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Cashbuild Limited (CSB) Fair Value & Analysis

Consumer Cyclical · ZA · Market cap 2.6B ZAC

CL Cashbuild Limited CSB · JSE
PriceR121.81
Fair ValueR233.32
Upside+91.5%
Quality68/100
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Healthy Growth
Thin margins · 1.8% net margin
Low debt · generates free cash flow
0.06% dividend yield
Ranks above peers (11/15)
Narrow moat 33/100
Evidence: High Range R174.99 – R291.65 Share as image

Fair value as of: Jul 14, 2026

From 26 valuation models · updated 27 days ago

Share price −2.1% over the past month.

A solid business, screening 92% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (R174.99). The market is more pessimistic than our downside scenario.
  • Solid quality (68/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

R290.75 R117.42 Fair Value R233.32 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range R117.42 – R290.75 · fair‑value band R174.99 – R291.65 · the R121.81 price screens below the R233.32 fair value. Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Cashbuild Limited (CSB) currently trades at R121.81, while our model-based Fair Value estimate is R233.32, implying the stock looks roughly 91.5% undervalued today. The Quality Score stands at 68/100 (solid quality), in the Consumer Cyclical 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: high), always confirm before acting.

Over the trailing twelve months, Cashbuild Limited generated revenue of 11.7B ZAR at a net margin of 1.8%. Revenue grew 3.5% year over year. It earns a return on equity of 11.5%. Net debt stands at 898M ZAR. Fundamentals as of Jul 14, 2026

Our scenario range runs from R174.99 (bear case) to R291.65 (bull case); at R121.81, 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 Consumer Cyclical peers we cover trades at -21% fair-value upside, at 92%, CSB 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.

Model 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
Highest evidence
Growth DCF R667.90 R948.77 R1,330 80
Residual Income R81.87 R93.84 R155.34 76
Rev-Margin DCF R345.34 R458.08 R589.91 74
All 26 models by family
DCF Models
FCF DCF R657.40 R973.45 R1,429 38
Owner Earnings R230.51 R333.72 R482.51 31
5Y Revenue Exit R345.34 R447.82 R567.97 39
5Y EBITDA Exit R440.25 R623.32 R828.55 41
5Y P/E Exit R353.31 R462.55 R570.74 38
10Y Revenue Exit R453.13 R571.38 R712.35 36
10Y EBITDA Exit R516.33 R689.76 R904.69 37
10Y P/E Exit R462.38 R581.32 R714.39 35
Earnings-Based
Graham-Dodd R72.12 R211.96 R280.24 54
Lynch FV R44.32 R63.31 R82.31 50
PEG = 1.0 R44.32 R63.31 R82.31 46
EPV R137.58 R155.59 R171.12 59
Dividend Discount
Gordon GGM R50.45 R100.53 R152.23 70
DDM Multi-Stage R50.45 R79.98 R106.12 61
Multiples
P/E Multiple R174.99 R233.32 R291.65 63
P/S Multiple R135.22 R180.29 R225.36 58
P/B Multiple R135.22 R180.29 R225.36 55
EV/EBIT R246.19 R320.42 R394.64 53
EV/EBITDA R353.18 R463.07 R572.96 54
EV/Revenue R173.62 R237.94 R302.27 43
Asset-Based
NCAV (Graham) R44.97 R60.26 R89.95 50
Growth DCF
Growth DCF R667.90 R948.77 R1,330 80
Rev-Margin DCF R345.34 R458.08 R589.91 74
Economic Profit
Residual Income R81.87 R93.84 R155.34 76
ROIC Compounder R144.40 R173.89 R207.47 72
Growth Earnings
Growth-Adj P/E R141.27 R201.82 R262.36 68

Widest divergence: DCF Models (R571.38) versus Asset-Based (R60.26). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 11.7B ZAC
Revenue growth (YoY) +3.5%
Net margin 1.8%
Return on equity 11.5%
Free cash flow 1.2B ZAC FY2025
P/E ratio 12.0
More key figures
Operating margin 3.2%
EPS (TTM) R9.82
Dividend yield 0.1%
EPS growth (YoY) -9.8%
Net debt 898M ZAC FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 67 · Market factors (momentum, volatility) 34

Profitability 56
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 71
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 99
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Cashbuild Limited engages in the retailing of building materials and associated products in South Africa, Botswana, Eswatini, Lesotho, Namibia, Zambia, and Malawi. It operates through Cashbuild, P&L Hardware, Cashbuild Common Monetary Operations, and Cashbuild Non-Common Monetary Operations segments.

Full company description

Cashbuild Limited engages in the retailing of building materials and associated products in South Africa, Botswana, Eswatini, Lesotho, Namibia, Zambia, and Malawi. It operates through Cashbuild, P&L Hardware, Cashbuild Common Monetary Operations, and Cashbuild Non-Common Monetary Operations segments. The company offers builder, hand, and garden tools; safety equipment and workwear, tanks, field toilets, drain covers, and wheel barrows; and aggregates, plastic sheeting, and steel products. It also provides brickwork; concrete; cement; electrical, and bathroom and kitchen products; doors, putty, and windows; roofing and ceiling products; tools and hardware; inverters, petrol generators, lighting, and gas solutions; soft drinks and snacks; and outdoor and decorative products. It serves contractors, homebuilders and improvers, farmers, traders, and other customers. The company operates through the Cashbuild model and P&L Hardware stores. Cashbuild Limited was founded in 1978 and is based in Johannesburg, South Africa.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Cashbuild Limited reported revenue of R11.5B in FY2025 versus R12.6B in FY2021, a compound −2.3%/yr. Reported net income was R221M in FY2025, compounding −24.0%/yr from FY2021.

Growth Quality 63/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
11.5B ZAR
Latest YoY
+2.6%
Avg. growth/yr (3Y) 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.
+1.0%
Avg. growth/yr (5Y) 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.
+2.6%
Avg. growth/yr (22Y) 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.
+10.1%
Revenue −2.3%/yr
FY21 R12.6B
FY22 R11.1B
FY23 R10.7B
FY24 R11.2B
FY25 R11.5B
Net income −24.0%/yr
FY21 R665M
FY22 R474M
FY23 R106M
FY24 R88.6M
FY25 R221M
Character of growth · EPS growth decomposed (2014-2025) −9.2 % p.a.
Revenue per share +4.9 pp

of which total revenue +4.1 pp · buybacks/dilution +0.8 pp

EBIT margin −10.0 pp
Tax rate −0.5 pp
Residual (interest, one-offs) −3.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Cashbuild Limited Fair Value". https://www.fairvalue-calculator.com/stock/CSB

Peer Group

Home Improvement Retail · 36 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.

Quality Score 68 · Top 25%
Fair Value upside +92% · Top 25%
Return on equity (TTM) 12% · Above median
Return on assets 3% · Above median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 3% · Below median
Revenue growth 4% · Above median
Dividend yield (TTM) 0.1% · Bottom 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Home Improvement Retail median · lower = cheaper

P/E (TTM) 12.5× · Cheaper than median
P/B 1.36× · Pricier than median
P/S (TTM) 0.22× · Cheaper than 75% of peers
P/FCF 0.1× · Cheaper than 75% of peers
EV/EBITDA 4.1× · Cheaper than 75% of peers
PEG 0.01× · Cheaper than 75% of peers

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.

VALUE 100 · sector 25
FUTURE 18 · sector 11
PAST 46 · sector 30
HEALTH 100 · sector 95
DIVIDEND 1 · sector 50

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

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

Similar stocks

10 more Home Improvement Retail stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
The Home Depot, Inc HD $337.74 $236.85 -30%
Lowe's Companies, Inc LOW $209.66 $186.32 -11%
Wesfarmers Limited WES A$92.80 A$50.50 -46%
Floor & Decor Holdings FND $56.40 $32.81 -42%
Mr D.I.Y. Group 5296 1.70 MYR 1.47 MYR -14%
Home Product Center Public Company HMPROR 6.65 THB 6.31 THB -5%
Siam Global House Public Company GLOBAL 7.50 THB 5.96 THB -21%
Dohome Public Company DOHOME 3.86 THB 2.90 THB -25%
Haverty Furniture Companies, Inc HVT $25.66 $22.53 -12%
Test-Rite International Co 2908 22.00 TWD 9.18 TWD -58%

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Frequently asked questions

Is Cashbuild Limited (CSB) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of R233.32 versus a price of R121.81, about +92% (undervalued).
What is the fair value of CSB?
Our model-based fair value for Cashbuild Limited is R233.32 (as of Jul 14, 2026), built from audited fundamentals. The current price is R121.81.
What is the quality score of CSB?
Cashbuild Limited has a Quality Score of 68/100. 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 revenue of Cashbuild Limited (CSB)?
Cashbuild Limited reported trailing-twelve-month revenue of about 11.7B ZAR (latest available figure, as of Jul 14, 2026).
What is the net profit margin of CSB?
The net profit margin of Cashbuild Limited is about 1.8%, meaning it keeps roughly 1.8% of revenue as net income. Based on the latest reported figures.
Does Cashbuild Limited pay a dividend?
Cashbuild Limited currently shows a dividend yield of about 0.06% relative to its recent price (as of Jul 14, 2026).

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.

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