Clicks (CLS) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of Clicks ZAR 268, price ZAR 211, upside +26.8%, quality 70 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Clicks Group Limited, together with its subsidiaries, operates as a health, wellness, and beauty retailer in South Africa and internationally. The company operates through two segments, Retail and Distribution.
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Clicks Group Limited, together with its subsidiaries, operates as a health, wellness, and beauty retailer in South Africa and internationally. The company operates through two segments, Retail and Distribution. It provides retail, including Clicks, a specialist health, beauty and homeware retailer; Sorbet, a franchise of hair and beauty salons; 180 Degrees Marketing, a software development company; and The Body shop, which specializes in naturally inspired luxury toiletries, cosmetics, gifting and grooming, with stores. The company also offers various ranges of mother-and-baby products, including baby hardware, accessories, health, food, diaper and wipes, and baby toiletries under the Clicks Baby brand; and diabetic clinic, travel clinic, and wound management practice under the M-KEM brand. In addition, the company is involved in the wholesale and supply of pharmaceutical products to retail pharmacies, private hospitals, dispensing doctors, and retail health stores under the UPD brand. The company was formerly known as New Clicks Holdings Limited and changed its name to Clicks Group Limited in June 2009. Clicks Group Limited was founded in 1968 and is headquartered in Cape Town, South Africa.
Stock analysis
Clicks (CLS) currently trades at R211.40, while our model-based Fair Value estimate is R268.05, implying the stock looks roughly 21.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of R339.10 per share, and 10 of the 26 models we run sit above the R211.40 price.
Bear case: the Dividend Discount group reads lowest at R132.79, and 16 of the 26 models stay below the price. Evidence for this calculation is high.
Quality & growth
The Quality Score stands at 70/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Clicks reported revenue of 51.3B ZAR in FY2025 versus 37.3B ZAR in FY2021, a compound +8.3%/yr. Reported net income was 2.8M ZAR in FY2025, compounding −80.2%/yr from FY2021.
Key figures
Market cap 50.2B ZAC · P/E ratio 15.0 · EPS (TTM) R14.13 · Dividend yield 4.3% · Net margin 0.0% · Return on equity 53.3% · Return on assets (EBIT) 19.4% · Operating margin 9.1%.
What moves the price
For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at 27%, CLS screens cheaper than that median.
Fair Value models
Bear R268.05Fair Value R268.05Bull R268.05
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 2025 figures (about 12 months old). Earnings retained since then (5.07 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.
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.82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+12.9%
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.
+9.0%
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.
+8.3%
Start year 2020 (pandemic). Over 10 years: +8.8% a year
Revenue growth 23 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.
+10.2%
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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. Basis: EBIT basis. 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.
+16.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.2%
Dividend (yield on the price)4.3%
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.−72% vs −44%, slowing
Profit margin 2020 to 2025 ⓘ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.8% → 9%
Price, fair value, quality and upside side by side.
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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.Pharmaceutical Retailers · 61 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+27% · Above median
Profitability
Return on equity (TTM)53% · Top 25%
Return on assets14% · Top 25%
Net margin (TTM)7% · Top 25%
Operating margin (TTM)9% · Top 25%
Growth and dividend
Revenue growth7% · Above median
Dividend yield (TTM)4.3% · Above median
Valuation Multiplesvs Pharmaceutical Retailers median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Clicks Fair Value". https://www.fairvalue-calculator.com/stock/CLS.JSE
Frequently asked questions
Is Clicks (CLS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R268.05 versus a price of R211.40, about +27% upside (undervalued).
What is the fair value of CLS?
Our model-based fair value for Clicks is R268.05 (as of Sep 24, 2026), built from audited fundamentals. The current price: R211.40.
What is the quality score of CLS?
Clicks has a Quality Score of 70/100. 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 Clicks (CLS)?
Our model-based price target is the fair value of R268.05 (as of Sep 24, 2026) from 26 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Clicks stock forecast for 2026?
Our models put fair value at R268.05, about +27% upside versus a price of R211.40 (undervalued). The calculation is refreshed regularly with new filings.
What is the revenue of Clicks (CLS)?
Clicks reported trailing-twelve-month revenue of about 49.5B ZAR (latest available figure, as of Sep 24, 2026).
Does Clicks pay a dividend?
Clicks currently shows a dividend yield of about 4.29% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Clicks (CLS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Clicks it is R268.05 per share (as of Sep 24, 2026), against a price of R211.40. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Clicks stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CLS trades below its calculated fair value: price R211.40, fair value R268.05, a gap of about +27% (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 CLS?
No. The price is what the market pays today (R211.40); the fair value is what the company's own numbers justify (R268.05). For Clicks the two are R56.65 per share apart. That gap is exactly why we show both numbers side by side.
How much is Clicks worth?
The market values Clicks at about 50.2B ZAC (market capitalisation, as of Sep 24, 2026). Per share that is R211.40; our models calculate a fair value of R268.05 per share.
What is the P/E ratio of CLS?
Clicks trades at a price-to-earnings ratio of 15.0 (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 R268.05 is built from several models across several years. Other multiples: PEG 141.4, P/B 7.3, P/S 1.0, EV/EBITDA 8.5.
What is the PEG ratio of CLS?
The PEG ratio of Clicks is 141.41 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Clicks (CLS)?
Balance-sheet figures for Clicks (as of Sep 24, 2026): return on equity 53.3%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
Which stocks are comparable to Clicks?
From the same area (Healthcare) we also value Yifeng Pharmacy Chain Co, DaShenLin Pharmaceutical Group, LBX Pharmacy Chain Joint Stock Company, MedPlus Health Services 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 Clicks stock attractive at the current price?
The data as of Sep 24, 2026: price R211.40, calculated fair value R268.05 (+27%), Quality Score 70/100, from 26 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 CLS calculated?
We run Clicks through 26 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 R268.05, 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 14.1 % above its aggregate fair value. Clicks currently trades 27 % 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 Clicks (CLS)?
The closing price on Sep 22, 2026 was R211.40. Our model-based fair value is R268.05, about +27% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Clicks right now?
The rarer combination: high quality (70/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (R268.05). The market is more pessimistic than our downside scenario.
Where does the earnings growth of Clicks (CLS) come from?
Earnings per share at Clicks grew +7.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.2 %, EBIT margin +3.9 %, tax rate −1.5 %, residual (interest, one-offs) −3.7 %. 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 Clicks
How large is the market capitalisation of Clicks (CLS)?
The market capitalisation of Clicks is 50.2B 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 are the earnings per share of Clicks (CLS)?
Earnings per share at Clicks are R14.13 (price ÷ EPS = P/E 15.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Clicks (CLS)?
The dividend yield of Clicks is 4.3% (payout 64.1%). 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 Clicks (CLS)?
The net margin of Clicks is 0.0% (fiscal year 2025). 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 Clicks (CLS)?
The return on equity (ROE) of Clicks is 53.3% (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 Clicks (CLS)?
On an EBIT basis the return on assets of Clicks is 19.4% (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 Clicks (CLS)?
The operating margin of Clicks is 9.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Clicks (CLS)?
Revenue at Clicks is growing +7.4% versus a year earlier (3y avg +9.0%). 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 Clicks (CLS)?
Earnings per share at Clicks are growing +8.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Clicks (CLS) generate?
The free cash flow of Clicks is 4.3B ZAR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Clicks (CLS) carry?
The net debt of Clicks is 787M ZAR (fiscal year 2025, ≈ 0.2 yrs of FCF). 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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