Combined Motor Holdings Limited (CMH) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Combined Motor Holdings Limited stock ZAR 113, price ZAR 37.65, upside +200.0%, quality 71 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range R15.39 – R41.95 · fair‑value band R84.71 – R141.19 · the R37.65 price screens below the R112.95 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Combined Motor Holdings Limited, an investment holding company, engages in the motor retail and distribution, car hire, and financial services business in South Africa. The company operates through Motor Retail and Distribution, Car Hire, Financial Services, and Corporate Service and Other segments.
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It offers new and used vehicles, including parts and accessories; and fleet solutions. The company also provides car rental services.
In addition, it offers insurance products that includes death, disability, dread disease and retrenchment of customers, and vehicle and component warranties, as well as vehicle financing.
Further, the company is involved in supply and installation of workshop lifting, lubrication and diagnostic equipment, waterless car wash systems, and office consumables services. Combined Motor Holdings Limited was incorporated in 1965 and is headquartered in Durban, South Africa.
Stock analysis
Combined Motor Holdings Limited (CMH) currently trades at R37.65, while our model-based Fair Value estimate is R112.95, implying the stock looks roughly 67% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of R150.73 per share, and 20 of the 26 models we run sit above the R37.65 price.
Bear case: the Asset-Based group reads lowest at R13.85, and 6 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: R84.71 (bear) to R141.19 (bull), the price of R37.65 sits below 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 71/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Combined Motor Holdings Limited reported revenue of 15.7B ZAR in FY2026 versus 11.2B ZAR in FY2022, a compound +8.9%/yr. Reported net income was 391M ZAR in FY2026, compounding +1.1%/yr from FY2022.
Key figures
Market cap 2.8B ZAR Micro · P/E ratio 7.2 · P/S ratio 0.17 · EPS (TTM) R5.23 · Dividend yield 5.9% · Net margin 2.5% · Return on equity 28.2% · Return on assets (EBIT) 14.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (medium confidence).
What moves the price
The share trades about 10% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −11% fair-value upside, at 200%, CMH screens cheaper than that median.
Fair Value models
BearR84.71Fair Value R112.95BullR141.19
Price R37.65 · Upside +200.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
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 8 months old). Earnings retained since then (2.09 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.
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.88/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+18.6%
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.
+8.1%
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.
+12.9%
Start year 2021 (pandemic). Over 10 years: +3.6% 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.
+7.7%
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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. 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.
+21.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.6%
Dividend (yield on the price)5.9%
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.15.6% vs 8.9%, picking up
Profit margin 2021 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.4% → 5%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−16.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Africa: IMF forecast 3.3% a year to 2030, 4.9% from 2016 to 2025) that is about −18.7% a year for the price.
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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.Auto & Truck Dealerships · 85 stocks
Beats the industry median on 13/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score71 · Top 25%
Fair Value upside+200.0% · Top 25%
Profitability
Return on equity (12 months)28.2% · Top 25%
Return on assets6.6% · Top 25%
Net margin (12 months)2.5% · Above median
Operating margin (12 months)4.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)6.6% · Above median
Dividend yield (12 months)5.9% · Top 25%
Balance sheet
Debt / equity0.18× · Below median
Valuation Multiplesvs Auto & Truck Dealerships 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). "Combined Motor Holdings Limited Fair Value". https://www.fairvalue-calculator.com/stock/CMH
Frequently asked questions
Is Combined Motor Holdings Limited (CMH) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of R112.95 versus a price of R37.65, about +200% upside (undervalued).
What is the fair value of CMH?
Our model-based fair value for Combined Motor Holdings Limited is R112.95 (as of Nov 8, 2026), built from audited fundamentals. The current price: R37.65.
What is the quality score of CMH?
Combined Motor Holdings Limited has a Quality Score of 71/100. 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 Combined Motor Holdings Limited (CMH)?
Our model-based price target is the fair value of R112.95 (as of Nov 8, 2026) from 26 valuation models. Cautious scenario R84.71, optimistic scenario R141.19. It is a calculation from audited fundamentals, not an analyst target.
What is the Combined Motor Holdings Limited stock forecast for 2026?
Our models put fair value at R112.95, about +200% upside versus a price of R37.65 (undervalued). Cautious scenario R84.71, optimistic scenario R141.19. The calculation is refreshed regularly with new filings.
What is the revenue of Combined Motor Holdings Limited (CMH)?
Combined Motor Holdings Limited reported trailing-twelve-month revenue of about 16.2B ZAR (latest available figure, as of Nov 8, 2026).
Does Combined Motor Holdings Limited pay a dividend?
Combined Motor Holdings Limited currently shows a dividend yield of 5.90% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Combined Motor Holdings Limited (CMH) and when is the ex-dividend date?
Combined Motor Holdings Limited pays a dividend of R2.22 per share a year, a dividend yield of 5.9%. The next ex-dividend date is Dec 9, 2026. The payout ratio is 42.4% of earnings. Free cash flow covers the dividend 5.56 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Combined Motor Holdings Limited (CMH)?
For today's price to be fair in a discounted-cash-flow model, Combined Motor Holdings Limited would have to grow free cash flow by -16.0 % per year for five years (discount rate 14.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.9 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of CMH use?
Our models discount Combined Motor Holdings Limited at 14.9 %: a base by market capitalisation (micro), damped by beta 0.42, country premium for South Africa. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Combined Motor Holdings Limited that is -16.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (14.9 %) and the same formula as our fair value.
How much growth has Combined Motor Holdings Limited (CMH) delivered so far?
Over the past 5 years revenue at Combined Motor Holdings Limited grew +12.9 % a year. The price currently implies free-cash-flow growth of -16.0 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Combined Motor Holdings Limited (CMH) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Combined Motor Holdings Limited (-16.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Combined Motor Holdings Limited (CMH)?
The free-cash-flow yield on the price is 30.59 %: that much free cash flow Combined Motor Holdings Limited produces per unit of market value. When it exceeds the discount rate of our models (14.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Combined Motor Holdings Limited (CMH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Combined Motor Holdings Limited it is R112.95 per share (as of Nov 8, 2026), against a price of R37.65. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Combined Motor Holdings Limited stock overvalued or undervalued in 2026?
As of Nov 8, 2026, CMH trades below its calculated fair value: price R37.65, fair value R112.95, a gap of about +200% (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 CMH?
No. The price is what the market pays today (R37.65); the fair value is what the company's own numbers justify (R112.95). For Combined Motor Holdings Limited the two are R75.30 per share apart. That gap is exactly why we show both numbers side by side.
How much is Combined Motor Holdings Limited worth?
The market values Combined Motor Holdings Limited at about 2.8B ZAR (market capitalisation, as of Nov 8, 2026). Per share that is R37.65; our models calculate a fair value of R112.95 per share.
What do the bullish and bearish scenarios say about CMH?
Our models span a range for Combined Motor Holdings Limited: cautious scenario R84.71, base R112.95, optimistic R141.19 per share (as of Nov 8, 2026, price R37.65). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CMH?
Combined Motor Holdings Limited trades at a price-to-earnings ratio of 7.2 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R112.95 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings, FY2026 ex one-offs: 7.1. Other multiples: P/B 1.9, P/S 0.2, EV/EBITDA 2.0.
How solid is the balance sheet of Combined Motor Holdings Limited (CMH)?
Balance-sheet figures for Combined Motor Holdings Limited (as of Nov 8, 2026): return on equity 28.2%, debt of 0.18 per unit of equity. They feed the Quality Score of 71/100, which measures business quality independently of the share price.
How far is CMH from its 52-week high?
Combined Motor Holdings Limited trades at R37.65, about 10% below its 52-week high of R41.95 and 14% above the low of R32.99 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of R112.95 is for.
Which stocks are comparable to Combined Motor Holdings Limited?
From the same area (Consumer Cyclical) we also value Carvana Co, Penske Automotive Group, Hotai Motor Co, CarMax, 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 Combined Motor Holdings Limited stock attractive at the current price?
The data as of Nov 8, 2026: price R37.65, calculated fair value R112.95 (+200%), Quality Score 71/100, 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 CMH calculated?
We run Combined Motor Holdings Limited through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of R112.95 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 13.3% above its aggregate fair value. Combined Motor Holdings Limited currently trades 67% 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 Combined Motor Holdings Limited (CMH)?
The closing price on Nov 6, 2026 was R37.65. Our model-based fair value is R112.95, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Combined Motor Holdings Limited right now?
The price is below even our cautious bear case (R84.71). The market is more pessimistic than our downside scenario. 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 (71/100) at a price below fair value, the discount is the argument here, not the business quality.
Where does the earnings growth of Combined Motor Holdings Limited (CMH) come from?
Earnings per share at Combined Motor Holdings Limited grew +9.7 % a year from 2015 to 2026. Broken into its drivers: revenue per share +4.3 %, EBIT margin +4.8 %, tax rate +0.8 %, residual (interest, one-offs) −0.3 %. 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 Combined Motor Holdings Limited
How large is the market capitalisation of Combined Motor Holdings Limited (CMH)?
The market capitalisation of Combined Motor Holdings Limited is 2.8B 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 Combined Motor Holdings Limited (CMH)?
The price-to-sales ratio of Combined Motor Holdings Limited is 0.17 (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 Combined Motor Holdings Limited (CMH)?
Earnings per share at Combined Motor Holdings Limited are R5.23 (price ÷ EPS = P/E 7.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Combined Motor Holdings Limited (CMH)?
The dividend yield of Combined Motor Holdings Limited is 5.9% (payout 42.4%). 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 Combined Motor Holdings Limited (CMH)?
The net margin of Combined Motor Holdings Limited is 2.5% (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 Combined Motor Holdings Limited (CMH)?
The return on equity (ROE) of Combined Motor Holdings Limited is 28.2% (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 Combined Motor Holdings Limited (CMH)?
On an EBIT basis the return on assets of Combined Motor Holdings Limited is 14.1% (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 Combined Motor Holdings Limited (CMH)?
The operating margin of Combined Motor Holdings Limited is 4.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Combined Motor Holdings Limited (CMH)?
Revenue at Combined Motor Holdings Limited is growing +6.6% versus a year earlier (3y avg +8.1%). 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 Combined Motor Holdings Limited (CMH)?
Earnings per share at Combined Motor Holdings Limited are growing +20.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Combined Motor Holdings Limited (CMH) carry?
The net debt of Combined Motor Holdings Limited is 987M ZAR (fiscal year 2026, ≈ 1.2 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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Thin data
Nov 8, 2026