Combined Motor Holdings Limited (CMH) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Combined Motor Holdings Limited ZAR 106, price ZAR 35.38, upside +200.0%, quality 71 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 R15.39 – R41.95 · fair‑value band R79.61 – R132.67 · the R35.38 price screens below the R106.14 fair value. Dashed = 300-day average. As of Sep 24, 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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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. 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 R35.38, while our model-based Fair Value estimate is R106.14, implying the stock looks roughly 66.7% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of R166.56 per share, and 21 of the 26 models we run sit above the R35.38 price.
Bear case: the Asset-Based group reads lowest at R14.19, and 5 of the 26 models stay below the price. Evidence for this calculation is low.
Scenario range: R79.61 (bear) to R132.67 (bull), the price of R35.38 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 2.6B ZAC · P/E ratio 6.7 · P/S ratio 0.17 · EPS (TTM) R5.25 · Dividend yield 6.3% · Net margin 2.5% · Return on equity 27.1% · Return on assets (EBIT) 14.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 16% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at 200%, CMH screens cheaper than that median.
Fair Value models
Bear R79.61Fair Value R106.14Bull R132.67
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 7 months old). Earnings retained since then (1.74 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.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.
+21.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.6%
Dividend (yield on the price)6.3%
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.16% vs 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%
Start year 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).
−17.3%
Yearly growth needed for the next five years to justify today's price.
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 −19.9% 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 · 106 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% · Top 25%
Profitability
Return on equity (TTM)27% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)2% · Above median
Operating margin (TTM)5% · Above median
Growth and dividend
Revenue growth21% · Top 25%
Dividend yield (TTM)6.3% · 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 Sep 24, 2026, our model estimates a fair value of R106.14 versus a price of R35.38, about +200% upside (undervalued).
What is the fair value of CMH?
Our model-based fair value for Combined Motor Holdings Limited is R106.14 (as of Sep 24, 2026), built from audited fundamentals. The current price: R35.38.
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 R106.14 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario R79.61, optimistic scenario R132.67. 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 R106.14, about +200% upside versus a price of R35.38 (undervalued). Cautious scenario R79.61, optimistic scenario R132.67. 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 15.7B ZAR (latest available figure, as of Sep 24, 2026).
Does Combined Motor Holdings Limited pay a dividend?
Combined Motor Holdings Limited currently shows a dividend yield of about 6.27% relative to its recent price (as of Sep 24, 2026).
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 -17.3 % 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 Sep 24, 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 0.44, 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 -17.3 % per year a year over ten years, 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 -17.3 % per year free-cash-flow growth a 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 +2.6 % a year. That is the yardstick for the growth priced into Combined Motor Holdings Limited (-17.3 % per year a 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 32.55 %: 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 R106.14 per share (as of Sep 24, 2026), against a price of R35.38. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Combined Motor Holdings Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CMH trades below its calculated fair value: price R35.38, fair value R106.14, 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 (R35.38); the fair value is what the company's own numbers justify (R106.14). For Combined Motor Holdings Limited the two are R70.76 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 2.6B ZAC (market capitalisation, as of Sep 24, 2026). Per share that is R35.38; our models calculate a fair value of R106.14 per share.
What do the bullish and bearish scenarios say about CMH?
Our models span a range for Combined Motor Holdings Limited: cautious scenario R79.61, base R106.14, optimistic R132.67 per share (as of Sep 24, 2026, price R35.38). 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 6.7 (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 R106.14 is built from several models across several years. Other multiples: P/B 1.8, P/S 0.2, EV/EBITDA 1.9.
How solid is the balance sheet of Combined Motor Holdings Limited (CMH)?
Balance-sheet figures for Combined Motor Holdings Limited (as of Sep 24, 2026): return on equity 27.1%, 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 R35.38, about 16% below its 52-week high of R41.95 and 11% above the low of R31.96 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R106.14 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 Sep 24, 2026: price R35.38, calculated fair value R106.14 (+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 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 R106.14, 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. Combined Motor Holdings Limited currently trades 200 % 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 Sep 23, 2026 was R35.38. Our model-based fair value is R106.14, 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 rarer combination: high quality (71/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (R79.61). 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.
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 2.6B 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 Combined Motor Holdings Limited (CMH)?
The price-to-sales ratio of Combined Motor Holdings Limited is 0.17 (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 Combined Motor Holdings Limited (CMH)?
Earnings per share at Combined Motor Holdings Limited are R5.25 (price ÷ EPS = P/E 6.7). 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 6.3% (payout 42.3%). 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% (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 Combined Motor Holdings Limited (CMH)?
The return on equity (ROE) of Combined Motor Holdings Limited is 27.1% (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 5.3% (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 +20.7% 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 +40.2% 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 ZAC (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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