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Data-driven stock valuation

Vunani Ltd (VUN) fair value: what the stock is really worth

As of Oct 29, 2026: fair value (intrinsic value) of Vunani Ltd stock ZAR 1.76, price ZAR 2.10, that is 16.2% below the price, quality 61 out of 100. Rating: overvalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services ZA · ISIN ZAE000163382

VL Vunani Ltd logo Thin data Nov 7, 2026

Vunani Ltd

VUN · JSE
Solid, but expensive

Our calculation puts a fair price 16% below what the stock costs today.

Quality 61/100
Last quarter vs. a year ago: revenue +25%, profit +42%.
Mixed Growth (revenue 5y +9.9 %/yr in ZAR)
Thin margins · 1.2% net margin (TTM)
Fair value R1.76 · Overvalued
Trails peers (5/14)
Narrow moat 38/100 · thin data
Thin data
⚠ Thinly traded
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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

R2.86 R1.07 Fair Value R1.76 May 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range R1.07 – R2.86 · fair‑value band R1.10 – R2.35 · the R2.10 price screens above the R1.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

Vunani Limited operates in the financial services sector in South Africa. It operates through Fund Management, Asset Administration, Insurance, Advisory Services, and Institutional Securities Broking segments.

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The company offers institutional and retail products, including equities, bonds, inflation-linked bonds and properties, and absolute return and smart beta funds.

It also operates as a beneficiary fund administrator for administering funds on behalf of minor dependents of deceased retirement fund members. In addition, the company provides short-term, medical aid, individual life, and employee benefit insurance products.

Further, it offers corporate advisory and investment services comprising capital raising, IPOs, BEE transactions, transaction structuring, and book builds and share placements, as well as merger, acquisition, and disposal advisory services.

Additionally, the company provides equity, derivative, and capital market trading services for institutional clients; and trades in equities, index futures, single stock futures, currency and interest rate futures, stocks and commodities, equity options, over the counter options, money market products, and bonds.

The company was incorporated in 1997 and is headquartered in Sandton, South Africa.

Stock analysis

Vunani Ltd (VUN) currently trades at R2.10, while our model-based Fair Value estimate is R1.76, 16% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of R2.28 per share, and 4 of the 13 models we run sit above the R2.10 price.

Bear case: the Asset-Based group reads lowest at R0.2900, and 9 of the 13 models stay below the price. Data coverage for this calculation is low.

Scenario range: R1.10 (bear) to R2.35 (bull), the price of R2.10 sits inside 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 61/100 (solid quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Vunani Ltd reported revenue of 875M ZAR in FY2026 versus 660M ZAR in FY2022, a compound +7.3%/yr. Reported net income was 10.1M ZAR in FY2026, compounding −36.2%/yr from FY2022.

Key figures

Market cap 338M ZAR Micro · P/E ratio 14.0 · P/S ratio 0.39 · EPS (TTM) R0.1500 · Dividend yield 4.8% · Net margin 1.2% · Return on equity 9.3% · Return on assets (EBIT) 7.3% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 22% below its 52-week high and 96% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −16%, VUN screens richer than that median.

Fair Value models

Bear R1.10 Fair Value R1.76 Bull R2.35
Price R2.10 · Downside -16.2%
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. Based on fiscal year 2026 figures (about 8 months old). Earnings retained since then (0.0348 ZAR per share) are deliberately not added. 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
Growth DCF R1.52 R2.13 R2.94 78
Residual Income R1.10 R1.11 R1.15 76
Owner Earnings R1.52 R2.24 R3.27 75
All 13 models by family
DCF Models
Owner Earnings R1.52 R2.24 R3.27 75
5Y P/E Exit R1.18 R1.64 R2.15 71
10Y P/E Exit R1.32 R1.76 R2.35 64
Earnings-Based
Graham-Dodd R0.4300 R2.16 R2.98 64
Lynch FV R0.5900 R0.8400 R1.09 61
Dividend Discount
Gordon GGM R0.6400 R1.03 R1.30 69
DDM Multi-Stage R0.6400 R0.9900 R1.11 67
Multiples
P/E Multiple R0.6100 R0.8200 R1.02 63
P/B Multiple R0.4500 R0.6000 R0.7500 55
Asset-Based
NCAV (Graham) R0.2100 R0.2900 R0.4300 53
Growth DCF
Growth DCF R1.52 R2.13 R2.94 78
Rev-Margin DCF R1.56 R2.42 R3.55 71
Economic Profit
Residual Income R1.10 R1.11 R1.15 76

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Quality Score breakdown

Overall quality 61/100

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

Profitability 28
How much profit the company makes from its sales and capital
Quality Growth 72
Are margins and returns getting better?
Cashflow 74
Do the profits arrive as real cash?
Financial strength 43
Debt, balance sheet and risk of trouble
Investment 78
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 43
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 51
Distance to the 52-week high, does not count
New shares 80
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. 81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+18.3%
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.
+6.5%
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.
+9.9%
Start year 2021 (pandemic). Over 10 years: +21.5% a year
Revenue growth 17 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.
+8.4%
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. Basis: EBIT basis. 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.
+25.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.9%
Dividend (yield on the price)4.8%
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.−22.5% vs −14.5%, 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.2% → 9%
Pace: the 5-year rate starts in 2021 (pandemic)

VUN screens overvalued: fair value 16% below the price. Compare with Morgan Stanley →

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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.Capital Markets · 384 stocks

Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score 61 · Above median
Fair Value upside −16.2% · Below median
Profitability
Return on equity (12 months) 9.3% · Below median
Return on assets 1.8% · Below median
Net margin (12 months) 4.2% · Bottom 25%
Operating margin (12 months) 14.3% · Below median
Growth and dividend
Revenue growth (quarter YoY) 24.9% · Above median
Dividend yield (12 months) 4.8% · Top 25%
Balance sheet
Debt / equity 0.16× · Above median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (12 months) 14.0× · Pricier than median
P/B 1.20× · Pricier than median
P/S (12 months) 1.40× · Cheapest 25%
Price / free cash flow (fiscal year) 13.3× · Pricier than median
EV/EBITDA 3.9× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)12 · sector 42
FUTURE (revenue growth)100 · sector 68
PAST (return on equity)37 · sector 38
HEALTH (low debt)–
DIVIDEND (yield)95 · sector 47

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

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 Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Morgan Stanley MS $181.44 $260.72 +44% vs VUN
The Charles Schwab Corporation SCHW $91.49 $117.60 +29% vs VUN
Guotai Haitong Securities Co 601211 ¥16.46 ¥18.02 +9% vs VUN
Nomura Holdings NMR $9.42 $10.17 +8% vs VUN
The Goldman Sachs Group GS $865.82 $766.86 −11% vs VUN
CITIC Securities Company 600030 ¥25.72 ¥20.42 −21% vs VUN
Robinhood Markets, Inc HOOD $80.91 $47.60 −41% vs VUN
Macquarie Group MQG A$247.94 A$123.84 −50% vs VUN
East Money Information Co 300059 ¥18.78 ¥6.72 −64% vs VUN
Interactive Brokers Group IBKR $75.82 $17.48 −77% vs VUN

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Vunani Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Vunani Ltd Fair Value". https://www.fairvalue-calculator.com/stock/VUN

Frequently asked questions

Is Vunani Ltd (VUN) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of R1.76 versus the last price from Oct 29, 2026 of R2.10, about 16% lower (overvalued).
What is the fair value of VUN?
Our model-based fair value for Vunani Ltd is R1.76 (as of Nov 7, 2026), built from audited fundamentals. Last price (from Oct 29, 2026): R2.10.
What is the quality score of VUN?
Vunani Ltd has a Quality Score of 61/100. 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 Vunani Ltd (VUN)?
Our model-based price target is the fair value of R1.76 (as of Nov 7, 2026) from 13 valuation models. Cautious scenario R1.10, optimistic scenario R2.35. It is a calculation from audited fundamentals, not an analyst target.
What is the Vunani Ltd stock forecast for 2026?
Our models put fair value at R1.76, about 16% lower versus the last price from Oct 29, 2026 of R2.10 (overvalued). Cautious scenario R1.10, optimistic scenario R2.35. The calculation is refreshed regularly with new filings.
What is the revenue of Vunani Ltd (VUN)?
Vunani Ltd reported trailing-twelve-month revenue of about 874M ZAR (latest available figure, as of Nov 7, 2026).
Does Vunani Ltd pay a dividend?
Vunani Ltd currently shows a dividend yield of 4.76% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Vunani Ltd (VUN) and when is the ex-dividend date?
Vunani Ltd pays a dividend of R0.1 per share a year, a dividend yield of 4.8%. The last ex-dividend date was Nov 3, 2026. The payout ratio is 66.7% of earnings. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What is the intrinsic value of Vunani Ltd (VUN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vunani Ltd it is R1.76 per share (as of Nov 7, 2026), against a price of R2.10. It is the blended result of 13 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Vunani Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, VUN trades above its calculated fair value: price R2.10, fair value R1.76, a gap of about −16% (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 VUN?
No. The price is what the market pays today (R2.10); the fair value is what the company's own numbers justify (R1.76). For Vunani Ltd the two are R0.3400 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vunani Ltd worth?
The market values Vunani Ltd at about 338M ZAR (market capitalisation, as of Nov 7, 2026). Per share that is R2.10; our models calculate a fair value of R1.76 per share.
What do the bullish and bearish scenarios say about VUN?
Our models span a range for Vunani Ltd: cautious scenario R1.10, base R1.76, optimistic R2.35 per share (as of Nov 7, 2026, price R2.10). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VUN?
Vunani Ltd trades at a price-to-earnings ratio of 14.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R1.76 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2026), reported earnings: 12.0. Other multiples: P/B 1.2, P/S 1.4, EV/EBITDA 3.9.
How solid is the balance sheet of Vunani Ltd (VUN)?
Balance-sheet figures for Vunani Ltd (as of Nov 7, 2026): return on equity 9.3%, debt of 0.16 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is VUN from its 52-week high?
Vunani Ltd trades at R2.10, about 22% below its 52-week high of R2.70 and 96% above the low of R1.07 (as of Oct 29, 2026). Distance from the high says nothing about value: that is what the fair value of R1.76 is for.
Which stocks are comparable to Vunani Ltd?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Vunani Ltd stock attractive at the current price?
The data as of Nov 7, 2026: price R2.10, calculated fair value R1.76 (−16%), Quality Score 61/100, from 13 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 VUN calculated?
We run Vunani Ltd through 13 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of R1.76 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. Vunani Ltd 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 Vunani Ltd (VUN)?
The latest price we hold is from Oct 29, 2026 and stands at R2.10. Our model-based fair value is R1.76, about 16% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vunani Ltd right now?
Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (R1.10 to R2.35) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Vunani Ltd

How large is the market capitalisation of Vunani Ltd (VUN)?
The market capitalisation of Vunani Ltd is 338M 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 Vunani Ltd (VUN)?
The price-to-sales ratio of Vunani Ltd is 0.39 (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 Vunani Ltd (VUN)?
Earnings per share at Vunani Ltd are R0.1500 (price ÷ EPS = P/E 14.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vunani Ltd (VUN)?
The dividend yield of Vunani Ltd is 4.8% (payout 66.7%). 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 Vunani Ltd (VUN)?
The net margin of Vunani Ltd is 1.2% (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 Vunani Ltd (VUN)?
The return on equity (ROE) of Vunani Ltd is 9.3% (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 Vunani Ltd (VUN)?
On an EBIT basis the return on assets of Vunani Ltd is 7.3% (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 Vunani Ltd (VUN)?
The operating margin of Vunani Ltd is 14.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vunani Ltd (VUN)?
Revenue at Vunani Ltd is growing +24.9% versus a year earlier (3y avg +6.5%). 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 Vunani Ltd (VUN)?
Earnings per share at Vunani Ltd are growing +41.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Vunani Ltd (VUN) generate?
The free cash flow of Vunani Ltd is 91.4M 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 cash does Vunani Ltd (VUN) hold?
Vunani Ltd holds more cash than debt, 177M ZAR net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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