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

As of Sep 23, 2026: fair value of Brait SE ZAR 2.17, price ZAR 2.12, upside +2.3%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Financial Services · ZA · ISIN LU0011857645

BS Thin data Sep 24, 2026

Brait SE

BAT · JSE

NeutralThe stock looks roughly fairly valued with average quality.

·Fair value R2.17 · Fairly valued (+2%)
!Quality 51/100
!Mixed Growth (revenue 5y +13.8 %/yr)
✓Highly profitable · 73.7% net margin (TTM)
!Low debt · negative free cash flow
✓Ranks above peers (8/12)
✓Wide moat 65/100
!Evidence only low, so the estimate is less certain
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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 R2.17 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 R0.7336 – R4.98 · fair‑value band R2.07 – R2.78 · the R2.12 price screens below the R2.17 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

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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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.

Stock analysis

Brait SE (BAT) currently trades at R2.12, while our model-based Fair Value estimate is R2.17, implying the stock looks roughly 2.2% fairly valued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of R11.99 per share, and 6 of the 6 models we run sit above the R2.12 price.

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

Scenario range: R2.07 (bear) to R2.78 (bull), the price of R2.12 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 51/100 (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 8.2B ZAC · P/E ratio 6.2 · P/S ratio 3.81 · EPS (TTM) R0.3400 · Net margin 61.1% · Return on equity 10.8% · Return on assets (EBIT) 3.4% · Operating margin 93.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).

What moves the price

The share trades about 12% below its 52-week high and 13% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 2%, BAT screens cheaper than that median.

Fair Value models

Bear R2.07 Fair Value R2.17 Bull R2.78
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 6 months old). Earnings retained since then (0.1658 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
Residual Income R2.74 R3.00 R3.91 74
P/E Multiple R3.34 R4.45 R5.57 63
Graham-Dodd R2.33 R16.24 R22.79 61
All 6 models by family
Earnings-Based
Graham-Dodd R2.33 R16.24 R22.79 61
Lynch FV R8.39 R11.99 R15.58 59
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 R2.74 R3.00 R3.91 74

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Quality Score breakdown

Overall quality 51/100

Of which business quality 50 · Market factors (momentum, volatility) 51

Profitability 46
Margins and returns on capital today
Quality Growth 97
Are margins and returns improving?
Cashflow 40
Earnings quality: real cash, not paper profit
Fin. Strength 55
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 42
Distance to the 52-week high (market factor)
Net Issuance 0
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. 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). Over 10 years: −20.9% a year
Revenue growth 24 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.
+8.9%
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%
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% vs −38%, 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%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 38.0%/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 · 656 stocks

Beats the industry median on 8/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 53 · Below median
Fair Value upside +2% · Below median
Profitability
Return on equity (TTM) 11% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 74% · Top 25%
Operating margin (TTM) 93% · Top 25%
Growth and dividend
Revenue growth 277% · Top 25%
Balance sheet
Debt / equity 0.21× · Above median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (TTM) 6.2× · Cheapest 25%
P/B 0.65× · Cheaper than median
P/S (TTM) 4.56× · Pricier than median
EV/EBITDA 5.3× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)36 · sector 56
FUTURE (revenue growth)100 · sector 21
PAST (return on equity)43 · sector 22
HEALTH (low debt)89 · sector 95
DIVIDEND (yield)0 · sector 81

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
Blackstone Inc BX $117.21 $52.29 −55%
Brookfield Corporation BN $37.85 $13.75 −64%
KKR & Co KKR $97.21 $29.25 −70%
Apollo Global Management, Inc APO $124.36 $229.64 +85%
State Street Corporation STT $179.95 $138.33 −23%
Ameriprise Financial, Inc AMP $502.79 $579.51 +15%
Ares Management Corporation ARES $124.72 $119.25 −4%
Northern Trust Corporation NTRS $173.40 $122.02 −30%
Raymond James Financial, Inc RJF $158.23 $312.27 +97%
T. Rowe Price Group TROW $104.57 $209.14 +100%

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Brait SE · Fair Value
R2.17 +2%Fair Value
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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 Sep 24, 2026, our model estimates a fair value of R2.17 versus a price of R2.12, about +2% upside (fairly valued).
What is the fair value of BAT?
Our model-based fair value for Brait SE is R2.17 (as of Sep 24, 2026), built from audited fundamentals. The current price: R2.12.
What is the quality score of BAT?
Brait SE has a Quality Score of 51/100. 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 R2.17 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario R2.07, optimistic scenario R2.78. 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 R2.17, about +2% upside versus a price of R2.12 (fairly valued). Cautious scenario R2.07, optimistic scenario R2.78. 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 Sep 24, 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 R2.17 per share (as of Sep 24, 2026), against a price of R2.12. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Brait SE stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BAT trades below its calculated fair value: price R2.12, fair value R2.17, a gap of about +2% (fairly valued). 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 (R2.12); the fair value is what the company's own numbers justify (R2.17). For Brait SE the two are R0.0480 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 8.2B ZAC (market capitalisation, as of Sep 24, 2026). Per share that is R2.12; our models calculate a fair value of R2.17 per share.
What do the bullish and bearish scenarios say about BAT?
Our models span a range for Brait SE: cautious scenario R2.07, base R2.17, optimistic R2.78 per share (as of Sep 24, 2026, price R2.12). 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 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 R2.17 is built from several models across several years. Other multiples: P/B 0.7, P/S 4.6, EV/EBITDA 5.3.
How solid is the balance sheet of Brait SE (BAT)?
Balance-sheet figures for Brait SE (as of Sep 24, 2026): return on equity 10.8%, debt of 0.21 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is BAT from its 52-week high?
Brait SE trades at R2.12, about 12% below its 52-week high of R2.40 and 13% above the low of R1.87 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R2.17 is for.
Which stocks are comparable to Brait SE?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, 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 Sep 24, 2026: price R2.12, calculated fair value R2.17 (+2%), Quality Score 51/100, 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 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 R2.17, 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. Brait SE currently trades 2 % 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 Sep 23, 2026 was R2.12. Our model-based fair value is R2.17, about +2% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Brait SE right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. 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 Brait SE

How large is the market capitalisation of Brait SE (BAT)?
The market capitalisation of Brait SE is 8.2B 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 Brait SE (BAT)?
The price-to-sales ratio of Brait SE is 3.81 (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 Brait SE (BAT)?
Earnings per share at Brait SE are R0.3400 (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 61.1% (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 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 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 Brait SE (BAT) carry?
The net debt of Brait SE is 2.7B 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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