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Brait SE (BAT) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Brait SE stock ZAR 3.26, price ZAR 1.92, upside +70.0%, quality 53 out of 100. Rating: strongly undervalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services ZA · ISIN LU0011857645

BS Brait SE logo Thin data Nov 7, 2026

Brait SE

BAT · JSE
Undervalued, but sideways

The stock costs 41% less than our calculation considers fair.

Fair value R3.26 · Strongly undervalued
Highly profitable · 73.7% net margin (TTM)
Low debt
Ranks above peers (9/12)
Wide moat 66/100
Costs just 6.2 times its yearly profit.
Quality 53/100
Mixed Growth (revenue 5y +13.8 %/yr in ZAR)
Negative free cash flow
Thin data
⚠ Dilution
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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

R4.98 R0.7336 Fair Value R3.26 Jul 2021 Nov 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 R0.7336 – R4.98 · fair‑value band R1.79 – R4.09 · the R1.92 price screens below the R3.26 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

Brait PLC, an investment holding company, invests in privately owned business. Its primary investment portfolio includes Virgin Active, Premier, and New Look brands.

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The company invest in health clubs under Virgin Active brand in South Africa, the United Kingdom, Italy, Australia, Namibia, Botswana, Thailand, and Singapore; Premier which manufactures baking and milling, sugar confectionary, and home and personal care products, as well as wheat flour, maize meal, pasta, biscuits, animal feed, and rice products in South Africa, Eswatini, Mozambique, and Lesotho; and New Look, an online fashion retailer that offers clothing and footwear in the United Kingdom and the Republic of Ireland.

Brait PLC was founded in 2011 and is based in Moka, Mauritius.

Stock analysis

Brait SE (BAT) currently trades at R1.92, while our model-based Fair Value estimate is R3.26, implying the stock looks roughly 41% undervalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of R11.71 per share, and 6 of the 6 models we run sit above the R1.92 price.

Bear case: the Asset-Based group reads lowest at R2.19, and 0 of the 6 models stay below the price. Data coverage for this calculation is low.

Scenario range: R1.79 (bear) to R4.09 (bull), the price of R1.92 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 53/100 (solid quality), in the Financial Services sector.

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

Brait SE reported revenue of 2.2B ZAR in FY2026 versus 1.1B ZAR in FY2022, a compound +18.9%/yr. Reported net income was 1.3B ZAR in FY2026, compounding +20.7%/yr from FY2022.

Key figures

Market cap 7.4B ZAR Small · P/E ratio 6.2 · P/S ratio 4.13 · EPS (TTM) R0.3100 · Net margin 73.7% · Return on equity 10.8% · Return on assets (EBIT) 3.4% (5-year average) · Operating margin 93.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (medium confidence).

What moves the price

The share trades about 20% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 70%, BAT screens cheaper than that median.

Fair Value models

Bear R1.79 Fair Value R3.26 Bull R4.09
Price R1.92 · Upside +70.0%
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 7 months old). Earnings retained since then (0.1902 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
Residual Income R2.44 R2.55 R2.84 76
Graham-Dodd R2.33 R16.24 R22.79 63
P/E Multiple R3.34 R4.45 R5.57 63
All 6 models by family
Earnings-Based
Graham-Dodd R2.33 R16.24 R22.79 63
Lynch FV R5.03 R7.18 R9.33 61
Multiples
P/E Multiple R3.34 R4.45 R5.57 63
P/B Multiple R3.44 R4.58 R5.73 55
Asset-Based
NCAV (Graham) R1.64 R2.19 R3.27 54
Economic Profit
Residual Income R2.44 R2.55 R2.84 76

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 53/100

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

Profitability 46
How much profit the company makes from its sales and capital
Quality Growth 97
Are margins and returns getting better?
Cashflow 40
Do the profits arrive as real cash?
Financial strength 55
Debt, balance sheet and risk of trouble
Investment 70
Does it invest with discipline instead of growing at any price?
Low Volatility 83
How calm the share price moves, does not count
Price momentum 28
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 18
Distance to the 52-week high, does not count
New shares 0
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. 53/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+110.0%
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.
+13.8%
Start year 2021 (pandemic)
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.
−3.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.3%
Dividend (yield on the price)0.0%
Per share before 2020divided by the spin-off factor 1.3938
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.−3.3% vs −36.3%, picking up
Profit margin 2002 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.−31% → 94%
Pace: the 5-year rate starts in 2021 (pandemic)
⚠ Revenue per share shrinking 36.0%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

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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.Asset Management · 587 stocks

Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 53 · Below median
Fair Value upside +70.0% · Above median
Profitability
Return on equity (12 months) 10.8% · Above median
Return on assets 8.6% · Above median
Net margin (12 months) 73.7% · Top 25%
Operating margin (12 months) 93.3% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 276.6% · Top 25%
Balance sheet
Debt / equity 0.21× · Above median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (12 months) 6.2× · Cheaper than median
P/B 0.59× · Cheaper than median
P/S (12 months) 4.13× · Pricier than median
EV/EBITDA 5.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 57
FUTURE (revenue growth)100 · sector 38
PAST (return on equity)43 · sector 29
HEALTH (low debt)89 · sector 96
DIVIDEND (yield)0 · sector 80

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 Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Exor N.V EXO €74.35 €139.37 +87% vs BAT
Raymond James Financial, Inc RJF $162.81 $281.42 +73% vs BAT
Apollo Global Management, Inc APO $116.75 $197.52 +69% vs BAT
Ameriprise Financial, Inc AMP $501.49 $609.56 +22% vs BAT
State Street Corporation STT $165.56 $139.37 −16% vs BAT
Ares Management Corporation ARES $133.98 $99.35 −26% vs BAT
Northern Trust Corporation NTRS $172.76 $123.42 −29% vs BAT
Brookfield Asset Management Ltd BAM $52.95 $31.26 −41% vs BAT
Blackstone Inc BX $119.50 $52.29 −56% vs BAT
KKR & Co KKR $96.48 $27.32 −72% vs BAT

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Brait SE: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Brait SE Fair Value". https://www.fairvalue-calculator.com/stock/BAT

Frequently asked questions

Is Brait SE (BAT) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of R3.26 versus a price of R1.92, about +70% upside (undervalued).
What is the fair value of BAT?
Our model-based fair value for Brait SE is R3.26 (as of Nov 7, 2026), built from audited fundamentals. The current price: R1.92.
What is the quality score of BAT?
Brait SE has a Quality Score of 53/100. 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 Brait SE (BAT)?
Our model-based price target is the fair value of R3.26 (as of Nov 7, 2026) from 6 valuation models. Cautious scenario R1.79, optimistic scenario R4.09. It is a calculation from audited fundamentals, not an analyst target.
What is the Brait SE stock forecast for 2026?
Our models put fair value at R3.26, about +70% upside versus a price of R1.92 (undervalued). Cautious scenario R1.79, optimistic scenario R4.09. The calculation is refreshed regularly with new filings.
What is the revenue of Brait SE (BAT)?
Brait SE reported trailing-twelve-month revenue of about 1.8B ZAR (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of Brait SE (BAT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Brait SE it is R3.26 per share (as of Nov 7, 2026), against a price of R1.92. It is the blended result of 6 valuation models in 4 families (Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is Brait SE stock overvalued or undervalued in 2026?
As of Nov 7, 2026, BAT trades below its calculated fair value: price R1.92, fair value R3.26, a gap of about +70% (undervalued). 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 BAT?
No. The price is what the market pays today (R1.92); the fair value is what the company's own numbers justify (R3.26). For Brait SE the two are R1.34 per share apart. That gap is exactly why we show both numbers side by side.
How much is Brait SE worth?
The market values Brait SE at about 7.4B ZAR (market capitalisation, as of Nov 7, 2026). Per share that is R1.92; our models calculate a fair value of R3.26 per share.
What do the bullish and bearish scenarios say about BAT?
Our models span a range for Brait SE: cautious scenario R1.79, base R3.26, optimistic R4.09 per share (as of Nov 7, 2026, price R1.92). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BAT?
Brait SE trades at a price-to-earnings ratio of 6.2 (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 R3.26 is built from several models across several years. Other multiples: P/B 0.6, P/S 4.1, EV/EBITDA 5.0.
How solid is the balance sheet of Brait SE (BAT)?
Balance-sheet figures for Brait SE (as of Nov 7, 2026): return on equity 10.8%, debt of 0.21 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is BAT from its 52-week high?
Brait SE trades at R1.92, about 20% below its 52-week high of R2.40 and 3% above the low of R1.87 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of R3.26 is for.
Which stocks are comparable to Brait SE?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, 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 Brait SE stock attractive at the current price?
The data as of Nov 7, 2026: price R1.92, calculated fair value R3.26 (+70%), Quality Score 53/100, from 6 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 BAT calculated?
We run Brait SE through 6 models from 4 families: Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of R3.26 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 13.7% above its aggregate fair value. Brait SE currently trades 41% below its own fair value, and the market average says nothing about that. 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 Brait SE (BAT)?
The closing price on Nov 9, 2026 was R1.92. Our model-based fair value is R3.26, about +70% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Brait SE right now?
The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (R1.79 to R4.09) leaves room in how you read the outcome. 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 Brait SE

How large is the market capitalisation of Brait SE (BAT)?
The market capitalisation of Brait SE is 7.4B 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 Brait SE (BAT)?
The price-to-sales ratio of Brait SE is 4.13 (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 Brait SE (BAT)?
Earnings per share at Brait SE are R0.3100 (price ÷ EPS = P/E 6.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Brait SE (BAT)?
The net margin of Brait SE is 73.7% (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 Brait SE (BAT)?
The return on equity (ROE) of Brait SE is 10.8% (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 Brait SE (BAT)?
On an EBIT basis the return on assets of Brait SE is 3.4% (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 Brait SE (BAT)?
The operating margin of Brait SE is 93.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Brait SE (BAT)?
Revenue at Brait SE is growing +277% versus a year earlier. 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 Brait SE (BAT)?
Earnings per share at Brait SE are growing +32.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Brait SE (BAT) generate?
The free cash flow of Brait SE is −38.0M 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 Brait SE (BAT) carry?
The net debt of Brait SE is 2.7B 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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