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

As of Sep 23, 2026: fair value of Afrimat ZAR 25.27, price ZAR 30.32, upside -16.7%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Basic Materials · ZA · ISIN ZAE000086302

A Broad data Sep 24, 2026

Afrimat

AFT · JSE

Weak valuationQuality is weak on top of the rich price.

!Fair value R25.27 · Overvalued (−17%)
!Quality 49/100
!Expensive Growth (revenue 5y +22.1 %/yr)
!Thin margins · 1.2% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers (4/14)
!Narrow moat 26/100
!Weak on valuation: 11 out of 100
!Weak on past: 14 out of 100
!Weak on dividend: 22 out of 100
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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 R25.27 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range R25.60 – R74.75 · fair‑value band R19.34 – R35.91 · the R30.32 price screens above the R25.27 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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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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. 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 R30.32, while our model-based Fair Value estimate is R25.27, implying the stock looks roughly 20.0% overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of R38.48 per share, and 9 of the 25 models we run sit above the R30.32 price.

Bear case: the Dividend Discount group reads lowest at R4.61, and 16 of the 25 models stay below the price. Evidence for this calculation is high.

Scenario range: R19.34 (bear) to R35.91 (bull), the price of R30.32 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 49/100 (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 4.7B ZAC · P/E ratio 38.4 · P/S ratio 0.47 · EPS (TTM) R0.7900 · Dividend yield 1.1% · Net margin 1.2% · Return on equity 3.6% · Return on assets (EBIT) 13.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (low confidence).

What moves the price

The share trades about 35% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −47% fair-value upside, at −17%, AFT screens cheaper than that median.

Fair Value models

Bear R19.34 Fair Value R25.27 Bull R35.91
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (0.2634 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. Evidence ⓘEvidence = 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.
Highest evidence
FCF DCF R12.64 R21.26 R41.15 76
Growth DCF R12.00 R22.37 R37.92 76
Residual Income R18.62 R17.48 R12.74 76
All 25 models by family
DCF Models
FCF DCF R12.64 R21.26 R41.15 76
Owner Earnings R41.43 R78.99 R141.28 73
5Y Revenue Exit R22.14 R46.94 R85.80 69
5Y EBITDA Exit R37.06 R80.25 R143.45 71
5Y P/E Exit R9.05 R18.05 R28.96 68
10Y Revenue Exit R17.10 R38.48 R71.84 63
10Y EBITDA Exit R26.80 R61.07 R122.17 64
10Y P/E Exit R10.21 R18.65 R31.68 62
Earnings-Based
Graham-Dodd R5.38 R34.12 R47.67 63
Lynch FV R9.86 R14.08 R18.31 61
PEG = 1.0 R9.86 R14.08 R18.31 57
EPV R15.02 R17.12 R18.83 74
Dividend Discount
Gordon GGM R2.90 R4.86 R6.30 68
DDM Multi-Stage R2.90 R4.61 R5.22 67
Multiples
P/E Multiple R10.09 R13.46 R16.82 63
P/S Multiple R10.09 R13.46 R16.82 58
P/B Multiple R10.09 R13.46 R16.82 55
EV/EBIT R32.49 R44.17 R55.84 66
EV/EBITDA R55.54 R74.90 R94.25 67
EV/Revenue R27.83 R40.83 R53.84 53
Asset-Based
NCAV (Graham) R14.34 R19.21 R28.67 54
Growth DCF
Growth DCF R12.00 R22.37 R37.92 76
Economic Profit
Residual Income R18.62 R17.48 R12.74 76
ROIC Compounder R15.02 R17.12 R18.83 72
Growth Earnings
Growth-Adj P/E R12.80 R18.28 R23.77 67

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Quality Score breakdown

Overall quality 49/100

Of which business quality 49 · Market factors (momentum, volatility) 34

Profitability 34
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 36
Earnings quality: real cash, not paper profit
Fin. Strength 44
Balance sheet, leverage, solvency risk
Investment 55
Disciplined investing over empire-building
Low Volatility 66
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 16
Distance to the 52-week high (market factor)
Net Issuance 75
Share count: buybacks or dilution?

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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.
−27.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−28.8%
Dividend (yield on the price)1.1%
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.−29% vs −6%, 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%
Start year 2021 (pandemic)

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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 · 258 stocks

Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score 49 · Below median
Fair Value upside −17% · Below median
Profitability
Return on equity (TTM) 4% · Below median
Return on assets 4% · Above median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 4% · Below median
Growth and dividend
Revenue growth 11% · Top 25%
Dividend yield (TTM) 1.1% · Below median
Balance sheet
Debt / equity 0.19× · Above median

Valuation Multiplesvs Building Materials median · lower = cheaper

P/E (TTM) 38.4× · Priciest 25%
P/B 1.06× · Pricier than median
P/S (TTM) 0.47× · Cheaper than median
P/FCF 478.6× · Priciest 25%
EV/EBITDA 4.1× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)11 · sector 26
FUTURE (revenue growth)55 · sector 2
PAST (return on equity)14 · sector 15
HEALTH (low debt)91 · sector 92
DIVIDEND (yield)22 · sector 46

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
CRH plc CRH $88.04 $74.79 −15%
Holcim AG HOLN CHF 66.32 CHF 33.05 −50%
Vulcan Materials Company VMC $247.87 $131.48 −47%
UltraTech Cement Limited ULTRACEMCO ₹11,155 ₹4,719 −58%
Martin Marietta Materials, Inc MLM $499.34 $245.83 −51%
China Jushi Co 600176 ¥45.62 ¥29.50 −35%
Amrize AG AMRZ $39.00 $34.66 −11%
Grasim Industries Limited GRASIM ₹3,189 ₹1,245 −61%
CEMEX, S.A. CX $10.24 $25.27 +147%
James Hardie Industries plc JHX A$38.17 A$7.93 −79%

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R25.27 −20%Fair Value
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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 Sep 24, 2026, our model estimates a fair value of R25.27 versus a price of R30.32, about −17% upside (overvalued).
What is the fair value of AFT?
Our model-based fair value for Afrimat is R25.27 (as of Sep 24, 2026), built from audited fundamentals. The current price: R30.32.
What is the quality score of AFT?
Afrimat has a Quality Score of 49/100. 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 R25.27 (as of Sep 24, 2026) from 25 valuation models. Cautious scenario R19.34, optimistic scenario R35.91. 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 R25.27, about −17% upside versus a price of R30.32 (overvalued). Cautious scenario R19.34, optimistic scenario R35.91. The calculation is refreshed regularly with new filings.
What is the revenue of Afrimat (AFT)?
Afrimat reported trailing-twelve-month revenue of about 10.0B ZAR (latest available figure, as of Sep 24, 2026).
Does Afrimat pay a dividend?
Afrimat currently shows a dividend yield of about 1.09% relative to its recent price (as of Sep 24, 2026).
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 R25.27 per share (as of Sep 24, 2026), against a price of R30.32. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Afrimat stock overvalued or undervalued in 2026?
As of Sep 24, 2026, AFT trades above its calculated fair value: price R30.32, fair value R25.27, a gap of about −17% (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 (R30.32); the fair value is what the company's own numbers justify (R25.27). For Afrimat the two are R5.05 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 4.7B ZAC (market capitalisation, as of Sep 24, 2026). Per share that is R30.32; our models calculate a fair value of R25.27 per share.
What do the bullish and bearish scenarios say about AFT?
Our models span a range for Afrimat: cautious scenario R19.34, base R25.27, optimistic R35.91 per share (as of Sep 24, 2026, price R30.32). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AFT?
Afrimat trades at a price-to-earnings ratio of 38.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R25.27 is built from several models across several years. Other multiples: P/B 1.1, P/S 0.5, EV/EBITDA 4.1.
How solid is the balance sheet of Afrimat (AFT)?
Balance-sheet figures for Afrimat (as of Sep 24, 2026): return on equity 3.6%, debt of 0.19 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is AFT from its 52-week high?
Afrimat trades at R30.32, about 35% below its 52-week high of R46.95 and 18% above the low of R25.60 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R25.27 is for.
Which stocks are comparable to Afrimat?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Vulcan Materials Company, UltraTech Cement Limited, 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 Sep 24, 2026: price R30.32, calculated fair value R25.27 (−17%), Quality Score 49/100, 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 four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R25.27, 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 14.0 % 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 Sep 23, 2026 was R30.32. Our model-based fair value is R25.27, about −17% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Afrimat right now?
Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (R19.34 to R35.91) 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 4.7B ZAC. 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 0.47 (P/E × margin). 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 R0.7900 (price ÷ EPS = P/E 38.4). 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 1.1% (payout 41.8%). 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 1.2% (fiscal year 2026). 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 3.6% (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 4.3% (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 +11.0% 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 +81.4% 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 ZAC (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 ZAC (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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