the market pays today (R39.15); the fair value is what the company's own numbers justify (R27.49). For Afrimat the two are R11.66 per share apart. That gap is exactly why we show both numbers side by side.
How much is Afrimat worth?
The market values Afrimat at about 6.0B ZAR (market capitalisation, as of Nov 5, 2026). Per share that is R39.15; our models calculate a fair value of R27.49 per share.
What do the bullish and bearish scenarios say about AFT?
Our models span a range for Afrimat: cautious scenario R19.12, base R27.49, optimistic R38.57 per share (as of Nov 5, 2026, price R39.15). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Afrimat (AFT)?
Balance-sheet figures for Afrimat (as of Nov 5, 2026): return on equity 0.1%, debt of 0.19 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is AFT from its 52-week high?
Afrimat trades at R39.15, about 15% below its 52-week high of R46.19 and 53% above the low of R25.60 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of R27.49 is for.
Which stocks are comparable to Afrimat?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, Vulcan Materials Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Afrimat stock attractive at the current price?
The data as of Nov 5, 2026: price R39.15, calculated fair value R27.49 (−30%), Quality Score 48/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AFT calculated?
We run Afrimat through 25 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of R27.49 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Afrimat itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Afrimat (AFT)?
The closing price on Nov 9, 2026 was R39.15. Our model-based fair value is R27.49, about 30% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Afrimat right now?
Weak quality (48/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (R19.12 to R38.57) leaves room in how you read the outcome.
Where does the earnings growth of Afrimat (AFT) come from?
Earnings per share at Afrimat grew +3.4 % a year from 2015 to 2026. Broken into its drivers: revenue per share +15.7 %, EBIT margin −6.5 %, tax rate −1.7 %, residual (interest, one-offs) −2.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Afrimat

How large is the market capitalisation of Afrimat (AFT)?
The market capitalisation of Afrimat is 6.0B ZAR. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Afrimat (AFT)?
The price-to-sales ratio of Afrimat is 0.55 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Afrimat (AFT)?
Earnings per share at Afrimat are R−0.2000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Afrimat (AFT)?
The dividend yield of Afrimat is 0.0%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Afrimat (AFT)?
The net margin of Afrimat is −0.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Afrimat (AFT)?
The return on equity (ROE) of Afrimat is 0.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Afrimat (AFT)?
On an EBIT basis the return on assets of Afrimat is 13.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Afrimat (AFT)?
The operating margin of Afrimat is 3.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Afrimat (AFT)?
Revenue at Afrimat is growing −4.3% versus a year earlier (3y avg +26.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Afrimat (AFT)?
Earnings per share at Afrimat are growing −97.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Afrimat (AFT) generate?
The free cash flow of Afrimat is 592K ZAR (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Afrimat (AFT) carry?
The net debt of Afrimat is 2.1B ZAR (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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