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AVI Limited (AVI) Fair Value & Analysis

Consumer Defensive · ZA · Market cap 31.8B ZAC

AL AVI Limited AVI · JSE
PriceR95.94
Fair ValueR141.50
Upside+47.5%
Quality77/100
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Healthy Growth
Solidly profitable · 15.7% net margin
generates free cash flow
0.07% dividend yield
Ranks above peers (10/14)
Wide moat 83/100
Evidence: High Range R91.36 – R191.14 Share as image

Fair value as of: Jul 11, 2026

From 25 valuation models · updated 30 days ago

Share price −5.2% over the past month.

A strong business, screening 47% undervalued on our models.

What matters now

  • The rarer combination: high quality (77/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • A fairly wide model range (R91.36 to R191.14) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

R121.37 R60.06 Fair Value R141.50 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range R60.06 – R121.37 · fair‑value band R91.36 – R191.14 · the R95.94 price screens below the R141.50 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

AVI Limited (AVI) currently trades at R95.94, while our model-based Fair Value estimate is R141.50, implying the stock looks roughly 47.5% undervalued today. The Quality Score stands at 77/100 (high quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, AVI Limited generated revenue of 16.4B ZAR at a net margin of 15.7%. Revenue grew 4.9% year over year. It earns a return on equity of 48.9%. Net debt stands at 2.3B ZAR. Fundamentals as of Jul 11, 2026

Our scenario range runs from R91.36 (bear case) to R191.14 (bull case); at R95.94, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at 47%, AVI screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Residual Income R41.80 R49.72 R202.96 76
Growth DCF R76.16 R108.63 R153.78 72
Gordon GGM R81.87 R166.72 R270.05 70
All 25 models by family
DCF Models
FCF DCF R74.33 R109.93 R161.99 38
Owner Earnings R79.58 R117.72 R173.49 31
5Y Revenue Exit R57.70 R85.11 R118.88 39
5Y EBITDA Exit R95.74 R154.04 R220.32 41
5Y P/E Exit R92.03 R147.32 R203.52 38
10Y Revenue Exit R61.70 R87.64 R120.07 36
10Y EBITDA Exit R87.12 R134.70 R195.27 37
10Y P/E Exit R84.79 R130.11 R182.82 35
Earnings-Based
Graham-Dodd R49.51 R130.15 R169.92 54
PEG = 1.0 R24.92 R35.61 R46.29 46
EPV R76.39 R88.98 R99.99 59
Dividend Discount
Gordon GGM R81.87 R166.72 R270.05 70
DDM Multi-Stage R81.87 R126.28 R173.86 61
Multiples
P/E Multiple R114.68 R152.91 R191.14 63
P/S Multiple R57.62 R76.82 R96.03 58
P/B Multiple R66.10 R88.13 R110.16 55
EV/EBIT R136.98 R182.35 R227.72 53
EV/EBITDA R122.12 R162.53 R202.94 54
EV/Revenue R51.30 R72.90 R94.51 43
Asset-Based
NCAV (Graham) R8.01 R10.74 R16.02 50
Growth DCF
Growth DCF R76.16 R108.63 R153.78 72
Rev-Margin DCF R57.70 R85.92 R117.19 67
Economic Profit
Residual Income R41.80 R49.72 R202.96 76
ROIC Compounder R78.98 R95.11 R111.39 67
Growth Earnings
Growth-Adj P/E R89.73 R128.19 R166.64 68

Widest divergence: Growth Earnings (R128.19) versus Asset-Based (R10.74). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 16.4B ZAC
Revenue growth (YoY) +4.9%
Net margin 15.7%
Return on equity 48.9%
Free cash flow 2.2B ZAC FY2025
P/E ratio 12.6
More key figures
Operating margin 24.7%
EPS (TTM) R7.66
Dividend yield 0.1%
EPS growth (YoY) +10.9%
Net debt 2.3B ZAC FY2025

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 77/100

Of which business quality 73 · Market factors (momentum, volatility) 47

Profitability 93
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 84
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 75
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

AVI Limited manufactures, processes, markets, and distributes branded consumer products in the food, beverage, footwear, apparel, and cosmetics sectors in South Africa, other African countries, Europe, and internationally. It operates through Entyce Beverages, Snackworks, I&J, Personal Care, and Footwear and Apparel segments.

Full company description

AVI Limited manufactures, processes, markets, and distributes branded consumer products in the food, beverage, footwear, apparel, and cosmetics sectors in South Africa, other African countries, Europe, and internationally. It operates through Entyce Beverages, Snackworks, I&J, Personal Care, and Footwear and Apparel segments. The company provides hot beverages, such as tea, coffee, and creamer; sweet and savoury biscuits; baked and fried potato, and maize snacks; personal care products, including body spray, fragrance, cosmetics, and body lotion products; footwear and apparel; and catches, processes, markets, and distributes seafood. It offers beverages under the Five Roses, Freshpak, TRINCO, Ellis Brown, HOUSE OF COFFEES, Koffiehuis, ciro, LAVAZZA, and frisco brands; biscuits and snacks under the BAKERS, Willards, Baker Street, and PROVITA brands; frozen food under the I&J brand; and personal care products under the YARDLEY, Exclamation, and LENTHÉRIC brand names. The company also provides fashion products under the SPITZ, KURT GEIGER, LACOSTE, CARVELA, TOSONI, GANT, and Green Cross GX&Co brands. AVI Limited was incorporated in 1944 and is based in Johannesburg, South Africa.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

AVI Limited reported revenue of R16.0B in FY2025 versus R13.3B in FY2021, a compound +4.8%/yr. Reported net income was R2.4B in FY2025, compounding +10.2%/yr from FY2021.

Growth Quality 76/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
16.0B ZAR
Latest YoY
+1.0%
Avg. growth/yr (3Y) 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.
+5.0%
Avg. growth/yr (5Y) 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.
+3.9%
Avg. growth/yr (23Y) 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.
+4.6%
Revenue +4.8%/yr
FY21 R13.3B
FY22 R13.8B
FY23 R14.9B
FY24 R15.9B
FY25 R16.0B
Net income +10.2%/yr
FY21 R1.6B
FY22 R1.8B
FY23 R1.8B
FY24 R2.3B
FY25 R2.4B
Character of growth · EPS growth decomposed (2014-2025) +4.8 % p.a.
Revenue per share +3.3 pp

of which total revenue +3.7 pp · buybacks/dilution −0.4 pp

EBIT margin +2.0 pp
Tax rate +0.2 pp
Residual (interest, one-offs) −0.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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

Peer Group

Packaged Foods · 648 stocks

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.

Quality Score 77 · Top 25%
Fair Value upside +48% · Top 25%
Return on equity (TTM) 49% · Top 25%
Return on assets 23% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 25% · Top 25%
Revenue growth 5% · Above median
Dividend yield (TTM) 0.1% · Bottom 25%

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 12.5× · Cheaper than median
P/B 5.95× · Pricier than 75% of peers
P/S (TTM) 1.94× · Pricier than 75% of peers
P/FCF 0.9× · Cheaper than median
EV/EBITDA 7.5× · Cheaper than median
PEG 44.52× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 97 · sector 28
FUTURE 25 · sector 20
PAST 100 · sector 27
HEALTH 0 · sector 96
DIVIDEND 1 · sector 47

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is AVI Limited (AVI) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of R141.50 versus a price of R95.94, about +47% (undervalued).
What is the fair value of AVI?
Our model-based fair value for AVI Limited is R141.50 (as of Jul 11, 2026), built from audited fundamentals. The current price is R95.94.
What is the quality score of AVI?
AVI Limited has a Quality Score of 77/100. 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 revenue of AVI Limited (AVI)?
AVI Limited reported trailing-twelve-month revenue of about 16.4B ZAR (latest available figure, as of Jul 11, 2026).
What is the net profit margin of AVI?
The net profit margin of AVI Limited is about 15.7%, meaning it keeps roughly 15.7% of revenue as net income. Based on the latest reported figures.
Does AVI Limited pay a dividend?
AVI Limited currently shows a dividend yield of about 0.07% relative to its recent price (as of Jul 11, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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