PSG Financial Services Limited (KST) Fair Value & Analysis
Financial Services · ZA · Market cap 43.8B ZAC
Fair value as of: Jul 20, 2026
From 13 valuation models · updated 24 days ago
Share price −6.7% over the past month.
A solid business, but screening 81% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (R7.95). The favourable scenario is already priced in.
- Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.
How to read this chart
60‑month range R9.68 – R36.00 · fair‑value band R4.77 – R7.95 · the R33.24 price screens above the R6.36 fair value. Dashed = 300-day average. As of Jul 20, 2026.
Analysis
PSG Financial Services Limited (KST) currently trades at R33.24, while our model-based Fair Value estimate is R6.36, implying the stock looks roughly 80.9% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, PSG Financial Services Limited generated revenue of 10.2B ZAR at a net margin of 17.0%. Revenue grew 19.1% year over year. It earns a return on equity of 31.7%. The balance sheet holds a net cash position of 2.3B ZAR. Fundamentals as of Jul 20, 2026
Our scenario range runs from R4.77 (bear case) to R7.95 (bull case); at R33.24, the current price sits above 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 Financial Services peers we cover trades at -33% fair-value upside, at -81%, KST screens richer 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.
All 13 models by family
Widest divergence: DCF Models (R26.74) versus Asset-Based (R3.04). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 83
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
PSG Financial Services Limited, together with its subsidiaries, provides various financial services and products in South Africa and Namibia. The company operates through three segments: PSG Wealth, PSG Asset Management, and PSG Insure.
Full company description
PSG Financial Services Limited, together with its subsidiaries, provides various financial services and products in South Africa and Namibia. The company operates through three segments: PSG Wealth, PSG Asset Management, and PSG Insure. The PSG Wealth segment offers portfolio management, stockbroking, local and offshore investments, estate planning, financial planning, local and offshore fiduciary, multi-managed solutions, and retirement products to individuals, families, and businesses. The PSG Asset Management segment provides various investment products, including local and global investment products. The PSG Insure segment offers personal short-term insurance products, including home, car, and household insurance; and commercial insurance products, such as business and agri-insurance. The company was formerly known as PSG Konsult Limited and changed its name to PSG Financial Services Limited in August 2023. PSG Financial Services Limited was incorporated in 1993 and is headquartered in Bellville, South Africa.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
PSG Financial Services Limited reported revenue of R8.3B in FY2026 versus R5.7B in FY2022, a compound +9.7%/yr. Reported net income was R1.7B in FY2026, compounding +17.2%/yr from FY2022.
of which total revenue +11.2 pp · buybacks/dilution +0.4 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).
KST screens 81% overvalued. Compare with BlackRock, Inc →
Peer Group
Asset Management · 690 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.
Valuation Multiples vs Asset Management median · lower = cheaper
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 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| BlackRock, Inc BLK | $1,161 | $465.75 | -60% |
| Blackstone Inc BX | $146.41 | $52.88 | -64% |
| Investor AB INVEB | kr 417.90 | kr 835.80 | +100% |
| AB Industrivärden INDUA | kr 544.00 | kr 375.93 | -31% |
| ICICIAMC ICICIAMC | ₹3,077 | ₹1,132 | -63% |
| Jio Financial Services Limited JIOFIN | ₹256.05 | ₹171.84 | -33% |
| Hedef Holding HEDEF | 267.25 TRY | 321.44 TRY | +20% |
| Bajaj Holdings BAJAJHLDNG | ₹11,579 | ₹11,257 | -3% |
| HDFC Asset Management Company HDFCAMC | ₹2,490 | ₹866.78 | -65% |
| Nippon Life Asset Management Limited NAMINDIA | ₹1,182 | ₹311.00 | -74% |
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Frequently asked questions
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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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