Kaap Agri Bedryf Employee and Farm Worker Bee Trust (KAL) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Kaap Agri Bedryf Employee and Farm Worker Bee Trust stock ZAR 134, price ZAR 44.50, upside +201.3%, quality 62 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Kaap Agri Bedryf Employee and Farm Worker Bee Trust
KAL · JSEThe stock costs 67% less than our calculation considers fair.
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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 R29.24 – R52.00 · fair‑value band R92.28 – R174.42 · the R44.50 price screens below the R134.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Company profile
KAL Group Limited operates as a diversified trader and retailer in the agricultural, manufacturing, retail, and fuel and convenience markets in South Africa and Namibia. It operates through Agrimark, PEG, Agrimark Grain, and Manufacturing segments.
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The company engages in the grain handling and storage; marketing of agricultural commodities; seed and animal feed sales; provision of agricultural management advisory services; marketing of small grains and oilseeds; trading of potatoes; marketing of mechanical equipment; and sale of farming machinery and equipment, as well as offers after-sales services.
It also distributes packaging materials, such as cartons, carton inner packaging, plastic bags, labels, pallet strapping, and pallets for fruits and vegetables; and offers local wines and beers, pet products, and financing products.
In addition, the company manufactures and sells plastic products, such as bulk bins; and irrigation equipment, such as micro sprinklers, inline valves, and automation products.
Further, it operates tyre and fitment stores that provides wheels, tyres, and batteries, as well as services for assisting with tyre fitment and balancing; Forge Agri store that offers agri-supplies, such as feed, fertiliser, seed, fencing, irrigation, animal handling services, protective clothing, and others; Forge Build, which provides building hardware and bulk materials, including cement, piping and build sand, power tools, paint, forge oils, and plumbing or electrical equipment; and Farmsave that supplies agricultural input, services, and building materials.
It also provides retail fuel, including convenience stores under the Expressmark brand, as well as quick service restaurant outlets. The company was formerly known as Kaap Agri Limited and changed its name to KAL Group Limited in March 2023.
KAL Group Limited was founded in 1912 and is based in Paarl, South Africa.
Stock analysis
Kaap Agri Bedryf Employee and Farm Worker Bee Trust (KAL) currently trades at R44.50, while our model-based Fair Value estimate is R134.07, implying the stock looks roughly 67% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of R193.26 per share, and 22 of the 26 models we run sit above the R44.50 price.
Bear case: the Asset-Based group reads lowest at R17.10, and 4 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: R92.28 (bear) to R174.42 (bull), the price of R44.50 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 62/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Kaap Agri Bedryf Employee and Farm Worker Bee Trust reported revenue of 20.3B ZAR in FY2025 versus 10.6B ZAR in FY2021, a compound +17.7%/yr. Reported net income was 403M ZAR in FY2025, compounding +5.8%/yr from FY2021.
Key figures
Market cap 3.1B ZAR Micro · P/E ratio 6.4 · P/S ratio 0.15 · EPS (TTM) R6.90 · Dividend yield 5.0% · Net margin 2.3% · Return on equity 14.7% · Return on assets (EBIT) 10.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −5% fair-value upside, at 201%, KAL screens cheaper than that median.
Fair Value models
All 26 models by family
Quality Score breakdown
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Revenue & earnings trend
Growth Forecast
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Compare Kaap Agri Bedryf Employee and Farm Worker Bee Trust with another stock
Price, fair value, quality and upside side by side.
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.Specialty Retail · 203 stocks
Valuation Multiplesvs Specialty Retail median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Consumer Staples sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Fair value gap by industry
- Return on assets by industry
- PEG screener for stocks with fair value
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Specialty Retail stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value | Compare |
|---|---|---|---|---|
| DICK'S Sporting Goods, Inc DKS | $140.82 | $201.62 | +43% | vs KAL |
| Alimentation Couche-Tard Inc ATD | C$83.20 | C$106.00 | +27% | vs KAL |
| Ulta Beauty, Inc ULTA | $644.76 | $650.56 | +1% | vs KAL |
| Tractor Supply Company TSCO | $36.35 | $36.33 | +0% | vs KAL |
| Best Buy Co BBY | $99.63 | $94.70 | −5% | vs KAL |
| China Tourism Group 601888 | ¥54.22 | ¥48.19 | −11% | vs KAL |
| Five Below, Inc FIVE | $240.30 | $184.99 | −23% | vs KAL |
| Williams-Sonoma, Inc WSM | $254.06 | $164.11 | −35% | vs KAL |
| Casey's General Stores, Inc CASY | $687.64 | $405.93 | −41% | vs KAL |
| GameStop Corp GME | $25.12 | $11.87 | −53% | vs KAL |
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Key figures of Kaap Agri Bedryf Employee and Farm Worker Bee Trust
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