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Raubex (RBX) Fair Value & Analysis

Industrials · ZA · Market cap 8.3B ZAC

R Raubex RBX · JSE
PriceR41.09
Fair ValueR113.87
Upside+177.1%
Quality51/100
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Strengths

Trades 64% below our fair value of R113.87
Low debt · generates free cash flow
Ranks above peers (11/14)

Risks

!Expensive Growth (revenue 5y +20.0 %/yr)
!Thin margins · 5.0% net margin
!Moderate moat 47/100
!Weak on dividend: 1 out of 100
Expensive Growth (revenue 5y +20.0 %/yr)
Thin margins · 5.0% net margin
Low debt · generates free cash flow
Ranks above peers (11/14)
Moderate moat 47/100
Evidence: High Range R55.82 – R160.41 Share as image

Fair value as of: Aug 13, 2026

From 25 valuation models · updated 12 days ago

Fair value updated Aug 13, 2026, revised from R128.33 to R113.87 (−11.3%) since Jul 19, 2026. Share price −8.1% over the past month.

A solid business, trading 64% below our fair value.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The price is below even our cautious bear case (R55.82). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (R55.82 to R160.41). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (51/100) 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)

R57.97 R20.75 Fair Value R113.87 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range R20.75 – R57.97 · fair‑value band R55.82 – R160.41 · the R41.09 price screens below the R113.87 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Raubex (RBX) currently trades at R41.09, while our model-based Fair Value estimate is R113.87, implying the stock looks roughly 177.1% undervalued today. The Quality Score stands at 51/100 (solid quality), in the Industrials 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, Raubex generated revenue of 22.0B ZAR at a net margin of 5.0%. Revenue grew 10.7% year over year. It earns a return on equity of 15.5%. Net debt stands at 975M ZAR. Fundamentals as of Aug 13, 2026

Our scenario range runs from R55.82 (bear case) to R160.41 (bull case); at R41.09, 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 Industrials peers we cover trades at -46% fair-value upside, at 177%, RBX 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 R3.71 R4.45 R5.67 80
Residual Income R40.00 R51.68 R132.87 76
ROIC Compounder R76.77 R103.15 R137.85 72
All 25 models by family
DCF Models
FCF DCF R3.72 R4.56 R6.03 38
Owner Earnings R58.69 R106.66 R190.42 31
5Y Revenue Exit R62.90 R130.37 R227.24 39
5Y EBITDA Exit R91.59 R191.38 R322.84 41
5Y P/E Exit R63.56 R131.78 R213.55 38
10Y Revenue Exit R39.55 R96.21 R192.58 36
10Y EBITDA Exit R61.42 R140.70 R273.21 37
10Y P/E Exit R43.01 R97.24 R181.03 35
Earnings-Based
Graham-Dodd R41.55 R213.91 R295.70 54
Lynch FV R58.39 R83.41 R108.44 50
PEG = 1.0 R58.39 R83.41 R108.44 46
EPV R67.40 R77.61 R86.41 59
Dividend Discount
Gordon GGM R16.27 R32.41 R49.08 70
DDM Multi-Stage R16.27 R28.01 R34.21 61
Multiples
P/E Multiple R96.25 R128.33 R160.41 63
P/S Multiple R77.91 R103.89 R129.86 58
P/B Multiple R77.91 R103.89 R129.86 55
EV/EBIT R127.22 R168.72 R210.21 53
EV/EBITDA R143.58 R190.52 R237.47 54
EV/Revenue R91.59 R129.66 R167.74 43
Asset-Based
NCAV (Graham) R20.28 R27.17 R40.56 50
Growth DCF
Growth DCF R3.71 R4.45 R5.67 80
Economic Profit
Residual Income R40.00 R51.68 R132.87 76
ROIC Compounder R76.77 R103.15 R137.85 72
Growth Earnings
Growth-Adj P/E R87.78 R125.40 R163.02 68

Widest divergence: Multiples (R128.33) versus Growth DCF (R4.45). Highest evidence: Growth DCF (80).

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Key figures & financial health

P/E ratio 6.9
P/S ratio 0.41 TTM
Dividend yield 0.0% payout 0.3%
Net margin 5.0% TTM
Return on equity 15.5% TTM
Return on assets 7.0% TTM
More key figures
Profitability
Operating margin 10.3% TTM
EPS (TTM) R5.97
Growth
Revenue (TTM) 22.0B ZAC TTM
Revenue growth (YoY) +10.7% 3y avg +12.9%
EPS growth (YoY) +13.7%
Balance sheet & cash flow
Free cash flow 13.8M ZAC FY2026
Net debt 975M ZAC FY2026 · ≈ 70.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 50 · Market factors (momentum, volatility) 40

Profitability 54
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 21
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 53
Disciplined investing over empire-building
Low Volatility 87
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 74
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Raubex Group Limited engages in the infrastructure development and construction materials business in South Africa, Australia, rest of Africa, and internationally. The company operates through four segments: Materials Handling and Mining, Construction Materials, Roads and Earthworks, and Infrastructure.

Full company description

Raubex Group Limited engages in the infrastructure development and construction materials business in South Africa, Australia, rest of Africa, and internationally. The company operates through four segments: Materials Handling and Mining, Construction Materials, Roads and Earthworks, and Infrastructure. The Materials Handling and Mining segment is involved in the contract mining; contract crushing; materials handling and processing services for the mining industry. The Construction Materials segment produces and supplies aggregates from commercial quarries, asphalt, and value-added bituminous products. The Roads and Earthworks segment is involved in the road construction and earthworks, and road surfacing and rehabilitation activities, including laying of asphalt, chip and spray, surface dressing, enrichments, and slurry seals. The Infrastructure segment undertakes infrastructure projects, which includes renewable energy, telecommunications, facilities management, housing infrastructure, and commercial building refurbishment and construction projects. Raubex Group Limited was founded in 1974 and is headquartered in Bloemfontein, South Africa.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Raubex reported revenue of R22.0B in FY2026 versus R11.6B in FY2022, a compound +17.5%/yr. Reported net income was R1.1B in FY2026, compounding +18.7%/yr from FY2022.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
22.0B ZAR
Latest YoY
+4.6%
Avg. revenue 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.
+12.9%
Avg. revenue 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.
+20.0%
Avg. revenue 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.
+16.9%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+34.0% (34.0 + 0.0)
Revenue +17.5%/yr
FY22 R11.6B
FY23 R15.3B
FY24 R17.4B
FY25 R21.1B
FY26 R22.0B
Net income +18.7%/yr
FY22 R554M
FY23 R704M
FY24 R848M
FY25 R1.1B
FY26 R1.1B
Character of growth · EPS growth decomposed (2015-2026) +11.0 % p.a.
Revenue per share +11.1 pp

of which total revenue +10.7 pp · buybacks/dilution +0.4 pp

EBIT margin −0.3 pp
Tax rate +0.3 pp
Residual (interest, one-offs) +0.0 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). "Raubex Fair Value". https://www.fairvalue-calculator.com/stock/RBX.JSE

Peer Group

Engineering & Construction · 840 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 51 · Above median
Fair Value upside +177% · Top 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 5% · Above median
Operating margin (TTM) 10% · Top 25%
Revenue growth 11% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.19× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 6.9× · Cheaper than 75% of peers
P/B 1.14× · Cheaper than median
P/S (TTM) 0.38× · Cheaper than median
P/FCF 37.5× · Pricier than 75% of peers
EV/EBITDA 3.0× · 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 17
FUTURE54 · sector 13
PAST62 · sector 26
HEALTH91 · sector 94
DIVIDEND1 · sector 38

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

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10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Larsen & Toubro Limited LT ₹4,072 ₹2,196 -46%
Ferrovial N.V FER €57.28 €19.17 -67%
HOCHTIEF Aktiengesellschaft HOT €427.60 €203.87 -52%
Samsung C&T Corporation 028260 357,500 KRW 261,411 KRW -27%
ACS, Actividades de Construcción y Servicios, S.A ACS €104.30 €75.04 -28%
EMCOR Group EME $833.40 $549.47 -34%
MasTec, Inc MTZ $281.11 $100.00 -64%

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Frequently asked questions

Is Raubex (RBX) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of R113.87 versus a price of R41.09, about +177% (undervalued).
What is the fair value of RBX?
Our model-based fair value for Raubex is R113.87 (as of Aug 13, 2026), built from audited fundamentals. The current price: R41.09.
What is the quality score of RBX?
Raubex has a Quality Score of 51/100. 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 Raubex (RBX)?
Raubex reported trailing-twelve-month revenue of about 22.0B ZAR (latest available figure, as of Aug 13, 2026).
What is the net profit margin of RBX?
The net profit margin of Raubex is about 5.0%, meaning it keeps roughly 5.0% of revenue as net income. Based on the latest reported figures.
Does Raubex pay a dividend?
Raubex currently shows a dividend yield of about 0.04% relative to its recent price (as of Aug 13, 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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