PPC Ltd (PPCLY) fair value: what the stock is really worth
As of Jun 24, 2026: fair value of PPC Ltd $0.93, price $0.82, upside +13.4%, quality 68 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 $0.0485 – $1.94 · fair‑value band $0.6500 – $1.20 · the $0.8200 price screens below the $0.9300 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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PPC Ltd, together with its subsidiaries, engages in the production and sale of cement, aggregates, ready mix concrete, and fly ash in South Africa, Botswana, and Zimbabwe. It also provides premixes, stone, sand, road layer materials, and special aggregate-related products.
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PPC Ltd, together with its subsidiaries, engages in the production and sale of cement, aggregates, ready mix concrete, and fly ash in South Africa, Botswana, and Zimbabwe. It also provides premixes, stone, sand, road layer materials, and special aggregate-related products. The company was formerly known as Pretoria Portland Cement Company Limited and changed its name to PPC Ltd in October 2012. PPC Ltd was incorporated in 1892 and is based in Johannesburg, South Africa.
Stock analysis
PPC Ltd ADR (PPCLY) currently trades at $0.8200, while our model-based Fair Value estimate is $0.9300, implying the stock looks roughly 11.8% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $1.13 per share, and 15 of the 25 models we run sit above the $0.8200 price.
Bear case: the Dividend Discount group reads lowest at $0.2200, and 10 of the 25 models stay below the price. Evidence for this calculation is low.
Scenario range: $0.6500 (bear) to $1.20 (bull), the price of $0.8200 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 68/100 (solid quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
PPC Ltd ADR reported revenue of 10.0B ZAR in FY2026 versus 9.9B ZAR in FY2022, a compound +0.4%/yr. Reported net income was 811M ZAR in FY2026.
Key figures
Market cap $604M · P/E ratio 11.7 · P/S ratio 0.95 · EPS (TTM) $0.0700 · Dividend yield 4.5% · Net margin 8.1% · Return on equity 14.6% · Return on assets (EBIT) 7.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 45% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −46% fair-value upside, at 13%, PPCLY screens cheaper than that median.
Fair Value models
Bear $0.6500Fair Value $0.9300Bull $1.20
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.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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.62/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.6%
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.
+6.3%
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.
+2.3%
Start year 2021 (pandemic). Over 10 years: +0.4% 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.
+5.9%
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What shareholders gained per year (last 5 years), in ZAR (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+36.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+32.1%
Dividend (yield on the price)4.5%
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.34.6% vs 21.1%, 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.12% → 13%
2026 sits 88% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 5.1%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+9.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in ZAR, South Africa: IMF forecast 3.3% a year to 2030, 4.9% from 2016 to 2025) that is about +5.5% a year for the price.
Price, fair value, quality and upside side by side.
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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.Building Materials · 249 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside−14.2% · Below median
Profitability
Return on equity (TTM)14.6% · Top 25%
Return on assets9.6% · Top 25%
Net margin (TTM)8.1% · Above median
Operating margin (TTM)16.1% · Top 25%
Growth and dividend
Revenue growth1.4% · Above median
Dividend yield (TTM)4.5% · Above median
Balance sheet
Debt / equity0.08× · Below median
Valuation Multiplesvs Building Materials median · lower = cheaper
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As of Sep 24, 2026, our model estimates a fair value of $0.9300 versus the last price from Jun 24, 2026 of $0.8200, about +13% upside (undervalued).
What is the fair value of PPCLY?
Our model-based fair value for PPC Ltd ADR is $0.9300 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Jun 24, 2026): $0.8200.
What is the quality score of PPCLY?
PPC Ltd ADR 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 price target for PPC Ltd (PPCLY)?
Our model-based price target is the fair value of $0.9300 (as of Sep 24, 2026) from 25 valuation models. Cautious scenario $0.6500, optimistic scenario $1.20. It is a calculation from audited fundamentals, not an analyst target.
What is the PPC Ltd ADR stock forecast for 2026?
Our models put fair value at $0.9300, about +13% upside versus the last price from Jun 24, 2026 of $0.8200 (undervalued). Cautious scenario $0.6500, optimistic scenario $1.20. The calculation is refreshed regularly with new filings.
What is the revenue of PPC Ltd (PPCLY)?
PPC Ltd ADR reported trailing-twelve-month revenue of about 10.3B ZAR (latest available figure, as of Sep 24, 2026).
Does PPC Ltd ADR pay a dividend?
PPC Ltd ADR currently shows a dividend yield of about 4.49% relative to its recent price (as of Sep 24, 2026).
What growth is priced into PPC Ltd (PPCLY)?
For today's price to be fair in a discounted-cash-flow model, PPC Ltd ADR would have to grow free cash flow by +9.0 % per year for five years (discount rate 10.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.3 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of PPCLY use?
Our models discount PPC Ltd ADR at 10.8 %: a base by market capitalisation (small), damped by beta 0.84, country premium for USA. 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 PPC Ltd ADR that is +9.0 % per year a year over ten years, using the same discount rate (10.8 %) and the same formula as our fair value.
How much growth has PPC Ltd (PPCLY) delivered so far?
Over the past 5 years revenue at PPC Ltd ADR grew +2.3 % a year. The price currently implies +9.0 % 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 PPC Ltd (PPCLY) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into PPC Ltd ADR (+9.0 % 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 PPC Ltd (PPCLY)?
The free-cash-flow yield on the price is 5.62 %: that much free cash flow PPC Ltd ADR produces per unit of market value. When it exceeds the discount rate of our models (10.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of PPC Ltd (PPCLY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PPC Ltd ADR it is $0.9300 per share (as of Sep 24, 2026), against a price of $0.8200. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is PPC Ltd ADR stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PPCLY trades below its calculated fair value: price $0.8200, fair value $0.9300, a gap of about +13% (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 PPCLY?
No. The price is what the market pays today ($0.8200); the fair value is what the company's own numbers justify ($0.9300). For PPC Ltd ADR the two are $0.1100 per share apart. That gap is exactly why we show both numbers side by side.
How much is PPC Ltd ADR worth?
The market values PPC Ltd ADR at about $604M (market capitalisation, as of Sep 24, 2026). Per share that is $0.8200; our models calculate a fair value of $0.9300 per share.
What do the bullish and bearish scenarios say about PPCLY?
Our models span a range for PPC Ltd ADR: cautious scenario $0.6500, base $0.9300, optimistic $1.20 per share (as of Sep 24, 2026, price $0.8200). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PPCLY?
PPC Ltd ADR trades at a price-to-earnings ratio of 11.7 (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 $0.9300 is built from several models across several years. Other multiples: P/B 1.7, P/S 1.0, EV/EBITDA 4.8.
How solid is the balance sheet of PPC Ltd (PPCLY)?
Balance-sheet figures for PPC Ltd ADR (as of Sep 24, 2026): return on equity 14.6%, debt of 0.08 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is PPCLY from its 52-week high?
PPC Ltd ADR trades at $0.8200, at its 52-week high of $0.8200 and 45% above the low of $0.5640 (as of Jun 24, 2026). Distance from the high says nothing about value: that is what the fair value of $0.9300 is for.
Which stocks are comparable to PPC Ltd ADR?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Martin Marietta Materials, Inc, UltraTech Cement Limited, 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 PPC Ltd ADR stock attractive at the current price?
The data as of Sep 24, 2026: price $0.8200, calculated fair value $0.9300 (+13%), Quality Score 68/100, from 25 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 PPCLY calculated?
We run PPC Ltd ADR through 25 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 $0.9300, 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 14.5 % above its aggregate fair value. PPC Ltd ADR currently trades 12 % 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 PPC Ltd (PPCLY)?
The latest price we hold is from Jun 24, 2026 and stands at $0.8200. Our model-based fair value is $0.9300, about +13% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PPC Ltd ADR right now?
A fairly wide model range ($0.6500 to $1.20) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of PPC Ltd (PPCLY) come from?
Earnings per share at PPC Ltd ADR grew +3.2 % a year from 2015 to 2026. Broken into its drivers: revenue per share −3.4 %, EBIT margin −2.9 %, tax rate +2.0 %, residual (interest, one-offs) +7.8 %. 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 PPC Ltd ADR
How large is the market capitalisation of PPC Ltd (PPCLY)?
The market capitalisation of PPC Ltd ADR is $604M. 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 PPC Ltd (PPCLY)?
The price-to-sales ratio of PPC Ltd ADR is 0.95 (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 PPC Ltd (PPCLY)?
Earnings per share at PPC Ltd ADR are $0.0700 (price ÷ EPS = P/E 11.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of PPC Ltd (PPCLY)?
The dividend yield of PPC Ltd ADR is 4.5% (payout 52.6%). 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 PPC Ltd (PPCLY)?
The net margin of PPC Ltd ADR is 8.1% (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 PPC Ltd (PPCLY)?
The return on equity (ROE) of PPC Ltd ADR is 14.6% (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 PPC Ltd (PPCLY)?
On an EBIT basis the return on assets of PPC Ltd ADR is 7.1% (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 PPC Ltd (PPCLY)?
The operating margin of PPC Ltd ADR is 16.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PPC Ltd (PPCLY)?
Revenue at PPC Ltd ADR is growing +1.4% versus a year earlier (3y avg +6.3%). 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 PPC Ltd (PPCLY)?
Earnings per share at PPC Ltd ADR are growing +210% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does PPC Ltd (PPCLY) hold?
PPC Ltd ADR holds more cash than debt, 359M ZAR net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Thin data
Sep 24, 2026