Brait PLC (BAT) Fair Value & Analysis

Financial Services · ZA · Market cap 7.9B ZAC

A solid business, screening 70% undervalued on our models.

What matters now

• The price is below even our cautious bear case (R2.62). The market is more pessimistic than our downside scenario.
• Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality.
• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range R0.6684 – R4.54 · fair‑value band R2.62 – R4.36 · the R2.05 price screens below the R3.49 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

Full chart & analysis →

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Analysis

Brait PLC (BAT) currently trades at R2.05, while our model-based Fair Value estimate is R3.49, implying the stock looks roughly 70.0% undervalued today. The Quality Score stands at 52/100 (solid quality), in the Financial Services 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: medium), always confirm before acting.

Over the trailing twelve months, Brait PLC generated revenue of 472M ZAR at a net margin of -4.9%. Revenue declined 22.0% year over year. It earns a return on equity of -0.2%. Net debt stands at 2.7B ZAR. Fundamentals as of Jul 18, 2026

Our scenario range runs from R2.62 (bear case) to R4.36 (bull case); at R2.05, the current price sits below 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 Financial Services peers we cover trades at -12% fair-value upside, at 70%, BAT 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.

Widest divergence: Earnings-Based (R11.99) versus Asset-Based (R2.19). Highest evidence: Residual Income (76).

Key figures & financial health

Quality Score breakdown

About the company

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

Full company description

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

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Brait PLC reported revenue of R2.2B in FY2026 versus R1.1B in FY2022, a compound +18.9%/yr. Reported net income was R1.3B in FY2026, compounding +20.7%/yr from FY2022.

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Peer Group

Asset Management · 970 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.

Valuation Multiples vs Asset Management median · lower = cheaper

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.

Values & ESG

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

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

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10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

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Frequently asked questions

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.