Netcare Limited (NTC) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Netcare Limited ZAR 21.82, price ZAR 17.41, upside +25.3%, quality 63 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Netcare Limited
NTC · JSEUndervaluedThe stock appears undervalued with acceptable quality.
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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 R11.04 – R19.22 · fair‑value band R13.19 – R31.02 · the R17.41 price screens below the R21.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Netcare Limited, an investment holding company, operates private hospitals in South Africa. It operates through Hospital and Emergency Services, and Primary Care segments. The Hospital and Emergency Services segment engages in the hospital and pharmacy operations.
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Netcare Limited, an investment holding company, operates private hospitals in South Africa. It operates through Hospital and Emergency Services, and Primary Care segments. The Hospital and Emergency Services segment engages in the hospital and pharmacy operations. Its operations covers its private acute hospital network and day clinics; and non-acute services, including emergency medical services, mental health clinics operation, diagnostics support services, and cancer care services, as well as sells healthcare products. The Primary Care segment offers healthcare services, and employee health and wellness services, as well as administrative services to medical and dental practices. It also engages in the financing, property owning, and pharmaceutical services. It operates through a network of acute hospitals, netcare 911 sites, cancer care centres, haematology centres, renal dialysis facilities, dialysis stations, point of care devices, mental health hospitals, primary health care facilities, and occupational health service contracts, as well as insurance products, and prepaid procedures and healthcare vouchers. Netcare Limited was incorporated in 1996 and is headquartered in Sandton, South Africa.
Stock analysis
Netcare Limited (NTC) currently trades at R17.41, while our model-based Fair Value estimate is R21.82, implying the stock looks roughly 20.2% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of R33.20 per share, and 18 of the 25 models we run sit above the R17.41 price.
Bear case: the Asset-Based group reads lowest at R6.31, and 7 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: R13.19 (bear) to R31.02 (bull), the price of R17.41 sits inside 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 63/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Netcare Limited reported revenue of 26.3B ZAR in FY2025 versus 21.2B ZAR in FY2021, a compound +5.6%/yr. Reported net income was 1.7B ZAR in FY2025, compounding +22.7%/yr from FY2021.
Key figures
Market cap 21.7B ZAC · P/E ratio 12.2 · P/S ratio 0.81 · EPS (TTM) R1.43 · Dividend yield 5.3% · Net margin 6.6% · Return on equity 17.6% · Return on assets (EBIT) 10.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 9% below its 52-week high and 23% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 6% fair-value upside, at 25%, NTC screens cheaper than that median.
Fair Value models
All 25 models by family
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Set up alert →Quality Score breakdown
Of which business quality 58 · Market factors (momentum, volatility) 65
Revenue & earnings trend
Growth Forecast
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Compare Netcare Limited 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.Medical Care Facilities · 246 stocks
Valuation Multiplesvs Medical Care Facilities median · lower = cheaper
Context: sector, industry, market
- Is the Health Care sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Medical Care Facilities stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| HCA Healthcare, Inc HCA | $431.63 | $597.97 | +39% |
| Fresenius SE FRE | €43.64 | €34.49 | −21% |
| Dr. Sulaiman Al Habib Medical Services Group 4013 | 225.00 SAR | 109.45 SAR | −51% |
| Tenet Healthcare Corporation THC | $257.93 | $274.35 | +6% |
| IHH Healthcare Berhad, an investment holding company, 5225 | 8.03 MYR | 4.87 MYR | −39% |
| Apollo Hospitals Enterprise Limited APOLLOHOSP | ₹8,889 | ₹2,908 | −67% |
| Encompass Health Corporation EHC | $123.47 | $94.47 | −23% |
| Fresenius Medical Care AG FMS | $22.27 | $45.84 | +106% |
| DaVita Inc DVA | $178.07 | $215.81 | +21% |
| Aier Eye Hospital Group 300015 | ¥7.91 | ¥10.86 | +37% |
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Key figures of Netcare Limited
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